GlobeNewswire

Fortuna reports production of 2.3 million ounces of silver and 14,557 ounces of gold for the second quarter of 2018

Dela

VANCOUVER, British Columbia, July 16, 2018 (GLOBE NEWSWIRE) -- Fortuna Silver Mines Inc. (NYSE:FSM) (TSX:FVI) is pleased to report production results for the second 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 2.3 million ounces of silver and 14,557 ounces of gold plus base metal by-products.  Silver and gold production for the first six months totaled 4.7 million ounces and 29,597 ounces respectively; being 13 percent and 20 percent above the Company's mid-year projection.  Fortuna is on schedule to produce 8.3 million ounces of silver and 48.3 thousand ounces of gold or 11.4 million Ag Eq1 ounces in 2018 in accordance with our production guidance (see Fortuna news release dated January 17, 2018).

Second Quarter Production Highlights

  • Silver production of 2,321,315 ounces; 10 percent increase over Q2 2017
  • Gold production of 14,557 ounces; in line with Q2 2017
  • Lead production of 7,186,541 pounds; in line with Q2 2017
  • Zinc production of 11,436,243 pounds; 8 percent increase over Q2 2017
  • Cash cost2 for San Jose is US$60.5/t
  • Cash cost2 for Caylloma is US$76.9/t

Consolidated Operating Highlights

  Second Quarter 2018 Second Quarter 2017
  Caylloma,
Peru
San Jose,
Mexico
Consolidated  Caylloma,
Peru
San Jose,
Mexico
Consolidated 
Processed Ore    
Tonnes milled 134,123 263,383   131,974 268,456  
Average tpd milled 1,507 2,987   1,483 3,016  
Silver3    
Grade (g/t) 65 268   64 238  
Recovery (%) 84.84 91.67   84.55 91.84  
Production (oz) 237,303 2,084,013 2,321,315 229,594 1,887,269 2,116,863

Notes:
1.  Silver equivalent production does not include lead or zinc and is calculated using a silver to gold ratio of 65 to 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

  Second Quarter 2018 Second Quarter 2017
  Caylloma,
Peru
San Jose,
Mexico
Consolidated Caylloma, 
Peru
San Jose,
Mexico
Consolidated
Gold    
Grade (g/t) 0.17 1.86   0.19 1.82  
Recovery (%) 17.91 91.54   16.60 91.55  
Production (oz) 134 14,422 14,557 137 14,410 14,547
Lead    
Grade (%) 2.65     2.70    
Recovery (%) 91.63     91.25    
Production (lbs) 7,186,541   7,186,541 7,170,027   7,170,027
Zinc    
Grade (%) 4.27     4.04    
Recovery (%) 90.57     90.36    
Production (lbs) 11,436,243   11,436,243 10,613,417   10,613,417

San Jose Mine, Mexico

The San Jose Mine produced 2,084,013 ounces of silver and 14,422 ounces of gold in the second quarter of 2018, 9 percent and 17 percent above budget respectively.  Average head grades for silver and gold were 268 g/t and 1.86 g/t, 10 percent and 19 percent above budget respectively. Silver and gold production for the first six months of 2018 totaled 4.3 million ounces and 29,304 ounces respectively; being 13 percent and 19 percent above the mine's mid-year projection.

Caylloma Mine, Peru

The Caylloma Mine produced 237,303 ounces of silver in the second quarter of 2018, 16 percent above budget.  Average silver head grade of 65 g/t, 13 percent above budget. Silver production for the first six months of 2018 totaled 452,848 ounces; 11 percent above the mine's mid-year projection.

Lead and zinc production for the second quarter of 2018 was 7,186,541 pounds and 11,436,243 pounds respectively, 11 percent above and in line with budget.  Average head grades for lead and zinc were 2.65% and 4.27%, 9 percent above and in line with budget respectively. Base metals production for the first six months totaled 14,226,245 pounds of lead and 22,464,705 pounds of zinc; being 10 percent and 2 percent above the mine's mid-year projection.

