After increasing silver production by 85% in 2008, Fortuna Silver Mines (FVI-V, FVITF-O) is planning to keep the trend going with an 80% rise this year.
Fortuna’s production comes out of its Caylloma mine in the southern highlands of Arequipa, Peru.
From 331,000 tonnes of ore with head grades of 94.5 grams silver per tonne, 3.6% zinc and 2.9% lead, the mine produced 861,000 oz. silver, 23.3 million lbs. zinc and 16.5 million lbs. lead last year.
The company plans to keep the production growing at Caylloma, a high-grade epithermal vein system located on a 120-sq.-km land package.
Fortuna is forecasting production at 1.6 million oz. silver, 26.9 million oz. zinc, 21.2 million oz. lead and 1.2 million lbs. copper this year.
The mine currently operates at a rate of 1,000 tonnes per day, but Fortuna is looking into increasing production to 1,500 tonnes per day.
Fortuna also has the San Jose silver- gold project in the Taviche mining district in Oaxaca, Mexico. The company’s working on a 36,000- metre infill drill program which it expects to soon finish. The drilling is focused on upgrading inferred resources to indicated in the Trinidad zone before the company starts on a prefeasibility study.
Fortuna shares recently traded at 95¢ in a 52-week trading range of 38¢-$2.96. The company has 85.3 million shares outstanding.
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