New High Grade Intercepts on Valdecanas Vein

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New High Grade Intercepts on Valdecanas Vein

posted on Jan 12, 2009 04:33AM

January 12, 2009

MAG Silver Reports New High Grade Intercepts on Valdecanas Vein, Juanicipio Joint Venture

1,052 g/t (30.7 opt) silver, 0.63 g/t gold, 3.68% lead and 6.86% zinc over 5.11 metres

855 g/t (24.9 opt) silver, 9.47 g/t gold, 1.22% lead and 2.92% zinc over 5.98 metres

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 12, 2009) - MAG Silver Corp. (TSX:MAG)(NYSE Alternext US:MVG) ("MAG") reports new high grade assay results have been received from definition drilling along the Valdecanas Vein. These new results continue to add intercepts in areas beyond areas included in previously published resource calculations and also confirm the lateral and vertical continuity of the bonanza zone within the Valdecanas Vein. Remaining untested areas with the potential for additional new resource ounces include the down-dip area of the western part of the Valdecanas Vein on sections G, I and F and the up-dip area of the eastern part of the Valdecanas Vein in the vicinity of sections R, S and T.

Joint venture operator Fresnillo plc also reports that drilling of two holes testing the Juanicipio Vein located one kilometre south of Valdecanas will resume in early January. The two holes are designed to cut the projected Juanicipio Vein bonanza zone approximately 125 metres deeper and 400 metres west of an intersection previously reported in Hole 18-M (0.6 metres of 4,100 grams per tonne (g/t) silver and 1.4 g/t gold, see also press releases of August 14, 2003 and April 16, 2008).

The 2008 drill campaign on the Valdecanas Vein completed over 28,000 metres of definition drilling. This program was focused on defining the Valdecanas Vein on a 100 by 100 metre grid with the goal of moving as much of the reported inferred resource (see press release of June 18, 2008) as possible to an indicated resource by early 2009.

The 2009 preliminary exploration program was presented at a recent Minera Juanicipio SA Technical Committee meeting by Fresnillo plc. The overall exploration program proposes a minimum of 25,000 metres of drilling focused on the Valdecanas Vein, Juanicipio Vein, the Encino Vein and other drill targets. The 2009 budgeted program is subject to approval by the board of Minera Juanicipio. A full board meeting is scheduled for mid January.

Highlights and discussion of results from the 4 additional holes released here include the following:

Hole JC was drilled on the western portion of the Valdecanas Vein in the vicinity of the western fault zone and results were typical of the bonanza zone at this elevation. The results include a high grade gold zone which occupies the central portion of the intercept and reports 828 g/t (24.1 ounces per ton (opt)) silver, 17.12 g/t gold, 1.13% lead and 1.87% zinc over 2.71 metres (true width). The Footwall vein was also intersected with good silver values and reported 677 g/t (19.7 opt) silver and 0.44 g/t gold, 1.23% lead and 5.34% zinc over a true width of 3.03 metres.

Hole ND was drilled in the central portion of the Valdecanas Vein and reports a wide intercept carrying 1,052 g/t (30.7 opt) silver, 0.63 g/t gold, 3.68% lead and 6.86% zinc over 5.11 metres (true width). This includes a higher grade section of 1,324 g/t (38.6 opt) silver, 0.64 g/t gold, 3.11% lead and 8.16% zinc over 3.21 metres (true width).

Hole ID2 was drilled in the west central portion of the Valdecanas Vein and intersected almost 6 metres of vein mineralization. The intercept has an internal high grade gold and silver section that reported 313 g/t (9.1 opt) silver, 2.25 g/t gold, 0.62% lead and 3.19% zinc over 2.90 metres (true width).

Hole HG was drilled in the western and deeper portion of the Valdecanas Vein. Over 6 metres of vein was intersected and grades were as expected at that depth below the Bonanza Zone. However the foot wall vein reported a short intercept of very high grade silver that assayed 2,410 g/t or 70.3 ounces per ton over a true width of 0.58 metres.

--------------------------------------------------------------------------
Hole #                         Width Silver Silver  Gold  Lead  Zinc  True
Valdecanas       From      To Metres    g/t    opt   g/t     %     % Width
--------------------------------------------------------------------------
 JI-08-JC       748.8  755.40   6.60    855   24.9  9.47  1.22  2.92  5.98
--------------------------------------------------------------------------
 Including     750.80  753.80   3.00    828   24.1 17.12  1.13  1.87  2.71
--------------------------------------------------------------------------
               757.40  759.80   2.40     86    2.5  0.28  0.81  3.65  1.84
--------------------------------------------------------------------------
Foot Wall Vein  787.4  791.35   3.95    677   19.7  0.44  1.23  5.34  3.03
--------------------------------------------------------------------------
 JI-08-ND      663.65  671.60   7.95  1,052   30.7  0.63  3.68  6.86  5.11
--------------------------------------------------------------------------
 Including     664.40  669.40   5.00  1,324   38.6  0.64  3.11  8.16  3.21
--------------------------------------------------------------------------
 JI-08-ID2     832.75  838.95   6.20    201    5.9  1.12  0.65  3.59  5.99
--------------------------------------------------------------------------
 Including     832.75  835.75   3.00    313    9.1  2.25  0.62  3.19  2.90
--------------------------------------------------------------------------
 JI-08-HG      814.90  822.20   7.30     33    1.0  1.35  0.25  1.03  6.32
--------------------------------------------------------------------------
Foot Wall Vein 984.35  985.25   0.90  2,410   70.3  1.82  1.16  1.84  0.58
--------------------------------------------------------------------------

(See longitudinal section attached and www.magsilver.com for diagrams).

Quality Assurance and Control: The samples are shipped directly in security sealed bags to ALS-Chemex Laboratories preparation facility in Guadalajara, Jalisco, Mexico (Certification ISO 9001). Samples shipped also include intermittent standards and blanks. Pulp samples are subsequently shipped to ALS-Chemex Laboratories in North Vancouver, Canada for analysis. Two extra pulp samples are also prepared and are analyzed (in progress) by SGS Laboratories (Certification ISO 9001) and Inspectorate Laboratories (Certification ISO 9001) (or other recognized lab). The bulk reject is subsequently sent to CIDT (Center for Investigation and Technical Development) of Penoles in Torreon, Mexico for metallurgical testing where a fourth assay for each sample is analyzed and a calculated head grade is received on the basis of a concentrate balance. The CIDT also does a full microscopic, XRF and XRD mineralogical analysis.

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