MAG Silver Reports Drilling Results from the Valdecanas Vein

Market Wire, October, 2008

MAG Silver Corp. (TSX: MAG)(NYSE-A: MVG) ("MAG") reports on behalf of Minera Juanicipio SA (a joint venture between Fresnillo plc (56%) and MAG (44%)) new assay results from drilling along the Valdecanas Vein. The results confirm the anticipated decrease of high grade silver with depth and add intercepts in areas beyond the published resource limits. Drilling continues with four drills currently operating.

Ongoing drilling is focused on defining the Valdecanas Vein on a 100 by 100 metre grid, with the goal of moving as much as possible of the recently reported inferred resource (see press release of June 18, 2008) to an indicated resource by year end. The operator has confirmed that drilling of the Juanicipio Vein (parallel to and one kilometre south of the Valdecanas Vein) is scheduled to resume early in November.

Holes HE and HF cut a pair of high-grade silver and gold vein splays above the main Valdecanas Vein in an area that shows both structural complexity and multiple veins with distinctly different gold and silver values (see press releases dated June 19, July 16, and July 28, 2008).

The upper vein in Hole HE assayed greater than 10,000 grams per tonne (g/t) (291 ounces per ton (opt)) silver, 9.69 g/t gold, 0.13% lead and 0.23% zinc over 0.21 metres (true width). The lower vein reported 624 g/t (18.2 opt) silver, 0.27 g/t gold, 1.69% lead and 0.33% zinc over 1.40 metres (true width). High grades were also cut in Hole HF. These holes lie outside the published resource model and may be high level intercepts of a separate vein stage. Drilling below Hole HE is required to test this possibility.

Holes JE, OG, QG and SE were targeted to define the lower limit of the precious metals mineralized zone. As expected, these four holes returned the high base metal and lower precious metal values that characterize the "roots" of this style of vein:

- Hole JE intersected the Valdecanas Vein deep on section "J". The vein reported 243 g/t (7.1 opt) silver and 2.74 g/t gold with 2.41% lead and 5.44% zinc over a true width of 5.44 metres. This includes a hangingwall zone that runs 204 g/t (5.9 opt) silver and 5.7 g/t gold over 0.68 metres (true width).

- Hole OG is the deepest intercept of the Valdecanas Vein on section "O" (200 metres beneath OE2) and reports 142 g/t (4.2 opt) silver, 1.29 g/t gold, 0.90% lead and 2.70% zinc over 4.40 metres (true width).

- Hole QG intersected the Valdecanas Vein deep on section "Q" and reports 86 g/t (2.5 opt) silver, 0.15 g/t gold, 2.72% lead and 3.81% zinc over 1.88 metres (true width).

- Hole SE is the deepest intercept of the Valdecanas Vein on section "S" and reports 124 g/t (3.6 opt) silver, 0.89 g/t gold, 0.64% lead and 3.06% zinc over 2.01 metres (true width).

Hole OE2 intersected a pinched down vein segment with low values over 1.81 metres (true width).

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Hole #           From     To  Width  Silver Silver  Gold  Lead  Zinc  True
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Valdecanas                   metres     g/t    opt   g/t     %     % Width
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JI-08-HE       774.85 778.20   3.35     145    4.2  1.63  0.92  3.68  3.15
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Upper Hanging  677.45 678.05   0.60 greater    291  9.69  0.13  0.23  0.21
 Wall                                  than
                                     10,000
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Lower Hanging  683.50 685.10   1.60     624   18.2  0.27  1.69  0.33  1.40
 Wall
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JI-08-HF       778.50 780.50   2.00      58    1.7  0.35  0.31  1.63  1.53
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Upper Hanging  681.90 682.65   0.75    3750  109.6  0.20  3.95  3.87  0.27
 Wall
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Lower Hanging  689.90 690.75   0.85     555   16.2  0.28  0.45  6.85  0.75
 Wall
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JI-08-JE       881.05 887.05   8.00     243   7.10  2.74  2.41  5.44  5.44
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Including      881.05 882.05   1.00     204    5.9   5.7  2.63  3.09  0.68
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JI-08-OE2       743.1  745.1   2.00     NSV                           1.81
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JI-08-OG       866.20 871.95   5.75     142    4.2  1.29  0.90   2.7  4.40
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Footwall Vein  930.90 932.45   1.55      17    0.5  2.39  0.21  1.02  1.19
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JI-08-QG       637.60  639.9   2.30      86    2.5  0.15  2.72  3.81  1.88
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JI-08-SE       842.60 845.05   2.45     124    3.6  0.89  0.64  3.06  2.01
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(See longitudinal section attached and  www.magsilver.com  for diagrams).