Day: May 14, 2024

Tony Makuch, CEO, commented: “During Q1 2024, we achieved a major milestone with the release of the Feasibility Study for our Cordero Project. The Study results clearly establish Cordero as one of the world’s largest silver development projects both in terms of reserves and estimated production. The Project will average 37 million silver equivalent ounces annually over the first 12 years with low unit costs that will generate attractive economic returns.”

“We continue to strive to be a gold mining company of choice, that effectively finds, builds, and operates high quality gold mines. In keeping with these objectives, we started 2024 with continued strong gold production at Camino Rojo generating meaningful free cash flow, we enhanced our landholdings in Nevada with the acquisition of Contact Gold, and our exploration program in Mexico is progressing as planned and returning exciting results.”

N. Eric Fier, CEO, commented, “We are proud to deliver another quarter of strong financial and operational performance. Our ability to deliver consistent results is a function of the operational and financial flexibility we have created, which was showcased in a number of ways this quarter. The planned mobilization of our new underground mining contractor began in February, with ramp-up of the underground benefiting from excellent cooperation between our new and outgoing contractors leading to a 10% increase in average daily mining rates from Q4, 2023.”

“Today’s results are the best from the 4-T Trend to date and rank as a top five drill intersect in Tocvan’s history of drilling at Pilar. Gold mineralization intersected in hole JES-24-77 is close to surface, projecting to workings exposed along a low rolling ridgeline much like the Main Zone.”

MAG Silver Corp. announces the Company’s unaudited consolidated financial results for the three months ended March 31, 2024.

The Company restarted silver-gold production at the Company’s Velardeña Properties (Durango State, Mexico) in December 2023, but stopped mining at the end of February 2024 and stopped processing mineralized material at the end of March 2024, after determining the initial performance of the mine and processing plant did not achieve the expected mine production ramp-up schedule or initial expected plant concentrate production results.