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News Breaks | | | | January 24, 2013 | | 07:12 EDT |  | FSM | Fortuna Silver Mines signs acquisition agreement for Taviche Oeste Concessions
Fortuna Silver Mines announced that its subsidiary Compania Minera Cuzcatlan and Plata Pan American S.A. de C.V. have entered into an acquisition and option agreement for the 6,254 hectare Taviche Oeste Concessions immediately surrounding the San Jose Mine in Oaxaca, Mexico. Cuzcatlan will purchase a 55% undivided interest in the Taviche Oeste Concessions for a cash payment of $4M. Once a production decision is made to develop ore from the Taviche Oeste Concessions, Cuzcatlan will purchase the remaining 45% undivided interest in the property for $6M. Plata Pan American will retain a 2.5% net smelter royalty on ore production from this property. The transaction is expected to close January 30. | |
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| June 18, 2013 | | 07:23 EDT | | FSM | Fortuna Silver Mines upgrades mill expansion at San Jose from 1,500-1,800 tpd
Fortuna Silver Mines released a new production plan for the San Jose Mine in Mexico based on the mill's expansion to be commissioned in Q3. Mill expansion to 1,800 tpd on track and scheduled to be commissioned in Q3. Upgrade to 1,800 tpd does not require additional CAPEX. Mine will start sourcing fresh ore for 1,500 and 1,800 tpd throughputs in August and November, respectively. Silver and gold production will increase annually by an average of 500,000 and 4,000 ounces, respectively. Reserves as of December 2012; 3.3M tonnes of probable reserves with 20M ounces of contained silver and 165,700 ounces of contained gold at average grades of 189 g/t Ag and 1.57 g/t Au. | | | 07:03 EDT | | FSM | Fortuna Silver Mines upgrades San Jose mine to 1,500tpd-1,800tpd
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