 VANCOUVER, British Columbia, Aug. 12, 2020 GLOBE NEWSWIRE -- MAG Silver Corp. TSX NYSE American: MAG MAG or the Company announces the Companys unaudited financial results for the three and six months ended June 30, 2020. For details of the unaudited condensed interim consolidated financial statements and Managements Discussion and Analysis for the three and six months ended June 30, 2020, please see the Companys filings on SEDAR or on EDGAR All amounts herein are reported in 000s of United States dollars US unless otherwise specified.HIGHLIGHTS JUNE 30, 2020 EVENTS SUBSEQUENT TO THE QUARTER END Mexican Government national COVID-19 Order announced in April resulting in a temporary suspension through May 30, 2020 of surface exploration and construction work at the Juanicipio Project and reduced underground operations. Phased Juanicipio Project restart commenced June 1, 2020 with the overall development timetable unchanged, according to the operator Fresnillo plc Fresnillo: Underground mine production expected to commence soon, ahead of schedule with anticipated processing of 16,000 tonnes per month of mineralized material through the Fresnillo plant until the Juanicipio plant is commissioned; 8,858 tonnes of mineralized material successfully processed at the Fresnillo plant on a test basis in early August 2020; Juanicipio plant expected to commence commissioning in mid-2021 and reach 85 of its 4,000 tonnes per daytpd nameplate capacity by year end 2021. Production ramp-up anticipated to be sooner than previous guidance, due to the de-risking of Juanicipios metallurgical performance by virtue of campaign processing the mineralized material through the Fresnillo plant; and, Estimated initial capital of 440,000 on a 100 basis as of January 1, 2018, will be reduced by: Development expenditures incurred since then to June 30, 2020 of approximately 172,695 the Company therefore estimates approximately 267,305 of remaining initial capital on a 100 basis as at June 30, 2020; Existing cash held in Minera Juanicipio as at June 30, 2020 35,337; and, Expected cashflow generated from mineralized material being processed through the Fresnillo plant up until the Juanicipio plan is commissioned in mid-2021. Detailed engineering is near completion and earthmoving and foundation construction for the 4,000 tpd beneficiation plant is advancing well. Underground development at Juanicipio now approaching 30 kilometres km or 18.75 miles and is focused on both the three sub-vertical ramps that descend alongside the mineralization and the conveyor ramp that ascends to the surface at plant site. Assays from a 33,864 metre, 28-hole 2019 exploration program were released March 3, 2020 see Press Release of same date, with the following highlights: Confirms and expands the continuous wide, high-grade mineralization in the Valdecañas Deep Zone; Confirms and expands the wide, high-grade zones in the Anticipada Vein; Confirms and expands the Venadas vein to the south with strong silver and gold grades; and Discovers the new northeast-trending Valentina and Venadas II veins through drilling and development. On April 30, 2020, the Company closed a non-brokered private placement offering and issued 4,528,302 common shares at C13.25 for gross proceeds of C60,000,002 43,134 to Mr. Eric Sprott, through 2176423 Ontario Ltd., a corporation beneficially controlled by him. MAG held cash and cash equivalents as at June 30, 2020 before the below noted ATM Program of 87,108 while Minera Juanicipio had cash on a 100 basis of 35,337 as at June 30, 2020. On June 29, 2020, the Company established an at-the-market equity program the ATM Program and subsequent to June 30, 2020 and as at August 10, 2020, the Company has sold and issued 2,305,463 common shares under the ATM Program at an average price of 16.16 per share, for gross and net proceeds of 37,264 and 36,239 respectively.We continue to work carefully at the Juanicipio Project, respecting social distancing and maintaining very high levels of hygiene said George Paspalas, President and CEO. Construction of the flotation plant at Juanicipio is back to 100, and we are making good progress. We processed approximately 8,800 tonnes of Juanicipio mineralized material through the Fresnillo plant in early August as an initial test, and are expecting processing of 2 days per month, representing a major milestone for the project and early cash flow to the Joint Venture.COVID-19 Juanicipio ProjectIn April 2020 in response to the COVID-19 virus outbreak, the Mexican Government ordered a temporary suspension of all non-essential operations nationwide in Mexico, including mining operations, until May 30, 2020. Fresnillo, the