1. Mag Silver engages in the business of mineral acquisition, exploration and development. It is an exploration-stage company with interests in Mexico. Its three properties include a 44% joint venture interest in the Juanicipio property, and the 100%-owned Cinco de Mayo and Lagartos (NW and SE) properties. Over the past week, the stock accumulated 7.6%.
The company reported first-quarter 2011 financial results this week. At the end of the first quarter of 2011, Mag's working capital was $37.7 million, vs. $24.2 million in the year-ago quarter. The net loss for the quarter narrowed to $1.43 million from $2.16 million in the year-earlier period.
During the week, the company received positive drilling results from its joint venture Juanicipio property in Fresnillo, Mexico. During the first quarter, Fresnillo, owning 56% of the property and Mag the remaining stake, completed 3,922-meters of drilling and 1,889-meters in April. Five holes totaling 4,500-meters were drilled in the Valdecañas vein to convert the property's inferred resources to an indicated status. Drilling results from three holes indicate strong gold and silver grades.
All three analysts covering the stock rate it a buy. There are no sell ratings on the stock. On average, analysts have an $18.40 price target on the stock, up about 98.3% from current levels.
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