In the same category
MAG Silver Reports Second Quarter Financial Results
Published : August 14, 2012
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 14, 2012) - MAG Silver Corp. (News - Market indicators)(NYSE MKT:MVG)(NYSE Amex:MVG) ("MAG" or the "Company") announces the Company's unaudited financial results for the three and six months ended June 30, 2012. For complete details of the second quarter unaudited Condensed Interim Consolidated Financial Statements and related 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 United States dollars unless otherwise specified.

As at June 30, 2012, the Company had working capital of $13,039,336, including cash on hand of $14,653,919. In addition, subsequent to June 30, 2012, the Company issued 537,600 common shares pursuant to the exercise of stock options between C$5.32 and C$8.80 per share for aggregate proceeds of C$3,621,042. The primary use of cash during the three and six months ended June 30, 2012 was for exploration and evaluation expenditures totaling $3,645,046 and $5,790,815 respectively (June 30, 2011: $2,250,889 and $4,317,338 respectively), and the Company also expended on its own account and through advances to Minera Juanicipio S.A. de C.V. ("Minera Juanicipio") $1,250,982 and $2,378,138 respectively (June 30, 2011: $839,238 and $1,000,013 respectively) on the Juanicipio property.

The Company's net loss for the three and six months ended June 30, 2012 amounted to $1,803,362 and $2,557,733 respectively (June 30, 2011: net gain $37,430 and loss $1,414,152 respectively). The 2011 net loss was reduced by the receipt of an arbitration award in the amount of $1,858,120 from the Company's Juanicipio Joint Venture partner Fresnillo Plc. ("Fresnillo"). In the six months ended June 30, 2012, the Company also recorded a deferred income tax recovery of $840,052 (June 30, 2011: Nil) from the reversal of a deferred tax liability that was set up at December 31, 2011. 

Accounts receivable at June 30, 2012 totaled $1,420,903 (2011: $2,382,428) and was comprised primarily of value added taxes repayable to the Company by the Government of Mexico. Current liabilities at June 30, 2012 amounted to $3,554,569 (2011: $1,979,244) and are attributable primarily to accrued exploration (drilling) expenses.

OUTLOOK

Minera Juanicipio

In the six months ended June 30, 2012, Minera Juanicipio completed 13,762 metres of drilling designed to convert inferred mineral resources to indicated mineral resources on the Valdecañas Vein and delineate the high grade ore shoot emerging on the Juanicipio Vein. Additional drilling was also targeted on the Las Venadas vein and on searching for the next vein. Currently, eight drills continue in operation on the property.

On June 14, 2012, MAG announced the results of an updated National Instrument 43-101 ("NI 43-101") compliant Preliminary Economic Assessment for the Juanicipio Project. The Updated Preliminary Economic Assessment was commissioned by Minera Juanicipio (owned 44% by MAG and 56% by Fresnillo) and was carried out by AMC Mining Consultants (Canada) Ltd. (the "AMC Study") (see News Release dated June 14, 2012). A National Instrument 43-101 technical report documenting the economic assessment was filed on SEDAR on July 16, 2012. The AMC Study is expected to provide an important catalyst for Minera Juanicipio and open a pathway for the next step in its development. It is anticipated that the 2012 Minera Juanicipio budget will be reviewed and amended to reflect the recommendations in the AMC Study.

Cinco de Mayo

The Company originally expected to expend $3.5 million in 2012 at Cinco de Mayo (including Pozo Seco and Jose Manto), representing 15,000 metres of drilling targeted at delineating the mineralized corridor between Jose Manto and Cinco Ridge. As current year results have continued to demonstrate continuity of massive sulphide mineralization in the 'Bridge Zone' along the Jose Manto-Cinco Ridge corridor, and with the significance of hole CM12-431 and the new Pegaso Zone (see Press Release dated July 18, 2012), the Company has since revised its expectations and made plans to expend a total of $9.6 million in 2012. Actual expenditures to June 30, 2012 totaled $5,990,731 and further work in 2012 will go towards completing a Dimensional Seismic survey, further drilling, completing a first resource estimate (expected by the end of the third quarter of 2012), and the initiation of a PEA for this property. 

In addition, metallurgical test work on the Pozo Seco zone has indicated that recoveries of both molybdenum and gold are sufficient to warrant the commencement of a PEA, and MAG has engaged RPA and Samuel Engineering to carry out a Preliminary Economic Assessment which will be completed early in the fourth quarter of 2012.

About MAG Silver Corp. (www.magsilver.com)

MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one of the premier companies in the silver mining industry. MAG is conducting ongoing exploration of its portfolio of 100% owned properties in Mexico including a silver, lead and zinc discovery and a moly-gold discovery at its 100% owned Cinco de Mayo property in Chihuahua State. MAG and Fresnillo plc are jointly developing the Valdecañas, Desprendido and Juanicipio veins on the Juanicipio Joint Venture in Zacatecas State. MAG is based in Vancouver, British Columbia, Canada. Its common shares trade on the TSX under the symbol MAG and on the NYSE MKT under the symbol MVG.

