GoldMinerPulse.com -- MAG Silver Corp.: (NI) 43-101 Metal Valuation Report

MAG Silver Corp. (MAG)

Company Web Site: www.magsilver.com
(NI) 43-101 reports from projects located in: Mexico (MX)
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2009-04-08. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-09.
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Valdecañas Scoping Study Results Reviewed, Conference Call Transcript
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-09
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Lead Zinc
    Juanicipio MX $43.44 0 41% 59% 249.72 K oz     83.40 M oz     90.98 K t     153.48 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-09
Metric / Metal Gold Silver Lead Zinc
    Metal Totals 249.72 K oz     83.40 M oz     90.98 K t     153.48 K t
    Metal Prices in US$ (from 2010-03-09) $1,120.10 per oz     $17.27 per oz     $1.00590 per lb     $1.05740 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $5.33     $27.45     $3.84     $6.82
    Percentage of Total Metal Value 12.27%     63.18%     8.85%     15.70%
    PP% | MI% | I% 0 | 37% | 63%     0 | 44% | 56%     0 | 34% | 66%     0 | 35% | 65%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-09
    Metal Value per Share (MVpSh)    US$43.44
    Average Ore Value per Tonne    US$509.91
    Metal Value Leverage (MVL)    6.23
    Market Capitalization as % of Metal Value    16.0%
    Recent Stock Price    C$7.15   (TSX/TSXV close on 2010-03-09.)
Conversion rate used: 1 Cnd$ = 0.974456 US$ )
    Fully Diluted Share Count    52.48 M    ( Fully diluted share count taken from MAG Silver Corp. web page for share structure, November 2008. )
    PP% | MI% | I%    0 | 41% | 59%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    580.2 g/t
    Market Capitalization
    per oz of Silver In Ground    $4.38   US$  |   4.50   C$
    Silver Eq Oz Estimate    131.99 M oz   ( 83.40 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $2.77   US$  |   2.84   C$

See terms for more about GoldMinerPulse metrics.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of MAG Silver Corp. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Lead	Zinc
Juanicipio	MX	$43.44	0	41%	59%	249.72 K oz	83.40 M oz	90.98 K t	153.48 K t

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-09
Metric / Metal	Gold	Silver	Lead	Zinc
Metal Totals	249.72 K oz	83.40 M oz	90.98 K t	153.48 K t
Metal Prices in US$ (from 2010-03-09)	$1,120.10 per oz	$17.27 per oz	$1.00590 per lb	$1.05740 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$5.33	$27.45	$3.84	$6.82
Percentage of Total Metal Value	12.27%	63.18%	8.85%	15.70%
PP% \| MI% \| I%	0 \| 37% \| 63%	0 \| 44% \| 56%	0 \| 34% \| 66%	0 \| 35% \| 65%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-09
Metal Value per Share (MVpSh)	US$43.44
Average Ore Value per Tonne	US$509.91
Metal Value Leverage (MVL)	6.23
Market Capitalization as % of Metal Value	16.0%
Recent Stock Price	C$7.15 (TSX/TSXV close on 2010-03-09.) Conversion rate used: 1 Cnd$ = 0.974456 US$ )
Fully Diluted Share Count	52.48 M ( Fully diluted share count taken from MAG Silver Corp. web page for share structure, November 2008. )
PP% \| MI% \| I%	0 \| 41% \| 59%
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	580.2 g/t
Market Capitalization per oz of Silver In Ground	$4.38 US$ \| 4.50 C$
Silver Eq Oz Estimate	131.99 M oz ( 83.40 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$2.77 US$ \| 2.84 C$

See terms for more about GoldMinerPulse metrics.

Juanicipio - ^top^

(NI) 43-101 Report:

Title: TECHNICAL REPORT ON THE MINERAL RESOURCE UPDATE FOR THE JUANICIPIO JOINT VENTURE, ZACATECAS STATE, MEXICO
Date: 2009-04-08 (98 pages)

Updates: MAG Silver Reports Restated Valdecañas Mineral Resource to Correct Estimation Error, March 04, 2009 .

Project Location: Zacatecas, Mexico

Map View: View the Juanicipio Silver project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $1.98    92.64 K oz     2.220 g/t     2.95 M t
   Silver $12.07    36.68 M oz     879.000 g/t     2.95 M t
   Lead $1.31    31.02 K t       23,900.000 g/t     2.95 M t
   Zinc $2.39    53.87 K t       41,500.000 g/t     2.95 M t
Estimate notes: See 17 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES on p. 63 of 98 of the (NI) 43-101 report dated April 8, 2009.
Resource quantities adjusted for ownership percentage of 44.0%.
Mineral resource blocks are within wireframes constructed with a minimum true thickness of 1.5 metres and a minimum NSR value of US$50 per tonne, which is the effective cut-off. All blocks within the wireframes are reported as mineral resource.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.98	92.64 K oz	2.220 g/t	2.95 M t
Silver	$12.07	36.68 M oz	879.000 g/t	2.95 M t
Lead	$1.31	31.02 K t	23,900.000 g/t	2.95 M t
Zinc	$2.39	53.87 K t	41,500.000 g/t	2.95 M t
Estimate notes: See 17 MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES on p. 63 of 98 of the (NI) 43-101 report dated April 8, 2009. Resource quantities adjusted for ownership percentage of 44.0%. Mineral resource blocks are within wireframes constructed with a minimum true thickness of 1.5 metres and a minimum NSR value of US$50 per tonne, which is the effective cut-off. All blocks within the wireframes are reported as mineral resource.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $3.35    157.07 K oz     1.540 g/t     7.21 M t
   Silver $15.37    46.71 M oz     458.000 g/t     7.21 M t
   Lead $2.53    59.96 K t       18,900.000 g/t     7.21 M t
   Zinc $4.43    99.61 K t       31,400.000 g/t     7.21 M t
Estimate notes: See notes for Indicated above.
Resource quantities adjusted for ownership percentage of 44.0%.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$3.35	157.07 K oz	1.540 g/t	7.21 M t
Silver	$15.37	46.71 M oz	458.000 g/t	7.21 M t
Lead	$2.53	59.96 K t	18,900.000 g/t	7.21 M t
Zinc	$4.43	99.61 K t	31,400.000 g/t	7.21 M t
Estimate notes: See notes for Indicated above. Resource quantities adjusted for ownership percentage of 44.0%.


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