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Additional Information
Market: TSX
Sector: Platinum & Precious Metals
EPIC: FVI
Latest Price: 3.80  (1.20% Ascending)
52-week High: 7.30
52-week Low: 3.55
Market Cap: 475.39M
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Fortuna Silver
www.fortunasilver.com

Fortuna Silver is a silver and base metal producer focused on mining opportunities in Latin America. The company's two primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico.

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Fortuna Silver’s silver production nears 1.7 million ounces in 2009, expects more of the same in 2010

18th Jan 2010, 2:27 pm
Fortuna Silver’s silver production nears 1.7 million ounces in 2009, expects more of the same in 2010

Fortuna Silver Mines (TSX: FVI) reported 2009 production performance figures for the Caylloma mine in Peru this morning.  Production of silver, zinc and lead increased significantly over 2008 as the company’s output, mill throughput, silver grades, and metal recoveries improved.


In the 12 month period ended 31 December 2009, Fortuna produced approximately 1.685 million ounces of silver (2008: 0.861 million ounces), 28.4 million pounds of zinc, and 25.1 million pounds of lead (up 22% and 52% respectively).


The emerging silver producer also stated that it expected gross revenues to exceed US$50 million in 2009, a 90% increase on the previous year.


Looking ahead to 2010, Fortuna said it forecasting that production will stay relatively flat as the Caylloma Mine is now operating a peak capacity.


However, the company’s attention in 2010 will also be largely focused on developing its second asset, the San Jose Silver-Gold Project in Mexico.  San Jose currently hosts a NI 43-101 compliant indicated resource of 37.6 million ounces of silver equivalent and inferred resource of 30.4 million ounces of silver equivalent. A pre-feasibility study is expected in the first quarter of 2010, and Fortuna is not resting on its laurels, confirming today that construction activities are also due to start this quarter.  The San Jose Mine is due to start commissioning in 2011.


"The Caylloma Mine is a success story for Fortuna. It has delivered three consecutive years of silver production expansion and unit cost reduction. We expect to maintain production of all commodities at close to current levels during 2010 with the exception of copper, which should ramp up to 1M pounds,” Jorge Ganoza, CEO of Fortuna Silver commented,  “Future growth will come from the development of our San Jose Project in Mexico. We have all the required permits in place for San Jose and a strong treasury, which will enable us to launch the construction of Fortuna's second mine in the first quarter of 2010."



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