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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. (NYSE: FSM) (TSX: FVI) is pleased to report 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 by-products.  Fortuna is on schedule to produce between 8.2 – 9.0 million ounces of silver and between 49 – 54 thousand ounces of gold or between 11.7 – 12.9 million ounces Ag Eq1 in 2019, in accordance with our annual production guidance (see Fortuna news release dated January 17, 2019).

 

First Quarter Production Highlights

 

  • Silver production of 2,233,331 ounces; 7 percent decrease over Q1 2018
  • Gold production of 13,314 ounces; 11 percent decrease over Q1 2018
  • Lead production of 7,172,202 pounds; 2 percent increase over Q1 2018
  • Zinc production of 11,295,244 pounds; 2 percent increase over Q1 2018
  • Cash cost2 for San Jose is US$68.2/t, within 2019 annual cost guidance of between $63.5 – $70.1/t
  • Cash cost2 for Caylloma is US$80.8/t, within 2019 annual cost guidance of between $80.0 – $88.4/t

 

Consolidated Operating Highlights

 

 

     
  First Quarter 2019 First Quarter 2018
  Caylloma,
Peru
San Jose,
Mexico
Consolidated 
 
Caylloma,
Peru
San Jose,
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  
Silver3    
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,
Peru
San Jose,
Mexico
Consolidated Caylloma,
Peru
San Jose,
Mexico
 Consolidated
Lead    
Grade (%) 2.74 N/A   2.72 N/A  
Recovery (%) 91.34 N/A   90.55 N/A  
Production (lbs) 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 (lbs) 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 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
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 percent above budget and 4 percent below budget respectively. Average head grades for silver and gold were 267 g/t and 1.71 g/t, 5 percent above budget and 1 percent below budget respectively.  

 

Caylloma Mine, Peru

 

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

 

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

 

Qualified Person

 

Amri Sinuhaji, Technical Services Director – Mine Planning, is the Qualified Person for Fortuna Silver Mines Inc. 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 (# 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.  Our 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.  

 

Posted April 11, 2019

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