Source: MAG Silver Corp.
Market Herald logo

Subscribe

Be the first with the news that moves the market
  • MAG Silver (MAG) has confirmed that the final testing of the downstream power distribution and control systems at the Juanicipio Project in Mexico is complete
  • Juanicipio has been connected to the national power grid
  • The company will ramp up to full-scale operations with Juanicipio graduating into a Tier-1 silver producer
  • MAG Silver is a Canadian mining company whose primary asset is the Juanicipio Project, located in the Fresnillo Silver Trend in Mexico
  • MAG Silver Corp. (MAG) is down 1.22 per cent on the day, trading at C$16.21 per share at 9:45 am ET

MAG Silver (MAG) confirmed that the final testing of the downstream power distribution and control systems at the Juanicipio Project is complete.

The Juanicipio Project is located in the Fresnillo Silver Trend in Mexico.

The entire system has now been energized, and Juanicipio has been connected to the national power grid.

This concludes the additional testing requested by the state-owned power company, CFE (Comisión Federal de Electricidad), to verify compatibility between new and updated substation equipment installed by Fresnillo on behalf of Fresnillo and MAG Silver as part of the project and existing older CFE infrastructure.

“Connection to the power grid is a long-awaited milestone for the Juanicipio Project, our stakeholders and shareholders alike, and we are thankful for the understanding and patience as the final steps to connect the plant to the national power grid were concluded,” said George Paspalas, MAG’s President and CEO.

“We now turn to working with Fresnillo to maximize value generation from Juanicipio as we head into ramp-up and full-scale operations with Juanicipio graduating into a Tier-1 silver producer.”

Once commissioning is concluded, high-grade mineralized material will be processed at the Juanicipio plant and, to the extent mining rates allow, will continue to be processed at the nearby Saucito and Fresnillo operations.

MAG Silver Corp. is a Canadian development and exploration company focused on becoming a top-tier primary silver mining company by exploring and advancing high-grade, district-scale, precious metals projects in the Americas. Its principal asset is the Juanicipio Project, located in the Fresnillo Silver Trend in Mexico, the world’s premier silver mining camp. The operator is advancing underground mine development and commissioning a 4,000 tonnes per day processing plant. Underground mine production of mineralized development material commenced in Q3 2020, and an expanded exploration program is in place targeting multiple highly prospective targets at Juanicipio.

MAG Silver Corp. (MAG) is down 1.22 per cent on the day, trading at C$16.21 per share at 9:45 am ET.


More From The Market Herald

" From corporate launch to upcoming initial resource estimate, here’s one of 2022’s top lithium performers

Lithium Ionic Corp. has been hailed as the multi-billion-dollar blueprint next door by analysts.

" Successful gold explorer makes NEW polymetallic discovery

Northstar Gold has been making headlines over the past couple of years advancing its high-grade flagship Miller Gold Property.

" @ the Bell: Growth-sensitive stocks fluctuate on mega jobs report

Canada’s main stock index ended on the higher side of flat on Friday trading as strength in the energy and technology sectors was weighed against

" Aimia (TSX:AIM) sells $7.36M in shares to Mithaq Capital

Aimia (AIM) has sold approximately $7.36 million of its common shares to investor company Mithaq Capital SPC.