Fortuna Silver Mines Inc. (TSX:FVI,NYSE:FSM) announced Q1 2016 production results from its two operating mines, San Jose in Mexico and Caylloma in Peru. All in all, the company put out 1.6 million ounces of silver and 9,264 ounces of gold (as well as base metals by-products) during the period.
Other highlights are as follows:
- Silver production of 1,617,396 ounces; 1 % decrease over Q1 2015
- Gold production of 9,264 ounces; 5 % decrease over Q1 2015
- Lead production of 9,107,296 pounds; 110 % increase over Q1 2015
- Zinc production of 10,390,386 pounds; 38 % increase over Q1 2015
- Cash cost** for San Jose is US$59.1/t; on track to meet annual guidance of US$57.4/t
- Cash cost** for Caylloma is US$73.8/t; on track to meet annual guidance of US$79.4/t
Jorge A. Ganoza, president and CEO of Fortuna, commented:
Silver and gold production exceeded guidance for the quarter. San Jose’s outperformance was driven by higher head grades, increase in milled tonnes, and better metallurgical recoveries. Caylloma reached the new mill throughput rate of 1,430 tpd at the end of March. Mill expansion from 2,000 tpd to 3,000 tpd is progressing as planned with commissioning scheduled for July 2016. At that point, the San Jose Mine will rank among the top thirteen primary silver producing mines in the world, increasing Fortuna’s consolidated silver and gold annual production to approximately 9 -10 million ounces of silver and 52 – 53 thousand ounces of gold.
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