On behalf of the Board of MAG SILVER CORP.

Larry Taddei, Chief Financial Officer

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.

Cautionary Note to Investors Concerning Estimates of Indicated Resources

This press release uses the term "Indicated Resources". MAG advises investors that although this term is recognized and required by Canadian regulations (under National Instrument 43-101 - Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize this term. Investors are cautioned not to assume that any part or all of mineral deposits in this category will ever be converted into reserves.

Cautionary Note to Investors Concerning Estimates of Inferred Resources

This press release uses the term "Inferred Resources". MAG advises investors that although this term is recognized and required by Canadian regulations (under National Instrument 43-101-Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize this term. Investors are cautioned not to assume that any part or all of the mineral deposits in this category will ever be converted into reserves. In addition, "Inferred Resources" have a great amount of uncertainty as to their existence, and economic and legal feasibility. It cannot be assumed that all or any part of an Inferred Mineral Resource will ever be upgraded to a higher category. Under Canadian rules, estimates of Inferred Mineral Resources may not form the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment as defined under Canadian National Instrument 43-101. Investors are cautioned not to assume that part or all of an Inferred Resource exists, or is economically or legally mineable.

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/edgar/searchedgar/companysearch.html.

Neither the Toronto Stock Exchange nor the NYSE MKT has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.

MAG Silver Corp.
Gordon Neal
VP Corp. Development
(604) 630-1399 or Toll Free: (866) 630-1399
(604) 681-0894 (FAX)
info@magsilver.com
www.magsilver.com
Data and Statistics for these countries : Canada | Mexico | All
Gold and Silver Prices for these countries : Canada | Mexico | All

MAG Silver Corporation

EXPLORATION STAGE
CODE : MAG.TO
ISIN : CA55903Q1046
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

MAG Silver is a silver development stage company based in Canada.

MAG Silver holds various exploration projects in Mexico.

Its main exploration properties are GUIGUI, SELLO, LAGARTOS, BATOPILLAS, NUEVO MUNDO, SIERRA RAMIREZ, CINCO DE MAYO and JUANICIPIO in Mexico.

MAG Silver is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.4 billions as of today (US$ 1.1 billions, € 978.0 millions).

Its stock quote reached its lowest recent point on August 13, 2004 at CA$ 0.54, and its highest recent level on September 30, 2022 at CA$ 17.29.

