Fortuna Silver Mines Inc.

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13.07.10 15:59

20752 Postings, 7461 Tage permanentFortuna Reports Production Results for Second Quar

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CORPORATE OFFICE:
Suite 840 - 355 Burrard St.
Vancouver, BC Canada, V6C 2G8
MANAGEMENT HEAD OFFICE:
Piso 17 Av. Pardo Y Aliaga # 640
San Isidro, Lima - Peru
TRADING SYMBOL:
TSX: FVI
Lima Stock Exchange: FVI
Tel: +1.604.484.4085
Fax: +1.604.484.4029
Tel: +51.1.616.6060 ext.2

 
Fortuna Reports Production Results for Second Quarter
July 13, 2010: Fortuna Silver Mines Inc. (TSX: FVI / Lima Stock Exchange: FVI)is pleased to announce its production figures for second quarter 2010 for its Caylloma Mine located in Arequipa, Peru. An update on the on-going construction activities of the Company’s second mine being constructed at the San Jose silver – gold project in Oaxaca, Mexico will be issued in the upcoming days. The 1,500 tpd underground mine at San Jose is scheduled to commence production on the third quarter of 2011. 
 
Second Quarter Highlights
 
·         Silver production of 470,310 ounces; 5% increase over Q2 2009
·         Zinc production of 6,320,248 pounds; 16% decrease over Q2 2009
·         Lead production of 4,966,619 pounds; 25% decrease over Q2 2009
·         Copper production of 266,331 pounds;  10% decrease over Q1 2010
 
Operating Highlights
 
 
Q2 - 2010
Q1 – 2010
Q2 - 2009
 
 
 
 
Processed ore (t)
108,010
101,503
100,881
 
 
 
 
Head grade
 
 
 
Ag (g/t)
156.35
167.23
160.42
Zn (%)
3.02
3.44
3.82
Pb (%)
2.30
2.87
3.20
Cu (%)
0.21
0.25
0.26
 
 
 
 
Recovery (%)
 
 
 
Ag (1)
87
88
86
Zn
88
89
89
Pb
91
92
93
Cu
54
53
--
 
 
 
 
Metal produced
 
 
 
Ag (oz) (2)
470,310
479,821
450,020
Zn (lb)
6,320,248
6,868,810
7,527,015
Pb (lb)
4,966,619
5,920,139
6,587,799
Cu (lb)
266,331
295,854
--
(1)     Ag recovery in Pb and Cu concentrate
(2)   Ag production in Pb and Cu concentrate

Silver production for the second quarter was 470,310 ounces, 12 per cent higher when compared against the budget for the period and 5 per cent higher than silver production for the second quarter of 2009. The decrease in head grade for lead and zinc is due to the low base metal content of the silver ore from level 6 of the Animas Vein, which is being blended into the mill feed. 
 
A NI 43–101 Technical Report dated August 11, 2009 on Reserves and Resources for the Caylloma Mine is available on the Company’s website at www.fortunasilver.com.
 
Qualified Person
 
Mr. Miroslav Kalinaj, P. Geo., is the Company’s Qualified Person as defined by National Instrument 43���101 and is responsible for the accuracy of the technical information in this news release.
 
Fortuna Silver Mines Inc.
 
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.
 
 
ON BEHALF OF THE BOARD
 
Jorge Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.
 
Symbol: TSX: FVI / Lima Stock Exchange: FVI
 
Investor Relations:
Management Head Office: Carlos Baca - Tel: +51.1.616.6060, ext. 2
Corporate Office: Erin Ostrom - Tel: +604.484.4085
 
Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Fortuna’s future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Fortuna’s mining and mine development activities, risks inherent in mineral exploration, uncertainties inherent in the calculation of mineral reserves, mineral resources, and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Fortuna is active, labor relations and other risk factors.
Share Transfer Agent
Olympia Trust Company
925 West Georgia Street, Suite 1900
Vancouver, BC V6C 3L2
Tel: +1.604.484.8637
Fax: +1.604.484.8638

Investor Relations:
Carlos Baca
Erin Ostrom

TSX: FVI
Lima Stock Exchange: FVI
 

 

 
 

30.08.10 15:22
1

20752 Postings, 7461 Tage permanentFortuna discovers high-grade silver mineralization

 

Fortuna discovers high-grade silver mineralization in initial drilling at Don Luis II Vein, Caylloma Mine



August 30, 2010: Fortuna Silver Mines Inc. (TSX: FVI / Lima Stock Exchange: FVI)is pleased to announce the results of initial drilling completed in the Don Luis II vein at the Caylloma Mine located in southern Peru. The Don Luis II vein is located in the western portion of the Caylloma District where no prior development or mining has taken place. The vein outcrops over a strike length of approximately 400 meters and ranges from approximately 1 to 3 meters in width at the surface (see Fortuna news release dated May 12th, 2010). Twelve diamond drill holes totalling 2,283 meters have been completed to test the vein from near surface to approximately 200 meter depth.

Highlights of the drilling include:
DLUS000110               816 g/t Ag and 0.27 g/t Au over 3.05m from 148.75m
DLUS000410               864 g/t Ag and 0.07 g/t Au over 0.50m from 93.30m
DLUS000910               639 g/t Ag and 0.18 g/t Au over 3.40m from 232.90m
DLUS001010               621 g/t Ag and 1.41 g/t Au over 1.00m from 140.00m
Widths given are drill hole widths with the drill holes in general oriented sub-perpendicular to the strike of the vein. Assay results from the twelve drill holes are summarized below with length-weighted assay averages calculated for the principal mineralized intervals. 
Assay Results:
 
 
Hole Id
From
 (m)
To (m)
Interval (m)
Estimated
 True Width (m)
Ag
 (g/t)
Au
 (g/t)
DLUS000110
148.75
151.80
3.05
1.97
816
0.27
DLUS000210
89.95
91.90
1.95
1.95
142
1.81
DLUS000310
127.85
131.20
3.35
3.13
163
0.58
DLUS000410
93.30
93.80
0.50
0.35
864
0.07
DLUS000510
117.60
118.00
0.40
0.35
69
1.20
DLUS000610A
96.10
97.15
1.05
0.91
255
2.58
DLUS000710
106.05
107.5
1.45
1.44
144
2.25
DLUS000810
144.00
144.70
0.70
0.37
238
0.17
DLUS000910
232.90
236.30
3.40
1.60
639
0.18
DLUS001010
140.00
141.00
1.00
0.91
621
1.41
DLUS001110
229.00
230.80
1.80
1.79
323
0.61
DLUS001210
137.70
139.55
1.85
1.81
149
1.49


A drill hole location map and longitudinal section illustrating the drill results are available on the Company’s website:
The full results of the drilling are currently being compiled and interpreted. The mineralization is open to depth and further drilling is warranted to test for favorable structural environments within the main mineralized horizon in the Caylloma District. 
Vilafro Exploration Drilling
Two drill holes totaling 304 meters were completed in the Vilafro target at Caylloma to test for extensions of high grade silver mineralization encountered in surface outcrops.  Although weak silver anomalies were encountered in the drilling, no significant mineralization was detected and no further drilling is planned in the Vilafro area.
 
