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MAG Silver Corp.


MAG Silver Corp. is focused on district-scale projects located within the Mexican Silver Belt. Its mission is to become one of the premier companies in the silver mining industry. MAG is conducting ongoing exploration of its portfolio of 100%-owned properties in Mexico including a silver, lead and zinc discovery and a moly-gold discovery at its 100%-owned Cinco de Mayo property in Chihuahua. MAG and Fresnillo Plc are jointly developing the Valdecañas deposit on the Juanicipio project in Zacatecas.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Raymond James (12/18/14) "MAG Silver Corp. ranks as one of our top picks. . .the market rewarded MAG with year-to-date returns that handily beat peers as well as silver and gold. . .we rate MAG as one of our Buys for near-term growth whilst maintaining an attractive operating margin relative to peers."

The Gold Report Interview with Douglass Loud and Jeffrey Mosseri (12/3/14) "Among pure silver miners, we like MAG Silver Corp. Companies like MAG will lead the rebound." More >

Jeff Wright, H.C. Wainwright & Co. (11/20/14) "We are reiterating our Buy recommendation on MAG Silver. . .we continue to view Juanicipio as one of the highest-quality undeveloped silver assets throughout the world and expect the project to be advanced meaningfully throughout 2015 and beyond."

Heiko Ihle, H.C. Wainwright & Co. (11/17/14) "We continue to view MAG Silver Corp.'s Juanicipio as a world-class silver asset. Given the high-grade nature of the deposit, we highlight that Juanicipio remains an attractive asset even in today's lower silver price environment. We expect Juanicipio to be advanced meaningfully throughout the remainder of 2014 and through 2015."

The Gold Report Interview with Frank Holmes (11/10/14) "From what I understand on the ramp development at Juanicipio, MAG Silver Corp. has advanced the ramp to around 600 meters in length. The development has been slower in the upper portion of the ramp due to the more weathered nature of the rock and the occasional intersection of silicified zones, which requires additional efforts to work through. Now MAG Silver is in more of the fresh volcanic rocks and advancing at about 115 meter per month. Currently it is about one-third through the estimated 30-month timeframe to reach the vein. Fresnillo, its partner, seems to be moving the process along at a "not-too-fast" rate. Fresnillo's dilemma is that should it decide to buy out MAG Silver, it may have to pay a higher price once the Juanicipio is in production.

The bigger issue, which could potentially move the share price of MAG Silver higher in the near term, would be a resolution to access to the Cinco de Mayo Zn-Pb-Au-Ag carbonate replacement deposit, after being expelled by a more radical landowner group in the area. I believe MAG Silver is making progress on resolving this issue. Hopefully we will get a positive update in the first quarter next year." More >

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Jeff Wright, H.C. Wainwright & Co. (11/6/14) "We believe it is productive to highlight multiple companies that are progressing through the current challenging markets, maintaining strong balance sheets, and sustaining the potentially prolonged weakness in the precious metals market. . .MAG Silver Corp. is advancing two significant projects within the Mexican Silver Belt. At MAG's primary property, a joint venture between MAG and Fresnillo, the companies are currently advancing the underground decline toward the high-grade ValdecanÞas and Juanicipio silver vein discoveries."

David Sadowski, Raymond James (10/30/14) "We recommend investors bolster positions in MAG Silver Corp. at these levels. . .overall progress at Juanicipio is tracking in line with the developed rate outlined in the PEA. . .we are maintaining our Outperform rating and $12 target price."

Global Mining Observer (9/12/14) "MAG Silver Corp. raised CA$86M ($78M) last month in an oversubscribed share placement, whilst tunneling was accelerated in March on the granting of an explosives permit. . .Juanicipio's bonanza-grade zone hosts 208 Moz silver grading over 600 g/t, with production guidance of 10 Moz/year."

