C$1 Million in Warrants are Exercised
Vancouver, B.C.... MAG Silver Corporation (MAG:TSXV MSLRF:OTCBB) announces the exercise of 1,400,755 common share purchase warrants at a price of $0.75 per share for proceeds of C$1,050,566. The warrants were issued at the time of the Company's IPO in April 2003 and had an expiry date of April 15, 2005. Upon exercise of the warrants, MAG Silver now has 27,352,866 common shares issued and outstanding and 29,252,866 fully diluted common shares. The proceeds from this exercise of warrants will go towards the working capital of the corporation.
About MAG Silver Corp.
MAG is a Silver exploration company focused on multi-million ounce silver deposits located within the historic Mexican Silver Belt. Our large strategic land positions are located in districts with ongoing large-scale, high-grade silver production, including a joint venture with the world's largest silver producer, Industrias Peñoles S.A. de C.V. announced April 4, 2005. Located in Zacatecas, Mexico the Peñoles-MAG Juanicipio Joint Venture is adjacent to Peñoles prolific Fresnillo Silver Mine, the world's richest silver producing operation. We are committed to discover silver deposits that are able to withstand and overcome fluctuations in commodity prices. Our mission is to become one of the premier silver explorers in the Silver Mining Industry. MAG is based in Vancouver, British Columbia, Canada and trades on the TSX Venture Exchange as MAG.
On behalf of the Board of
MAG Silver Corporation:
President and CEO
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For further information on behalf of MAG Silver Corp. contact Gordon Neal
Phone: (604) 630-1399
Toll free: (866) 630-1399
Fax: (604) 484-4710
The TSX Venture Exchange has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.