VANCOUVER, Aug. 29, 2011 /CNW/ --
VANCOUVER, Aug. 29, 2011 /CNW/ - Fortuna Silver Mines Inc. (TSX: FVI /
Lima Stock Exchange: FVI / www.fortunasilver.com) is pleased to announce that it has been authorized to apply to list its common stock
on the New York Stock Exchange (NYSE). The application was submitted
on August 25, 2011.
Fortuna is a growing silver and base metal producer with mines in Peru
and Mexico. Its Caylloma Mine in southern Peru is a wholly-owned
low-cost, underground mine producing silver, lead, zinc and gold,
operating at a treatment rate of over 1,250 tonnes per day (tpd) of
ore. The Company recently announced that it expects to begin commercial
production at the San Jose Mine, its second mine, also wholly-owned, in
Oaxaca, Mexico on September 1, at an initial mining rate of 1,000 tpd.
'As we continue to expand our mining operations, this application marks
an important strategic step for Fortuna. A listing on the NYSE will
help raise our profile as an up-and-coming producer of silver and other
metals and showcase our solid growth record,' said Jorge A. Ganoza,
Fortuna President, CEO and Director.
For 2011, Fortuna's consolidated production guidance is 2.4 million
ounces of silver, 7,530 ounces of gold plus approximately 38.4 million
pounds of combined lead and zinc production. For the first two quarters
of 2011, silver production at Caylloma was 912,102 ounces, with 10.3
million pounds of lead and 11.9 million pounds of zinc as by products.
For 2012, the Company anticipates an increase in production to 3.7
million ounces of silver, 18,041 ounces of gold and approximately 39.8
million pounds of combined lead and zinc production.
Fortuna Silver Mines Inc.
Established in 2004, Fortuna is a growth-oriented, silver and base metal
producer focused on mining opportunities in Latin America. Our primary
assets are the Caylloma silver mine in southern Peru and the San Jose
silver-gold mine in Mexico. The Company is selectively pursuing
additional acquisition opportunities. For more information, please
visit our website at www.fortunasilver.com.
ON BEHALF OF THE BOARD
Jorge Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.
Symbol: TSX: FVI / Lima Stock Exchange: FVI
Forward-Looking Statements
Certain statements in this press release constitute forward-looking
statements and as such are based on an assumed set of economic
conditions and courses of action. These include estimates of the time
of commencement, commissioning and full production, future production
levels, expectations regarding mine production costs, expected trends
in mineral prices and statements that describe Fortuna's future plans,
objectives or goals. There is a significant risk that actual results
will vary, perhaps materially, from results projected depending on such
factors as changes in general economic conditions and financial
markets, changes in prices for silver and other metals, technological
and operational hazards in Fortuna's mining and mine development
activities, risks inherent in mineral exploration, uncertainties
inherent in the estimation of mineral reserves, mineral resources, and
metal recoveries, the timing and availability of financing,
governmental and other approvals, political unrest or instability in
countries where Fortuna is active, labor relations and other risk
factors.
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Investor Relations:
Management Head Office: Carlos Baca- Tel: +51.1.616.6060, ext. 2
Corporate Office: Ralph Rushton - Tel: +1.604.484.4085