Background
During the second quarter of 2010, the Caylloma Mine reported silver production of 470,310 ounces, a 5% increase over the corresponding period in 2009, along with significant quantities of lead, zinc and copper (see Fortuna news release dated July 13th, 2010).  Current production at the Caylloma Mine comes primarily from the polymetallic Animas Vein supplemented with the production of high-grade silver ores from the Bateas and Soledad veins.
 
Quality Assurance & Quality Control
Following detailed geological and geotechnical logging, drill core samples are split on-site by diamond saw. One half of the core is submitted to the ALS Chemex laboratory in Lima, Peru.  The remaining half core is retained on-site for verification and reference purposes.  Following preparation, the samples are assayed for gold by standard fire assay methods and for silver and base metals by ICP and atomic absorption methods utilizing an aqua regia digestion.  The QA-QC program at Caylloma includes the blind insertion of certified reference standards at a frequency of approximately 1 per 15 normal samples and the insertion of assay blanks at a frequency of approximately 1 per 15 normal samples.  Drill results reported in this news release correspond to HQ core.
Qualified Person
 
Mr. Miroslav Kalinaj, P. Geo., is the Company’s Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of the technical information in this news release.


Fortuna Silver Mines Inc.
 
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America.  Our primary assets are the Caylloma Ag-Pb-Zn-Cu mine in Arequipa, Peru and the San Jose Ag-Au Project in Oaxaca, Mexico.  The Company is selectively pursuing additional acquisition opportunities.  For more information, please visit our website at www.fortunasilver.com .
 
 
ON BEHALF OF THE BOARD
 
Jorge Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.
 
Symbol: TSX: FVI / Lima Stock Exchange: FVI
 
Investor Relations:
Management Head Office: Carlos Baca - Tel:  +51.1.616.6060, ext. 2
Corporate Office:  Erin Ostrom - Tel:  +1.604.484.4085
 
 
 
Forward-Looking Statements
 
Certain statements in this press release constitute forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Fortuna’s future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Fortuna’s mining and mine development activities, risks inherent in mineral exploration, uncertainties inherent in the calculation of mineral reserves, mineral resources, and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Fortuna is active, labor relations and other risk factors.
 

11.10.10 09:27
1

20752 Postings, 7461 Tage permanentEinige Daten die für sich sprechen

Expressed in US$ 000's, except per share data

6 MONTHS

YEARS ENDED

2010

2009

2008

2007

Cash

64,937

30,763

29,454

44,171

Revenue

32,108

51,428

24,867

29,610

Income from operations

14,863

14,383

(5,593)

100

Net income (loss)

11,276

623

(910)

(2,607)

Operating cash flow

8,868

13,686

8,356

12,377

Earnings (loss) per share - diluted

0.10

0.01

(0.01)

(0.04)

Aus der Firmenpräsentation vom September:
 

http://www.fortunasilver.com/i/pdf/Presentation.pdf

 

14.10.10 19:36

20752 Postings, 7461 Tage permanentFortuna Reports Production Results for Third Quart

 

Fortuna Reports Production Results for Third Quarter



October 14, 2010: Fortuna Silver Mines Inc. (TSX: FVI / Lima Stock Exchange: FVI) is pleased to announce production figures for third quarter of 2010 from the Caylloma Mine located in Arequipa, Peru. Year to date, Caylloma has produced 1.42 million ounces of silver and is on track to exceed the annual silver production forecast of 1.7 million ounces. The 1,500 tpd underground San Jose Mine located in Oaxaca, Mexico is scheduled to commence production on the third quarter of 2011 and an update on on-going construction activities will be issued in the upcoming days.

 
Third Quarter Highlights
 
·         Silver production of 474,489 ounces; 8% increase over Q3 2009
·         Zinc production of 6,790,230 pounds; 8% decrease over Q3 2009
·         Lead production of 5,147,788 pounds; 19% decrease over Q3 2009
·         Copper production of 249,122 pounds; 6% decrease over Q2 2010
 
Operating Highlights
 
 
Q3 - 2010
Q2 – 2010
Q3 - 2009
 
 
 
 
Processed ore (t)
112,886
108,010
105,241
 
 
 
 
Head grade
 
 
 
Ag (g/t)
154.56
156.35
146.5
Zn (%)
3.10
3.02
3.6
Pb (%)
2.27
2.30
3.0
Cu (%)
0.20
0.21
--
 
 
 
 
Recovery (%)
 
 
 
Ag (1)
85
87
84.2
Zn
88
88
88.6
Pb
91
91
93.2
Cu
51
54
--
 
 
 
 
Metal produced
 
 
 
Ag (oz) (2)
474,489
470,310
438,186
Zn (lb)
6,790,230
6,320,248
7,365,644
Pb (lb)
5,147,788
4,966,619
6,391,201
Cu (lb)
249,122
266,331
--
(1)     Ag recovery in Pb and Cu concentrate
(2)   Ag production in Pb and Cu concentrate


Silver production for the third quarter was 474,489 ounces, 13 percent higher when compared against the budget for the period and 8 percent higher than silver production for the third quarter of 2009. Lead and zinc metal production increased 4 percent and 7 percent respectively when compared against second quarter of 2010 but are 14 percent and 3 percent below budget for the period respectively. Base metal production is being affected by the Company’s focus on silver production.

 

 

 

A NI 43–101 Technical Report dated August 11, 2009 on Reserves and Resources for the Caylloma Mine is available on the Company’s website at www.fortunasilver.com.

 

 

 

Qualified Person

 

 

 

Mr. Miroslav Kalinaj, P. Geo., is the Company’s Qualified Person as defined by National Instrument 43‑101 and is responsible for the accuracy of the technical information in this news release.

 

 

 

Fortuna Silver Mines Inc.

 

 

 

Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.

 

 

 

 

 

ON BEHALF OF THE BOARD

 

 

 

Jorge Ganoza

 

President, CEO and Director

 

Fortuna Silver Mines Inc.

 

 

 

Symbol: TSX: FVI / Lima Stock Exchange: FVI

 

 

 

Investor Relations:

 

Management Head Office: Carlos Baca - Tel: +51.1.616.6060, ext. 2

 

Corporate Office: Ralph Rushton - Tel: +1.604.484.4085
 

20.10.10 21:23

20752 Postings, 7461 Tage permanentOn Schedule


 
Fortuna’s San Jose Project on Schedule for Production in Q3 2011
 

October 20, 2010: Fortuna Silver Mines Inc. (TSX: FVI / Lima Stock Exchange: FVI) is pleased  to provide an update on construction activities at its 100% owned San Jose silver-gold project in Oaxaca, Mexico.  Construction of the US$ 56 million project is on schedule and budget for completion and commissioning of the mine in the third quarter of 2011.  

Once in operation at a rate of 1,500 tpd, the San Jose Mine will produce 5 million silver equivalent ounces annually at a cash cost of US$ 6.20 per ounce (see Fortuna’s news release dated April 26, 2010).  At that point, Fortuna’s consolidated annual silver equivalent production will be 7 million ounces plus base metal credits from the Caylloma Mine.  Operations are scheduled to start at 1,000 tpd and achieve full design capacity of 1,500 tpd within 24 months from the start of operations.  The technical report of the San Jose Project is available on the Company’s website atwww.fortunasilver.com and on SEDAR at www.sedar.com .
 
