MAG Silver Corp. (TSX / NYSE American: MAG)
(“MAG”, or the “
Company”) announces the
planned retirement of Co-Founder and Chief Exploration Officer
(“
CXO”), Dr. Peter Megaw, effective May 21, 2024.
Peter has been an integral part of MAG Silver’s success, applying
over 45 years of relevant experience to our silver and gold
exploration efforts, with the past ten years dedicated to serving
as MAG’s CXO.
Peter’s retirement marks the culmination of over
20 years of dedicated service to MAG. Under his leadership,
Juanicipio, one of the world’s leading silver deposits, was
discovered, financed, developed and is now in operation. Beyond the
discovery of Juanicipio, as Co-Founder, Peter played an integral
role in the development of the Company including its IPO, seven
years of service on the Board, its acquisition of strategic
exploration properties in prolific jurisdictions and its growth
into the substantial silver producer it is today. Peter will
continue as a consultant to the Company following his retirement
from executive duties at MAG.
"On behalf of MAG, I would like to extend
heartfelt thanks to Peter for his tireless efforts and leadership,”
said George Paspalas, President and CEO of MAG. “While he is
retiring from executive duties, we will continue to benefit from
his wisdom and expertise in his ongoing consulting role. Peter’s
vision as a founder, passion for geology, commitment to excellence,
and dedication to our projects have left an indelible mark on MAG
Silver."
In his new role as a consultant, Peter will
provide strategic guidance and insight to MAG's management team,
drawing upon his extensive experience in Juanicipio’s geology as
well as advancing the hub-and-spoke thesis at the Deer Trail
property in Utah.
"It has been a privilege to have had a hand in
MAG’s remarkable journey over the last two decades and a great
honor to collaborate with a brilliant group of colleagues over that
time. Working with Dan MacInnis and George Paspalas, CEOs who
really get exploration, has made all the difference for me…and
MAG," said Peter Megaw, outgoing CXO of MAG. "As I segue into a
more relaxed lifestyle of writing, family and mineralogy, I look
forward to continuing to contribute to MAG’s ongoing success by
supporting her exploration team as they advance the enviable
portfolio of assets we’ve assembled. MAG has a bright future and I
am excited to remain involved in shaping her trajectory."
About MAG Silver Corp.
MAG Silver Corp. is a growth-oriented Canadian
exploration company focused on advancing high-grade, district scale
precious metals projects in the Americas. MAG is emerging as a
top-tier primary silver mining company through its (44%) joint
venture interest in the 4,000 tonnes per day Juanicipio Mine,
operated by Fresnillo plc (56%). The mine is located in the
Fresnillo Silver Trend in Mexico, the world's premier silver mining
camp, where in addition to underground mine production and
processing of high-grade mineralised material, an expanded
exploration program is in place targeting multiple highly
prospective targets. MAG is also executing multi-phase exploration
programs at the 100% earn-in Deer Trail Project in Utah and the
100% owned Larder Project, located in the historically prolific
Abitibi region of Canada.
Neither the Toronto Stock Exchange nor the NYSE
American has reviewed or accepted responsibility for the accuracy
or adequacy of this press release, which has been prepared by
management.
Cautionary Note Regarding
Forward-Looking Statements
This release includes certain statements that
may be deemed to be “forward-looking statements” within the meaning
of the US Private Securities Litigation Reform Act of 1995 or
“forward-looking information” within the meaning of applicable
Canadian securities laws (collectively, “forward-looking
statements”). Forward-looking statements are often, but
not always, identified by the use of words such as “seek”,
“anticipate”, “plan”, “continue”, “estimate”, “expect”, “may”,
“will”, “project”, “predict”, “potential”, “targeting”, “intend”,
“could”, “might”, “should”, “believe” and similar
expressions. Forward-looking statements in this press-release
include, but are not limited to, statements with respect to Peter’s
ongoing engagement within the Company in a consulting role and the
anticipated benefits therefrom. These statements involve known and
unknown risks, uncertainties and other factors that may cause
actual results or events to differ materially from those
anticipated in such forward-looking statements. Although MAG
believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, such statements are
not guarantees of future performance and actual results or
developments may differ materially from those in the
forward-looking statements. Factors that could cause actual results
to differ materially from those in the forward-looking statements
identified herein include, but are not limited to, changes in
applicable laws, continued availability of capital and financing,
and general economic, market or business conditions, political
risk, currency risk and capital cost inflation. In addition,
forward-looking statements are subject to various risks, including
those risks disclosed in MAG Silver’s filings with the Securities
Exchange Commission (the “SEC”) and Canadian
securities regulators. All forward-looking statements contained
herein are made as at the date hereof and MAG Silver undertakes no
obligation to update the forward-looking statements contained
herein. There is no certainty that any forward-looking statement
will come to pass, and investors should not place undue reliance
upon forward-looking statements.
The annual information form of the Company dated
March 27, 2024 and other documents filed by it from time to time
with securities regulatory authorities describe in greater detail
the risks, uncertainties, material assumptions and other factors
that could influence actual results and such factors are
incorporated herein by reference. Copies of these documents are
available under our profile on SEDAR+ at www.sedarplus.ca.
Please Note: Investors are urged to consider
closely the disclosures in MAG’s annual and quarterly reports and
other public filings, accessible through the Internet at
www.sedarplus.ca and www.sec.gov.
LEI: 254900LGL904N7F3EL14
For further information on behalf of MAG Silver Corp.
Contact Michael J. Curlook, Vice President, Investor Relations and Communications
Phone: (604) 630-1399
Toll Free: (866) 630-1399
Email: info@magsilver.com
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