MAG Silver Corp. (MAG:TSX; MAG:NYSE A) provided, in a news release, Q2/19 highlights regarding Juanicipio, its joint venture project with Fresnillo.
"This was a landmark quarter for MAG," the corporation's President and CEO George Paspalas said in the release.
Regarding Juanicipio, both companies approved the mine development plan and finalized an engineering procurement construction management contract to oversee that work. "The jointly announced go-ahead decision for the process plant construction marks the final stage in bringing Juanicipio into production," Paspalas noted.
Construction continues at the project, where about 13.7 miles of underground development are now done. Juanicipio remains on track for commissioning in H2/20, according to Fresnillo. Exploration continues at the project, with four rigs currently drilling the deeper areas of the Valdecañas vein suite. A fifth rig is targeting the Venadas vein discovery. "Juanicipio remains a property with remarkable exploration potential," Paspalas added.
Minera Juanicipio had working capital of $26,315,000 at the quarter's end. MAG advanced it $17,820,000 after June 30, 2019, which was MAG's "44% share of a $40,500 cash call to fund equipment purchases, the commencement of the process plant construction and further underground development on the Juanicipio property," the release explained.
As for MAG itself, it ended Q2/19 with $113,833,000 in cash and cash equivalents.
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