MAG Silver Reports Second Quarter Juanicipio Underground Mine Production
28 July 2021 - 11:00PM
MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG”
or “MAG Silver”) is pleased to report 2021 second quarter
production of underground development material from the Juanicipio
Project (56% / 44% joint venture between Fresnillo plc
(“Fresnillo”) and MAG Silver). As reported to MAG by the project
operator Fresnillo, 44,435 tonnes of development material were
processed during the quarter ended June 30, 2021. Total Juanicipio
production for the quarter based on provisional estimates before
offtake agreement adjustments, totaled 434,885 silver ounces and
787 gold ounces (MAG’s attributable 44% interest: 191,349 ounces of
silver and 346 ounces of gold). The associated lead and zinc
production will be reported with MAG’s second quarter filings.
Mineralized development material from the
Juanicipio Project is being processed through the nearby Fresnillo
beneficiation plant (100% owned by Fresnillo) with the lead (silver
rich) and zinc concentrates treated at market terms under off-take
agreements with Met-Mex Peñoles, S.A. de C.V. in Torreón, Mexico.
The revenue from this production, net of processing and treatment
charges, is being used by the joint venture to offset initial
project capital cash requirements.
“We are very pleased with the progress of the
Juanicipio plant as we now enter the last stages of construction
and would like to draw your attention to the regularly updated
construction photos at www.magsilver.com where the impressive work
done by Fresnillo can be viewed,” said George Paspalas, MAG
Silver’s President and CEO. “The metallurgical results from the
ongoing processing of mineralized development materials through the
Fresnillo plant continue to de-risk the commissioning and ramp-up
stage of the Juanicipio plant later this year, as well as providing
a nice side-stream cash injection.”
Construction of the Juanicipio processing plant
continues to make good progress, with the mechanical installation
of the flotation cells and filters completed in the quarter ended
June 30, 2021. According to the operator, Fresnillo, the plant
remains on schedule to commence commissioning in Q4 2021.
Mineralized development material will continue to be batch
processed on commercial terms at a targeted rate of 16,000 tonnes
per month at the Fresnillo plant until the Juanicipio plant is
commissioned.
Qualified Person: Dr. Peter
Megaw, Ph.D., C.P.G., has acted as the Qualified Person as defined
in National Instrument 43-101 for this disclosure and supervised
the preparation of the technical information in this release. Dr.
Megaw has a Ph.D. in geology and more than 38 years of relevant
experience focused on ore deposit exploration worldwide. He is a
Certified Professional Geologist (CPG 10227) by the American
Institute of Professional Geologists and an Arizona Registered
Geologist (ARG 21613). Dr. Megaw is not independent as he is Chief
Exploration Officer and a Shareholder of MAG.
About MAG Silver Corp.
(www.magsilver.com)
MAG Silver Corp. (MAG: TSX / NYSE A) is a
Canadian development and exploration company focused on becoming a
top-tier primary silver mining company by exploring and advancing
high-grade, district scale, silver-dominant projects in the
Americas. Its principal focus and asset is the Juanicipio Project
(44%), being developed in a Joint Venture partnership with
Fresnillo Plc (56%), the Operator. Juanicipio is located in the
Fresnillo Silver Trend in Mexico, the world's premier silver mining
camp, and the Joint Venture is currently developing an underground
mine and constructing a 4,000 tonnes per day processing plant which
is expected to commence commissioning in Q4 2021. Underground mine
production of development material commenced in Q3 2020, and an
expanded exploration program is in place targeting multiple highly
prospective targets both at Juanicipio by the Joint Venture and by
MAG at the Deer Trail 100% earn-in project in Utah.
Neither the Toronto Stock Exchange nor the NYSE
American has reviewed or accepted responsibility for the accuracy
or adequacy of this press release, which has been prepared by
management.
This release includes certain statements that
may be deemed to be “forward-looking statements” within the meaning
of the US Private Securities Litigation Reform Act of 1995. All
statements in this release, other than statements of historical
facts are forward looking statements, including statements that
address future mineral production, reserve potential,
exploration drilling, exploitation activities and events or
developments. Forward-looking statements are often, but not always,
identified by the use of words such as "seek", "anticipate",
"plan", "continue", "estimate", "expect", "may", "will", "project",
"predict", "potential", "targeting", "intend", "could", "might",
"should", "believe" and similar expressions. These statements
involve known and unknown risks, uncertainties and other factors
that may cause actual results or events to differ materially from
those anticipated in such forward-looking statements.
Although MAG believes the expectations expressed in such
forward-looking statements are based on reasonable assumptions,
such statements are not guarantees of future performance and actual
results or developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in forward-looking statements
include, but are not limited to, changes in
commodities prices, changes in mineral
production performance, exploitation and exploration
successes, continued availability of capital and financing, and
general economic, market or business conditions, political risk,
currency risk and capital cost inflation. In addition,
forward-looking statements are subject to various risks, including
that data is incomplete and considerable additional work will be
required to complete further evaluation, including but not limited
to drilling, engineering and socio-economic studies and
investment. The reader is referred to the Company’s filings
with the SEC and Canadian securities regulators for disclosure
regarding these and other risk factors. There is no certainty that
any forward-looking statement will come to pass and investors
should not place undue reliance upon forward-looking
statements.
Please Note: Investors are urged to consider
closely the disclosures in MAG's annual and
quarterly reports and other public filings, accessible through
the Internet at www.sedar.com and www.sec.gov LEI:
254900LGL904N7F3EL14
For further information on behalf of MAG Silver Corp.
Contact Michael J. Curlook, VP Investor Relations and Communications
Phone: (604) 630-1399
Toll Free: (866) 630-1399
Website: www.magsilver.com
Email: info@magsilver.com
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