MAG Silver Reports Second Quarter Financial Results - Seite 2

 

Underground development at Juanicipio now approaching 30 kilometres (“km”) (or 18.75 miles) and is focused on both the three sub-vertical ramps that descend alongside the mineralization and the conveyor ramp that ascends to the surface at plant site.
 

Assays from a 33,864 metre, 28-hole 2019 exploration program were released March 3, 2020 (see Press Release of same date), with the following highlights:

• Confirms and expands the continuous wide, high-grade mineralization in the Valdecañas Deep Zone;
• Confirms and expands the wide, high-grade zones in the Anticipada Vein;
• Confirms and expands the Venadas vein to the south with strong silver and gold grades; and
• Discovers the new northeast-trending Valentina and Venadas II veins through drilling and development.
   

On April 30, 2020, the Company closed a non-brokered private placement offering and issued 4,528,302 common shares at C$13.25 for gross proceeds of C$60,000,002 ($43,134) to Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially controlled by him.
 

MAG held cash and cash equivalents as at June 30, 2020 (before the below noted ATM Program) of $87,108 while Minera Juanicipio had cash on a 100% basis of $35,337 as at June 30, 2020.
 

On June 29, 2020, the Company established an at-the-market equity program (the “ATM Program”) and subsequent to June 30, 2020 and as at August 10, 2020, the Company has sold and issued 2,305,463 common shares under the ATM Program at an average price of $16.16 per share, for gross and net proceeds of $37,264 and $36,239 respectively.

“We continue to work carefully at the Juanicipio Project, respecting social distancing and maintaining very high levels of hygiene” said George Paspalas, President and CEO.  “Construction of the flotation plant at Juanicipio is back to 100%, and we are making good progress. We processed approximately 8,800 tonnes of Juanicipio mineralized material through the Fresnillo plant in early August as an initial test, and are expecting processing of 2 days per month, representing a major milestone for the project and early cash flow to the Joint Venture.”