The Mining Report Interview with Björn Paffrath (8/19/14) "MAG Silver Corp. is another one we like, as the company shows a long history for discovering promising silver assets. Also, MAG Silver is well on track to move the Juanicipio joint venture (56% Fresnillo) forward." More >

The Mining Report Interview with David Sadowski (8/5/14) "MAG Silver Corp. is our top pick among silver juniors. MAG is truly an asset-rich company. It owns 44% of the world's highest grading silver project, Juanicipio, which is currently under development with its joint venture operating partner, Fresnillo. We model production startup in 2018 with extremely low cash costs and low operational risk. Fresnillo has been engaged in very similar underground epithermal vein mining for decades, and it is one of the world's top silver producers. MAG's second asset, 100%-owned Cinco de Mayo, is very intriguing. Cinco is a zinc-dominant carbonate replacement deposit or "CRD" target featuring very high zinc grades and a massive exploration upside. MAG has been temporarily expelled from the property by the locals, but we remain hopeful for resumption of drilling in the near future. It is an excellent undervalued company and we have a Strong Buy rating on it.

MAG is working to sign an agreement with the local ejidos in a small town called Benito Juárez, which is located in the Cinco de Mayo area. MAG negotiated a similar deal to restore access at its flagship Juanicipio project and given the particular circumstances surrounding Cinco, we believe an analogous outcome is likely." More >

Lawrence Roulston, Resource Opportunities (7/21/14) "MAG Silver Corp.'s value is poised to go a lot higher as the full value of the Juanicipio project is eventually recognized; that discovery ranks among the top silver deposits in the world. Cinco de Mayo and the other projects add further upside potential."

Michael Gray, Macquarie Capital Markets (7/17/14) "With approximately $93M in cash, we project MAG Silver Corp. will be able to fund Juanicipio with its balance sheet until mid-2016 when the capital-expenditure heavy portion of development starts. . .Juanicipio, in our view, is the world's best undeveloped silver asset and has excellent economics—we model an internal rate of return of 43%. . .it also has high exploration potential and is being developed by one of the world's best silver mine operators, Fresnillo Plc. . .we are increasing our target to $13.50/share (was $12.75/share) and maintaining our Outperform rating. MAG is one of our top picks for explorers in 2014."

Andrew Kaip, BMO Capital Markets (7/17/14) "We estimate that, combined with US$18M cash reported as of June 30, 2014, MAG Silver Corp. has adequate funding to participate in the 33 month US$25.4M initial development plan for Juanicipio, following the recent bought deal offering. . .we forecast average annual production at Juanicipio to be 17 Moz Ag eq at co-product cash costs of US$6.56/oz silver, commencing Q1/18E. . .we rate the company as an Outperform."

David Sadowski, Raymond James (7/17/14) "Yesterday, MAG Silver Corp. closed its CA$79M bought deal private placement. . .we view the raise as a significant milestone for the company as it progresses through steady development of its 44%-owned Juanicipio project. We recommend investors add to positions in MAG."

The Gold Report Interview with Chris Mancini (7/9/14) "We own MAG Silver Corp. and we have owned it for a while. Its Juanicipio deposit is a great asset in Zacatecas, Mexico. . .Fresnillo has been mining in the Zacatecas region for decades. There's almost zero risk with building the Juanicipio mine because Fresnillo is the majority partner. It should generate lots of cash once it is up and running. MAG Silver also has exploration potential in its Cinco de Mayo project in northern Mexico where the goal is to define another economic silver deposit. It's nice to have a good asset and management that has proven that it can add value." More >

Philip Ker, PI Financial (7/7/14) "MAG Silver Corp. recently closed a bought-deal financing totaling CA$75M with a green shoe for an additional 15% that would total CA$86.2M. . .this new source of cash allows the company to be financially comfortable over the next few years. . .we continue to target production commencing in 2018 with attributed annual production to MAG of 8.7 Moz Ag eq with significant potential to make additional discoveries on the Juanicipio joint-venture land package in addition to its other 100%-owned exploration assets."

The Gold Report Interview with Frank Holmes (6/18/14) "Another high-grade name with strong performance is MAG Silver Corp., which has two projects in Mexico. . .MAG's 44% share is 71 Moz grading 601 g/t silver. That makes MAG Silver stock very desirable right now. We think it could get taken over at some point." More >

Zacks Equity Research (6/4/14) "One company that looks well positioned for a solid gain, but has been overlooked by investors lately, is MAG Silver Corp. . .expected earnings growth of 55.6% over last year should ultimately translate into price appreciation for the company's stock. . .if you are looking for a stock flying under the radar that is well equipped to bounce down the road, make sure to consider MAG Silver."

