RSS UpdatesCompany Information for Fortuna Silver Mines Inc.
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 TSX; FVI
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Company Statement
Fortuna Silver Mines Inc. (TSX.V: FVI / Lima Exchange: FVI) is a silver/base metal mining company, with one mine in production and bigger mine in the development stage. The Company was created in 2004 with a mandate to acquire advanced silver exploration projects and/or producing silver mines in Latin America. In October of 2006 the Company achieved producer status by bringing the silver-lead-zinc Caylloma Mine, near Arequipa Peru, back into production. The mine was formerly owned and operated by the Hochschild Mining group. In 2006, Fortuna acquired 76% of the San Jose silver-gold Project in Oaxaca, Mexico with joint venture partner Continuum Resources.
In August 2008, Fortuna and Continuum Resources Ltd. announced an agreement whereby Fortuna would acquire all of the issued and outstanding securities of Continuum. In January of 2009, the acquisition was completed and Fortuna now owns 100% of the San Jose Project.
Management has extensive experience in exploration, mining and business development in Latin America. We are strongly committed to profitability, sustainable growth, high standards and the well being of our employees, neighbouring communities and the environment.
Fortuna Silver Mines Inc. is also listed on the Lima Exchange (FVI)
www.bvl.com.pe/english
Current Operations
Two Key Assets:
The 100%-owned Caylloma silver-zinc-lead Mine lies within the mineral-rich Caylloma Mining District in the southern highlands of Arequipa, Peru. Production started in October of 2006 and the operation has been profitable since start-up from the sales of silver-lead and zinc concentrates. The mine is currently processing ore at a rate of over 1,000 tpd. An expansion of the processing plant to 1,200 tpd along with a copper circuit is to be completed by the second quarter of 2009. Caylloma produced 480,000 ounces of silver in 2007, 860,000 ounces of silver in 2008 and for 2009, Management has budgeted 1,600,000 ounces of silver. The increase in silver metal production is related to the development of high grade “Bonanza type” silver veins discovered in 2008.
The 100% owned San Jose silver-gold Project is a low sulphidation epithermal system located within the Taviche Mining District located in southern Oaxaca, Mexico. A 33,000 meter in-fill drill program has just been completed in the Trinidad Area of the San Jose Project and the Company expects to release a new 43 -- 101 compliant resource estimation by the end of second quarter of 2009. Currently, Indicated Resources are 17.7 M ounces of silver equivalent with 262 g/t Ag + 2.2 g/t Au and Inferred Resources are 49.1 M ounces of silver equivalent with 260 g/t Ag + 2.6 g/t Au. Management expects to bring a construction decision to the Board of Directors by the end of third quarter of 2009, start construction in 2010 and production in 2011.
Once San Jose enters production, Fortuna will deliver approximately 5 million ounces of silver equivalent per year.
Geographical Spread
Mexico and Peru
Board of Directors and Key Management
| Simon Ridgway, Chairman of the Board |
| Mr. Simon Ridgway is an internationally known mining financier and has over 15 years' experience managing publicly-traded mineral exploration companies in North, Central and South America. Simon has been the Chairman of Fortuna Silver Mines Inc. since its reorganization in late 2004, early 2005. Over the last few years, he has been instrumental in raising close to $53-million to fund the exploration and development programs for the major Fortuna assets, the Caylloma Mine in Peru and the San Jose project in Mexico. Simon is also the President of Radius Gold Inc., as well as a director of Northland Resources Inc. |
| Jorge A. Ganoza Durant, CEO and Director |
| Mr. Jorge Ganoza Durant is a geological engineer with over 14 years of experience in exploration, mining and business development throughout Latin America. He is a graduate from the New Mexico Institute of Mining and Technology. Jorge is a fourth generation miner from a Peruvian family that has owned and operated several underground gold, silver and base metal mines. His professional experience is vast and varied. Before Fortuna, Jorge was involved in business development at senior levels for several private and public Canadian junior mining companies working in Central and South America. Jorge's experience extends through various countries including Panama, Guatemala, Nicaragua, Honduras, Mexico, Dominican Republic, Haiti, Peru and Colombia. |
| Richard Clark, Director |
| Mr. Clark is a lawyer who practiced mining and securities law in British Columbia from 1987 to 1993.For the past ten years Mr. Clark has been a senior executive with the Lundin Group of Companies. In 2004 he became president and CEO of Red Back and under his leadership Red Back has grown into an intermediate gold producer with a production profile growing to over 500,000 oz per annum. Mr. Clark has successfully guided Red Back through all facets of growth including discovery, feasibility, financing and production coupled with successful corporate acquisitions. |
