MAG Silver (TSX:MAG, StockForum), a Vancouver-based exploration stage firm engaged in the acquisition, exploration and development of mineral properties in Mexico, announced today that the contractor by Fresnillo PLC to build the ramp decline for JV partner Minera Juanicipio S.A. de C.V. has obtained a full explosives permit from the Mexican Ministry of Defense.
According to the news release, “Up to this point, all decline advancement had been accomplished solely with a continuous miner, and the rate of advance slowed at times when zones of harder rock were encountered. With the explosives permit in hand and the addition of conventional drill and blast cycles, the advance rate should improve substantially.”
MAG Silver president and CEO, George Paspalas, summed up, “Having access to a full explosives permit is a big step forward for the Joint Venture and greatly enhances the ability to advance the decline ramp.”
MAG Silver was in the news recently when the company reported it was financially fit to tackle programs through 2015.
Shares rose 4.19% on the news to $9.20 per share.
Currently there are 60.1m outstanding shares with a market cap of $553.3 million.