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Failed to Update Dependency Information for the Project. Please Restore the Project and Try Again

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Juanicipio Project Update

VANCOUVER, British Columbia, February. 24, 2022 (GLOBE NEWSWIRE) -- Fresnillo plc and Mag Silver Corp. (together, the "JV Partners") today provide a Juanicipio project update now that construction is well underway, detailed engineering is nearing completion and all major procedure equipment has been purchased and received on site.

Juanicipio Projection Status Update

  • Cloak-and-dagger mine volition commence production ahead of schedule in mid-2020, realising commercial and operational de-risking opportunities for the joint venture.

  • Over 25 km of underground development has been completed to date on the project.

  • Based on detailed engineering, actual equipment purchases and construction contracts, pre-operative capex, from 1st January 2018, has increased by xi.4% from U.s.a.$395 1000000 to U.s.$440 million as well reflecting expenditure incurred on underground development, supporting infrastructure, and bringing forward some sustaining capital to facilitate the early on underground start.

  • Mineralised cloth from development and initial production stopes to exist candy at the Fresnillo beneficiation plant from June 2022 awaiting completion of the Juanicipio plant.

  • Juanicipio at present expected to attain 85% name plate capacity in Q4 2022 (previous guidance 65%) and 90-95% in 2022 (in line with previous guidance). Commissioning of the flotation plant will be underway mid-2021.

  • Access to the upper portion of the resources has been accomplished. Initial development indicates that the class and width of the vein is in line with previous estimates.

  • Exploration is ongoing on the property with the intention to increment the deeper resources and targeting new veins.

Project Benefits

Past bringing frontward the get-go-upward of the underground mine to June 2020, the JV Partners are securing a number of positive outcomes for the project:

  • Improved cash period past deferring capex spend and accelerating income from the new production ahead of plan.

  • De-risking the metallurgical process allowing a quicker and more than certain ramp-up to 4,000 tonnes per day.

  • Increased certainty effectually the geological block model prior to commencement-upwards of flotation plant.

Mine development continues to advance, reaching over 25 km by the terminate of January 2020. Evolution activities volition continue in the next few months and we anticipate the first stope beingness fully prepared past 3Q20.

The schedule for the construction of the flotation plant has been adjusted to enable the nigh efficient use of contractor labour, and commissioning is now anticipated by mid-2021 (previous guidance was structure completion by the end of 2022 with commissioning early 2021).

In the interim, mineralised material from evolution and initial product stopes will be processed at the Fresnillo beneficiation plant from June 2020. The Fresnillo institute is expected to have spare capacity every bit the mine continues its operational recovery.

With detailed engineering almost complete, major equipment purchases completed, and a number of significant construction contracts awarded or nether review, the JV Partners are also updating the capex required for the project. The pre-operative majuscule toll of Usa$395 million, from 1st Jan 2018, has been revised to $440 one thousand thousand (which is inside the expected range of variance as engineering was advanced) to reflect additional bodily expenditure incurred past the JV Partners on the secret projection more recently, and bringing frontward the full construction costs for ii big life of mine ventilation shafts, plus some sustaining capital to facilitate the early on hush-hush start.

Octavio Alvídrez, Chief Executive Officer of Fresnillo plc, said:

"Juanicipio is an outstanding project which will generate strong returns for our shareholders, and pregnant benefits to the region. We continue to de-risk and refine the best construction plan that will drive the most value and ensure we capitalise on the opportunity that Juanicipio presents. I am pleased to confirm we are accelerating development of the underground mine and as a issue, I expect the mine volition be producing silver and gilt alee of schedule in 2020."

George Paspalas, Master Executive Officeholder of MAG Silver, said:

"We are very excited nearly the conclusion to bring forward the underground mine development of the Juanicipio project. Producing quantities of saleable mineralisation provides a very beneficial de-risking opportunity that gives conviction to both partners that the originally envisioned constitute production ramp up may be improved."