Trevor Turnbull, Scotia Capital (6/2/14) "MAG Silver Corp. reported an updated mineral resource estimate at its 44%- owned joint venture Juanicipio project in Mexico's Fresnillo district. . .Indicated silver resources increased 14% as tonnage nearly doubled with infill drilling upgrading Inferred resources to Indicated status. Silver and gold grades remain very attractive at 511 g/t silver and 1.7 g/t gold for the Indicated resource (lead and zinc grades are also very good at 1.9% and 3.5%, respectively)."

Philip Ker, PI Financial (5/28/14) "MAG Silver Corp. announced an updated resource estimate for its flagship Juanicipio asset (joint venture with Fresnillo Plc, 44% MAG's share), resulting in increased confidence and added tonnage to the Indicated category. . .overall, the increased tonnage and in situ ounces (were 146 Moz Ag, now 160 Moz) within the Indicated category continue to support our thesis and provide additional upside via potential mine life extension from the new deep zone resource."

Andrew Kaip, BMO Capital Markets (5/27/14) "MAG Silver Corp. announced an updated resource estimate for the Juanicipio joint venture. . .infill drilling supported ~14% growth of silver resources in the Indicated category to 73 Moz net to the company. . .the new resource captures a larger Indicated resource and improves the confidence in the grade, continuity and overall geometry of the existing mineral inventory."

Michael Gray, Macquarie Capital Markets (5/27/14) "MAG Silver Corp. reported an updated resource estimate for its 44%-owned Juanicipio development project, which included an Indicated and Inferred estimate of 15.2 mt at 464 g/t silver for 227 Moz silver—a 14% increase. . .we continue to believe there is a potential for new vein discoveries based on the periodicity of sub parallel vein spacing. . .we see very few undeveloped precious metals companies with such economically robust assets like Juanicipio."

David Sadowski, Raymond James (5/27/14) "The newly discovered deep zone at MAG Silver Corp.'s Juanicipio project is a surprising bonus. . .the zone has similar gold, lead and zinc grades to previously discovered zones and bolsters tonnages significantly. . .we see the resource as further underlining Juanicipio as the best undeveloped silver project globally and urge investors to add to their positions in the company."

Adam Melnyk, Desjardins Securities (4/29/14) "MAG Silver Corp.'s Juanicipio project has many of the key factors we look for in a development asset—high grades, excellent infrastructure, good width and mineability, and no major metallurgical flaws. Juanicipio is, in our view, the premier silver development project in which investors can directly participate through a junior mining company. The MAG Silver team has demonstrated consistent exploration success over the past 10+ years and the discovery of the veins at the Juanicipio project, as well as promising exploration work at both the Cinco de Mayo and Salamandra projects, underscores our thesis that the company will continue to make exploration discoveries at its projects, creating shareholder value."

Philip Ker, PI Financial (3/19/14) "As of the end of Q3/13, MAG Silver Corp. had ~$28M in cash, which is more than sufficient to meet its capex requirement at Juanicipio of ~$12–15M (2014/15) as well as provide adequate funding for exploration activities. As Juanicipio advances, we expect production to commence in 2018 with attributed production to MAG Silver of 8.7 Moz Ag eq with significant potential to make additional discoveries on the Juanicipio JV land package, in addition to its other 100%-owned exploration assets."

The Gold Report Interview with Michael Gray (3/19/14) "MAG Silver Corp. is one of our high-conviction calls in the precious metals space. The Juanicipio project in Mexico, the joint venture between MAG Silver and Fresnillo Plc, is one of the best, highest-grade silver development projects out there. We visited the asset five weeks ago to confirm that the underground development access to the vein is progressing. It will take 3.5 years or so to fully access the ore and establish production at Juanicipio. We believe this mine will have a production profile close to 15 Moz silver/year for the first seven years. Its all-in sustaining cash costs will be approximately $3/oz silver. The PEA shows a 21% internal rate of return at $10/oz silver. This is all on an initial capex of approximately $320M. MAG Silver has a 44% share of that to contribute." More >

Philip Ker, PI Financial (2/11/14) "We recently returned from a site visit to MAG Silver Corp.'s flagship Juanicipio joint venture project. . .after lengthy discussions with the company's management and assessment of the progress of the Juanicipio decline completed to date, we are optimistic that having Fresnillo as project operator will lead to sufficient completion times and provide adequate budgeting of the ongoing capex for the project."

