Fortuna Reports Q1 Silver Output of 1.6 Million Ounces

Fortuna Silver Mines Inc. (TSX:FVI,NYSE:FSM) announced Q1 production numbers for its Mexico-based San Jose mine and Caylloma mine in Peru, noting that together they put out 1.6 million ounces of silver, 9,739 ounces of gold and base metal by-products.

This year the company is aiming to produce 6.5 million ounces of silver and 35,300 ounces of gold. That comes to 8.6 million silver equivalent ounces.

Here’s a more detailed look at the figures:

• Silver production of 1,633,169 ounces; 6 % increase over Q1 2014
• Gold production of 9,739 ounces; 19 % increase over Q1 2014
• Lead production of 4,346,380 pounds; 12 % increase over Q1 2014
• Zinc production of 7,533,714 pounds; 15 % increase over Q1 2014
• Cash cost** for San Jose is US$59.8/t; on track to meet annual guidance of US$62.7/t
• Cash cost** for Caylloma is US$84.0/t; on track to meet annual guidance of US$90.3/t

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

Production for the quarter has been in line with our budgets and guidance. With respect to first quarter of last year our production increased as a result of the expansion of the San Jose Mine from 1,800 to 2,000 tonnes per day, which took place in April 2014. Work on the third expansion of the San Jose Mine to 3,000 tonnes per day is moving as planned with detail engineering and purchase orders for major equipment well advanced. We plan to commission midyear 2016. At the new rate Fortuna will target a consolidated annual production of approximately nine million ounces of silver and fifty-five thousand ounces of gold.

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