Effective March 15, 2013, Mr. Gordon Neal, VP of Corporate Development, resigned from the Company for personal reasons. Mr. Neal joined MAG in 2005, and has been an integral part of the Company's growth and success. The Company would like to thank Mr. Neal for his significant contribution over the years and for his dedicated years of service, and wishes him continued success in his future endeavours. Mr. Neal has agreed to be available to the Company on a consulting basis through a transitional period. Effective March 4, 2013, the Company appointed Mr. Michael Curlook as Vice President, Investor Relations and Communications. Mr. Curlook recently held the position of Head of Investor Relations and Communications for Great Basin Gold Ltd and was previously Manager of Investor Relations for Farallon Mining/Hunter Dickinson Inc. As an incentive to join MAG, Mr. Curlook was granted 100,000 inducement stock options with a term of 5 years and an exercise price of C$9.61, vesting 1/3 immediately, 1/3 after 12 months and 1/3 after 24 months. The Inducement Award Agreement for these stock options parallels the terms and conditions of the Company's Stock Option Plan.
The Company also announces, that Mr. Michael Petrina, VP of Operations has tendered his resignation effective mid-April, to accept a new position based in Ontario. Mr. Petrina has been instrumental in overseeing the AMC Study for Minera Juanicipio, and has agreed to be available to the Company as a consultant during a transitional period. The Company thanks Mr. Petrina for his efforts and contributions, and wishes him well in his future endeavours.
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 Valdecanas Vein and delineating the Desprendido and Juanicipio discoveries 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.
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-Amex has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
MAG Silver Corp.
Michael J. Curlook
VP Investor Relations and Communications
(604) 630-1399 or Toll free: (866) 630-1399
(604) 681-0894 (FAX)
Most Popular Stories
- Adam Levine Wins Big as 'The Voice' Crowns Champ
- Target Security Breach May Affect 40 Million Cardholders
- Archer Daniels Midland Moving HQ to Chicago
- Tyson Foods Charged With Civil Rights Violation
- Texting With Vodka: Booze and Social Media Can Mix After All
- How to Protect Yourself After Target Data Breach
- 'Beyonce' Tops the U.S. Album Chart
- Bernanke Lets Congress Have It in Final Press Conference
- Wall Street Falls a Day After Surge
- Mazda Leads the Pack for Fuel Efficiency