Construction Highlights
  • To the end of September, US$ 11.5 million invested in construction or 21% of CAPEX.
  • Rebuilding of the grey water treatment plant, source of 20% of make-up water for the operation, is completed and pipeline installation to the mine site is 84% advanced.
  • Ground preparation for the process plant is 80% advanced with concrete foundation and civil work to start shortly.
  • Purchase orders for all major equipment have been placed; the 13' x 19.5' ball mill arrived on site in September.
  • Tailings dam construction is 40% advanced and is scheduled for completion in December.
  • Construction of the power substation is 52% advanced and is scheduled for completion in February 2011.
  • The main haulage ramp has an advance of 1,200 meters and the cross-cut on level 1430 into the Bonanza, Trinidad and Fortuna veins has an advance of 50 meters. 
Jorge Ganoza, President and CEO, commented, “With the planned start-up of operations at San Jose ten months away, Fortuna is on a clear path to organically grow its consolidated annual silver production from the current 2 million ounces to 7 million silver equivalent ounces within twenty four months from start-up; at a cash cost below US$ 6 per ounce.  Concurrent with construction activities, our exploration crews are advancing the exploration programs in the surrounding mineral concessions.  Management is enthusiastic about the potential to increase silver and gold resources in this large and under explored 58,000ha land package.  Drill recommendations for the San Ignacio and Taviche targets are currently under review and drilling is expected to commence towards year-end.”
Water Sourcing
On January 1st, 2010, a 15 year renewable agreement was signed with the Municipality of Ocotlan de Morelos, located 11 km north of the project site, to upgrade and manage their local sewage treatment plant in exchange for use of its residual water, source of 20% of the make-up water for the 1,500 tpd processing plant.  The refurbished plant is now operational.  Balance of the make-up water will be sourced from rain fall captured in a water reservoir.
Construction of an 8” high density polyethylene pipeline to carry the water from the sewage plant to the project site is 84% advanced and scheduled to be completed in November 2010.  
Tailings Dam
Construction of the tailings dam is 40% advanced and scheduled to be completed in December.  Heavy rains during August and September have resulted in a two week delay in ground preparation.  Provisions have been taken to recover lost time throughout the remainder of the construction.
Power Substation
On April 28th, 2009, the Mexican Federal Energy Commission granted authorization to connect the project to the national power grid.  Construction of the transformer and switching stations are 46% and 57% advanced respectively and scheduled to conclude in February 2011. 
Processing Plant and Ancillary Facilities
The Company is on time and on budget for commissioning the processing plant at an initial production rate of 1,000 tpd in the third quarter of 2011.  Earth work and site preparation for the 1,500 tpd processing plant is 80% advanced and scheduled to be completed in November.  The contractor will begin pouring concrete for foundations for the crushing station in the upcoming days.  The project has no long lead items on critical path and purchase orders for all major plant equipment have been placed.  The 13' x 19.5' ball mill with a capacity to treat ore for up to 1,500 tpd arrived on site in September. 

Underground Mine Development
The Company is advancing with underground development and stope preparation for start up of production at an initial mining rate of 1,000 tpd in the third quarter of 2011.  At this mining rate the operation is scheduled to produce 1.88 million Ag ounces and 16,000 Au ounces or 2.8 million Ag Eq ounces in the first year of operation.  
The main haulage ramp has an advance of 1,200 meters and the cross-cut on level 1430 into the Bonanza, Trinidad and Fortuna veins has an advance of 50 meters.  The cross-cut intersected the Trinidad and the Fortuna veins with a width of 8 and 3 meters respectively.  Assays are pending.   
Two new 6 yard LHDs are scheduled to arrive on site in late October.
Qualified Person
Mr. Miroslav Kalinaj, P. Geo., is the Company’s Qualified Person as defined by the National Instrument 43 – 101 and has verified the technical information in this news release.
Fortuna Silver Mines Inc.
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America.  Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico.  The Company is selectively pursuing additional acquisition opportunities.  For more information, please visit our website at www.fortunasilver.com.
ON BEHALF OF THE COMPANY
Jorge Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.
 
 
Symbol: TSX: FVI / Lima Stock Exchange: FVI 
 
Investor Relations: 
Management Head Office: Carlos Baca - Tel:  +51.1.616.6060, ext. 2
Corporate Office:  Ralph Rushton - Tel:  +1.604.484.4085

 

25.10.10 21:08

20752 Postings, 7461 Tage permanentDa kommt Freude auf und auch ein

wenig Skepsis. Das geht doch ein wenig zu schnell, so ganz ohne Informationen.

Permanent  

09.11.10 12:05

20752 Postings, 7461 Tage permanentSchon fast erschreckend wie schnell es nun geht.

Dabei ist Fourtuna im Peergroup Vergleich immer günstig bewertet. Im kommenden Jahr geht die zweite Mine in Betrieb. Die Produktion wird sich wesentlich ausweiten.

Zink und Blei sind zu 60% durch Hedging abgesichert. Der Silberpreisanstieg schlägt auf den Ertrag durch.

Permanent  

10.11.10 16:04

20752 Postings, 7461 Tage permanentFinanzdaten in der laufenden Woche

Hola Dirk, Financials should be filed this week along with news release. Earnings call should be held next week. Hedging for 2011 is not yet in place. Stay well, Carlos Carlos Baca Investor Relations Manager Fortuna Silver Mines Inc. TSX: FVI / LIMA STOCK EXCHANGE : FVI www.fortunasilver.com

Anmerkung: Meine Frage bezüglich des Hedging bezog sich auf die Metalle Zink und Blei. Die Produktion für 2010 ist zu 60% über Hedging abgesichert. Wieso es -bei den nach meiner Ansicht guten Preisen- kein Hedging für 2011 gibt ist mir nicht bekannt.

Permanent

 

13.11.10 10:23
1

20752 Postings, 7461 Tage permanentQ3

 


November 12, 2010: Fortuna Silver Mines Inc. (TSX: FVI / Lima Stock Exchange: FVI)is pleased to announce that it has filed its financial statements and MD&A for the three months ended September 30, 2010 and herein provides an update on construction activities at the San Jose silver-gold Project, Mexico.  Fortuna reported cash flow from operations of US$ 5.07 million in Q3 of 2010 on revenues of US$ 18.04 million. The full documents are available on SEDAR and have also been posted on the Company's website at www.fortunasilver.com.
 
Third quarter 2010 highlights:
 
  • Cash flow from operations before changes in non-cash working capital of US$ 5.07 million, compared to US$ 2.66 million in Q3 2009
  • Revenue of US$ 18.04 million, compared to US$ 13.23 million in Q3 2009
  • Operating income of US$ 4.68 million, compared to US$ 4.39 million in Q3 2009
  • Net loss of US$ 2.54 million, compared to a net loss of US$ 0.56 million in Q3 2009
  • Silver production of 474,489 oz; 14% increase over Q3 2009 
  • Negative cash cost per ounce of payable silver of US$ 4.97, net of by-product credits; 5% decrease over Q2 2010
  • Cash position (including short term investments) and working capital as at September 30, 2010 were US$ 55.2 million and US$ 58.67 million respectively
  • Construction activities at the San Jose Ag-Au Project are on schedule and on budget

Jorge Ganoza, President and CEO, commented, “Fortuna is on track to deliver 1.9 million ounces of silver at a negative cash cost of US$ 7 per Ag ounce, net of by product credits, for 2010. In spite of a net loss of US$ 2.54 million attributable to the mark-to-market effect of our derivative contracts and a foreign exchange loss, Fortuna generated strong operating cash flow of US$ 5.07 million. With the commissioning of the San Jose silver-gold Mine on schedule for the third quarter of 2011, the Company projects to take annual silver production to a rate of 4.6 million silver equivalent ounces by 2012 and 7 million silver equivalent ounces by 2013, at a projected cash cost below US$ 6 per ounce.”
 
