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06/24/14 - €7.77
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mag silver corp (MQ8) Details

MAG Silver Corp. focuses on advancing two significant projects located within the Mexican Silver Belt. It explores for silver, lead, zinc, copper, and gold. The company is engaged in pre-development on the high grade Valdecañas Silver vein and delineating the Desprendido and Juanicipio discoveries in Zacatecas State, all within the joint venture between MAG Silver and Fresnillo PLC. It is also involved in delineating its district scale 100% owned Cinco de Mayo property in Chihuahua State. MAG Silver Corp. is headquartered in Vancouver, Canada.

8 Employees
Last Reported Date: 03/31/14

mag silver corp (MQ8) Top Compensated Officers

Chief Executive Officer, President, Director ...
Total Annual Compensation: C$106.1K
Chief Financial Officer and Member of Disclos...
Total Annual Compensation: C$230.0K
Corporate Secretary
Total Annual Compensation: C$100.5K
Vice President of Investor Relations & Commun...
Total Annual Compensation: C$107.3K
Compensation as of Fiscal Year 2013.

mag silver corp (MQ8) Key Developments

MAG Silver Corp. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

MAG Silver Corp. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, interest income was $28,662 compared to $52,630 a year ago. Loss per the period was $2,057,075 or $0.03 basic and diluted per share compared to $10,220,693 or $0.17 basic and diluted per share a year ago. Net cash used in operating activities was $1,157,147 compared to $1,767,061 a year ago. Exploration and evaluation expenditures were $397,244 compared to $955,648 a year ago. For the six months, interest income was $61,380 compared to $92,093 a year ago. Loss per the period was $3,150,237 or $0.05 basic and diluted per share compared to $11,878,766 or $0.20 basic and diluted per share a year ago. Net cash used in operating activities was $2,675,554 compared to $3,533,268 a year ago. Exploration and evaluation expenditures were $754,970 compared to $2,515,625 a year ago.

MAG Silver Corp. Reports Additional Silver-Copper and Pervasive Zinc Mineralization at Salamandra

MAG Silver Corp. announced assay results from its twelve hole, 6,500 metre Phase 2 drill program on the Salamandra Property in Durango, Mexico optioned from Canasil Resources Inc. Phase 2 drilling began in late February of 2014 and concluded in May. The Phase 1 assays were released in a press release dated March 17, 2014, and combined with Phase 2, MAG has now drilled 10,112 metres in 17 holes on the Salamandra property, complementing an initial 12 holes previously drilled by Canasil. MAG's Phase 2 exploration program consisted of five follow-up holes (SA 14-19, 20, 22, 24, 29) designed to determine the geometry of the best holes drilled in Phase 1 (SA13-13, and SA14-15) plus seven exploration holes testing geological, geochemical and geophysical anomalies around the previously undrilled half of the circumference of the district's central intrusive complex. To date, 15 of MAG's 17 total holes have cut appreciable widths of strongly anomalous zinc mineralization, leaving the entire system prospective for further drilling. The drill results will now be used to refine earlier interpretation of extensive Canasil airborne and ground geophysical data prior to Phase 3 drilling. The best follow-up hole is SA-20, which cut 0.63 metres grading 258 grams per tonne (7.5 ounces per ton) silver with 0.27% copper lying immediately above 9.9 metres grading 2.4% zinc. These values and relative position are very similar to that seen 380 metres deeper in SA14-15 and appear to reflect the same mineralized zone. Hole SA-22, also drilled to off-set Hole 15, cut several zinc-rich zones but appears to have been drilled above and parallel to the mineralized zone cut in Holes 15 and 20. Similarly, the first two of the three follow-up holes (SA14-19, 24 and 29) drilled to offset the broad zinc-zone cut in Hole SA13-13 each cut significant widths of zinc mineralization but the intercept geometries prevent correlation. The seven exploration holes tested the remaining previously undrilled half of the circumference of the intrusive center. Hole SA14-28 was the best of these exploration holes, cutting 173.46 metres of 1.0% zinc mineralization starting 20 metres below the surface. Holes SA14-19, 20, 21, 22, 24 and 25 also hit notable widths of zinc mineralization. The latter hole and hole SA14-18, were drilled away from the intrusive centre to test under the Recent basalt flows that flank the entire project area; both cut major faults interpreted to be the reactivated western margin of the Central Mexico Basin, the principal regional structural control on several major CRD-skarn systems.

MAG Silver Corp. Announces Board Changes

MAG Silver Corp. announced that Dr. Peter Megaw and Messrs. Eric Carlson and Frank Hallam, all of whom did not stand for re-election as directors for the ensuing year, at the annual general and special meeting of the company held on June 24, 2014. The company said that it will maintain its close relationship with Dr. Megaw, who will continue to lead exploration efforts, and Frank Hallam will remain accessible to the MAG Silver Finance Committee.


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