VANCOUVER, Sept. 5, 2012 /PRNewswire/ - MAG Silver Corp. (TSX:MAG) (NYSE-MKT:MVG) ("MAG" or the "Company") and Mining Investors for Shareholder Value (" MISV"), 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 " Annual Meeting") 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.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.