David Sadowski, Raymond James (2/7/14) "We encourage investors to add to positions in MAG Silver Corp. on continued development progress at the Juanicipio project—the highest graded undeveloped silver project in the western world. The company boasts superb potential economics, strong exploration upside, a healthy balance sheet, solid management and high takeout potential."

Raymond James (1/31/14) "We are maintaining our Outperform rating on MAG Silver Corp. and are raising our target price to $10/share (from $9/share). . .we continue to view MAG as one of the premier development stories in the space on tier 1 status at Juanicipio, world-class exploration upside at Cinco de Mayo and other projects, as well as strong takeout potential."

Tickerscores (1/24/14) "MAG Silver Corp. continues to hold the No. 1 spot for Mexico development with its high-grade projects. . .CliffsNotes version: high-grade projects, healthy balance sheet, tight share structure, 4% management ownership, institutional ownership of over 60% (Sprott Asset Management, Fresnillo Plc, Mason Hill) and low general and administrative expense ratio (24%)."

The Gold Report Interview with Stephan Bogner (12/16/13) "Given that grade is king, one of my favorite stocks, especially during depressed metals markets, is MAG Silver Corp. I believe this company will become one of the largest silver miners in the world, maybe even the largest." More >

The Gold Report Interview with Rob Fuhrman (11/4/13) "MAG Silver Corp.'s Tickerscore of 79 puts the company among our top scorers. MAG Silver has a great cash position and little debt. The management team is excellent. The company has two solid projects in Mexico. One is Juanicipio, a joint venture with Fresnillo, with MAG Silver owning 44%. This joint venture project is a $1.4BNPV and has a 47% IRR, which is fantastic. MAG Silver owns 100% of its other main project, Cinco de Mayo. Both are high-grade projects, which add leverage to the silver price and help the IRR." More >

John Hayes, BMO Capital Markets (10/28/13) "MAG Silver Corp. announced the portal for the underground development at the Juanicipio project is in the final stages of completion, and work on the access ramp has been started by joint venture partner Fresnillo plc. . .the start of the underground development program by the joint venture marks a significant advancement for the company. Construction of the decline removes a significant long lead-time item from the project schedule. . .MAG has sufficient financial resources to fund this initial stage of underground exploration and development."

The Gold Report Interview with Tom Szabo (10/14/13) "MAG Silver Corp. shares an excellent, high-grade polymetallic silver deposit in Mexico called Juanicipio with Fresnillo. Unfortunately, the companies' interests have not always been aligned historically. Fresnillo made a low-ball opportunistic offer to take out MAG Silver in 2008 that was rightfully rejected. This created some bad blood between the two companies. Juanicipio is an attractive development prospect. But if each party has a different idea and they can't somehow come to an agreement, then the project isn't moving forward at a satisfactory pace for MAG Silver shareholders. If development progress suggests these issues are being left behind then MAG Silver would be on a path to being peerless." More >

Michael Gray, Macquarie Capital Markets (10/4/13) "High grade/high margin was a key theme—no surprise here with a focus on smaller, high-IRR deposits that have easier permitting runways and low capex requirements. Selected companies that stood out with such development projects, included MAG Silver Corp. . .our broad takeaway [from the Precious Metals Summit in Beaver Creek] is that North American projects are likely easier to fund in this lower gold price environment. Among our junior companies under coverage, [MAG is] among the companies that meet our safe jurisdiction definition." More >

Philip Ker, PI Financial (9/6/13) "We are initiating coverage of MAG Silver Corp. with a target price of $9/share and a Buy recommendation, which represents a potential 15% return to investors. . .this compelling deposit with an experienced operator and producer (Fresnillo Plc) within the Fresnillo silver district is a perfect partner for MAG to coattail its way into profits. With suppressed market valuations for quality assets such as Juanicipio, we believe this is an ideal time to take advantage of 'on-sale' equities."

