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MAG Silver Closes Non-Brokered Private Placement

February 15, 2007


Vancouver, B.C... MAG Silver Corp. ("MAG" or the "Company") announces the closing of a previously announced non-brokered private placement for 210,000 units for gross proceeds of $1,522,500. A total of 195,000 units were closed on February 14th while the balance of 15,000 units closed on February 15th. Net proceeds will provide additional funding for the Company's pro-rata 44% share of future exploration expenditures on the Company's Juanicipio Joint Venture with Industrias PeƱoles S.A. de C.V. and will allow for accelerated exploration of the Company's other Mexican projects.

Each unit is comprised of one common share and one-half of one common share purchase warrant, with each whole warrant exercisable for one common share at a price of $10.00 for a period of 12 months from the date of closing.

The Company paid a 6.0% finder's fee on this placement comprised of $91,350 in cash. Legal costs and other disbursements relating to the placement will be paid for by the Company.

All securities issued in this private placement are subject to a four-month hold period expiring June 15, 2007 in relation to units issued on February 14th and June 16, 2007 in relation to units issued on February 15th, in compliance with NI 45-102. As a result of this placement the Company now has 40,962,110 common shares issued and outstanding and 48,146,897 shares on a fully diluted basis.

Dan MacInnis, President of the Company, said, "The Company is in a strong working capital position and, is well positioned to explore and develop its projects in Mexico. We are pleased to close this placement, and we welcome our new shareholders."

The offering described herein has not been registered under the U.S. Securities Act of 1933, as amended, and the securities may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This press release, required by applicable Canadian securities law, shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of the securities, in any State in which such offer, solicitation or sale would be unlawful.

About MAG Silver Corp
MAG Silver 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 based in Vancouver, British Columbia, Canada and trades on the TSX-V under the symbol MAG.

On behalf of the Board of

"Dan MacInnis"
President and CEO

For further information on behalf of MAG Silver Corp contact Gordon Neal, VP Corp. Development
Website: www.magsilver.com
Email: info@magsilver.com
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.

Investors are urged to consider closely the disclosures in our public reports available through the internet at www.sec.gov/edgar.shtml and www.sedar.com.

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