MAG Silver Corp. - First Drill Program Underway
Juanicipio Project, Fresnillo, Silver District
MAG Silver Corp. (TSX-V: MAG) announced today that through its Mexican subsidiary, it has entered into a contract to drill its Juanicipio Project with Major Drilling de Mexico, S.A. de C.V., the Mexican subsidiary of Major Drilling Group International, Inc. Drilling is scheduled to commence under the contract on May 6, 2003. MAG has already begun the work of road and drill pad preparation on the first drill sites. The initial program in planned for 3,500 meters drilling.
The drilling will test the identified targets along strike from the structures currently in production and undergoing advanced exploration in the Fresnillo District, the largest producing silver mine in the world.
Juanicipio lies 5 km from the head frame of Industrias Peñoles' Fresnillo Mine, which currently produces 12% of the world's silver from high grade (23oz/T Ag plus up to 0.1oz/T Au) veins. Overall district production since 1560 is around 1 billion ounces of silver, with roughly 400 million ounces of that production coming since 1976 when the high-grade veins currently being mined were discovered. MAG's Juanicipio targets consist of a series of structures that are parallel to, and aligned with, major veins of the district. Six principal structures, that show strong geological, geochemical and geophysical resemblance to the producing veins, have been identified and permitted for immediate drilling.
On behalf of the Board of
MAG SILVER CORP.
"George S. Young"
For further information on behalf of MAG Silver Corp. contact:
George S. Young
Phone: (604) 630-1399
Fax: (604) 484-4710
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