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Fortuna Silver Mines Inc
Symbol FVI
Shares Issued 159,800,317
Close 2018-10-10 C$ 5.55
Recent Sedar Documents

Fortuna Silver produces 2.23 moz Ag in Q3

2018-10-11 06:12 ET - News Release

Mr. Jorge Ganoza reports

FORTUNA REPORTS PRODUCTION OF 2.2 MILLION OUNCES OF SILVER AND 12,542 OUNCES OF GOLD FOR THE THIRD QUARTER OF 2018

Fortuna Silver Mines Inc. has released production results for the third quarter of 2018 from its two operating mines in Latin America, the San Jose mine in Mexico and the Caylloma mine in Peru. The company produced 2.2 million ounces of silver and 12,542 ounces of gold, plus base metal byproducts. Silver and gold production for the first nine months totalled 7.0 million ounces and 42,140 ounces, respectively, being 13 per cent and 16 per cent above the company's nine-month projection. Fortuna is on schedule to produce 8.3 million ounces of silver and 48,300 ounces of gold or 11.4 million silver equivalent ounces in 2018 in accordance with the company's production guidance (see Fortuna news release dated Jan. 17, 2018).

Third quarter production highlights:

  • Silver production of 2,230,465 ounces; 11-per-cent increase over the third quarter of 2017;
  • Gold production of 12,542 ounces; 6-per-cent decrease over the third quarter of 2017;
  • Lead production of 7,575,541 pounds; 1-per-cent decrease over the third quarter of 2017;
  • Zinc production of 11,482,583 pounds; 2-per-cent increase over the third quarter of 2017;
  • Cash cost (2) for San Jose is $63.30 (U.S.)/tonne;
  • Cash cost (2) for Caylloma is $88.53 (U.S.)/t.

                          CONSOLIDATED OPERATING HIGHLIGHTS
 
                                  Third quarter 2018               Third quarter 2017      
                    Caylloma, San Jose,              Caylloma, San Jose,
                         Peru    Mexico Consolidated      Peru    Mexico Consolidated
Processed ore
Tonnes milled         135,996   262,710                133,726   263,697
Average tpd milled      1,511     2,985                  1,486     3,038
Silver (3)
Grade (g/t)                65       258                     66       229
Recovery (%)            84.69     91.47                  83.29     91.40
Production (oz)       239,253 1,991,211    2,230,465   234,806 1,774,556    2,009,362

Notes
(1) Silver equivalent production does not include lead or zinc and is calculated 
using a silver to gold ratio of 65:1.
(2) Preliminary estimates of cash operating costs per tonne, subject to modification 
on final cost consolidation.
(3) Metallurgical recovery for silver at the Caylloma mine is calculated based on 
silver content in lead concentrate.
(4) Totals may not add due to rounding.

                                Third quarter 2018                Third quarter 2017                        
                  Caylloma, San Jose,               Caylloma, San Jose,
                       Peru    Mexico Consolidated       Peru    Mexico Consolidated
Gold
Grade (g/t)            0.17      1.61                    0.20      1.71
Recovery (%)          21.37     91.24                   19.18     91.39
Production (oz)         155    12,387       12,542        164    13,248       13,412
Lead
Grade (%)              2.74                              2.87
Recovery (%)          92.23                             90.54
Production (lb)   7,575,541              7,575,541  7,650,040              7,650,040
Zinc
Grade (%)              4.24                              4.26
Recovery (%)          90.36                             89.60
Production (lb)  11,482,583             11,482,583 11,241,371             11,241,371

San Jose mine, Mexico

The San Jose mine produced 1,991,211 ounces of silver and 12,387 ounces of gold in the third quarter of 2018, 11 per cent and 9 per cent above budget, respectively. Average head grades for silver and gold were 258 grams per tonne and 1.61 g/t, 11 per cent and 9 per cent above budget, respectively. Silver and gold production for the first nine months of 2018 totalled 6.3 million ounces and 41,692 ounces, respectively, being 13 per cent and 16 per cent above the mine's nine-month projection.

Caylloma mine, Peru

The Caylloma mine produced 239,253 ounces of silver in the third quarter of 2018, 19 per cent above budget. Average head grade for silver was 65 g/t, 16 per cent above budget. Silver production for the first nine months of 2018 totalled 692,101 ounces; 13 per cent above the mine's nine-month projection.

Lead and zinc production for the third quarter of 2018 was 7,575,541 pounds and 11,482,583 pounds, respectively, 20 per cent and 1 per cent above budget, respectively. Average head grades for lead and zinc were 2.74 per cent and 4.24 per cent, 17 per cent above and in line with budget, respectively. Base metals production for the first nine months totalled 21,801,786 pounds of lead and 33,947,289 pounds of zinc; being 14 per cent and 1 per cent above the mine's nine-month projection.

Qualified person

Eric N. Chapman, MSc, vice-president of technical services, is the qualified person for Fortuna Silver Mines as defined by National Instrument 43-101. Mr. Chapman is a professional geoscientist of the Association of Professional Engineers and Geoscientists of the province of British Columbia (registration No. 36328) and has reviewed and approved the scientific and technical information contained in this news release.

About Fortuna Silver Mines Inc.

Fortuna is a growth-oriented, precious metal producer with its primary assets being the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico and the Lindero gold project in Argentina. The company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas.

We seek Safe Harbor.

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