Juanicipio Project operator, was in regular consultation with Mexican Government officials to ensure Minera Juanicipios compliance with the Order. Fresnillo advised the Company that while the Order was in effect, underground development continued under government mandated hygiene protocols, and surface construction work and surface-based drilling were both temporarily halted. All work has since resumed with a phased restart having commenced on June 1, 2020, and according to Fresnillo, the overall development timetable remains unchanged. JUANICIPIO PROJECT UPDATEIn the quarter ended June 30, 2020, surface construction progress at Juanicipio was limited due to COVID-19 restrictions noted above. Nonetheless, as noted above Fresnillo, the Juanicipio Project operator has advised that the anticipated development timetable currently remains unchanged with the Juanicipio processing plant expected to be commissioned in mid-2021. Once work resumed in June, earthmoving and foundation pouring continued for the construction of the processing plant. A large portion of the concrete works, structural steel sections and process pipe spools are being fabricated off-site in controlled workshop conditions. These are now arriving on site and are being placed directly into position. As well, a number of specialized consulting firms have been engaged to conduct all aspects of the detailed design of the tailings dam.Total underground development to date is now approaching 30 km 18.75 miles, including 4.4 km completed in the first half of 2020. The first cross-cuts through the vein have been made from the easternmost footwall ramp, exposing well-mineralized vein. Initial development indicates that the grade and width of the mineralization are in line with previous estimates. Mineralized material from underground development workings has been stockpiled during the past year and is now available for processing through the Fresnillo processing facility until the Juanicipio plant is commissioned in mid-2021. In early August 2020, 8,858 tonnes of mineralized stockpiled material was successfully processed at the Fresnillo plant on a test basis. The mineralized material is expected to be processed at an average rate of 16,000 tonnes per month at the Fresnillo plant, which has spare capacity. In addition to this mineralized material from development, the first production stope is expected to be ready for mining in Q3-2020. As such, by bringing forward the start-up of the underground mine and processing the mineralized material, MAG and Fresnillo are looking to secure several positive outcomes for the Juanicipio Project: generating some cash-flow from production to offset some of the cash requirements of the initial project capital; de-risking the metallurgical process through a better understanding of the mineralization; increased certainty around the geological block model prior to start-up of the processing plant; and, allowing a quicker and more certain ramp-up to the nameplate 4,000 tonnes per day plant design.The Juanicipio plant is now expected to reach 85 name plate capacity by the end of 2021 and 90-95 in 2022. In the 2017 PEA, ramp-up to full production was originally envisioned over 3 years after commissioning of processing plant, the equivalent of 2024.With detailed engineering almost complete, major equipment purchases completed and delivered to site, and several significant construction contracts awarded or under review, Fresnillo and MAG announced an update to the initial capex required for the project in the previous quarter see Press Release dated February 24, 2020. The capex or pre-operative capital cost on a 100 basis of 395,000 from January 1, 2018 was revised to 440,000 from January 1, 2018, to reflect additional expenditures incurred by Minera Juanicipio on the underground development and bringing forward the full construction costs for two large life-of-mine ventilation shafts, as well as some sustaining capital to facilitate the early underground mine start.The capex expended from January 1, 2018 to June 30, 2020 is approximately 172,695 leaving an estimated 267,305 of remaining initial capital MAGs 44 estimated remaining share is 117,614 as at June 30, 2020. This funding requirement would be reduced by both: existing cash held in Minera Juanicipio as at June 30, 2020 35,337; and, expected cash flows generated from mineralized rock sold and processed through the Fresnillo processing plant referenced above.On the exploration front, MAG and Fresnillo, as shareholders of Minera Juanicipio, both acknowledge that there is considerable further exploration opportunity in the concession license area as most of it remains unexplored. 