Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI)
is pleased to announce that it has prepared an updated NI 43-101
Technical Report for its Yaramoko Gold Mine located in Burkina Faso
entitled “Yaramoko Gold Mine, Burkina Faso Technical Report”, with
an effective date of December 31, 2021 prepared by Paul
Criddle, FAusIMM, Paul Weedon, MAIG, Matthew Cobb, MAIG, and Craig
Richards, P.Eng. The Technical Report will be available on the
Company’s website, on SEDAR and on EDGAR.
The Yaramoko Gold Mine currently feeds
mineralized material from two underground portals at the
55 Zone and Bagassi South mines, where long hole open stoping
and cemented rock backfill is the mining method. Mined ore is fed
to a conventional gold processing facility where the ore is
crushed, milled and subject to carbon-in-leach extraction
processes, prior to electrowinning and refining where gold is
poured to doré bars.
Recent exploration drilling and a review of mine
engineering designs in 2020 and 2021 supports the development of an
open pit mine, at the completion of the 55 Zone underground mine,
which includes the mining of near surface mineralization remaining
in the crown pillar and remnant mineralization from earlier
underground mining. Open pit mining would only commence at the
conclusion of underground mining due to the need to remove certain
key surface infrastructure associated with the underground mine.
The updated Technical Report will disclose the current Mineral
Resources and Mineral Reserves reported as of December 31, 2021 and
summarizes the scientific and technical evaluation that supports
the current underground mine and proposed open pit operation.
Qualified Person
Eric Chapman, Senior Vice President of Technical
Services of Fortuna, is a Professional Geoscientist of the
Association of Professional Engineers and Geoscientists of the
Province of British Columbia (Registration Number 36328) and a
Qualified Person as defined by National Instrument 43-101-
Standards of Disclosure for Mineral Projects. Mr. Chapman has
reviewed and approved the scientific and technical information
contained in this news release and has verified the underlying
data.
About Fortuna Silver Mines
Inc.
Fortuna Silver Mines Inc. is a Canadian precious
metals mining company with four operating mines in Argentina,
Burkina Faso, Mexico and Peru, and a fifth mine under construction
in Côte d'Ivoire. Sustainability is integral to all our operations
and relationships. We produce gold and silver and generate shared
value over the long-term for our stakeholders through efficient
production, environmental protection, and social responsibility.
For more information, please visit our website.
ON BEHALF OF THE BOARD
Jorge A. Ganoza President, CEO
and DirectorFortuna Silver Mines Inc.
Investor Relations: Carlos Baca
| info@fortunasilver.com
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 (collectively, “Forward looking Statements”). All
statements included herein, other than statements of historical
fact, are Forward looking Statements and are subject to a variety
of known and unknown risks and uncertainties which could cause
actual events or results to differ materially from those reflected
in the Forward-looking Statements. The Forward looking Statements
in this news release may include, without limitation, statements
about the Company’s filing of an updated technical report for the
Yaramoko gold mine in Burkina Faso, plans for the development of an
open pit mine at the Zone 55 upon completion of the Zone 55
underground mine; the timing of the commencement of the
construction of the open pit mine at Zone 55; the Company’s
business strategy, plans and outlook; the merit of the Company’s
mines and mineral properties; mineral resource and reserve
estimates; timelines; the future financial or operating performance
of the Company; expenditures; approvals and other matters. Often,
but not always, these Forward looking Statements can be identified
by the use of words such as “estimated”, “potential”, “open”,
“future”, “assumed”, “projected”, “used”, “detailed”, “has been”,
“gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”,
“to be”, or statements that events, “could” or “should” occur or be
achieved and similar expressions, including negative
variations.
Forward looking Statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any results, performance or achievements
expressed or implied by the Forward-looking Statements. Such
uncertainties and factors include, among others, changes in general
economic conditions and financial markets; the duration and effects
of the COVID-19 pandemic on our operations and workforce and the
effects on the global economy and society; changes in prices for
silver, gold and other metals; the success of the Company’s
exploration program at the Yaramoko mine, the costs associated with
the construction of an open pit mine, the availability of equipment
technological and operational hazards in Fortuna’s mining and mine
development activities; risks inherent in mineral exploration;
fluctuations in prices for energy, labor, materials, supplies and
services; fluctuations in currencies; uncertainties inherent in the
estimation of mineral reserves, mineral resources, and metal
recoveries; our ability to obtain all necessary permits, licenses
and regulatory approvals in a timely manner for the construction of
the open pit mine; governmental and other approvals; political
unrest or instability in countries where Fortuna is active; labor
relations issues; as well as those factors discussed under “Risk
Factors” in the Company's Annual Information Form. Although the
Company has attempted to identify important factors that could
cause actual actions, events or results to differ materially from
those described in Forward looking Statements, there may be other
factors that cause actions, events or results to differ from those
anticipated, estimated or intended.
Forward looking Statements contained herein are
based on the assumptions, beliefs, expectations and opinions of
management, including but not limited to expectations regarding the
accuracy of the Company’s mining studies and mining engineering
designs, the costs and timing of the construction of the open pit
mine, the timing of the receipt of all necessary approvals required
for the construction of the open pit mine and that all required
approvals will be obtained; expected trends in mineral prices and
currency exchange rates; that the Company’s activities will be in
accordance with the Company’s public statements and stated goals;
that there will be no material adverse change affecting the Company
or its properties; that there will be no significant disruptions
affecting operations and such other assumptions as set out herein.
Forward looking Statements are made as of the date hereof and the
Company disclaims any obligation to update any Forward-looking
Statements, whether as a result of new information, future events
or results or otherwise, except as required by law. There can be no
assurance that Forward looking Statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
investors should not place undue reliance on Forward looking
Statements.
Cautionary Note to United States Investors
Concerning Estimates of Reserves and Resources
Reserve and resource estimates included in this
news release have been prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI
43-101") and the Canadian Institute of Mining, Metallurgy, and
Petroleum Definition Standards on Mineral Resources and Mineral
Reserves. NI 43-101 is a rule developed by the Canadian Securities
Administrators that establishes standards for public disclosure by
a Canadian company of scientific and technical information
concerning mineral projects. Unless otherwise indicated, all
mineral reserve and mineral resource estimates contained in the
technical disclosure have been prepared in accordance with NI
43-101 and the Canadian Institute of Mining, Metallurgy and
Petroleum Definition Standards on Mineral Resources and
Reserves.
Canadian standards, including NI 43-101, differ
significantly from the requirements of the Securities and Exchange
Commission, and mineral reserve and resource information included
in this news release may not be comparable to similar information
disclosed by U.S. companies.
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