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Fortuna Silver Mines Inc
Symbol FVI
Shares Issued 160,290,574
Close 2019-07-12 C$ 3.63
Recent Sedar Documents

Fortuna Silver produces 2.38 million oz Ag in Q2

2019-07-15 07:16 ET - News Release

Mr. Jorge Ganoza reports

FORTUNA REPORTS PRODUCTION OF 2.4 MILLION OUNCES OF SILVER AND 13,497 OUNCES OF GOLD FOR THE SECOND QUARTER OF 2019

Fortuna Silver Mines Inc. has provided production results for the second 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 2.4 million ounces of silver and 13,497 ounces of gold plus base metal byproducts. Silver and gold production for the first six months totalled 4.6 million ounces and 26,811 ounces respectively; being 5 per cent above and 1 per cent below the company's midyear projection respectively. Fortuna is on schedule to produce 8.2 million to 9.0 million ounces of silver and 49,000 to 54,000 ounces of gold or 11.7 million to 12.9 million silver equivalent (AgEq) (1) ounces in 2019 in accordance with the company's annual production guidance (refer to Fortuna news release dated Jan. 17, 2019).

Second quarter production highlights

  • Silver production of 2,387,225 ounces; 3-per-cent increase over Q2 2018;
  • Gold production of 13,497 ounces; 7-per-cent decrease over Q2 2018;
  • Lead production of 6,975,426 pounds; 3-per-cent decrease over Q2 2018;
  • Zinc production of 11,173,027 pounds; 2-per-cent decrease over Q2 2018;
  • Cash cost (2) for San Jose is $68.60 (U.S.)/t, within 2019 annual cost guidance of between $63.50 to $70.10/t;
  • Cash cost for Caylloma is $86.70 (U.S.)/t, within 2019 annual cost guidance of between $80.0 to $88.4/t.

 
                              CONSOLIDATED OPERATING HIGHLIGHTS
 
                                              Second quarter 2019                          Second quarter 2018
                   Caylloma, Peru San Jose, Mexico   Consolidated Caylloma, Peru San Jose, Mexico Consolidated 
Processed ore                                                                                                 
Tonnes milled             133,548          271,016                       134,123          263,383             
Average tpd milled          1,501            3,045                         1,507            2,987             
Silver (3)                                                                                                       
Grade (g/t)                    64              273                            65              268             
Recovery (%)                83.86            90.76                         84.84            91.67             
Production (oz)           230,000        2,157,225      2,387,225        237,303        2,084,013    2,321,315


  
 
                                            Second quarter 2019                          Second quarter 2018             
                 Caylloma, Peru San Jose, Mexico   Consolidated Caylloma, Peru San Jose, Mexico Consolidated 
Gold                                                                                                     
Grade (g/t)                0.20             1.68                          0.17             1.86             
Recovery (%)              34.33            90.23                         17.91            91.54             
Production (oz)             293           13,204         13,497            134           14,422       14,557
Lead                                                                                                     
Grade (%)                  2.61                                        2.65                              
Recovery (%)              90.88                                       91.63                              
Production (lb)       6,975,426                     6,975,426     7,186,541                     7,186,541
Zinc                                                                                                     
Grade (%)                  4.22                                        4.27                              
Recovery (%)              89.89                                       90.57                              
Production (lb)      11,173,027                    11,173,027    11,436,243                    11,436,243

Notes

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

(2) Preliminary estimates of cash operating costs per tonne are 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 2,157,225 ounces of silver and 13,204 ounces of gold in the second quarter of 2019, 7 per cent above and 4 per cent below budget respectively. Average head grades for silver and gold were 273 g/t and 1.68 g/t, 7 per cent above and 3 per cent below budget respectively. Silver and gold production for the first six months of 2019 totalled 4.2 million ounces and 25,945 ounces respectively; being 5 per cent above and 4 per cent below the mine's midyear projection.

Caylloma mine, Peru

The Caylloma mine produced 230,000 ounces of silver in the second quarter of 2019, 1 per cent above budget. The average silver head grade was 64 g/t, 1 per cent above budget. Silver production for the first six months of 2019 totaled 463,836 ounces; 1 per cent above the mine's midyear projection.

Lead and zinc production for the second quarter of 2019 was 6,975,426 pounds and 11,173,027 pounds respectively, in line with budget and 6 per cent above budget respectively. Average head grades for lead and zinc were 2.61 per cent and 4.22 per cent, in line with budget and 7 per cent above budget respectively. Base metals production for the first six months of 2019 totalled 14,147,628 pounds of lead and 22,468,271 pounds of zinc; being 1 per cent below and 8 per cent above the mine's midyear projection.

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 metals producer focused on mining opportunities in Latin America. The company's primary assets are the Caylloma silver mine in southern Peru, the San Jose silver-gold mine in Mexico and the Lindero gold project, currently under construction, 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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