Juanicipio Project Highlights

  • Fresnillo plc is the operator of Juanicipio and holds a 56% bulk pale in the Joint Venture, with partner Mag Silvery Corp. owning the remaining 44%.

  • Full average annual anticipated production of xi.7 moz silvery, 43.5 koz gold, with an initial life of mine (based on Indicated Resources only) of 12 years.

  • Additional years of product expected to be supported past the current Inferred Resources, which are being converted into the Indicated category. Further exploration opportunities exist in the JV license expanse with potential to scale-up operations in the time to come.

  • Juanicipio development expected to create approximately 2,750 jobs during construction and 1,720 jobs one time at total product.

The information contained within this announcement is deemed by Fresnillo plc to constitute inside information as stipulated under the Market Corruption Regulation (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain. The person making the notification is Carlos Ortiz Mena, Caput of Legal, Fresnillo plc. The time of the notification is 7:00 am United kingdom of great britain and northern ireland fourth dimension.

For further data, please visit Fresnillo'south website world wide web.fresnilloplc.com or Mag Silver's website www.magsilver.com or contact:

Fresnillo plc
London Office
Gabriela Mayor, Head of Investor Relations
Patrick Chambers


Tel: +44 (0)20 7399 2470

México City Office
Ana Belem Zárate

Tel: +52 55 52 79 3206

Powerscourt
Peter Ogden

or

MAG Silver Corp .
Michael J. Curlook, VP Investor Relations and Communications


Tel: +ane (604) 630-1399

About Fresnillo plc

Fresnillo plc is the earth's largest principal silver producer and United mexican states'south largest gold producer, listed on the London and Mexican Stock Exchanges nether the symbol FRES.

Fresnillo plc has seven operating mines, all of them in Mexico - Fresnillo, Saucito, Ciénega (including the San Ramón satellite mine), Herradura, Soledad-Dipolos1, Noche Buena and San Julián (Phase I and Two), two evolution projects - the Pyrites Plant at Fresnillo and Juanicipio, and iii advanced exploration projects – Orisyvo, Las Casas Rosario & Cluster Cebollitas and Centauro Deep, as well equally a number of other long term exploration prospects. In total, Fresnillo plc has mining concessions covering approximately 1.8 million hectares in Mexico and 700 thousand hectares in Peru.

Fresnillo plc has a strong and long tradition of exploring, mining, a proven track record of mine development, reserve replacement, and production costs in the lowest quartile of the cost bend for silver.

Fresnillo plc's goal is to maintain the Group's position as the world's largest main silver company and Mexico's largest gold producer.

i Operations at Soledad-Dipolos are currently suspended.

About Magazine Silver Corp.

Magazine Silver Corp. is a Canadian exploration and development company focused on becoming a superlative-tier primary silverish mining company by exploring and advancing high-class, district scale, silver-dominant projects in the Americas. Our principal focus and asset is the Juanicipio Holding (44%), being developed in a Articulation Venture partnership with Fresnillo Plc (56%). Juanicipio is located in the Fresnillo Silver Trend in Mexico, the world'due south premier silverish mining camp and we are currently developing the surface and underground infrastructure on the property to back up a 4,000 tonnes per twenty-four hour period mining operation with the operational expertise of our JV partner, Fresnillo plc. Also, nosotros have an aggressive exploration program in identify targeting multiple highly prospective targets beyond the belongings.

Qualified Person:

The scientific and technical information independent in this printing release for the Juanicipio Project has been approved past Gary Methven, P. Eng. an employee of AMC Mining Consultants (Canada) Ltd. who is independent of both Fresnillo plc and MAG Silver Corp. Past virtue of his instruction and relevant feel Mr. Methven is a "Qualified Person" for the purpose of National Musical instrument 43-101. Mr. Methven, has read and canonical the content of this press release.

Cautionary Notation to Investors Concerning Estimates of Indicated Resource

This press release uses the term "Indicated Resources". Investors are advised that although this term is recognized and required by Canadian regulations (nether National Instrument 43-101 - Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize this term. Investors are cautioned not to assume that any part or all of mineral deposits in this category volition e'er be converted into reserves.