Qualified Person

Eric N. Chapman, M.Sc., Vice President of Technical Services, is the Qualified Person for Fortuna Silver Mines Inc. 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 Number 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 metals producer focused on mining opportunities in Latin America.  Our primary assets are 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.  For more information, please visit our website at www.fortunasilver.com.

Jorge A. Ganoza 
President, CEO and Director
Fortuna Silver Mines Inc.

Trading symbols: NYSE: FSM | TSX: FVI

Investor Relations:

Carlos Baca
T (Peru): +51.1.616.6060, ext. 0

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 plans for its mines and mineral properties; 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; 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; 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 mine production costs; expected trends in mineral prices and currency exchange rates; the accuracy of the Company's current mineral resource and reserve estimates; 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 all required approvals will be obtained; 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.

This news release also refers to non-GAAP financial measures, such as cash cost per tonne of processed ore. These measures do not have a standardized meaning or method of calculation, even though the descriptions of such measures may be similar. These performance measures have no meaning under International Financial Reporting Standards (IFRS) and therefore, amounts presented may not be comparable to similar data presented by other mining companies.




This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Fortuna Silver Mines Inc. via Globenewswire

Om

GlobeNewswire



Följ GlobeNewswire

Abonnera på våra pressmeddelanden.

Senaste pressmeddelandena från GlobeNewswire

Karolinska Development's portfolio company Aprea Therapeutics has received FDA Orphan Drug Designation and Fast Track Designation for APR-24616.4.2019 12:46:00 CESTPressmeddelande

STOCKHOLM, April 16, 2019. Karolinska Development's portfolio company Aprea Therapeutics has from FDA received an Orphan Drug Designation for APR-246 for the treatment of patients with Myelodysplastic Syndromes (MDS) having a TP53 mutation. In addition, FDA has also granted Fast Track Designation to APR-246 for treatment of MDS. Orphan Drug Designation is granted by the FDA Office of Orphan Products Development to advance the evaluation and development of safe and effective therapies for the treatment of rare diseases. The designation can provide development and commercial incentives for designated compounds and medicines, including eligibility for a seven-year period of market exclusivity in the U.S. after product approval, FDA assistance in clinical trial design, tax credits related to clinical trial expenses, and an exemption from FDA user fees. The FDA's Fast Track program facilitates the development of drugs intended to treat serious conditions and that have the potential to addre

Karolinska Developments portföljbolag Aprea Therapeutics har fått särläkemedelsstatus och snabbspårstatus från FDA för APR-24616.4.2019 12:46:00 CESTPressmeddelande

STOCKHOLM, SVERIGE - 16 april 2019. Karolinska Development AB meddelar idag att portföljbolaget Aprea Therapeutics har av FDA fått särläkemedelsstatus för APR-246 för behandling av patienter med TP53-muterad myelodysplastiskt syndrom (MDS). Dessutom ger FDA bolaget snabbspårstatus (Fast Track Designation), för APR-246 för behandling av MDS. Amerikanska läkemedelsverket, FDA, ger särläkemedelsstatus till läkemedelskandidater för att snabba på utvärderingen och utvecklingen av säkra och effektiva behandlingar av ovanliga sjukdomar. Särläkemedelsstatus ger företag både regulatoriska och kommersiella incitament genom att läkemedlet får marknadsexklusivitet på den amerikanska marknaden i sju år efter marknadsgodkännande samtidigt som företaget får stöd från FDA när det gäller designen av kliniska prövningar, skatteförmåner för kostnader kopplade till kliniska prövningar och avgiftsbefrielse från FDA. FDA:s snabbspår underlättar utvecklingen av läkemedel som är avsedda för att behandla allva

Bergman & Beving AB: Bergman & Beving förvärvar KGC10.4.2019 14:00:00 CESTPressmeddelande

