This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Fortuna's San Jose Mine On Schedule For Production In August 2011

VANCOUVER, June 20, 2011 /PRNewswire/ - Fortuna Silver Mines Inc. (TSX: FVI) (Lima Stock Exchange: FVI) is pleased to provide an update on construction activities at its San Jose silver-gold Project in Oaxaca, Mexico. Construction activities to date are on-time and on-budget with the commissioning of the San Jose mine scheduled for August of 2011.

Construction Highlights to May 31, 2011

  • Processing plant construction for start up at 1,000 tpd is 87% complete.
  • Three stage crushing circuit has been commissioned and crushing of stockpile ore is scheduled to take place in late June. Mounting and installation of the ball mill, flotation cells, thickeners and filters are complete. Piping, electrical and minor equipment mounting and installation are 92% complete.
  • Tailings dam has been commissioned and is currently storing water for the process.
  • New 8MW power substation is in operation and sourcing power to the project.
  • Mining of stopes K, L and M is scheduled to commence in July, in line to produce 520,613 ounces Ag and 4,584 ounces Au or 782,851 ounces Ag Eq* in 2011 and 1.7 million ounces Ag and 15,326 ounces Au or 2.6 million ounces Ag Eq* in 2012.
  • The mine has built a development ore stockpile of 37,000 tonnes grading 131 g/t Ag and 1.2 g/t Au.
  • To the end of May 2011, US$41.9 million invested in construction or 75% of CAPEX,    (*) 2011 Ag Eq based on US$23.60 / oz Ag and US$1,350 / oz Au.  2012 Ag Eq based on US$23.10 / oz Ag and US$1,340 / oz Au.

Jorge Ganoza, President and CEO, commented, "Construction of the San Jose mine to date has advanced according to plan. Our contractors continue to deliver high quality work on target and we are on-time and on-budget. In May, we kicked off a staged commissioning of the processing plant beginning with the crushing circuit. We have more than one month's worth of ore - over 37,000 tonnes - stockpiled ahead of full commissioning of the mine and processing plant in August.  Management looks forward to reporting to our shareholders the start up of commercial production of silver-gold concentrate in the third quarter of this year."

Construction Update

Processing Plant and Ancillary Facilities

Installation work for all major equipment has been completed and work is now focused on completing piping, electrical and minor equipment installation. There are at present no technical difficulties or budget over-runs in the commissioning of the processing plant.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,172.68 -107.06 -0.62%
S&P 500 1,994.29 -16.11 -0.80%
NASDAQ 4,527.6890 -52.10 -1.14%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs