One of the partners provides a project update.
MAG
Silver Corp. (MAG:TSX; MAG:NYSE A) provided, in a news release, Q2/19 highlights regarding Juanicipio, its
joint venture project with Fresnillo.
"This was a landmark quarter for MAG," the corporation's
President and CEO George Paspalas said in the release.
Regarding Juanicipio, both companies approved the mine development plan
and finalized an engineering procurement construction management contract to
oversee that work. "The jointly announced go-ahead decision for the
process plant construction marks the final stage in bringing Juanicipio into
production," Paspalas noted.
Construction continues at the project, where about 13.7 miles of
underground development are now done. Juanicipio remains on track for
commissioning in H2/20, according to Fresnillo. Exploration continues at the
project, with four rigs currently drilling the deeper areas of the Valdecañas
vein suite. A fifth rig is targeting the Venadas vein discovery.
"Juanicipio remains a property with remarkable exploration
potential," Paspalas added.
Minera Juanicipio had working capital of $26,315,000 at the quarter's end.
MAG advanced it $17,820,000 after June 30, 2019, which was MAG's "44%
share of a $40,500 cash call to fund equipment purchases, the commencement of
the process plant construction and further underground development on the
Juanicipio property," the release explained.
As for MAG itself, it ended Q2/19 with $113,833,000 in cash and cash
equivalents.
[NLINSERT]