Financial Results
 
During the third quarter of 2010 the Company generated a net loss of US$ 2.54 million (Q3 2009: net loss US$ 0.56 million) on operating income of US$ 4.68 million (Q3 2009: income US$ 4.39 million). In spite of a healthy operating margin, results were negatively impacted by a commodity contract loss of US$ 3.18 million (Q3 2009: loss US$ 3.47 million) and foreign exchange loss of US$ 1.79 million (Q3 2009: loss US$ 0.31 million). The net loss also included deferred share unit grants and bonus accruals of US$ 2.15 million (Q3 2009: nil) under selling, general and administrative expenses.
 
Adjusting for the mark-to-market effect on the commodity contracts and a foreign exchange loss on the repatriation of funds from the Company’s Peruvian subsidiary (included in the US$ 1.79 million foreign exchange loss recorded for the quarter), third quarter adjusted net income (a non GAAP measure) totalled US$ 0.82 million (Q3 2009: US$ 0.56 million).
 
Operating Results
 
During the third quarter ended September 30, 2010, the Company achieved silver production of 474,489 (Q3 2009: 417,571) ounces with a negative cash cost per ounce of payable silver of US$ 4.97, net of by-product credits.  The mine treated 112,886 tonnes of ore in the third quarter 2010, compared to 105,241 tonnes in the prior year.  The cash cost per tonne was US$ 54.29 in the third quarter 2010.
 
The 14% increase in silver production over the corresponding period of 2009 is attributable to an increase in throughput of 7%, an increase in silver recoveries of 0.5% and a 5% increase in silver head grade.
 
San Jose Project
 
Construction activities are on schedule and within budget for completion and commissioning of the mine in the third quarter of 2011.  The operation is scheduled to start at a rate of 1,000 tpd, with 2012 production forecast totaling 1.7 million ounces of silver and 14,700 ounces of gold or 2.6 million Ag Eq ounces.  These targets would raise Fortuna´s 2012 consolidated silver equivalent production to 4.6 million ounces.  Once in operation, at design capacity of 1,500 tpd, the San Jose Mine will produce 5 million Ag Eq ounces annually at a cash cost of US$ 6.20 per ounce (see Fortuna’s news release dated April 26, 2010).  At that point, Fortuna’s consolidated annual silver equivalent production will reach 7 million Ag Eq ounces plus base metal credits from the Caylloma Mine. Management plans to achieve full production capacity at San Jose within 24 months from start-up.  The San Jose Project Technical Report is available on the Company’s website at www.fortunasilver.com.
 
As of October 20, 2010, earthmoving and site preparation for the processing plant was 84% advanced. Cement and foundations work started in late October.  Purchase orders have been placed for all major equipment and the ball mill arrived on site in September.  Upgrading of the water treatment plant, source of 20% of make-up water for the operation, is 100% complete.  The 15 kilometer water pipeline installation to the mine site is 84% advanced, while tailings dam construction is 51% advanced and scheduled for completion in December of 2010.  Construction of the 5MW electric power substation is 53% complete. Underground development continues on the main haulage ramp and the cross-cut on level 1430 into the Bonanza, Trinidad and Fortuna veins has advanced 50 meters.  Assays results for the veins are still pending.
Conference Call to Review Third Quarter 2010 Financial Results
The Company will hold a conference call to discuss the financial results on Tuesday, November 16, 2010 at 12:00 p.m. EST / 9:00 a.m. PST. Hosting the call will be Jorge A. Ganoza, President, CEO and Director and Luis D. Ganoza, Chief Financial Officer.
Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at http://www.investorcalendar.com/IC/CEPage.asp?ID=162594 or over the phone by dialling just prior to the starting time. 

Conference call details:
 
Date:  Tuesday, November 16, 2010
Time: 12:00 p.m. EST / 9:00 a.m. PST
Dial in number (Toll Free): +1.877.407.8035
Dial in number (International): +1.201.689.8035
 
Replay number (Toll Free): +1.877.660.6853
Replay number (International):  +1.201.612.7415
Replay Passcodes (both are required for playback):
                Account #: 286   
                Conference ID #: 361143
 
Playback of the webcast will be available until February 16, 2011. Playback of the conference call will be available until 11:59 p.m. (Eastern Time) on November 30, 2010. In addition, the call will be archived in the Company’s website.   
 
Fortuna Silver Mines Inc.

Fortuna Reports Q3 2010 Cash Flow from Operations of US$ 5.07 Million; Construction at San Jose Ag-Au Project on Schedule and Budget


 

 

16.11.10 20:06
1

20752 Postings, 7461 Tage permanentPräsentation

Hola,

 

I hope everything is going well for you.

 

Please click on the following link to see our latest corporate presentation: http://www.fortunasilver.com/i/pdf/Presentation.pdf

 

Construction at our San Jose Ag-Au Project remains on schedule and budget to commission the mine in 3Q 2011.  Please click on the following link to see San Jose’s construction photo gallery:  http://www.fortunasilver.com/s/SanJoseGallery.asp

 

Please do not hesitate in contacting us if you have any questions or comments.

 

Hope you can join us on today’s conference call.

 

Stay well,

 

Carlos

 

15.12.10 15:59
1

20752 Postings, 7461 Tage permanentFortuna Discovers New High-Grade Ag Ore Shoots at

23.12.10 12:07
2

606 Postings, 5633 Tage Leo35Hier die Details zu Meldung von Permanant

VANCOUVER, Dec. 15 /PRNewswire/ -- Fortuna Silver Mines Inc. (TSX: FVI / Lima Stock Exchange: FVI) Mr. Jorge Ganoza, President&CEO, is pleased to announce the discovery and confirmation of two new high-grade silver ore shoots in the Bateas Vein, located in the central portion of the Caylloma Mine District. Recent underground channel sampling returned highlights of:

-- Gallery 315E: 52 meter interval averaging 1,284 g/t Ag, 0.08 g/t Au, 0.286% Pb, 0.424% Zn and 0.364% Cu over average vein width of 1.01 meters -- Chimney 303N: 12 meter interval averaging 945 g/t Ag, 0.05 g/t Au, 0.063% Pb, 0.105% Zn and 0.234% Cu over average vein width of 0.43 meters, open to Level 9 and above -- Chimney 308N: 32 meter interval averaging 998 g/t Ag, 0.06 g/t Au, 0.363% Pb, 0.541% Zn and 0.358% Cu over average vein width of 0.94 meters -- Gallery 309E: 92 meter interval averaging 1,108 g/t Ag, 0.06 g/t Au, 0.85% Pb, 1.21% Zn and 0.55% Cu over average vein width of 1.10 meters, open on strike to the northeast

 

03.01.11 12:54
1

175 Postings, 5090 Tage aspeadFortuna Silver Mins

is pleased to announce that it has closed
the bought deal equity financing announced December 1, 2010 (the "Offering").
The Company has issued 11,500,000 common shares at a price of CAD$4.00 per
common share for gross proceeds of CAD$46,000,000.