Pressmeddelande Bergman & Beving förvärvar KGC Bergman & Beving har idag tecknat avtal om förvärv av samtliga aktier i KGC Verktyg & Maskiner AB. KGC, med säte i Älvsjö, har i mer än 60 år utvecklat och levererat kvalitetsverktyg och tillbehör för murning och plattsättning i det egna varumärket KGC. Bolaget omsätter cirka 80 MSEK per år, och har 24 anställda. "KGC är ett ledande varumärke med högt anseende hos murare och plattsättare och har en mycket stark ställning på den svenska marknaden", säger Pontus Boman, VD och koncernchef. Tillträde beräknas ske den 1 maj 2019 och förvärvet bedöms ha en marginellt positiv påverkan på Bergman & Bevings resultat per aktie under innevarande räkenskapsår. Stockholm den 10 april 2019 Bergman & Beving AB (publ) För ytterligare information kontakta: Pontus Boman, VD & Koncernchef, telefon 010-454 77 00 Peter Schön, CFO, telefon 070-339 89 99 Denna information lämnades, genom ovanstående kontaktpersoners försorg, för offentliggörande den 10 april 201

Bergman & Beving AB: Bergman & Beving acquires KGC10.4.2019 14:00:00 CESTPressmeddelande

Press release Bergman & Beving acquires KGC Bergman & Beving has today signed an agreement to acquire all shares in KGC Verktyg & Maskiner AB. KGC, based in Älvsjö, has for more than 60 years developed and delivered quality tools and accessories for bricklayers and tilers in its own brand KGC. The business has a turnover of approximately SEK 80 million per year, and has 24 employees. "KGC is a leading brand with high reputation among bricklayers and tilers and has a very strong position in the Swedish market," says Pontus Boman, President and CEO. The closing is taking effect on 1 May 2019 and the acquisition is expected to have a marginal positive impact on Bergman & Beving's earnings per share during the current fiscal year. Stockholm, 10 April 2019 Bergman & Beving AB (publ) For further information, please contact: Pontus Boman, President & CEO, Tel: +46 10 454 77 00 Peter Schön, CFO, Tel: +46 70 339 89 99 The information was submitted for publication, through the agency of the cont

Karolinska Development's portfolio company Aprea presents promising results with APR-246 in combination with immuno-oncology agents3.4.2019 14:00:00 CESTPressmeddelande

STOCKHOLM, April 3, 2019. Karolinska Development's portfolio company Aprea today presents results from studies with APR-246 in combination with immune checkpoint blockade. The results show that APR-246 can improve the effect of immuno-oncology agents. Karolinska Development portfolio company Aprea Therapeutics announced today the results of studies with APR-246 in combination with immune checkpoint blockade. The results were presented by researchers from Memorial Sloan Kettering Cancer Center at the 2019 AACR Annual Meeting in Atlanta. The studies collectively support a role for p53 activity in the tumor microenvironment and suggest that stabilization of the tumor suppressor protein, p53, by APR-246 can enhance anti-tumor immune response, particularly when combined with immuno-oncology agents. The studies characterized changes in the tumor immune microenvironment in melanoma and colorectal cancer in vivo models when treated with APR-246 and immuno-oncology agents, either alone or in co

Karolinska Development's portfolio company Aprea presents promising results with APR-246 in combination with immuno-oncology agents3.4.2019 14:00:00 CESTPressmeddelande

STOCKHOLM, April 3, 2019. Karolinska Development's portfolio company Aprea today presents results from studies with APR-246 in combination with immune checkpoint blockade. The results show that APR-246 can improve the effect of immuno-oncology agents. Karolinska Development portfolio company Aprea Therapeutics announced today the results of studies with APR-246 in combination with immune checkpoint blockade. The results were presented by researchers from Memorial Sloan Kettering Cancer Center at the 2019 AACR Annual Meeting in Atlanta. The studies collectively support a role for p53 activity in the tumor microenvironment and suggest that stabilization of the tumor suppressor protein, p53, by APR-246 can enhance anti-tumor immune response, particularly when combined with immuno-oncology agents. The studies characterized changes in the tumor immune microenvironment in melanoma and colorectal cancer in vivo models when treated with APR-246 and immuno-oncology agents, either alone or in co

I vårt pressrum kan du läsa de senaste pressmeddelandena, få tillgång till pressmaterial och hitta kontaktinformation.

Besök vårt pressrum