Vancouver, B.C. MAG Silver Corp. (TSX / NYSE American: MAG) (“MAG” or “MAG Silver”) reports production from Juanicipio (56% / 44% Fresnillo plc (“Fresnillo”) and MAG, respectively) for the second quarter (“Q2”) ended June 30, 2023. Q2 marked a transformational quarter for Juanicipio. Ramp up of milling activities have been progressing to plan with Juanicipio declaring commercial production during the quarter and achieving increased production of all metals, with the most noteworthy being a 134% increase in silver production relative to the first quarter.
As reported to MAG by the project operator Fresnillo, 377,018 tonnes of mineralized material was processed through the Juanicipio, Saucito and Fresnillo plants during Q2 at an average silver head grade of 498 grams per tonne (“g/t”).
Total production for Q2 based on provisional estimates before offtake agreement adjustments totaled 5,275 thousand silver ounces, 10,639 gold ounces, 3,402 tonnes of lead and 5,418 tonnes of zinc. MAG expects to release its full financial and operational results on August 7, 2023.
During the quarter, the Juanicipio mill ramped up to approximately 85% of its design capacity of 4,000 tonnes per day (“tpd”) and production is expected to continue to increase steadily through Q3 when it is envisioned the plant will be running at design capacity. Q2 saw higher grade mill feed being introduced to the Juanicipio comminution circuit with a corresponding improvement in silver recovery rates and concentrate grades.
“Q2 was a quarter of delivery. We are very encouraged with the steady progress of mining and milling performance at Juanicipio throughout the ramp-up period” said George Paspalas, MAG Silver’s President and CEO. “The substantial increase in silver production coupled with the forecast of reaching design capacity by Q3 affirms MAG’s position as a top-tier silver producer. We remain deeply committed to a focus on robust cash flow generation and delivering a superior return on invested capital.”
About MAG Silver Corp. (www.magsilver.com)
MAG Silver Corp. is a growth-oriented Canadian development and exploration company focused on advancing high-grade, district scale precious metals projects in the Americas. MAG is emerging as a top-tier primary silver mining company through its (44%) joint venture interest in the 4,000 tonnes per day Juanicipio Mine, operated by Fresnillo plc (56%). The mine is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to underground mine production and processing of high-grade mineralised material, an expanded exploration program is in place targeting multiple highly prospective targets. MAG is also executing multi-phase exploration programs at the Deer Trail 100% earn-in Project in Utah and the 100% owned Larder Project, located in the historically prolific Abitibi region of Canada.
For further information on behalf of MAG Silver Corp.
Contact Michael J. Curlook, Vice President, Investor Relations and Communications
Phone: (604) 630-1399
Toll Free: (866) 630-1399
Website: www.magsilver.com |
