VANCOUVER, BRITISH COLUMBIA–(Marketwired – May 12, 2017) – MAG Silver Corp. (TSX:MAG)(NYSE MKT:MAG) (“MAG” or the “Company”) announces the Company’s unaudited financial results for the three months ended March 31, 2017. For details of the March 31, 2017 unaudited condensed interim consolidated Financial Statements and Management’s Discussion and Analysis, please see the Company’s filings on SEDAR (www.sedar.com) or on EDGAR (www.sec.gov).
All amounts herein are reported in $000s of United States dollars (“US$”) unless otherwise specified.
2017 FIRST QUARTER HIGHLIGHTS
- At Juanicipio, as a result of the significant mineralized discoveries beneath the Bonanza zone, Fresnillo plc and the Company have been considering alternate mine plans and other project enhancements to maximize the value of both the Bonanza Zone and the new Deep Zone. Considerations include increasing the processing plant nameplate capacity from 2,650 tonnes per day to 4,000 tonnes per day and sinking an internal shaft (or winze) to access the deeper zone sooner.
- Fresnillo has indicated that permitting based on the upgraded design has already commenced, and that it expects its Board to give formal project development approval in the second quarter 2017.
- A new resource estimate and the design upgrades are planned to be incorporated into a revised mine plan and a new MAG technical report, anticipated to be completed in the second quarter of 2017 and form the basis for MAG’s formal project development approval.
- The Juanicipio underground ramp decline reached the uppermost reaches of the Valdecañas Vein in December 2016 and intensified underground development has commenced to allow for the planned increase in processing capacity.
- Assays from 13 additional exploration and infill drill holes were released in the quarter (see Press Release February 14, 2017), which along with the previously announced results (see Press Releases August 15, 2016 and April 23, 2015) have:
- confirmed that continuous mineralization extends below the Valdecañas Bonanza Grade mineralization in both the East and West Veins;
- revealed a substantial widening of this deeper mineralization into a well-defined dilatant zone; and,
- resulted in the discovery of the new “Anticipada Vein”, within the vein system.
- A 20,000 metre 2017 exploration drill program for Minera Juanicipio was initiated subsequent to the quarter end, and will test various targets within the Joint Venture boundaries.
- The Company remains well funded, with cash, cash equivalents, and term deposits totaling $132,442 as at March 31, 2017.