still ok silver miner.  cheers, dave.


Fortuna Reports Cash Flow of US$19.95 Million and Net Income of US$8.03 Million in the Third Quarter of 2012


Symbol Price Change
FSM 5.35  

VANCOUVER , Nov. 8, 2012 /CNW/ - Fortuna Silver Mines, Inc. (NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt: F4S.F) is pleased to announce that it has filed its financial statements and MD&A for the three and nine months ended September 30, 2012 . The full documents are available on SEDAR and have also been posted on the company's website at

Third Quarter 2012 Highlights:

  • Cash generated by operating activities before changes in working capital of US$19.95 million, up 30% over the prior year period (Q3 2011: US$15.38 million)
  • Operating cash flow per share of US$0.16 compared to US$0.12 in the prior year period
  • Net income of US$8.03 million, down 22% over the prior year period (Q3 2011: US$10.31 million)
  • Revenue of US$43.84 million, up 35% over the prior year period (Q3 2011: US$32.54 million)
  • Cash position (including short term investments) and working capital at September 30, 2012 were US$62.75 million and US$90.86 million respectively
  • Silver and gold production of 1,027,741 ounces and 5,348 ounces respectively
  • Cash cost per silver ounce, net of by-product credits, was US$4.81

Jorge Ganoza, President and CEO, said, "I am pleased that we have had another strong quarter of record sales and cash from operations. At the end of August 2012 , the San Jose mine celebrated its first anniversary of commercial production-in the last year, it has consistently exceeded its planned operating and financial targets.  In the coming year, the expansion of the processing plant to its design capacity, and construction of an off-site dore plant at San Jose will contribute significantly to our profit margins.  At our Caylloma plant we are delighted to report that last month, the Mines and Energy Ministry granted the construction permit for our new tailings facility, now scheduled to be commissioned at the end of November 2012."