MAG Silver Reports Third Quarter Financial Results

MAG Silver Reports Third Quarter Financial Results 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/14/13 -- MAG
Silver Corp. (TSX:MAG)(NYSE MKT:MVG) ("MAG" or the "Company")
announces the Company's unaudited financial results for the three and
nine months ended September 30, 2013. For complete details of the
third quarter unaudited Condensed Interim Consolidated Financial
Statements and related Management's Discussion and Analysis, please
see the Company's filings on SEDAR (www.sedar.com) or on EDGAR
(www.sec.gov). All amounts herein are reported in United States
dollars unless otherwise specified. 
At September 30, 2013, the Company had working capital of
$28,617,048, including cash of $27,720,686. The Company currently has
sufficient cash and working capital to maintain all of its properties
and currently planned programs extending beyond the next 12 months.  
The Company's net loss for the three months ended September 30, 2013
amounted to $1,488,348 (September 30, 2012: $3,609,463) or
$0.02/share (September 30, 2012: $0.06/share). The net loss decreased
in the current quarter primarily as a result of less share based
payment expense, and due to lower general office and legal expenses.
During the three months ended September 30, 2013, the Company granted
no stock options (September 30, 2012: 760,000) and recorded $345,995
(September 30, 2012: $1,556,295) of share based payment expense (a
non cash item) relating to stock options both granted and vesting to
employees and consultants in the period. Also during the three months
ended September 30, 2013, general office expenses, which include all
Annual Meeting related fees, decreased to $157,199 (September 30,
2012: $641,936) along with legal fees which decreased to $80,108
(September 30, 2012: $727,857). These decreases are a direct result
of costs incurred in the prior comparable period dealing and
negotiating with a dissident group of MAG shareholders, which was not
applicable in the current period. 
The Company's net loss for the nine months ended September 30, 2013
amounted to $13,367,114 (September 30, 2012: $6,167,196) or
$0.22/share (September 30, 2012: $0.11/share). The net loss increased
in the current period primarily as a result of the write-off of
non-core assets in the period. Given the prevailing market conditions
and the desire to focus on and preserve cash for its core projects,
management had determined that some of the Company's non-core assets
should be abandoned, and exploration and evaluation assets totaling
$8,422,283 were written off in the previous quarter ended June 30,
2013 (2012: Nil). 
Juanicipio Project 
For the nine months ended September 30, 2013, the Company's total
expenditures on the Juanicipio property amounted to $5,098,981
(September 30, 2012: $3,203,074), and included $4,928,000 (September
30, 2012: $2,420,000) for its 44% share of cash advances, and a
further $170,981 (September 30, 2012: $783,074) expended directly by
the Company on project oversight.  
A $25.4 million "Initial Development Budget" was approved by the
board of Minera Juanicipio S.A. de C.V. ("Minera Juanicipio") in 2012
that covers mine permitting, 35,000 metres of infill drilling,
surface preparation and the commencement of the first 2,500 metres of
underground decline development on the Valdecanas Vein. On October
28, 2013, subsequent to the quarter end, the Company announced that
Minera Juanicipio had commenced the underground development at the
Juanicipio project. The initiation of underground work follows a year
of engineering, hydrological and environmental studies in support of
required permits, all of which are now in hand. With the portal area
preparation complete, a continuous miner has started excavating the
uppermost part of the access ramp. A photo gallery of progress at
Juanicipio is available at
http://www.magsilver.com/s/PhotoGallery.asp?ReportID=610413. The
development program is being managed by Fresnillo as operators of the
Joint Venture, and is based on recommendations made to Minera
Juanicipio in a 2012 National Instrument 43-101 compliant Updated
Preliminary Economic Assessment prepared by AMC Mining Consultants
(Canada) Ltd. (the "AMC Study"), as filed on SEDAR. The AMC Study
indicated a project development and production schedule of
approximately 3.5 years from this point, specifically: "Following
satisfactory completion of further studies, and subject to the
application and grant of the necessary permits and licenses, it is
estimated that it will take approximately three and a half years to
develop the project from the start of the box cut and portal to mill
startup." Although Minera Juanicipio has not formally made a
"production decision," Fresnillo has recently publically reported
that it expects that Juanicipio will be in production by
approximately 2017/2018. The Company believes the timeline laid out
in the AMC Study is reasonable and attainable, but the actual
schedule to production is still under review by Minera Juanicipio.  
Cinco de Mayo 
In the nine months ended September 30, 2013, the Company incurred
exploration and evaluation costs of $1,741,151 (2012: $7,600,358) on
the Cinco de Mayo project. No drilling has been undertaken in 2013 as
the Company is currently negotiating a renewed surface access
agreement with the local Ejido. The principal focus of work has been
in preparation for these negotiations and has included meetings with
Chihuahua State, Municipal, and Mexican Federal authorities and
Community Public Relations and legal advisors in Mexico. The Company
believes the Ejido access issue is a temporary delay and is working
to resolve the issue on a permanent basis with the Ejido, with the
expectation of resuming on-site exploration in mid-2014. 
Salamandra  
In May 2013, the Company entered into an option agreement with
Canasil Resources Inc. ("Canasil") whereby the Company can earn up to
a 70% interest in Canasil's 14,719 hectare Salamandra property
located in Durango State, Mexico. Drilling targets are currently
being finalized, and drilling will begin in the fourth quarter of
2013. 
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 
Neither the Toronto Stock Exchange nor the NYSE MKT has reviewed or
accepted responsibility for the accuracy or adequacy of this press
release, which has been prepared by management. 
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.  
Please Note: 
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
Contacts:
MAG Silver Corp.
Michael J. Curlook
VP Investor Relations and Communications
(604) 630-1399 or Toll Free: (866) 630-1399
(604) 681-0894 (FAX)
info@magsilver.com
www.magsilver.com