Fortuna Puts Out 992,218 Ounces of Silver in Q1 2013

Fortuna Silver Mines Inc. (NYSE:FSM,TSX:FVI) announced its results for the first quarter of 2013, commenting that it generated revenue of $40.7 million and net income of $6.7 million. The company produced 992,218 ounces of silver and 4,492 ounces of gold.

According to the press release, other highlights of the results include:

• Earnings per share, basic of $0.05
• Operating cash flow per share before changes in working capital of $0.13
• Cash generated from operating activities, before changes in working capital of $16.3 million
• Cash position, including short term investments and working capital, as at quarter end was $67.9 million and $83.7 million, respectively
• Cash cost per ounce of payable silver, net of by-product credits, was $6.60

Jorge A. Ganoza, president and CEO of Fortuna, commented:

We have had solid first quarter results with cash cost performance in line with our guidance.  We continue on track with the mill expansion at San Jose which is not only key to meet our production guidance for the year but which will also bring about lower unit costs towards the end of 2013. With $68 million in cash, a $40 million untapped credit facility, and our growing low cost silver and gold production, Fortuna is in a solid position to carry out our strategic objectives in this lower price environment. Management is monitoring closely the financial sensitivity of our mines and capital projects and will act accordingly to safeguard the integrity of our business.

Click here to read the full Fortuna Silver Mines Inc. (NYSE:FSM,TSX:FVI) press release.