Fortuna Silver Sees Increase in 1Q Silver Production

Wednesday April 17, 2013 10:35 AM

Fortuna Silver Mines Inc. (TSX: FVI)(NYSE: FSM) says silver production from its San Jose Mine in Mexico and its Caylloma Mine in Peru rose. The company produced 992,218 ounces of silver in the quarter, on par with its 2013 production guidance, the company says. “2013 is the first year our company has provided cost guidance and we are satisfied cash costs for the first quarter are in line with our projections,” says Jorge A. Ganoza, president and chief executive officer of Fortuna Silver. “We will start to see quarterly silver and gold production growth starting in the third quarter as we commission the expansion of the San Jose mine from 1,000 tonnes per day to 1,500 tonnes per day. This project is advancing on time and on budget." The company saw a decrease in gold production compared to last year’s corresponding quarter, with a total of 4,492 ounces of gold produced. The company says they expect gold production to total 23,000 ounces on the year for a total of 5.7 million silver equivalent ounces. Fortuna also produced 4.6 million pounds of lead and 5.9 million pounds of zinc, both increases over last year’s first quarter results.