The Gold Report Interview with Stephan Bogner (7/15/13) "There are also very attractive undeveloped projects like those of MAG Silver Corp. The company has a market cap of only $350M but is sitting on a large, 100+ Moz high-grade silver deposit that may to turn out to become Mexico's largest silver mine. MAG Silver is also in great shape to put into production other properties during the upcoming years. You want to look out for companies that right now are successfully developing world-class deposits; when production kicks off in a few years, metal prices are expected to be much higher than today." More >

Chris Thompson, Raymond James (7/10/13) "We upgraded MAG Silver Corp. to Strong Buy (from Outperform) on share price weakness, which we believe is unjustified, in light of Juanicipio's superb economics (life of mine total costs estimated at <$4/oz Ag eq), even in the current declining silver price environment. We estimate current cash of $34M, which is sufficient to meet capital cost estimates through mid–2014E."

Phil Russo, Raymond James (7/9/13) "We are upgrading MAG Silver to Strong Buy from Outperform. We believe MAG is one of the premier names in the silver space, given near-term transition to development ([expected in] Q3/13, first ounces 2017) at the world-class, high-grade Juanicipio project (44% interest), coupled with excellent exploration upside at nascent CRD target Cinco de Mayo (100%). Our upgrade reflects recent share price weakness, which we believe is unjustified (even in the currently challenging silver price environment), in light of Juanicipio’s superb economics—we project LOM total costs below $5/oz AgEq. We estimate current cash of $34M is sufficient to meet budgeted capital spending through mid-2014E and further out, we now model 50/50 debt/equity. Our target is now based on a 0.8x P/NAV (from 0.9x) applied to the project component of our $11.90 NAVPS."

BMO Capital Markets (6/28/13) "MAG Silver Corp.'s Juanicipio project is one of the more attractive senior or midtier projects. . .Juanicipio contains a number of high-grade gold-silver veins, including the world-class Valdecañas deposit."

The Gold Report Interview with Roger Wiegand (6/24/13) "MAG Silver Corp. just signed a partnership agreement with Canasil Resources Inc., expanding a major project with an injection of several million dollars. MAG Silver has a lot of capital. MAG Silver's Peter Megaw is one of the top geologists in the business. He told me that the company plans to build a 100 Moz silver reserve and make it as big as the biggest of the precious metal mines in Mexico. So far, it is doing exactly that. Canasil also has some wonderful projects in British Columbia that just got permits." More >

David Sadowski, Raymond James (6/20/13) "Effective Oct. 15, 2013, Dan MacInnis will be retiring from the position of president and CEO of MAG Silver Corp. . .MacInnis will be succeeded by George Paspalas, who has significant experience in the operations of precious metals producers, having most recently served as served as president and CEO of Quebec gold producer Aurizon Mines since August 2011, including through its successful acquisition by Hecla Mining. . .we recommend adding to positions on recent share price weakness, world-class exploration upside, near-term transition to development at Juanicipio, imminent news flow and, consequently, strong takeover potential."

Raymond James (6/4/13) "We believe MAG Silver Corp. is one of the premier names in the silver space, given outstanding exploration upside at the world-class, high-grade Juanicipio project (44% interest) and at nascent Cinco de Mayo (100%); near-term development start at Juanicipio, leading to production commencing in 2016-2017E and material, near-term news flow from the company's properties. In addition, we believe MAG, or its stake in Juanicipio, may be a compelling target for joint venture partner Fresnillo Plc."

The Gold Report Interview with Ivan Lo (5/24/13) "My favorite undeveloped project in the silver space is MAG Silver Corp.'s Juanicipio project. It has 146 Moz)with an average grade of about 728 g/t silver and 1.9 g/t gold and an Inferred resource of 85 Moz silver with an average grade of 373 g/t silver and 1.6 g/t gold. That's high grade. And it just drilled more holes at Juanicipio. It hasn't announced it, but it has an agreement with its partner, Fresnillo Plc, to do that. MAG Silver owns 100% of Cinco de Mayo, which is a monster of a discovery. It's going through some property issues in Mexico right now, but I believe those will be resolved because Juanicipio went through the same thing. Then it will be off to the races. . .even without Cinco de Mayo, I think Juanicipio is undervalued right now. People are penalizing the company because it has to wait for Fresnillo to get this thing going. I believe it's going to break ground very soon, maybe even in the next month or two." More >

