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Fortuna Silver Mines Inc
Symbol C : FVI
Shares Issued 159,939,595
Close 2019-04-11 C$ 4.54
Recent Sedar Documents

Fortuna Silver produces 2.23 moz Ag, 13,314 oz Au in Q1

2019-04-11 06:02 ET - News Release

Mr. Jorge Ganoza reports

FORTUNA REPORTS PRODUCTION OF 2.2 MILLION OUNCES OF SILVER AND 13,314 OUNCES OF GOLD FOR THE FIRST QUARTER OF 2019

Fortuna Silver Mines Inc. has released production results for the first quarter of 2019 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 13,314 ounces of gold, plus base metal byproducts. Fortuna is on schedule to produce between 8.2 million and 9.0 million ounces of silver and between 49,000 and 54,000 ounces of gold or between 11.7 million and 12.9 million ounces silver equivalent (1) in 2019, in accordance with its annual production guidance (see Fortuna news release dated Jan. 17, 2019).

First quarter production highlights:

  • Silver production of 2,233,331 ounces, 7-per-cent decrease over the first quarter of 2018;
  • Gold production of 13,314 ounces, 11-per-cent decrease over the first quarter of 2018;
  • Lead production of 7,172,202 pounds, 2-per-cent increase over the first quarter of 2018;
  • Zinc production of 11,295,244 pounds, 2-per-cent increase over the first quarter of 2018;
  • Cash cost (2) for San Jose of $68.20 (U.S.)/tonne, within 2019 annual cost guidance of between $63.50 to $70.10/t;
  • Cash cost (2) for Caylloma of $80.80 (U.S.)/t, within 2019 annual cost guidance of between $80 and $88.40/t.

                                  CONSOLIDATED OPERATING HIGHLIGHTS
 
                                        First quarter 2019                       First quarter 2018              
                       Caylloma,   San Jose,                  Caylloma,    San Jose,
                            Peru      Mexico  Consolidated         Peru       Mexico   Consolidated
Processed ore
Tonnes milled            130,150     256,643                    129,620      258,204
Average tpd milled         1,479       2,984                      1,473        3,011
Silver (3)
Grade (g/t)                   66         267                         61          284
Recovery (%)               84.06       90.76                      84.23        92.76
Production (oz)          233,836   1,999,495     2,233,331      215,545    2,185,913      2,401,458
Gold
Grade (g/t)                 0.28        1.71                       0.20         1.94
Recovery (%)               48.74       90.14                      19.07        92.34
Production (oz)              573      12,741        13,314          159       14,882         15,041
 
                                       First quarter 2019                     First quarter 2018              
                      Caylloma,  San Jose,                  Caylloma,   San Jose,
                           Peru     Mexico   Consolidated        Peru      Mexico   Consolidated
Lead
Grade (%)                  2.74        N/A                       2.72         N/A
Recovery (%)              91.34        N/A                      90.55         N/A
Production (lb)       7,172,202        N/A      7,172,202   7,039,703         N/A      7,039,703
Zinc
Grade (%)                  4.37        N/A                       4.31         N/A
Recovery (%)              90.07        N/A                      89.64         N/A
Production (lb)      11,295,244        N/A     11,295,244  11,028,463         N/A     11,028,463

Notes
(1) Silver equivalent production does not include lead or zinc and is calculated using a silver 
to gold ratio of 72:1.
(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.

San Jose mine, Mexico

The San Jose mine produced 1,999,495 ounces of silver and 12,741 ounces of gold in the first quarter of 2019, 3 per cent above budget and 4 per cent below budget, respectively. Average head grades for silver and gold were 267 g/t and 1.71 g/t, 5 per cent above budget and 1 per cent below budget, respectively.

Caylloma mine, Peru

The Caylloma mine produced 233,836 ounces of silver in the first quarter of 2019, 1 per cent above budget. Average head grade for silver was 66 g/t, 2 per cent above budget.

Lead and zinc production for the first quarter of 2019 was 7,172,202 pounds and 11,295,244 pounds, 2 per cent below budget and 9 per cent above budget, respectively. Average head grades for lead and zinc were 2.74 per cent and 4.37 per cent, 1 per cent below budget and 11 per cent above budget, respectively.

Qualified person

Amri Sinuhaji, technical services director, mine planning, is the qualified person for Fortuna Silver Mines as defined by National Instrument 43-101. Mr. Sinuhaji is a professional engineer registered with the Association of Professional Engineers and Geoscientists of the Province of British Columbia (No. 48305) 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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