News

News Releases

Aug 02, 2005
MAG Silver Receives Approval for Ammendments to Adargas and Cinco De Mayo Properties, Mexico


Vancouver, B.C.... MAG Silver Corporation (TSXV: MAG) announces that it has received approval from the TSX Venture Exchange for amendments to two option agreements presently in force between MAG and Minera Cascabel. The details of which are described below.

The TSX Venture exchange has accepted the amended terms of an option agreement dated February 26, 2004 between MAG Silver Corp. and Minera Los Lagartos (MAG's Mexican affiliate), S.A. de C.V. and Minera Cascabel S.A. de C.V. whereby MAG has an option to acquire a 100% interest in the Adargas property in Mexico. Under the terms, half of each of the remaining property payments totaling US$ 975,000 (on or before July 26, 2009) may be paid in shares at a deemed price per share equal to the average trading price of MAG for 30 calendar days prior to the date of payment. To that end MAG has issued 59,830 shares for the property payment due July 26, 2005. All of the above noted securities are subject to a four month hold period. Adargas is a Carbonate Replacement Deposit target where work has recently identified a strong "off-hole" conductive body in two holes drilled by MAG in 2004. MAG is also entertaining overtures from several companies with regards to possible joint venture arrangements at Adargas. Work continues.

The TSX Venture Exchange has accepted the amended terms of an option agreement dated April, 2004 between MAG Silver Corp. and Minera Los Lagartos (MAG's Mexican affiliate), S.A. de C.V. and Minera Cascabel S.A. de C.V. whereby MAG has an option to acquire a 100% interest in the Cinco de Mayo property in Mexico. Under the terms, half of each of the remaining property payments totaling US$ 975,000 (on or before July 26, 2009) may be paid in shares at a deemed price per share equal to the average trading price of MAG for 30 calendar days prior to the date of payment. To that end MAG has issued 59,830 shares for the property payment due July 26, 2005. All of the above noted securities are subject to a four month hold period. Cinco de Mayo is a Carbonate Replacement Deposit (CRD) target where recent work has identified a biogeochemical anomaly over alluvial cover outboard of a 1.5 km long ridge of favorable limestone hosting known occurrences of manto and chimney style mineralization. This environment is geologically similar to the Santa Eulalia mining district, the largest CRD type deposit in the world. MAG is also holds a very large land position at Santa Eulalia (Guigui) where MAG is presently drilling.

About MAG Silver Corp.
MAG is a Silver exploration company focused on projects located within the Mexican Silver Belt. Our large land inventory is well positioned in mining districts with historical and ongoing large-scale, high-grade silver production. MAG's exploration efforts are engaged in the search for multi-million ounce silver deposits on a district scale. We are committed to discover silver deposits of size and grade that are able to withstand and overcome fluctuations in commodity prices. Our mission is to become one of the premier silver companies in the Silver Mining Industry. MAG is based in Vancouver, British Columbia, Canada and trades on the TSXV as MAG.

On behalf of the Board of
MAG SILVER CORP.

"Dan MacInnis"
President and CEO

-30-

For further information on behalf of MAG Silver Corp. contact Gordon Neal

Website: www.magsilver.com
Phone: (604) 630-1399
Toll free: (866) 630-1399
Email: info@magsilver.com
Fax: (604) 484-4710

The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

Note to U.S. Investors: Investors are urged to consider closely the disclosure in our Form 20F, File No. 0-50437 available at our office: Suite 328-550 Burrard Street, Vancouver BC, Canada, V6C 2B5 or from the SEC: 1(800) SEC-0330.


You can view the Next News Releases item: Wed Aug 24, 2005, MAG Silver and Peñoles Report Drill Program Initiated at Juanicipio You can view the Previous News Releases item: Fri Jul 29, 2005, MAG Silver Exploration Update
Show printable version of 'MAG Silver Receives Approval for Ammendments to Ad...' in a New Window
©2019 MAG Silver Corp All rights reserved | Disclaimer