Mr. Barnes, a Chartered Accountant with over twenty-five years of senior management experience, has been instrumental in building two of the world's premier precious metals companies. From 2006 until April 2011, Mr. Barnes was CEO of Silver Wheaton, a company he co-founded in 2004. Under his leadership, Silver Wheaton, with its unique silver streaming model, provided shareholders with a 50% annualized rate of return and grew into one of the largest silver companies in the world, with a market capitalization of approximately US$15 billion. Prior to his appointment as CEO of Silver Wheaton, Mr. Barnes was the CFO of Wheaton River Minerals, and subsequently Goldcorp Inc. after the companies merged in 2005. During this time, Wheaton River/Goldcorp's market capitalization increased more than 25-fold to C$13 billion and the company was transformed from a junior gold producer to one of the world's leading low-cost emerging senior gold producers.
The agreement with MISV also provides that the Company will nominate Mr. Clark and Mr. Barnes as part of its recommended slate of directors presented to shareholders at the 2013 annual meeting.
Mr. Rubenstein concluded: "We are pleased to have reached this constructive resolution and look forward to working with MISV to increase value for all of MAG's shareholders."