The Gold Report Interview with Maria Smirnova (5/22/13) "Earlier this year, Eric Sprott made MAG Silver Corp. his top pick in the silver developer space and Sprott Asset Management took a position worth more than $26M. MAG Silver has a world-class deposit, the world's highest-grade silver development asset right now. MAG Silver owns 44% of the Juanicipio deposit in Mexico. The grade is between 500–700 g/t, which is very high. The deposit has good thickness, so the economics have the potential for a very profitable mine. It is all about how economic the deposit is. Fresnillo Plc is MAG Silver's joint venture partner. Fresnillo operates Juanicipio and is pushing the project forward. Fresnillo should do a good job putting this into production and MAG Silver will benefit. MAG Silver is trading at about a 20% discount to net asset value, so this is not a bad time to buy." More >

The Metals Report Interview with Brent Cook (5/14/13) "MAG Silver Corp.'s Juanicipio deposit in Mexico is mostly a silver deposit, averaging 600 g/t silver. It also contains economically important levels of lead, zinc and gold that will factor heavily into the ultimate economics of the mine. Its Cinco de Mayo deposit is a true polymetallic deposit. . .the Juanicipio property hosts one of the best silver discoveries over the past 10–20 years. Its joint venture partner, Fresnillo Plc, is in charge of bringing this on-line. Fresnillo is operator; it is putting in a tunnel and conducting a lot of geotechnical studies. It is exploring and going through the permitting process. Things are happening." More >

GuruFundPicks, Seeking Alpha (4/29/13) "We believe that the Market Vectors Gold Miners ETF index is primed for a cyclical and secular rebound in the short to intermediate term, and when that happens, MAG Silver Corp. shares are likely to rebound at a faster pace than many of its peers."

The Gold Report Interview with Michael Gray (4/29/13) "In our coverage list, we have published our views on MAG Silver Corp. as a prime example for potential of consolidation of the 44% joint venture interest it has with Fresnillo Plc in the world-class Fresnillo Silver Trend. It is a high-grade, high-margin asset that we think Fresnillo would like to control. It would also help meet Fresnillo's goal for production of at least 65 Moz by 2018. . .Fresnillo owns a 17% interest in MAG Silver. Given the fairly significant discovery MAG Silver has made on an asset called Cinco de Mayo, we would expect that Fresnillo would want that as well. . .the company will break ground in the next month or two for the decline at Juanicipio. But the real sizzle for MAG Silver is getting back to exploration drilling at Cinco de Mayo, probably in H2/13.

"Cinco de Mayo is a huge carbonate replacement deposit (CRD), a silver-zinc-lead deposit with an early resource estimate just over 50 Moz silver. It has a large footprint and an outstanding intersection at depth outside of the resource of 61.6 meters at 89 g/t silver, 7.4% zinc and 2.1% lead and 0.78 g/t gold. This is one of the best discoveries in Mexico in the cycle. Although early stage and the exploration to depth needs a lot of infill drilling, the anatomy of the system discovered so far suggests it could be very large. . .[MAG's] team performs its discovery role exceptionally well. To make two major discoveries over the past decade is impressive in itself, but it is also very disciplined. It maintained a very efficient capital structure, with fewer than 60M shares issued and outstanding. It has discovered best-of-breed assets with what we would consider best-of-breed talent." More >

Macquarie Capital Markets (4/15/13) "Our top picks among the explorers/developers [include] MAG Silver Corp. . .the company has best-of-breed silver assets including a joint venture with Fresnillo Plc that we believe may result in a bid for MAG."

Nicholas Campbell, Canaccord Genuity (4/2/13) "MAG Silver Corp. reported its Q4/12 results and a development update for its Juanicipio project. . .with more than US$40M in cash in the bank, the company remains well financed to contribute its share of expenditures at the Juanicipio joint venture for the next 12 months. . .we continue to view the company as a likely acquisition target for a larger-cap silver producer, most notably Fresnillo Plc. . .we continue to view MAG as a premier silver development company."

