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(Kitco News) - On Monday, MAG Silver (TSX: MAG) (NYSE: MAG) announced that commercial production has been achieved at the Juanicipio project in Mexico effective June 1, 2023.
In a statement, the company said that following a successful commissioning period, the Juanicipio mine, processing facility and other vital systems are operating in line with, or rapidly approaching design capacity.
“The Juanicipio mill is operating at approximately 85% of its design capacity of 4,000 tonnes per day with silver recovery consistently above 88%,” it added.
Importantly, MAG Silver noted that on a 100% basis, approximately 3.2 million ounces of silver have been produced from the Juanicipio processing facility from March 2023 to the end of May 2023, and production is expected to continue to increase steadily through Q3 where it is envisioned the plant will be running at design capacity.
“Reaching this important milestone of commercial production at Juanicipio completes our transformation from developer to producer,” said President and CEO George Paspalas. “Today marks the beginning of a very exciting and dynamic growth phase for MAG as we combine stable, high-margin silver production with the ongoing high-grade exploration potential that has made and continues to make MAG so unique.”
MAG Silver 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 focus and asset is the 4,000 tonnes per day Juanicipio project (44%), operated by Fresnillo Plc (56%).
The project is located in the Fresnillo Silver Trend in Mexico, the world's premier silver mining camp, where in addition to underground mine production and processing of mineralized material, an expanded exploration program is in place targeting multiple highly prospective targets.
