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MAG Silver Corp. (TSX:MAG) announced that a mine permit and underground development budget of US$25 million has been approved by Minera Juanicipio S.A. de C.V., a Joint Venture between MAG and Fresnillo Plc.
MAG Silver Corp. (TSX:MAG) announced that a mine permit and underground development budget of US$25 million has been approved by Minera Juanicipio S.A. de C.V., a Joint Venture between MAG and Fresnillo Plc.
As quoted in the press release:
The 18 month (2012 -2013) budget includes the first 2,500 metres of underground development. The Joint Venture has begun the permitting process and anticipates receipt of all necessary permits by the end of 2012. The underground decline ground breaking is expected in early January 2013 (Q1) pending receipt of all permits.
Dan MacInnis, President and CEO of MAG Silver commented:
We are very pleased to be working with our Joint Venture partner, Fresnillo, in realizing the underground development recommendations from our recently completed Updated Preliminary Economic Assessment (“UPEA”). The Joint Venture Board has now put the project on the priority fast track towards breaking ground in very early 2013. The UPEA confirms that Juanicipio is an extraordinary silver deposit with such robust economic margins that moving into an underground development stage is the next logical step.
Click here to read the full press release.