 

03.01.11 15:45
1

20752 Postings, 7461 Tage permanentDas sind aber ansehnliche Kurszuwächse

02.03.11 13:31

20752 Postings, 7461 Tage permanentläuft schon wieder verdammt schnell

und schreit nach einer Gegenbewegung.

Ich bleibe drin.

Permanent

 

02.03.11 17:17
1

20752 Postings, 7461 Tage permanentIch habe ein kleine Teilmenge an der TSX

veräußert da es mir zu schnell ging. Der größere Posten bleibt.

Rückkauf der veräußerten Position geplant.

So der Plan, ob der aufgeht steht auf einem anderen Blatt.

Permanent  

24.03.11 14:40
1

20752 Postings, 7461 Tage permanentFortuna Reports Net Income of US$ 12.96 million on

 



March 24, 2011:
Fortuna Silver Mines Inc. (TSX: FVI / Lima Exchange: FVI) has filed its audited financial statements and MD&A for 2010.  The full documents are available on SEDAR and have also been posted on the Company’s website at www.fortunasilver.com.

 

 

 

2010 Financial Statements and MD&A Highlights:

 

 

 

    • Net income of US$ 12.96 million, compared to US$ 0.62 million in 2009
    • Earnings per share of US$ 0.12, compared to US$ 0.01 in 2009
    • Sales of US$ 74.06 million compared to US$ 51.43 million in 2009; increase of 44%
    • Net cash from operating activities of US$ 21.02 million, compared to US$ 13.69 million in 2009, increase of 54%
    • Cash position (including short term investments) and working capital as at year end were US$ 90.81 million and US$ 97.09 million respectively
    • Record silver production: 1,906,423 oz, up 13% over 2009
    • Silver accounted for 48% of revenue
    • Cash cost per silver oz, net of by-product credits, was negative US$ 7.73
    • Cash cost per tonne of ore was US$ 51.20 and the corresponding unit net smelter return (NSR) was US$ 163.59


Jorge Ganoza, President and CEO, commented: “Fortuna remains one of the lowest cost silver producers.  During 2010, the Company capitalized on the increase of silver and base metal prices providing its best year to date in earnings and operating margins. With the commissioning of our San Jose Mine planned for the third quarter of 2011, Fortuna offers one of the most exciting organic production growth profiles amongst emerging silver producers, ensuring increasing leverage to rising silver prices.”

Financial Results

 
 
Expressed in US$ millions
 
 
Year ended December 31,
 
 
2010                                  2009
Sales
$
74.06                  $             51.43
Mine operating income
 
44.93                                 27.73
Operating income
 
30.11                                 14.38
Net income
 
12.96                                  0.62
Cash flow from operations
 
21.02                                  13.69
Silver sold (oz million)
 
1.89                                    1.65
Cash cost per ag oz net of by-product credits (US$/oz)
 
(7.73)                                 (4.86)


During the year ended December 31, 2010, the Company generated net income of US$ 12.96 million (2009: US$ 0.62 million) on operating income of US$ 30.11 million (2009: US$ 14.38 million). Record results were driven by an increase in ounces of silver sold as well as higher silver and base metal prices.
 
Operating Results
 
The increase in sales is primarily attributable to higher silver prices (38%) and greater sales volume (15%). Zinc and lead metal sold were below last year (7% and 11% respectively) with zinc and lead prices above last year (31% and 25% respectively). Average realized prices for silver, lead, and zinc were US$ 19.05/oz, US$ 0.80/lb and US$ 0.60/lb respectively.
 
During 2010, the Company produced 1,906,423 ounces of silver (2009: 1,682,546 ounces) with a cash cost per ounce of payable silver of negative US$7.73 which includes by-product credits.  The Caylloma Mine treated 434,656 tonnes of ore in 2010, compared to 395,560 tonnes in the prior year.  The cash cost per tonne was US$ 51.20 (2009: US$ 46.27) for 2010.  The 13% increase in silver production over 2009 is attributable to an increase in throughput of 10%, an increase in silver recoveries of 0.3% and a 3% increase in silver head grade.
 
Zinc and lead production during 2010 decreased by 8% and 15%, respectively, compared to 2009. This decrease was related to a shift in the mine plan designed to replace the polymetallic ore from the Animas vein with higher grade silver ore from level 6 in the upper part of Animas vein. The mine plan shift was made because of lower than expected grades from the Bateas silver vein which lead to an acceleration of the incorporation of level 6 into the production plan.
 
Corporate selling, general and administrative expenses increased in 2010 when compared to 2009 by US$ 5.23 million due to the growth of the Company, legal fees related to the credit facility, development of corporate projects and bonus payments.
 
Net income includes commodity contracts gain of US$ 0.74 million (2009: loss US$ 7.36 million), foreign exchange loss of US$ 2.70 million (2009: US$ 0.65 million), and stock-based compensation recovery of US$ 0.42 million (2009: expense US$ 2.71 million).
 
San Jose Mine Construction
 
The Company anticipates that its San Jose project, currently under construction in Mexico, will begin to contribute both silver and gold ounces starting in the third quarter of 2011, allowing the Company to maintain its organic silver production growth in 2011. 

Construction activities to date are on budget and commissioning of the mine is scheduled for the third quarter of 2011. 

Construction Highlights as of March 14, 2011:

    • Processing plant construction is 33% complete. Foundation work for crushers, milling, flotation, thickening and filtering areas is complete. Mounting and installation of major plant equipment was initiated in January 2011. The 13' x 19.5' ball mill has been mounted where the milling section is 42% advanced. The three stage crushing circuit is being mounted and installed with a 66% advance.  Flotation cells have arrived on site and thickeners are being mounted and installed.
    • Tailings dam construction was concluded in January 2011.
    • The 8MW power substation construction and commissioning has been concluded; connection to the national grid is expected in March 2011.
    • The mine access ramp has reached the 1,400 meter elevation, where the first production level is being developed.
    • Three stopes are being developed and prepared for the start of production in the third quarter at the initial rate of 1,000 tpd; stope K is being developed on the Trinidad, Fortuna and Bonanza veins on sub-level 1430. Stopes L and M are being developed on level 1400.  Overall advance on stope preparation is 115% against the program.
    • To December 31, 2010, the mine had built an ore stock pile of 6,816 tonnes grading 234 g/t Ag and 2.13 g/t Au. The Company anticipates having an inventory of approximately 30,000 tonnes before the start of commercial operations in the third quarter of 2011.
    • Water pipeline installation to the mine site is 87% completed.

 

Conference Call to Review 2010 Year End Financial Results
 
The Company will hold a conference call to discuss the financial results on Monday, March 28, 2011 at 9:00 a.m. (PST) / 11:00 a.m. (Lima time) / 12:00 p.m. (EST). Hosting the call will be Jorge Ganoza, President and CEO and Luis Ganoza, Chief Financial Officer.
 
Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at http://www.investorcalendar.com/IC/CEPage.asp?ID=163866 or over the phone by dialing just prior to the starting time.
Conference call details:
 
Date:  Monday, March 28, 2011
Time: 9:00 a.m. (PST) / 11:00 a.m. (Lima time) / 12:00 p.m. (EST)  
Dial in number (Toll Free):  +1. 877.407.8035
Dial in number (International):  + 1.201.689.8035
 
Replay number (Toll Free):  + 1.877.660.6853
Replay number (International):  +1.201.612.7415
Replay Passcodes (both are required for playback):
                Account #:  286
                Conference ID #:  369466
 
Playback of the webcast will be available until June 29, 2011. Playback of the conference call will be available until 11:59 p.m. (EST) on April 11, 2011. In addition, the call will be archived in the Company’s website.  
 
Fortuna Silver Mines Inc.
 
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.

Fortuna Reports Net Income of US$ 12.96 million on Revenue of US$ 74.06 million
 

02.04.11 12:24

20752 Postings, 7461 Tage permanent2010 Financial Statements and MD&A Highlights

2010 Financial Statements and MD&A Highlights:

  • Net income of US$ 12.96 million, compared to US$ 0.62 million in 2009
  • Earnings per share of US$ 0.12, compared to US$ 0.01 in 2009
  • Sales of US$ 74.06 million compared to US$ 51.43 million in 2009; increase of 44%
  • Net cash from operating activities of US$ 21.02 million, compared to US$ 13.69 million in 2009, increase of  54%
  • Cash position (including short term investments) and working capital as at year end were US$ 90.81 million and US$ 97.09 million respectively
  • Record silver production: 1,906,423 oz, up 13% over 2009
  • Silver accounted for 48% of revenue
  • Cash cost per silver oz, net of by-product credits, was negative US$ 7.73
  • Cash cost per tonne of ore was US$ 51.20 and the corresponding unit net smelter return (NSR) was US$ 163.59

Für die nähere Zukunft:

San Jose Project
Construction activities are on schedule and within budget for completion and commissioning of the San Jose Mine in the third quarter of 2011. Once in operation at a rate of 1,500 tpd, the mine will produce 5 million silver equivalent ounces annually at a cash cost of US$ 6.20. Management is planning to achieve full production capacity within 24 months from the start of operations.

Permanent

 

12.04.11 16:15

20752 Postings, 7461 Tage permanentFortuna Silver Reports Increase in Reserves and Re

     

  
Fortuna Silver Reports Increase in Reserves and Resources


April 12, 2011: Fortuna Silver Mines Inc. (TSX: FVI / Lima Stock Exchange: FVI) is pleased to announce updated mineral reserve and mineral resource estimates for the Caylloma Mine located in southern Peru and for the San Jose Project located in southern Mexico.  

 

Highlights of Combined Reserve and Resource Update

 

    • Proven + Probable Reserves increased by 4.8% in terms of tonnes and 3.7% in contained silver, after replacement of 675,000 tonnes consumed through production at Caylloma. Contained gold decreased by 5.1%.
       
    • Measured + Indicated Resources increased by 750% in terms of tonnes and 1790% and 1550% with respect to contained silver and gold.
       
    • Inferred Resources increased by 47% in terms of tonnes and 17% and 14% with respect to contained silver and gold.
       
    • Proven + Probable Reserves total 7.9M tonnes containing 45.1M oz silver and 238.9k oz gold.
       
    • Measured + Indicated Resources total 2.3M tonnes containing 10.4M oz silver and 44.6k oz gold.
       
    • Inferred Resources total 6.4M tonnes containing 34.7M oz silver and 215.9k oz gold. 

 

“Both the Caylloma Mine in Peru and the San Jose Project in Mexico offer excellent potential for additions to our current reserve and resource base and we are pursuing a number of targets which if successful, could have material impact on the two properties” commented Dr. Thomas Vehrs, Vice President for Exploration for Fortuna Silver. “In 2009 and 2010, we have been successful in replacing reserves consumed through production at Caylloma and believe that with our improving understanding of ore controls in the district, we should be able to continue to add to the resource and reserve base. At San Jose, now that construction is well advanced, we are focusing our exploration efforts on testing the southern extension of the San Jose system as well as vein targets in the San Jeronimo Taviche area and prominent geochemical anomalies associated with silica-replaced carbonates in the El Rancho area.”


Mineral Reserves – Proven and Probable

Property
Classification
Tonnes (000)
Ag (g/t)
Au (g/t)
Pb
 (%)
Zn
(%)
Cont. Ag (Moz)
Cont. Au (koz)
Caylloma, Peru
 
 
 
 
 
 
 
 
     Silver Veins
Proven
       403
394
0.34
0.03
0.04
5.1
4.5
 
Probable
       11 1
457
0.90
0.11
0.04
1.6
3.2
 
Proven + Prob.
       515
407
0.47
0.05
0.04
6.7
7.7
     Polymetallic Veins
Proven
   1,316
115
0.35
1.96
2.92
4.9
14.6
 
Probable
   2,305
121
0.34
1.80
2.64
9.0
25.0
 
Proven + Prob.
   3,622
119
0.34
1.86
2.74
13.9
39.6
     Combined-All Veins
Proven
  1,720
180
0.35
1.50
2.24
10.0
19.1
 
Probable
   2,417
137
0.36
1.72
2.52
10.6
28.2
 
Proven + Prob.
   4,136
155
0.36
1.63
2.40
20.6
47.3
San Jose, Mexico
Probable
   3,771
202
1.58
N/A 
N/A 
24.5
191.6
Total Reserves
Proven + Prob.
   7,908
177
0.94
N/A 
N/A 
45.1
238.9

Mineral Resources – Measured and Indicated

Property
Classification
Tonnes (000)
Ag (g/t)
Au (g/t)
Pb
(%)
Zn
(%)
Cont. Ag (Moz)
Cont. Au (koz)
Caylloma, Peru
Measured
        463
94
0.27
1.00
1.66
1.4
4.1
 
Indicated
    1,423
131
0.33
0.84
1.37
6.0
14.9
 
Measured + Ind.
     1,887
122
0.31
0.88
1.44
7.4
18.9
San Jose, Mexico
Indicated
        376
243
2.12
N/A 
N/A 
2.9
25.6
Total
Measured + Ind.
     2,263
142
0.61
N/A 
N/A 
10.4
44.6

Mineral Resources - Inferred

Property
Classification
Tonnes (000)
Ag (g/t)
Au (g/t)
Pb
(%)
Zn
(%)
Cont. Ag (Moz)
Cont. Au (koz)
Caylloma, Peru
Inferred
     3,332
119
0.35
1.05
2.02
12.8
37.9
San Jose, Mexico
Inferred
     3,074
222
1.80
N/A 
N/A 
22.0
178.0
Total
Inferred
   6,406
    168
1.05
N/A 
N/A 
34.7
215.9

 

 

Notes:  1. Mineral Reserves and Mineral Resources are as defined by the CIM Definition Standards on Mineral Resources and Mineral Reserves.

