MAG Silver Reports Third Quarter Financial Results
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 11/10/16 -- MAG Silver Corp. (TSX: MAG)(NYSE MKT: MAG) ("MAG" or the "Company") announces the Company's unaudited financial results for the three and nine months ended September 30, 2016. For details of the September 30, 2016 unaudited condensed interim consolidated Financial Statements and Management's Discussion and Analysis, please see the Company's filings on SEDAR () or on EDGAR ().
2016 THIRD QUARTER HIGHLIGHTS
FINANCIAL RESULTS - THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2016
As at September 30, 2016, the Company had working capital of $140.9 million (September 30, 2015: $77.7 million) including cash and term deposits of $140.4 million (September 30, 2015: $77.4 million). The Company currently has no debt and has sufficient working capital to maintain all of its properties and currently planned programs for a period in excess of the next year.
In the three and nine months ended September 30, 2016, the Company expended cash to fund advances to Minera Juanicipio, which combined with MAG's Juanicipio expenditures on its own account, totaled $2.1 million and $7.3 million respectively (September 30, 2015: $1.8 million and $4.9 million respectively). The Company makes cash advances to Minera Juanicipio as 'cash called' by operator Fresnillo, based on approved joint venture budgets. In the three and nine months ended September 30, 2016, the Company also expended $286 thousand and $1.2 million respectively (September 30, 2015: $495 thousand and $1.3 million respectively) on its other exploration and evaluation properties.
The Company's net loss for the three and nine months ended September 30, 2016 was $2.0 million and $5.5 million respectively (September 30, 2015: $2.0 million and $6.7 million respectively) or $0.02/share and $0.07/share respectively (September 30, 2015: $0.03/share and $0.10/share respectively). Share based payment expense (an non-cash item) incurred in the three and nine months ended September 30, 2016 amounted to $224 thousand and $2.0 million respectively (September 30, 2015: $307 thousand and $1.7 million respectively). In other income and expenses for the three and nine months ended September 30, 2016, the Company recorded its 44% equity loss from Minera Juanicipio of $376 thousand and $1.0 million respectively (September 30, 2015: $219 thousand and $366 thousand respectively) related to a deferred tax expense and a foreign exchange loss. MAG also recorded a non-cash deferred tax expense of $499 thousand and $1.3 million respectively, for the three and nine months ended September 30, 2016 (September 30, 2015: nil and nil) related to the weakening of the Mexican Peso against the US$. In the nine months ended September 30, 2016, the Company also realized a gain of $1.2 million (September 30, 2015: nil) on the May 2016 sale of marketable securities previously held for strategic reasons.
About MAG Silver Corp. ( )
MAG Silver Corp. is focused on advancing and exploring high-grade district scale projects located within the Fresnillo Silver Trend in Mexico. Our mission is to become one of the premier companies in the silver mining industry. Currently, we are developing the underground decline towards the high grade Valdecanas and Juanicipio silver veins in Zacatecas State, all within the joint venture between MAG Silver (44%) and Fresnillo PLC (56%). In addition, ongoing exploration continues within the Juanicipio joint venture, while the Company concurrently works on regaining surface access to our 100% owned Cinco de Mayo property in Chihuahua state.
On behalf of the Board of
MAG SILVER CORP.
"Larry Taddei"
Chief Financial Officer
Neither the Toronto Stock Exchange nor the NYSE MKT has reviewed or accepted responsibility for the accuracy or adequacy of this press release, which has been prepared by management.
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 and applicable Canadian securities laws. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, the anticipated dates by which the ramp is expected to reach the plane of the Valdecanas en echelon vein system; the anticipated impact of the exploration drilling results; exploration drilling, exploitation activities and other future events or developments. 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. 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 forward-looking statements include, but are not limited to, changes in commodities prices, changes in mineral production performance, exploitation and exploration successes, 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 that data is incomplete and considerable additional work will be required to complete further evaluation, including but not limited to drilling, engineering and socio-economic studies and investment. The reader is referred to the Company's filings with the SEC and Canadian securities regulators for disclosure regarding these and other risk factors. There is no certainty that any forward looking statement will come to pass and investors should not place undue reliance upon forward-looking statements.
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 and .
Contacts:
Michael J. Curlook
VP Investor Relations and Communications
(604) 630-1399
Toll free: (866) 630-1399
(604) 681-0894 (FAX)
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Datum: 10.11.2016 - 21:45 Uhr
Sprache: Deutsch
News-ID 506348
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VANCOUVER, BRITISH COLUMBIA
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Mining & Metals
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