Raymond James (4/2/13) "We believe MAG Silver Corp. is one of the premier names in the silver space, given outstanding exploration upside at the world-class, high-grade Juanicipio project (44% interest) and at nascent Cinco de Mayo (100%); near-term development start at Juanicipio, leading to production commencing in late-2016E and material and near-term news flow from MAG's properties. In addition, we believe the company, or its stake in Juanicipio, may be a compelling target for joint-venture partner Fresnillo Plc."

John Hayes, BMO Capital Markets (2/27/13) "Dan MacInnis, president and CEO of MAG Silver Corp., presented at the 2013 BMO Global Metals & Mining Conference. . .development of an underground decline is expected to commence this quarter at the Juanicipio project. At Cinco de Mayo, drilling in 2013 will focus on the Upper Manto and Pegaso zones. . .management is of the view that the Cinco de Mayo project may ultimately be more valuable than the Juanicipio joint venture project."

The Gold Report Interview with Jocelyn August (2/27/13) "MAG Silver Corp. is one that I have particularly liked in the past. It has a lot of catalysts upcoming in the near term—basically in March or April. A lot is going on. For MAG Silver's Cinco de Mayo project we'll have potentially a permit approval by the end of Q1/13, and for its Juanicipio property, potential permit approval by the end of April. . .[MAG's diversified properties and metals] has definitely had an impact. That's one of the reasons that I have particularly liked MAG Silver, simply because it's much diversified. If gold continues to go down, it's not going to be as affected as another company that might be pure gold." More >

The Gold Report Interview with Henk Krasenberg (2/22/13) "There are still some good old names; MAG Silver Corp. is an old favorite." More >

Chris Thompson, Raymond James (1/29/13) "We reiterate our Outperform rating on MAG Silver Corp. . .management has experience in exploration and M&A. . .44% ownership ranks the company as an explorer capable of delivering production worthy of a mid-tier silver miner (5 to 15 Moz Ag/year production)."

Raymond James (1/29/13) "We now expect a PEA at MAG Silver Corp.'s Pozo Seco once Cinco subsoil use approvals are fully in place, likely late in H1/13E. . .our target price remains unchanged at $16/share. We reiterate our Outperform rating on MAG Silver. . .single out the company as a preferred developer. . .and highlight the company for its exploration upside and takeout potential."

The Gold Report Interview with Chris Mancini (1/9/13) "MAG Silver Corp. has 44% of the Juanicipio project, a property that is near Fresnillo's namesake mine. Fresnillo has the rest of the project. Fresnillo is the highest-grade silver mine in the world. Juanicipio has a similar geological structure to the Fresnillo deposits. These are epithermal vein systems. At Juanicipio, the company has delineated a deposit that is around 230 Moz silver at very high grades. It's a silver equivalent grade of 700 grams per ton; this is an extremely high-grade deposit in one of the best jurisdictions in the world, Zacatecas state. Fresnillo is the best miner and developer of high-grade underground silver deposits in the world. . .for Fresnillo to buy out MAG Silver's 44% stake of the Juanicipio project [would be] the best-case scenario for both companies and for shareholders of both companies. They just have to sit down in a room, hash it out and come up with something that's reasonable." More >

The Gold Report Interview with Brent Cook (1/4/13) "MAG Silver Corp.'s Juanicipio project in Zacatecas, Mexico, is probably the best or second-best undeveloped silver deposit in the world. MAG discovered the deposit with Fresnillo Plc. Fresnillo is going to put it into production. Because the deposit is part of its namesake silver district, and there are without a doubt more veins to be discovered, it would make sense for Fresnillo to buy MAG Silver's 44% stake, eventually." More >

Ivan Lo, Equedia Weekly Letter (12/30/12) "MAG Silver Corp. has impressed us all year, beating out almost every major silver stock in terms of performance. . .the company has a 49% interest in what I call the best undeveloped silver project on the planet at Juanicipio. . .this year, MAG Silver made an incredible discovery that will rock the silver world. [The company] found the biggest carbonate replacement deposit in the world at its 100%-owned asset, Cinco de Mayo. . .if MAG Silver can prove that Cinco is what I think it is, its 100%-owned interest would be worth a lot more than its 49% interest in Juanicipio."

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