MAG Silver Corp. (TSX:MAG; NYSE-MKT:MVG) ("MAG" or the "Company")
and Mining Investors for Shareholder Value ("
a group of MAG shareholders collectively holding approximately 9.76% of MAG's outstanding shares and organized by Jeffrey E. Eberwein and Charles M. Gillman, announced today an agreement to nominate Richard Clark and Peter Barnes for election at the upcoming annual and special meeting of shareholders (the "
") to be held on October 5, 2012.
Jonathan Rubenstein, Chairman of MAG, said today: "We recently engaged in a dialogue with Jeff Eberwein and Chuck Gillman of MISV and are pleased that this collaborative effort has yielded the inclusion of two strong candidates for MAG's board in our forthcoming proxy circular. Rick and Peter have excellent track records of creating value for shareholders and we are pleased to add their expertise at this crucial time in MAG's development."
Under the terms of the agreement with MISV, MAG will present a slate of nine directors to shareholders at the Annual Meeting, comprised of Mr. Clark and Mr. Barnes along with seven existing members of MAG's board. To facilitate this agreement, R. Michael Jones, a founder and director of MAG since March 2003, will not stand for re-election at the Annual Meeting. Said Mr. Rubenstein: "The inclusion of two strong candidates like Rick and Peter will be critical to replace Mike's significant contribution to MAG over the years. As a founder of the Company, Mike
has been instrumental in MAG's successes to date. It was Mike who recognized the potential value of property positions assembled at Juanicipio and elsewhere by Dr. Peter Megaw. Working with several associates Mike formed MAG, acquired the properties, helped raise initial funding and then guided the early growth of the Company. The board thanks Mike for his dedicated years of service, and wishes him continued success in his future endeavours. Mike will focus his efforts on Platinum Group Metals Ltd. where he is also a co-founder and is the CEO."
Mr. Clark and Mr. Barnes bring extensive experience in the metals and mining industry to MAG's board. For the past ten years, Mr. Clark has been a senior executive with the Lundin Group of Companies. Mr. Clark has been a director of Sirocco Mining Inc. since 1994, and was appointed CEO in October 2011. Previously, Mr. Clark was president and CEO of Red Back Mining Inc., and guided the company from a junior development company to multi-mine producer until it was acquired by Kinross Gold Corporation for C$9.0 billion in late 2010. Mr. Clark is a lawyer who practiced mining and securities law in British Columbia from 1987 to 1993.