MAG Silver climbs 11.7% as Mexican firm ups stake

Shares of MAG Silver Corp. (AMEX:MVG) rose by 11.7% this morning following reports that Mexico’s Fresnillo Ltd. has increased its stake in the company to 14.7%.

Fresnillo, a silver producer, said it had acquired an additional 5 million common shares of MAG Silver, raising the total number of shares it owns to 7.2 million.

MAG Silver, based in Vancouver, British Columbia, explores, acquires and develops mineral properties, primarily silver deposits in Mexico.

By mid-day, MAG is at $7.26, up $0.76 from Tuesday’s close.

For detailed price information and news stories on MAG Silver, click MVG.

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