Fortuna Silver Updates Reserves and Resources; Silver in Inferred Resources Increases 38%, Gold 26% Press Release: Fortuna Silver Mines Inc. – 1 hour 39 minutes ago
VANCOUVER , March 5, 2013 /CNW/ - Fortuna Silver Mines Inc. (FSM) (FVI.TO) (BVL: FVI (F4S.F) is pleased to announce updated Mineral Reserve and Mineral Resource estimates as of December 2012 for the Caylloma Mine located in Arequipa, Peru and for the San Jose Mine located in Oaxaca, Mexico .
Highlights of Reserve and Resource Update
- Combined Inferred Resources for Caylloma and San Jose increased to 10. 9 Mt containing an estimated 46.8 Moz silver and 273.4 koz gold, reflecting year-over-year increases of 38.5 % in contained silver ounces and 26.6 % in contained gold ounces.
- Combined Proven and Probable Reserves for Caylloma and San Jose are reported at 7. 6 Mt containing 38.3 Moz silver and 220.6 koz gold, representing year-over-year decreases of 12.6 % in contained silver and 5.4 % in contained gold. These decreases are directly related to depletion resulting from the production of 4 Moz of silver and 20.7 koz of gold in 2012.
"Exploration at the Caylloma Mine in Peru has been successful in significantly expanding the Inferred Mineral Resources. This expansion will directly lead to replacement of the reserves being depleted through production as development workings are extended into the Inferred Resource areas," commented Dr. Thomas Vehrs , Vice President of Exploration for Fortuna Silver. "At the San Jose Mine in Mexico , exploration subsequent to the resource and reserve estimation cutoff date has been successful in identifying high grade silver and gold mineralization associated with the northern extension of the Trinidad structure (see Fortuna news release dated Feb. 4 , 2013). Exploration drilling is continuing to expand the Trinidad ore shoot and the results are expected to be included in the 2013 resource, reserve and mine plan updates. In addition, ongoing infill drilling in the area of the existing Inferred Resources below the 1300 m elevation level at San Jose will allow for conversion of those resources to Indicated and Measured categories and subsequently for conversion to reserves."