Nicholas Campbell, Canaccord Genuity (10/3/12) "MAG Silver Corp. reported the maiden resource for its 100%-owned Cinco de Mayo project in Mexico: an inferred resource of 12.45 Mt grading 132 g/t Ag, 0.24 g/t Au, 2.86% Pb and 6.47% Zn (containing 52.7 Moz of silver, 785 Mlb lead, and 1.8 Blb zinc). This represents a 128 Moz silver-equivalent resource. . .this is a robust initial resource with significant upside potential associated with the delineation of the wider Pegaso discovery zone at depth. . .Cinco de Mayo demonstrates the potential to develop into a significant high-grade underground silver-zinc-lead mine."

David Sadowski, Raymond James (10/3/12) "MAG Silver Corp. announced a maiden NI 43-101 resource, all in the Inferred category, for the Jose-Bridge zone (aka 'Jose-Cinco') on its 100%-owned Cinco de Mayo property. . .at a $100/t net smelter royalty cutoff, the Inferred resource comprises 12.45 Mt grading 132 g/t Ag, 0.24 g/t Au, 2.86% Pb and 6.47% Zn. . .all metals considered, the resource grade of 12.7% Zn eq is 16% higher than our 11.0% Zn eq estimate. . .the resource derisks the project somewhat and should cast a brighter spotlight on Jose-Bridge, an increasingly important value driver for the company."

John Hayes, BMO Capital Markets (10/3/12) "MAG Silver Corp. announced an initial resource for the Cinco de Mayo project incorporating the Jose Manto-Bridge zone. The initial resource is 12.45 Mt grading 132 g/t silver (52.7 Moz), 0.24 g/t gold (96 Koz), 2.86% lead (785 Mlb) and 6.47% zinc (1.8 Blb). . .the initial resource estimate demonstrates potential for the Cinco de Mayo project; there is further potential for growth. We have increased our exploration valuation for the project beyond that for the Pozo Seco deposit. . .the increase in value for Cinco de Mayo and Valdecanas has increased our 10% NAV by 14%. . .MAG Silver Corp. is rated Outperform (Speculative)."