MAG Silver Reports 2012 Net Loss of $12,109,761

MAG Silver Corp. (TSX:MAG, NYSE:MVG, AMEX:MVG) reported their year-end results for 2012.

As quoted in the press release:

The Company’s net loss amounted to $12,109,761 (or $0.22 per share) for the year ended December 31, 2012 as compared to $8,250,743 (or $0.15 per share) in 2011. The increased net loss in 2012 is due to increased exploration and evaluation cost write-downs (Esperanza – $2,468,379 and a claim under the Lagartos properties – $896,099, compared to $531,515 in 2011 for the San Ramone property) and costs incurred in 2012 dealing and negotiating with a dissident group of MAG shareholders. The 2011 comparable loss was also reduced by the receipt of a $1.86 million arbitration award recognized as income in the prior year.

To view the whole press release, click here.