MAG Silver Fully Funded for 2019, Mine Development Advancing

Source: Streetwise Reports   04/06/2019

The company’s main focus currently is a joint venture project in Mexico’s Fresnillo Trend, where both development and exploration are ongoing.

MAG Silver Corp. (MAG:TSX; MAG:NYSE.MKT) provided its full-year 2018 financial result and an operations update in a news release.

As for its Juanicipio project, a joint venture with Fresnillo Plc (FRES:LSE), on site, underground and other development are progressing, and more than 18.5 kilometers of underground work are now finished. As of Dec. 31, 2018, contracts totaling $23.1 million with suppliers of processing equipment suppliers and totaling $69.5 million with development contractors have been secured. Other construction and operating agreements are being finalized.

Commercial production is expected to commence at Juanicipio in H2/20.

The exploration program continues at Juanicipio with five drill rigs on site with another underground rig expected shortly. Two Devico directional drills are at work on the ValdecaƱas vein. Three conventional rigs are turning in other places, one on the Venadas vein, the second on a prospective target and the third underground.

“The Juanicipio joint venture property continues to be the gift that keeps on giving,” President and CEO George Paspalas said in the release. “Discovering two new mineralized veins readily accessible from the underground workings we have been developing over the last 5 years, once again demonstrates Juanicipio’s exceptional mineral endowment. We are pleased with the progress we are making with our JV partner Fresnillo, finalizing construction and operating agreements, and look forward to commencing the process plant construction in the near term.”

Regarding full-year 2018, MAG reported a net loss of $5.8 million, or $0.07 per share, an improvement over the previous year, which yielded a net loss of $6.497 million, or $0.07 a share.

As of Dec. 31, 2018, the company had working capital of $129.3 million, including cash and cash equivalents, and no debt. It remains fully funded to maintain all of its properties and currently planned programs for beyond a year.

Sign up for our FREE newsletter at: www.streetwisereports.com/get-news

Disclosure:
1) Doresa Banning compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. She or members of her household own securities of the following companies mentioned in the article: None. She or members of her household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: MAG Silver. Click here for important disclosures about sponsor fees.
3) Comments and opinions expressed are those of the specific experts and not of Streetwise Reports or its officers. The information provided above is for informational purposes only and is not a recommendation to buy or sell any security.
4) The article does not constitute investment advice. Each reader is encouraged to consult with his or her individual financial professional and any action a reader takes as a result of information presented here is his or her own responsibility. By opening this page, each reader accepts and agrees to Streetwise Reports’ terms of use and full legal disclaimer. This article is not a solicitation for investment. Streetwise Reports does not render general or specific investment advice and the information on Streetwise Reports should not be considered a recommendation to buy or sell any security. Streetwise Reports does not endorse or recommend the business, products, services or securities of any company mentioned on Streetwise Reports.
5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases.

( Companies Mentioned: MAG:TSX; MAG:NYSE.MKT,
)