Fortuna Reports Record Production of 1.5 Million Ounces of Silver and 8,150 Ounces of Gold for First Quarter 2014
14 April 2014 - 1:00PM
Marketwired
Fortuna Reports Record Production of 1.5 Million Ounces of Silver
and 8,150 Ounces of Gold for First Quarter 2014
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Apr 14, 2014) -
Fortuna Silver Mines Inc.
(NYSE:FSM)(TSX:FVI)(BVLAC:FVI)(FRANKFURT:F4S) is pleased to
announce first quarter 2014 production figures from its two
operating mines in Latin America, the San Jose mine in Mexico and
the Caylloma mine in Peru. The company produced 1.5 million ounces
of silver, 8,150 ounces of gold plus base metal by-products.
Fortuna is on schedule to produce 6 million ounces of silver and
32,300 ounces of gold or 7.9 million Ag Eq* ounces in 2014.
Jorge A. Ganoza, President and CEO, commented: "I am very
pleased with the strong production figures for the first quarter of
the year. Gold and silver outputs were both above plan and costs
remained well in line with our guidance for the year. The mill
expansion to 2,000 tpd at San Jose was completed in early April and
we expect to be at this new run rate during the month."
First Quarter Production Highlights
- Silver production of 1,536,859 ounces; 55 % increase over Q1
2013
- Gold production of 8,150 ounces; 81 % increase over Q1
2013
- Lead production of 3,892,624 pounds; 16 % decrease over Q1
2013
- Zinc production of 6,529,041 pounds; 10 % increase over Q1
2013
- Cash cost** for San Jose is US$66.61/t; in line with annual
guidance of US$67.1/t
- Cash cost** for Caylloma is US$87.85/t; in line with annual
guidance of US$88.3/t
|
* Ag Eq is
calculated using metal prices of US$1,200/oz for gold andUS$20/oz
for silver |
** Preliminary estimates of cash operating costs per tonne,
subject to modification on final cost consolidation |
Consolidated Operating Highlights:
|
First Quarter 2014 |
First Quarter 2013 |
|
Caylloma, Peru |
San Jose, Mexico |
Consol- idated |
Caylloma, Peru |
San Jose, Mexico |
Consol- idated |
Processed Ore |
|
|
Tonnes milled |
114,115 |
150,708 |
264,823 |
111,416 |
93,478 |
204,894 |
Average tpd milled |
1,297 |
1,748 |
|
1,266 |
1,076 |
|
Silver* |
|
|
Grade (g/t) |
174 |
229 |
|
173 |
184 |
|
Recovery (%) |
84.80 |
89.74 |
|
80.61 |
88.94 |
|
Production (oz) |
539,824 |
997,035 |
1,536,859 |
499,445 |
492,773 |
992,218 |
|
|
|
|
|
|
|
(*) Metallurgical recovery for silver at Caylloma mine is
calculated based on silver contents in lead concentrate |
|
|
First Quarter 2014 |
First Quarter 2013 |
|
Caylloma, Peru |
San Jose, Mexico |
Consol- idated |
Caylloma, Peru |
San Jose, Mexico |
Consol- idated |
Gold |
|
|
Grade (g/t) |
0.32 |
1.74 |
|
0.38 |
1.48 |
|
Recovery (%) |
44.40 |
90.29 |
|
39.53 |
88.78 |
|
Production (oz) |
524 |
7,627 |
8,150 |
532 |
3,960 |
4,492 |
Lead |
|
|
Grade (%) |
1.66 |
|
|
2.10 |
|
|
Recovery (%) |
92.96 |
|
|
89.49 |
|
|
Production (lbs) |
3,892,624 |
|
3,892,624 |
4,614,275 |
|
4,614,275 |
Zinc |
|
|
Grade (%) |
2.87 |
|
|
2.79 |
|
|
Recovery (%) |
90.49 |
|
|
86.48 |
|
|
Production (lbs) |
6,529,041 |
|
6,529,041 |
5,934,843 |
|
5,934,843 |
San Jose Mine, Mexico
Silver and gold productions for the first quarter were 12 % and
13 % above budget respectively. Average head grades for silver and
gold were 229 g/t and 1.74 g/t or 13 % above plan for both.
Metallurgical recoveries for silver and gold were 89.74 % and 90.29
% or 1 % above budget for both.
The processing plant expansion from 1,800 to 2,000 tpd was
completed according to plan in the first week of April; mine and
mill will be achieving new production rate during the month. Due to
the continuing exploration success at Trinidad North, the company
is assessing the economic robustness of a potential plant and mine
expansion to 3,000 tpd.
Caylloma Mine, Peru
Silver production for the first quarter was 10 % above budget
and average head grade was 174 g/t or 7 % above plan. Metallurgical
recovery for silver was 84.80 % or 3 % above budget.
Qualified Person
Boris G. Caro, Technical Services Corporate Manager, is a
Qualified Person for Fortuna Silver Mines Inc. as defined by
National Instrument 43-101. Mr. Caro is a Member of Australasian
Institute of Mining and Metallurgy (Membership Number 305462) and a
Registered Member of the Chilean Mining Commission (Comisión
Calificadora de Competencias en Recursos y Reservas Mineras,
Registered Member Number 0229) and is responsible for ensuring that
the information contained in this news release is an accurate
summary of the original reports and data provided to or developed
by Fortuna Silver Mines.
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 mine in Mexico. The company is selectively
pursuing additional acquisition opportunities throughout the
Americas. For more information, please visit our website at
www.fortunasilver.com.
ON BEHALF OF THE BOARD
Jorge A. Ganoza, President, CEO and Director
Fortuna Silver Mines Inc.
Forward-Looking Statements
This news release contains forward-looking statements which
constitute "forward-looking information" within the meaning of
applicable Canadian securities legislation and "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are statements that are not historical
facts and that are subject to a variety of risks and uncertainties
which could cause actual events or results to differ materially
from those reflected in the forward-looking statements. When used
in this document, the words such as "anticipates", "believes",
"plans", "estimates", "expects", "forecasts", "targets", "intends",
"advance", "projects", "calculates" and similar expressions are
forward-looking statements.
The forward-looking statements are based on an assumed set
of economic conditions and courses of actions, including 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
estimation 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.
Although Fortuna has attempted to identify important factors
that could cause actual results to differ materially from those
contained in forward-looking statements or information, there may
be other factors that cause results to be materially different from
those anticipated, described, estimated, assessed or intended.
There can be no assurance that any forward-looking statements or
information will prove to be accurate as actual results and future
events could differ materially from those anticipated in such
statements or information. Accordingly, readers should not place
undue reliance on forward-looking statements or
information.
Fortuna Silver Mines Inc.Carlos BacaInvestor RelationsT (Peru):
+51.1.616.6060, ext. 0www.fortunasilver.com
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