| Mario Szotlender, Director |
| Mr. Szotlender holds a degree in international relations and is fluent in several languages. He has successfully directed Latin American affairs for numerous private and public companies over the past 20 years, specializing in developing new business opportunities and establishing relations within the investment community. He has been involved in various mineral exploration and development joint ventures (precious metals and diamonds) in Central and South America, including heading several mineral operations in Venezuela, such as Las Cristinas in the 1980's. He was President of Mena Resources Inc. until it was purchased by Rusoro Mining Ltd., of which he was also President. In addition to being a Director of Fortuna Silver Mines, Mr. Szotlender is also a Director of Radius Gold Inc. and Endeavour Silver Corp. |
| Jorge R. Ganoza Aicardi, VP Operations |
| Mr. Jorge Ganoza has more than 35 years experience in the mining industry. In 1973, he obtained a B.Sc. in Engineering from the Universidad National La Molina in Peru and also completed advanced finance studies at the Escuela Superior de Administration in 1983. Jorge is a third generation miner from a Peruvian family that has owned and operated underground gold, silver and base metal mines. From 1997 to 2005, he has worked as a consultant in Panama and Peru, in the mining and aquaculture sectors |
| Dr. Thomas I. Vehrs, VP Exploration |
| Over the past thirty years, Dr. Vehrs has built a successful career in mineral exploration and mine development. During this time he has consulted for and/or held senior positions with Gold Fields, Cyprus-Amax, Western States Minerals and Anaconda Minerals, among others. He has lived in Latin America for 18 years managing multi-million dollar exploration budgets in Chile, Peru, Bolivia, Colombia, Argentina and Central America, specializing in epithermal and porphyry related precious and base metal exploration. Dr. Vehrs' appointment as Vice President of Exploration enhances the Company's ability to manage exploration and development programs at our various projects in Peru and Mexico as well as to identify new opportunities for acquisition and development by the Company. |
| Manuel Ruiz-Conejo Carlos, VP Business Development |
| Mr. Manuel Ruiz-Conejo is a mining engineer graduated from the Universidad Nacional de Ingeniería in Lima, Peru. He has more than 25 years in the mining industry and has worked for the most prolific polymetallic mines and mine contractors in Peru. As an engineer, he participated in the implementation and execution of critical projects. As an executive, he devised and supervised the execution of several multimillion dollar mining projects. In 2005, he became Chief Operating Manger of Minera Atacocha. Manuel also holds an Executive Mangement Program from the Universidad de Piura in Peru. Amongst his different areas of expertise, he has vast experience in community relations. |
| Luis D. Ganoza Durant, Chief Financial Officer |
| Mr. Luis Ganoza Durant has extensive experience in the financial management of mining companies, most recently as Controller for one of Peru's largest public mining companies. Luis has a B.Sc. in Mining Engineering from the Universidad Nacional de Ingeniería in Peru, an MBA from ESAN, a Tier 1 Latin American Business School, and an M.Sc. in Accounting and Finance from The London School of Economics. |
Company AddressSuite #840, 355 Burrard Street
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Additional Address/Key ContactLima |
CapitalTotal Outstanding Options & Warrants: 8,695,055
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Year End31st December |
Major Shareholders
| Tocqueville Asset Management |
| Sprott Asset Management |
| Passport Capital |
| Sentry Select Capital |
| Corriente Capital Management |
Related News
18/08/09 - Fortuna Silver Mines Is Now Well Established As A Low Cost Silver Producer, And Has Cash Aplenty To Move Up To The Next Level22/04/09 - Fortuna Silver Mines Will Boost Production This Year As Chairman Simon Ridgway Embarks On A Global Hunt For Acquisitions
04/02/09 - Fortuna Silver Mines Scoops Up Continuum Resources Down In Oaxaca, Mexico Way
Most Recent Statement
19/03/10 - Fortuna Announces Fourth Quarter 2009 Results Conference Call02/02/10 - Fortuna Discovers High-Grade Ag-Au Mineralization at the Caylloma Mine, Peru
18/01/10 - Fortuna increases silver production by 96% in 2009, issues production guidance for 2010
18/01/10 - Fortuna to Trade on the Toronto Stock Exchange, January 18, 2010
06/01/10 - Fortuna signs commitment letter for US $20 Million credit facility
14/12/09 - Fortuna receives final permit for the construction and operation of the San Jose Project, Mexico