Cautionary Notation to Investors Concerning Estimates of Inferred Resources

This printing release uses the term "Inferred Resources". Investors are advised that although this term is recognized and required past Canadian regulations (under National Instrument 43-101 Standards of Disclosure for Mineral Projects), the U.S. Securities and Exchange Commission does not recognize this term. Investors are cautioned not to presume that any part or all of the mineral deposits in this category will ever be converted into reserves. In addition, "Inferred Resources" have a great corporeality of uncertainty as to their existence, and economic and legal feasibility. Information technology cannot be assumed that all or any role of an Inferred Mineral Resource will e'er be upgraded to a higher category. Nether Canadian rules, estimates of Inferred Mineral Resource may not class the basis of feasibility or pre-feasibility studies, or economic studies except for Preliminary Assessment every bit defined under Canadian National Instrument 43-101. Investors are cautioned not to assume that function or all of an Inferred Resource exists, or is economically or legally mineable.

Fresnillo plc Forward Looking Statements

Data contained in this announcement may include 'forward-looking statements'. All statements other than statements of historical facts included herein, including, without limitation, those regarding the Fresnillo Group's intentions, behavior or electric current expectations concerning, among other things, the Fresnillo Group'due south results of operations, financial position, liquidity, prospects, growth, strategies and the silverish and gilded industries are frontward-looking statements. Such forwards-looking statements involve risk and incertitude because they relate to future events and circumstances. Forward-looking statements are not guarantees of hereafter performance and the actual results of the Fresnillo Group'southward operations, financial position and liquidity, and the development of the markets and the industry in which the Fresnillo Group operates, may differ materially from those described in, or suggested by, the forrad-looking statements contained in this document. In improver, even if the results of operations, fiscal position and liquidity, and the development of the markets and the industry in which the Fresnillo Grouping operates are consequent with the forward-looking statements contained in this certificate, those results or developments may not be indicative of results or developments in subsequent periods. A number of factors could cause results and developments to differ materially from those expressed or unsaid by the forward-looking statements including, without limitation, full general economic and business weather condition, industry trends, competition, article prices, changes in regulation, currency fluctuations (including the US dollar and Mexican Peso exchanges rates), the Fresnillo Group'south power to recover its reserves or develop new reserves, including its ability to convert its resources into reserves and its mineral potential into resources or reserves, changes in its concern strategy and political and economic uncertainty.

LEI: 549300JXWH1UV5J0XV81

Mag Silvery Corp. Forrad Looking Statements

Neither the Toronto Stock Exchange nor the NYSE American have reviewed or accustomed responsibility for the accuracy or adequacy of this press release, which has been prepared by management.

This release includes certain statements that may be accounted to be "forwards-looking statements" within the meaning of the US Individual Securities Litigation Reform Act of 1995. All statements in this release, other than statements of historical facts are forward looking statements, including statements that address future mineral production, reserve potential, exploration drilling, exploitation activities and events or developments. Forward-looking statements are often, just non always, identified by the use of words such as "seek", "conceptualize", "plan", "continue", "estimate", "expect", "may", "will", "projection", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe" and like expressions. These statements involve known and unknown risks, uncertainties and other factors that may crusade actual results or events to differ materially from those anticipated in such forward-looking statements. Although Magazine believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are non guarantees of future performance and actual results or developments may differ materially from those in the frontwards-looking statements. Factors that could crusade actual results to differ materially from those in frontward-looking statements include, but are not express to, changes in bolt prices, changes in mineral production performance, exploitation and exploration successes, continued availability of majuscule and financing, and general economic, market or business organisation conditions, political risk, currency risk and uppercase price inflation. In addition, forward-looking statements are subject to various risks, including that data is incomplete and considerable additional piece of work volition exist 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 hazard factors. There is no certainty that any forward-looking statement will come to pass and investors should not place undue reliance upon frontwards-looking statements.

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Source: https://finance.yahoo.com/news/juanicipio-project-070010865.html

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