Fortuna Silver Mines (FVI.TSX) announced the start of commercial production at
its San Jose silver-gold mine in Oaxaca, Mexico today. Construction of the
wholly-owned mine began in March 2010 and was concluded on-time and on-budget,
with total construction capital investment of approximately $55 million. San
Jose is expected to produce 520,000 ounces of silver and 4,600 ounces of gold in
2011, and 1.7 million ounces of silver and 15,000 ounces of gold in 2012 at an
estimated cash cost per silver ounce of $5.04, net of by-products. Highlights: *
Fortuna Silver expects that recoveries will continue to improve over the coming
weeks to the targeted 88% recovery for silver and 90% for gold, as the process
continues to be fine tuned and the plant is sourced with production ore. * For
2011, Fortunas consolidated production guidance is 2.4 million ounces of silver,
7,530 ounces of gold plus approximately 38.4 million pounds of combined lead and
zinc production. * For 2012, the Company anticipates an increase in production
to 3.7 million ounces of silver, 18,041 ounces of gold and approximately 39.8
million pounds of combined lead and zinc production. Jorge A. Ganoza, Fortuna
President, CEO and Director: This is a milestone for Fortuna…We now look
forward to continue delivering production growth through the expansion of San
Jose to 1,500 tonnes per day by third quarter of 2013.
No comments:
Post a Comment