Profile: MAG Silver Corp. (MVG)

MAG Silver Corp. (MAG), incorporated on April 21, 1999, is engaged in the mineral acquisition, exploration and development business. As of December 31, 2008, the Company was in the exploration-stage. The Company’s property interests are located in Mexico. MAG’s two properties include its 44% joint venture interest in the Juanicipio property and the 100% owned Cinco de Mayo property. The Company’s subsidiary, Minera Los Lagartos, S.A. DE C. V. (Lagartos) is the owner of a 44% interest in Minera Juanicipio, S.A. DE C.V. (Minera Juanicipio) and Fresnillo plc (Fresnillo).

Juanicipio Property

The Juanicipio property is located in the Fresnillo District, Zacatecas, Mexico, and approximately six kilometres west of the city of Fresnillo. The Juanicipio property covers approximately 7,679 hectares (18,967 acres) and is in the northeastern part of the Sierra Valdecanas, a 13 kilometre by 30 kilometre long mountain range that lies west of Fresnillo. The property lies on the western edge of the Mexican Altiplano or Mesa Central. A total 26,050 metres of diamond drilling was completed on the Valdecanas Vein and 2,810 metres on the Juanicipio Vein during the year ended December 31, 2008.

Cinco de Mayo Property

The Cinco de Mayo property is located approximately 190 kilometres northwest of the city of Chihuahua, in northern Chihuahua Sate, Mexico. Cinco de Mayo is one of MAG’s four carbonate replacement deposit (CRD) style targets. During 2008, the Company acquired 100% interest in certain mining concessions internal to the Cinco de Mayo property from two separate vendors.

Lagartos Property

The Lagartos Southeast property is located north of the city of Zacatecas, in Zacatecas State, Mexico. The Lagartos Northwest property is located 10 kilometers northwest of the silver mining town of Fresnillo, also in the State of Zacatecas. Both properties are 100% owned by MAG. The Lagartos Southeast and Lagartos Northwest properties comprise two separate claim groups lying along a southeast to northwest mineralized silver trend centered on Fresnillo. During 2008, six holes totaling 4611.90 metres were drilled on targets in Lagartos northwest.