MAG Silver has 80 760 000 shares outstanding.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of MAG Silver Corporation
4/2/2006Follow up N° 2
Annual reports of MAG Silver Corporation
2011 Annual Results
Reports 2009 Annual Results
Financings of MAG Silver Corporation
2/23/2016Announces US$65 Million Bought Deal Financing
Nominations of MAG Silver Corporation
6/20/2013Appoints George Paspalas as President and CEO
Financials of MAG Silver Corporation
5/12/2016Reports First Quarter Financial Results
8/14/2015Reports Second Quarter Financial Results
11/14/2013Reports Third Quarter Financial Results
8/15/2013Reports Second Quarter Financial Results
5/15/2013Reports First Quarter Financial Results
8/14/2012Reports Second Quarter Financial Results
5/15/2012Reports First Quarter Financial Results
8/15/2011Reports Second Quarter Financial Results
4/1/2011MAG Silver Reports 2010 Annual Results
5/17/2010Reports First Quarter Financial Results
11/16/2009Reports Third Quarter Financial Results
8/15/2009Reports Second Quarter Financial Results
5/16/2009 Reports First Quarter Financial Results
8/14/2008REPORTS SECOND QUARTER FINANCIAL RESULTS
Project news of MAG Silver Corporation
2/17/2014Development & Exploration Update
5/28/2013Options Salamandra Project From Canasil
7/18/2012(Cinco De Mayo)Drills 61.6 Metre Silver, Gold, Zinc, Lead, Copper Massive S...
3/22/2012(Cinco De Mayo)Intercepts More Silver / Lead / Zinc Sulphides in "Bridge Zo...
12/19/2011(Juanicipio)Announces Additional Silver and Gold in Updated Juanicipio R...
11/28/2011(Cinco De Mayo)Announces Seven New Silver/Lead/Zinc Sulphide Intercepts at ...
9/2/2011(Juanicipio)Confirms New Structure in Drilling at Juanicipio
7/22/2011(Juanicipio)Provides Update on Juanicipio Joint Venture
3/29/2011(Cinco De Mayo)Announces Silver-Zinc-Lead Sulphide Veins Near Skarn at Cinc...
2/28/2011(Juanicipio)Announces High-Grade Juanicipio Vein Intercept
1/19/2010Discovers Veta Grande Vein Extension & Cuts High-Grade Silve...
1/8/2010(Cinco De Mayo)Extends Molybdenum-Gold Zone at Cinco De Mayo
11/10/2009(Cinco De Mayo)Expands High-Grade Molybdenum and Adds Significant Gold at C...
9/23/2009(Cinco De Mayo) Discovers High Grade Molybdenum With Gold at Cinco De Mayo
9/14/2009(Juanicipio)MAG Silver Reports on Juanicipio Scoping Study-Valdecanas "S...
7/10/2009(Juanicipio)Reports on the Juanicipio Joint Venture
2/24/2009(Juanicipio)Reports First Indicated Resource at Valdecanas, Juanicipio J...
1/8/2009(Juanicipio)Reports Discovery of New High Grade Encino Vein at Juanicipi...
12/10/2008(Cinco De Mayo)INTERSECTS MORE HIGH GRADE SILVER / LEAD / ZINC MINERALIZAT...
9/18/2008(Cinco De Mayo)Expands Silver / Lead / Zinc Mineralization At Cinco De Mayo
7/28/2008(Juanicipio)Reports High Grade Silver on East End of Valdeca=F1as Vein
7/16/2008(Juanicipio)Reports Deep Intersection of High Grade Silveron Valdeca=F1a...
7/8/2008(Cinco De Mayo)Expands "Jose Manto" At Cinco De Mayo With New High Grade Si...
Corporate news of MAG Silver Corporation
8/19/2016Research Reports Initiated on Silver Stocks Excellon Resourc...
6/16/2016MAG Reports NYSE MKT Ticker Change and AGSM Results
5/13/2016MAG Silver Adopts New Shareholder Rights Plan to Replace Exi...
5/12/2016MAG Silver Reports First Quarter Financial Results
5/6/2016Primary Capital Retained By RMB Australia Holdings Limited
3/30/2016MAG Silver Reports 2015 Annual Results
12/24/2015MAG Silver Files Preliminary Base Shelf Prospectus
12/23/2015MAG Silver Files Preliminary Base Shelf Prospectus
12/15/2015MAG Silver Reports New Gold and Additional Zinc Mineralizati...
10/15/2015MAG Silver (MVG) in Focus: Stock Moves 6.4% Higher
8/14/2015MAG Silver Reports Second Quarter Financial Results
8/14/2015Mag Silver reports 2Q loss
4/23/2015Widest Intercepts to Date Extend High-Grade Valdecañas Vein ...
4/23/2015IIROC Trade Resumption - MAG
4/23/2015MAG Silver Corp.: Widest Intercepts to Date Extend High-Grad...
4/23/2015IIROC Trading Halt - MAG
3/30/2015MAG Silver Reports 2014 Annual Results
6/27/2014Canada Stocks to Watch: Encana, First Quantum, Descartes and...
10/28/2013(Juanicipio)Announces Start of Juanicipio Underground Development
10/15/2013Welcomes George Paspalas as President, CEO and Director
6/19/2013Reports Voting Results from Its Annual General and Special M...
4/1/2013Reports 2012 Annual Results and Personnel Changes
10/5/2012Reports Results of the Annual General and Special Meeting of...
10/3/2012(Cinco De Mayo)Reports Initial Mineral Resource Estimate at Cinco de Mayo
9/5/2012Closes C$33.1 Million Private Placement
8/24/2012Announces Meeting and Record Date and Approval of Advance No...
8/22/2012Announces Approximately C$25 Million Private Placement
6/14/2012(Juanicipio)Reports Juanicipio Updated PEA Study Prepared by AMC
2/22/2012Announces Silver/Lead/Zinc Intercepts at La Esperanza
1/23/2012(Juanicipio)Plans Increased Exploration at Juanicipio and Cinco De Mayo
9/16/2011Reports Results of the Annual General and Special Meeting of...
5/12/2011MAG Provides Update on Favourable ICC Arbitration Decision a...
5/12/2011Provides Update on Favourable ICC Arbitration Decision and C...
5/5/2011Reports on Favourable ICC Arbitration Decision
12/1/2010MAG Silver Announces Juanicipio Resource Estimation and Expl...
4/19/2010Gold & Molybdenum Assay Results From On-Going Drilling
1/25/2010Globe & MAIL - Bullish on MAG Silver
7/15/2009Options San Ramone Property, Zacatecas
6/23/2009Responds to Fresnillo Decision to Withdraw "Take-Under" Bid
6/5/2009Provides Exploration Update for Salemex and Four Other Mexic...
5/20/2009 Reports Excellent Metallurgical Recoveries
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (MAG.TO)AMEX (MVG)
17.29+4.92%15.01-1.44%
TORONTO
CA$ 17.29
09/30 17:00 0.810
4.92%
Prev close Open
16.48 16.56
Low High
16.34 17.66
Year l/h YTD var.
14.02 -  23.77 -12.37%
52 week l/h 52 week var.
14.02 -  26.44 -15.70%
Volume 1 month var.
174,720 12.93%
24hGold TrendPower© : 31
Produces
Develops
Explores for Gold - Lead - Molybdenum - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 3/4/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
2022-39.86%
202110.32%31.2117.88
202069.11%8.8310.01
201954.56%9.9910.16
2018-35.76%9.9810.00
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 7.09+1.00%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 2.20+0.00%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.86+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 3.26+4.15%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.58+1.93%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.10-9.09%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 2.43-0.41%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 6.98+0.14%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.26+0.00%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.30-3.28%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 2.22+1.37%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 60.13-1.38%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.04+0.00%Trend Power :