May 22, 2003
MAG Silver sets up Vancouver Office and Grants Options
MAG Silver Corp. (TSX-V: MAG) announces that Frank Hallam has been appointed the Chief Financial Officer of the Company, replacing Gregory F. Dennie, who resigned effective April 30, 2003. Mr Hallam is a chartered accountant with extensive experience at the senior management level with several publicly listed resource companies. He was previously an auditor with Coopers and Lybrand. Mr. Hallam also serves as the CFO of Platinum Group Metals Ltd.
The Company also announces that it has granted, subject to any necessary regulatory approvals, incentive stock options to its directors, officers and employees to purchase up to an aggregate of 355,000 shares. The options are exercisable on or before May 12, 2008 at the price of Cdn$0.70 per share.
MAG President George S. Young stated that he was very pleased with the addition of Mr. Hallam and the experienced staff in Vancouver available to assist in the administration of the Company at an attractive cost. "The Company is in an excellent position to continue to focus on its drilling and other field programs while maintaining efficient administration," he said. "We are making great progress with our drilling and field campaigns in an extremely short time frame."
MAG has initiated the surface mapping and sampling program at Gugui Property as set out in the Company's recent prospectus, in preparation for a potential aggressive drilling program in the fall. Drilling that commenced on May 10, 2003 is on schedule at the Juanicipio Property near the Fresnillo Mine and is progressing according to plans as previously announced.
On behalf of the Board of
MAG SILVER CORP.
"George S. Young"
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.
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News Releases item: Fri May 30, 2003, MAG Silver Corp. Acquires Juanicipio Project Property Outright
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News Releases item: Mon May 12, 2003, Drilling Commences at Juanicipio