 

2. Mineral Resources are exclusive of Mineral Reserves.

 

3. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.

 

4. Caylloma Mineral Reserves are estimated and reported as of June 30, 2010 using break-even cut-off grades based on estimated NSR values using assumed metal prices of US$16.63/oz Ag, US$1066.68/oz Au, US$1984/t Pb and US$1962/t Zn; historic metallurgical recovery rates of 87% for Ag, 43% for Au, 91% for Pb and 89% for Zn; and historic operating costs adjusted for inflation. Caylloma Mineral Resources are reported as of June 30, 2010 based on estimated NSR values using the aforementioned assumed metal prices and a cut-off grade of US$30/t.

 

5. Caylloma Mineral Resources include oxide material that is not amenable to processing in the existing flotation plant. Measured and Indicated oxide resources are estimated at 831,100 tonnes averaging 200 g/t Ag, 0.38 g/t Au, 1.10% Pb and 1.30% Zn. Inferred oxide resources are estimated at 677,000 tonnes averaging 176 g/t Ag, 0.30 g/t Au, 0.50% Pb and 0.91% Zn.

 

6. San Jose Reserves are estimated and reported as of Dec. 31, 2010 using break-even cut-off grades based on assumed metal prices of US$15.12/oz Ag and US$897.51/oz Au, estimated metallurgical recovery rates of 88% for Ag and 90% for Au and projected operating costs. San Jose Resources are estimated and reported at a Ag Equivalent cut-off grade of 100 g/t, with Ag Eq in g/t = Ag (g/t) + Au (g/t) * ((US$856.16/US$13.75) * (91.5/92.5)) = Ag (g/t) + Au (g/t)*61.6.

 

7. Totals may not add due to rounding procedures.

 

8. N/A = Not Applicable

 

 

 

Caylloma Mine

 

Through exploration and development activities, reserves consumed through production at Caylloma were replaced and Proven and Probable Mineral Reserves increased by 3% in terms of tonnes and 2% in terms of contained silver ounces relative to the Mineral Reserves previously reported as of Dec. 31, 2008. Contained gold ounces decreased by 34% but are not of material significance to the Caylloma operation. As of June 30, 2010, the Caylloma Mine had Proven and Probable Mineral Reserves containing 20.6M oz of silver, in addition to Measured and Indicated Resources containing 7.4M oz of silver and Inferred Resources containing a further 12.8M oz of silver. Variations from previously announced reserves and resources are the result of exploration drilling results, advances in mine development, differences in resource and reserve classification methodology and changes in metal prices. Inferred Resources increased by 161% in terms of tonnes and 66% in terms of contained silver, providing support for potential future reserve increases. An aggressive exploration program is in-progress at Caylloma testing for lateral and depth extensions of known veins.

 

San Jose Project

 

Construction at the San Jose Project was initiated in mid-2010 and is currently on schedule with production projected for commencement in the 3rd quarter of 2011. Development of the underground mine is proceeding and improvements to the Pre-feasibility mine plan have resulted in an increase of 7.3% in the Mineral Reserve tonnes and increases of 5.7% and 5.9% in the contained silver and gold ounces, respectively. Further increases in the Mineral Reserves are expected in the future as mine development is extended below the level of the historic workings and existing Inferred Resources are upgraded to Measured and Indicated Resource classifications through in-fill drilling and direct development of the deeper portions of the mineral deposit. The San Jose mineralized structure remains open to the south and exploration drilling is planned for the 2nd quarter of 2011 to follow-up on mineralized intercepts encountered in past drilling campaigns. Additional drilling is also planned on other targets identified on the Company’s extensive property position in the San Jose area.

 

Qualified Persons

 

The Mineral Resource estimate for the Caylloma Mine has been prepared by the Caylloma mine staff members and has been reviewed by M. Lechner of Resource Modeling Inc. The Mineral Reserve estimate and the Mineral Resource estimate exclusive of Mineral Reserves for Caylloma was prepared under the supervision of E. Vilela and reviewed by D. Earnest of Resource Evaluation Inc. The Mineral Resource estimate for the San Jose Project was prepared by M. Lechner of Resource Modeling Inc. and D. Earnest of Resource Evaluation Inc. The updated Mineral Reserve estimate and the Mineral Resource estimate exclusive of Mineral Reserves for the San Jose Project was prepared under the supervision of E. Vilela and T. Kelly.

 

M. Lechner, D. Earnest, E. Vilela and T. Kelly are all Qualified Persons as defined by the National Instrument 43-101. Mr. Miroslav Kalinaj, P. Geo., is the Company’s Qualified Person as defined by the National Instrument 43-101 and has verified the technical information contained in this news release.

 

Fortuna Silver Mines Inc.

 

Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.

 

 

14.04.11 16:39

20752 Postings, 7461 Tage permanentFortuna Silver Continues to Extend High-Grade Ag O

  Fortuna Silver Continues to Extend High-Grade Ag Ore Shoots at Caylloma Mine
  



April 14, 2011:
Fortuna Silver Mines Inc. (TSX: FVI / Lima Stock Exchange: FVI) is pleased to announce additional assay results from the discovery of two high-grade silver ore shoots in the Bateas Vein, located in the central portion of the Caylloma Mine District.  Preliminary results were previously announced in a news release dated December 15, 2010.

 

 
Highlights of underground channel sampling:
  • Gallery 309E: 160m interval averaging 1,225 g/t Ag, 0.06 g/t Au, 0.89% Pb, 1.23% Zn and 0.60% Cu over average vein width of 0.86m
     
  • Gallery 315E: 57m interval averaging 1,336 g/t Ag, 0.08 g/t Au, 0.30% Pb, 0.44% Zn and 0.38% Cu over average vein width of 0.91m
     
  • Chimney 308N: 122m interval averaging 876 g/t Ag, 0.06 g/t Au, 0.37% Pb, 0.51% Zn and 0.35% Cu over average vein width of 0.82m
     
