MAG Silver Corp.
December 4, 2008
For Immediate Release
MAG Comments on Fresnillo "Take-Under" Bid
MAG Silver Corp. (MAG – TSX: MVG – AMEX) , Vancouver, B.C. MAG is responding to certain
comments made during the Fresnillo analyst call held yesterday to discuss Fresnillo plc's announcement of its
intention to acquire all of the outstanding shares of MAG not presently held by Fresnillo and its affiliates for
US$4.54 per share.
There were a number of potentially misleading statements by Fresnillo on its conference call, including the
inaccurate suggestion that there was extensive pre-bid contact between MAG and Fresnillo about the bid at
technical meetings and joint venture company board meetings. In fact, there has never been a board meeting of
the joint venture company and the discussion at technical meetings was restricted to operational matters. In
addition, MAG wishes to clarify that there have never been any offers, discussions or negotiations of any nature
between MAG and Fresnillo or between their respective representatives and agents about any acquisition of
MAG by Fresnillo.
Dan MacInnis, CEO of MAG commented, "This may be the first time in history that a hostile bidder has
announced a bid at a price lower than the closing market price of the target's shares on the trading day prior to
announcement. Analysts and a number of shareholders are now calling this a "take-under" offer. We are a little
mystified by Fresnillo's actions, but our Board understands its fiduciary and other obligations and will respond
more formally in due course. In the meantime, our shareholders have no need to do anything to respond to the
About MAG Silver Corp. ( www.magsilver.com )
MAG is focused on district scale projects located within the Mexican Silver Belt. Our mission is to become one
of the premier companies in the Silver Mining Industry. MAG and its partner Fresnillo plc are delineating a
significant new silver vein discovery o