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MAG Silver Acquires More Ground in Fresnillo-Juanicipio-Zacatecas Trend

January 6, 2004

MAG Silver Corp. (TSX-V: MAG) announces the filing of the approximately 65,000 hectare Lagartos 4 Claim in the middle of the Juanicipio-Fresnillo-Zacatecas Silver Trend. The new MAG claim extends over 40 kilometres along the SE-NW trend linking the billion-ounce Zacatecas Silver District (SE end), and the billion-ounce Fresnillo Silver District. Northwest of Fresnillo, MAG's Juanicipio and Lagartos 1, 2, and 3 claims cover a further 50 kilometres of the trend. MAG is now the largest mineral rights holder in what MAG believes to be the world's premier silver district. MAG plans to use the successful geological, geochemical and geophysical targeting techniques that it used for drilling at its Juanicipio claim in ongoing regional exploration to continue to define extensions of Fresnillo-style mineralization. A map depicting the MAG property position in relation to the two historic districts, the position of the structures drilled at Juanicipio, and the regional trends of mineralization can be found on the MAG website at www.magsilver.com/s/Juanicipio.asp.

MAG's successful drilling program at Juanicipio (See Press Release of November 21, 2003) confirmed the concept that the Fresnillo District is more extensive than previously known. This realization resulted in a re-evaluation of the regional structural controls and zoning of the Fresnillo District, leading to the filing of the Lagartos 1, 2, and 3 claims to the northwest of Juanicipio. The geological and geophysical characteristics of this new NW area are remarkably similar to those that successfully guided Juanicipio drilling. Satellite image analysis and regional structural studies show that Lagartos 1-3, Juanicipio and Fresnillo lie along a pronounced regional structural trend that continues an additional 50 kilometres to the historic Zacatecas District. The mineralization previously exploited at Zacatecas was also characterized by epithermal Ag-Au veins with NW-SE and E-W trends, in patterns virtually identical to those of Fresnillo. Alteration styles, including extensive kaolinite alteration of surface volcanic rocks, are also very similar between the two districts.

Given the proven productivity of this trend and similar mineralization and alteration in several places along it, MAG believes that the entire trend is prospective and can be effectively explored using the tools it applied successfully at Juanicipio. Combining Lagartos 4 with MAG's Juanicipio and Lagartos 1-3 claims gives MAG over 120,000 hectares covering over 60 kilometres along this important silver trend to the SE and NW of Fresnillo. Initial geological and NSAMT geophysical reconnaissance of the claim will begin in early 2004 as Phase 2 drilling of Juanicipio and continued exploration of Lagartos 1-3 are in progress.

MAG President, George Young, said "We are very pleased with our exploration results from Juanicipio and are looking forward to applying the tools we've developed to newly recognized prospective ground in the vicinity. It is hard to imagine other places where one can pick up such a large area of prospective ground along a well-defined structural trend hosting at least two world-class Silver-Gold deposits. We believe MAG has an important competitive advantage with the geological and exploration models that we have developed and now we have the ground to press that advantage."

About MAG Silver Corp.
MAG combines a seasoned management team with exploration targets in the Mexican Silver Belt that are of interest at any conceivable silver price, in districts with known large-scale production. In addition to the Juanicipio and Lagartos properties described in this release, MAG also controls the Guigui project in the historic Santa Eulalia District of Chihuahua, Mexico. Santa Eulalia is the world's largest known Carbonate Replacement Deposit and has produced nearly 500 million ounces of silver from ores averaging 350 g/T Ag, 8.2% Pb and 7.8% Zn. The known mineralization appears to zone towards a buried intrusive centre that has never been drilled. Drilling at Guigui commenced on October 20, 2003 and will continue into 2004.

MAG also a 100% option interest in the Don Fippi Project, covering the historic Batopilas Mining District. Batopilas produced some 300,000,000 ounces of silver from native-silver rich ores prior to its abrupt closure during the Mexican Revolution. Consolidated by MAG for the first time since the revolution, the Batopilas District contains numerous targets that will be tested with modern exploration techniques to delineate high-potential targets for drill testing on or adjacent to former producing structures. Underground work is currently underway at Batopilas.

MAG recently acquired two additional Carbonate Replacement Deposit properties that were the outgrowth of a very well funded regional generative program by a major during the 1990s exploration cycle. Adargas in southern Chihuahua will be drilled in 2004 as soon as drill permits are obtained. Geological and geophysical study of the second property, Cinco de Mayo in northern Chihuahua, will also begin in early 2004, with drilling slated for late 2004.

On behalf of the Board of

"George S. Young"
President, Director

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For further information on behalf of MAG Silver Corp.
contact George S. Young
Email: info@magsilver.com

The TSX-VE has not reviewed and does not accept responsibility for the accuracy or adequacy of this news release, which has been prepared by management.

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