  • Chimney 310N: 46m interval averaging 768 g/t Ag, 0.14 g/t Au, 0.64% Pb, 0.98% Zn and 0.50% Cu over average vein width of 0.64m
“The discovery of the high-grade silver ore shoots in the Bateas Vein is a strong validation of the continued exploration potential in this historic district,” commented Dr. Thomas Vehrs, Vice President of Exploration. “The district has been in semi-continuous production since the arrival of the Spaniards in the early 16th century and the potential for new discovery is still outstanding.  We are currently exploring the lateral and depth extensions of the Bateas, San Cristobal, Animas and La Plata veins with a Caylloma Brownfields exploration budget totaling in excess of US$6.5M for 2011.”
Longitudinal sections of the Bateas Vein illustrating the sample results and the newly discovered ore shoots are available on the Company’s website at  http://www.fortunasilver.com/i/pdf/NR_Bateas-Vein-Long-Section_8apr2011.pdf.
Underground development is in-progress at the Bateas vein with the aim of incorporating the new ore shoots into the production plans for 2011. The new high-grade silver ore shoots were discovered through the extension of exploration and development drifts from current production areas on the 10th and 12th levels of the Bateas Vein.  The exploration drifts have now cross-cut the strike width of the ore shoots and are being advanced to the northeast to explore for additional high-grade ore shoots.  Vertical chimneys 308N and 310N have been completed between level 12 (4500m elevation) and level 10 (4620m elevation) confirming the vertical continuity of the high-grade shoots.  Within the ore shoots, the vein ranges up to 2m in width with silver mineralization being present as tetrahedrite, pyrargyrite, proustite and other Ag-bearing sulfosalts in a banded rhodonite-rhodochrosite-quartz vein matrix.  Minor sphalerite, galena and chalcopyrite are also present in the vein.
The Caylloma Mine currently produces approximately 1,250 tpd with the production primarily being sourced from the Ag-bearing polymetallic Animas, Soledad, Santa Catalina and Silvia veins supplemented by high-grade silver ores from the Bateas Vein and the upper levels of the Animas Vein.  In 2010, the Caylloma Mine produced 1.9M oz of silver in addition to appreciable quantities of lead, zinc and copper.  Production for 2011 is forecast at the same level (see Fortuna news release dated Jan. 13, 2011).
Quality Assurance and Quality Control
Sample results reported for the underground workings are based on channel samples systematically collected perpendicular to the orientation of the vein. Samples are dried, prepared and analyzed at company-owned sample preparation and laboratory facilities at the Caylloma property. Silver and base metals are assayed by atomic absorption methods utilizing an aqua regia digestion. Gold is assayed by standard fire assay methods with an atomic absorption finish. Certified reference standards are blindly inserted into the sample stream at a frequency of 1 per 20 normal samples. Assay blanks are blindly inserted at a frequency of 1 per 30 samples and field duplicates are collected and analyzed at a frequency of 1 per 80 normal samples. Check assay samples and preparation duplicate samples are routinely submitted to ALS Chemex facilities in Lima to verify sample preparation and assay quality.
Qualified Person
Mr. Miroslav Kalinaj, P. Geo., is the Company’s Qualified Person as defined by the National Instrument 43-101 and has verified the technical information in this news release.
Fortuna Silver Mines Inc.
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.
 
ON BEHALF OF THE COMPANY
Jorge Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.
 
Symbol: TSX: FVI / Lima Stock Exchange: FVI
 
Investor Relations:
Management Head Office: Carlos Baca - Tel: +51.1.616.6060, ext. 2
Corporate Office:  Ralph Rushton - Tel: +1.604.484.4085
 
 

03.05.11 16:32

441 Postings, 5411 Tage GT-Einskonsolidiert im Augenblick ja ordentlich...

Liegt das an den just veröffentlichten Zahlen?
Wer hat sich die ggf. mal angesehen. Gibt es da Gründe den Titel kritischer zu beurteilen?  
-----------
Zu wissen, wie man abwartet, ist das große Geheimnis des Erfolges. (aus China)

19.05.11 22:03
2

40 Postings, 5291 Tage corbinFortuna hatte ja Zahlen veröffentlicht

Die tatsächlichen Resultate bleiben hinter den eigenen Ansprüchen zurück:

„First Quarter Highlights:

- Silver production of 437,123 ounces; 8.9% decrease over Q1 2010
- Lead production of 5,045,582 pounds; 14.8% decrease over Q1 2010
- Zinc production of 5,744,798 pounds; 16.4% decrease over Q1 2010
- Cash cost per silver ounce, net of by-product credits, estimate of negative US$4.52“

Die Begründung steht hier:

http://www.fortunasilver.com/s/...37123-ounces-for-First-Quarter-2011

Für 2011 ist in Caylloma die Förderung von  1,900,000 oz Silber geplant, was ca. 475000 oz/ Quartal entspricht. Im ersten Quartal hat Fortuna somit 92% erreicht. Glück auf für die nächsten Quartale.

Viel interessanter sind die Stichwahl am 5. Juni 2011 und die damit verbunden Auswirkungen auf ausländische Firmen. Zwar droht keine Verstaatlichung, aber eine Zusatzabgabe ist durchaus vorstellbar, wenn Humala gewinnt....

„Von einem Präsidenten Humala befürchten sie dagegen, dass er “die Grenzen schließen, die ausländischen Firmen aus Peru rauswerfen und nur noch heimische Marken erlauben will”. Dies läßt auf ein etwas einseitig merkantiles Verständnis von Demokratie bei der jungen Generation der Peruaner schließen, für die Freiheit offenbar zuallererst ungehinderter Konsum bedeutet. Dieser wäre jedenfalls bei einer Präsidentin Keiko Fujimori weiterhin garantiert, da sie die einst vom IWF verlangte und von ihrem Vater durchgesetzte neoliberale Wirtschaftpolitik der offenen Tür sicherlich fortsetzen wird.“......

http://www.infoamazonas.de/2011/04/27/...a-und-der-chavez-faktor.html  

24.05.11 05:00
1

441 Postings, 5411 Tage GT-EinsTHX Corbin, wobei...

... ich glaube das die allgemeine Korrektur bezüglich Silber hier auch eine Rolle spielen dürfte. Ist ja nicht der einzige auf Silber basierende Wert der fällt. Experten gehen davon aus das die noch einige Tage anhalten könnte.

www.ariva.de/news/Silberpreis-tendiert-fester-Erste-Bank-3747108

Umgelegt auf den Kurs von Fortuna dürfte ein Widerstand von 38,5€ 3,85 entsprechen (mit 1:10 easy umzurechnen) Die in dem Artikel erwähnte Bodenzone würde bei allem was  tiefer als 3 Euro liegt Einstiegskurse andeuten. 

Ich bleibe jedenfalls dabei, sowohl real als auch im Börsenspiel, und kauf ggf. nach.

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Zu wissen, wie man abwartet, ist das große Geheimnis des Erfolges. (aus China)

24.05.11 12:05

42 Postings, 5014 Tage RacerbmwFORTUNA is ein Spätstarter....

aber wenn sie los geht Leute ,  dann aber kräftig!!!

 

28.05.11 12:20

40 Postings, 5291 Tage corbinMoin,

offen gestanden habe ich nur rudimentär Ahnung von Bergbau. Ich habe Fortuna als Optionsschein ohne Zeitwertverlust gesehen. Als Silber im März/April jedoch extrem gepusht wurde, bin ich raus. Dennoch glaube ich, dass der Silberpreis weiter steigen wird. Und jetzt warte ich auf einen neuen Einstieg. Mein Kriterium war und ist die Politik des Landes. Humala vs. Fujimori. Welche Bedeutung die Wahlen und ausländische Bergbauunternehmen haben, soll folgender Abschnitt nochmals verdeutlichen:

„Lima (IRIB) - In Peru haben die Bürger gegen die Politik der Regierung demonstriert. Laut Reuters richteten sich die Proteste gegen den Entschluss der Regierung zwei ausländische Firmen an Minenarbeiten zu beteiligen. Die Demonstranten meinen, dass die Arbeiten dieser Firmen zur Verschmutzung der Umwelt beitragen und die Wälder vernichten. Es wurden Regierungsgebäude angegriffen und mehrere Polizeifahrzeuge in Brand gesteckt.....“
http://german.irib.ir/nachrichten/politik/item/...te-proteste-in-peru

Bis zum Wiedereinstieg bleibt noch Zeit.
Schönes WE!  

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