BREAKING SILVER NEWS
- Precious Metals Post Weekly Losses, XAU Tumbles
- Fortuna Silver Mines Expands Presence in Mexico
- Silver’s Win Streak Hits Seven, Gold Futures Dip
- Metals Close at 5-Week Highs, XAU Jumps 2.0%
- Gold, Silver Futures Rise, Canadian Shares Inch Up
- Precious Metals Mixed, Gold Targets New Resistance Level
- Metals Hold Gains, Fed’s Rosengren Chimes in on QE
- Fortuna Silver Delivers 6th Straight Year of Production Growth
- Metals Slide, But Gold Snaps 6-Week Losing Streak
- Precious Metals Surge, “The Financial System is Drowning in Debt”
- Precious Metals Hold Gains, XAU Pares Losses
- Precious Metals Tumble, Fed Minutes Mull QE4 Longevity
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Fortuna Silver Beats Guidance, Reports Record Production
Fortuna Silver (FVI.TSX, NYSE: FSM) is pleased to announce 2012 record silver and gold production figures from its San Jose mine located in Mexico and Caylloma mine located in Peru.The company's mining operations performed strongly in 2012 delivering our sixth consecutive year of silver and gold production growth and sustained low cash cost per silver ounce. For 2013, Fortuna is scheduled to produce 4.4 million ounces of silver and 23,300 ounces of gold or 5.7 million Ag Eq ounces plus significant base metal credits.
Full Fortuna Silver Press Release
Mr. Jorge Ganoza , President & CEO:
"2012 has been our sixth year of continued record silver and gold production growth highlighted by the first year anniversary of successful commercial operations at our San Jose mine. For 2013, we continue to project sustained low cost silver and gold production expansion driven by the San Jose ramp-up to be commissioned in early Q3 2013. Fortuna's strategic objective is to target an annual production rate of 14 million silver and gold equivalent ounces by 2016 while maintaining cash costs at its operations below industry average."
HIGHLIGHTS:
- Silver and gold production was 8% and 19% above 2012 production guidance respectively
- Silver production of 4.0 million ounces; 59% increase over 2011
- Gold production of 20,699 ounces; 195% increase over 2011
Graeme Jennings, Cormark Securities:
"We believe that the Company offers investors exposure to an undervalued 'best in class' mid-tier silver producer with a rapidly growing production profile supported by high quality in-situ resources and exploration assets."
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