MAG Silver Reports First Quarter Financial Results

MAG Silver Reports First Quarter Financial Results 
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/15/14 --   MAG
Silver Corp. (TSX: MAG)(NYSE MKT: MVG) ("MAG" or the "Company")
announces the Company's unaudited financial results for the three
months ended March 31, 2014. For complete details of the first
quarter unaudited Condensed Interim Consolidated Financial Statements
and related Management's Discussion and Analysis, please see the
Company's filings on SEDAR ( or on EDGAR (
All amounts herein are reported in United States dollars unless
otherwise specified. 
At March 31, 2014, the Company had working capital of $21,149,446
(compared to $37,917,231 at March 31, 2013), including cash of
$20,072,036 (compared to $37,790,974 at March 31, 2013). The Company
currently has sufficient working capital to maintain all of its
properties and currently planned programs extending beyond the next
12 months. The primary use of cash during the quarter ended March 31,
2014 was for advances to Minera Juanicipio S.A. de C.V. ("Minera
Juanicipio"), which along with MAG's Juanicipio expenditures on its
own account, totaled $1,755,906 (2013: $77,536). The Company also
expended $1,374,424 (2013: Nil) on the Salamandra earn in option, and
$357,726 (2013: $1,559,977) on its other exploration and evaluation
The Company's net loss for the three months ended March 31, 2014
amounted to $1,093,162 (March 31, 2013: $1,658,073) or $0.02/share
(March 31, 2013: $0.03/share). The net loss decreased in the current
quarter compared to prior period, primarily as a result of lower
share based payment expense of $434,408 (March 31, 2013: 636,600),
and no placement fees incurred in the current quarter (March 31,
2013: 143,900). In the quarter ended March 31, 2014, the Company
granted no stock options (March 31, 2013: 100,000 stock options) but
recorded $434,408 (March 31, 2013: $636,600) of share based payment
expense (a non-cash item) relating to stock options vesting to
employees and consultants in the period. The fair value of all
share-based payment compensation is estimated using the
Black-Scholes-Merton option valuation model.  
Project Updates 
At Minera Juanicipio, the proposed 2014 development budget is $11.4
million (MAG's 44% share is $5 million), and is designated primarily
for the ramp advancement and some detailed engineering. The
Juanicipio ramp decline is currently advancing with conventional
drill and blast cycles as well as with the continuous miner. In
addition to the planned Juanicipio development work, exploration is
also planned in 2014 to seek new veins and trace structures and veins
in neighbouring parts of the district onto the Minera Juanicipio
joint venture ground. The proposed 2014 exploration budget for Minera
Juanicipio is US$3.6 million (MAG's 44% share is US$1.6 million). As
at March 31, 2014 Minera Juanicipio had $4.3 million in cash
available for 2014 budgeted exploration and development. 
An updated independent mineral resource estimate for the Juanicipio
property is currently in progress, and is expected in the second
quarter of 2014. 
No active exploration is currently being undertaken on the Cinco de
Mayo property, as the Company remains in the process of negotiating a
renewed surface access agreement with the local Ejido. The overall
timeline to successful resolution and renewed surface access is not
determinable at this time, and will depend upon various factors
including but not limited to: the ability of the Company to arrive at
a settlement agreement that would be fully supported by the majority
of the Ejido; and, the ability of the Ejido to conduct a properly
constituted Assembly meeting, with quorum, and favourable outcome.  
At Salamadra, where the Company has an option to earn up to 70% of
the property, the system remains open in all directions. The Phase II
drill program is currently ongoing with two drill rigs and assays
pending, as the Company continues to delineate the system while
fleshing out the best intercepts. 
About MAG Silver Corp. (  
MAG Silver Corp. (TSX: MAG)(NYSE MKT: MVG) is focused on advancing
two significant projects located within the Mexican Silver Belt. Our
mission is to become one of the premier companies in the silver
mining industry. Currently, we are advancing the underground decline
towards the high grade Valdecanas Silver vein and delineating the
Desprendido and Juanicipio discoveries in Zacatecas State, all within
the joint venture between MAG Silver (44%) and Fresnillo PLC (56%).
In addition, we are negotiating surface access in order to further
delineate our district scale, 100% owned Cinco de Mayo property in
Chihuahua state, where two new silver, lead, zinc discoveries are
opening up further growth opportunities for MAG Silver Corp. 
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 and 
MAG Silver Corp.
Michael J. Curlook
VP Investor Relations and Communications
(604) 630-1399 or Toll free: (866) 630-1399
(604) 681-0894 (FAX)
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