MAG Silver Reports Net Losses for Second Quarter of 2011

Silver giant MAG silver has reported some net losses for the second quarter of 2011. The first six months of 2011 operating ended on June 30th, 2011. The company reported losses that amounted to  $1,387,846.

This may seem pretty rough, but by comparison, in 2010 at this same point of the year, MAG silver reported losses of $3,554,861. Since then of course silver has been on a tear, resulting in a much better net loss number for the company to report.

Another factor that is helping MAG silver’s numbers to come up some – yet they are still in the red, was the result of an arbitration award of $1,799,775 received from Fresnillo that was recognized as income for the current quarter.

MAG Silver currently holds $34,897,811 in working capital and $33,571,781 in cash on hand. As you can see by those numbers, things are actually quite good for them.

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