Fortuna Silver Increases Indicated Resources at San Jose by 112% to 37.6
Million Ag Eq ounces
At a cut-off grade of 150 g/t Ag Equivalent, the Indicated and Inferred Mineral Resources for the
Indicated Mineral Resource: 2.69 million tonnes grading 295 g/t Ag and 2.27 g/t Au containing 37.6 million Ag Equivalent(1) ounces Inferred Mineral Resource: 2.41 million tonnes grading 262 g/t Ag and 2.11 g/t Au containing 30.4 million Ag Equivalent(1) ounces (1) Silver equivalency estimates were derived using metal prices of US $13.75/oz for silver and US$856.16/oz for gold (36-month average + 24 month future metal prices as of July 31, 2009). Metallurgical recoveries were estimated at 92.5% for silver and 91.5% for gold based on metallurgical testing completed by Metcon Research of Tucson, Arizona.
A detailed table of the estimated mineral resources by resource category and by silver equivalent cut-off grade is included below under the heading "
The resource estimate incorporates data from 196 core drill holes totaling 64,204 meters and 908 underground channel samples. Previously reported NI 43-101 compliant resources for
The updated mineral resource estimate for
------------------------------------------------------------------------- Indicated Mineral Resources ------------------------------------------------------------------------- Contained Metal Ag Eq ---------------------------- Cutoff Tonnes Ag Eq Ag Eq Ozs Ag Ozs Au Ozs (g/t) (000) (g/t) Ag (g/t) Au (g/t) (000) (000) (000) ------------------------------------------------------------------------- 50 4,636 292 196 1.56 43,465 29,163 232 ------------------------------------------------------------------------- 75 4,018 327 220 1.74 42,231 28,422 224 ------------------------------------------------------------------------- 100 3,478 364 246 1.92 40,725 27,486 215 ------------------------------------------------------------------------- 125 3,043 400 271 2.10 39,153 26,497 205 ------------------------------------------------------------------------- 150 2,690 435 295 2.27 37,596 25,504 196 ------------------------------------------------------------------------- 175 2,370 471 321 2.45 35,930 24,429 187 ------------------------------------------------------------------------- 200 2,102 508 346 2.63 34,314 23,382 177 ------------------------------------------------------------------------- 225 1,883 542 370 2.79 32,823 22,416 169 ------------------------------------------------------------------------- 250 1,685 578 396 2.96 31,315 21,433 160 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Inferred Mineral Resources ------------------------------------------------------------------------- Contained Metal Ag Eq ---------------------------- Cutoff Tonnes Ag Eq Ag Eq Ozs Ag Ozs Au Ozs (g/t) (000) (g/t) Ag (g/t) Au (g/t) (000) (000) (000) ------------------------------------------------------------------------- 50 4,020 272 181 1.48 35,199 23,389 192 ------------------------------------------------------------------------- 75 3,497 304 202 1.65 34,151 22,735 185 ------------------------------------------------------------------------- 100 3,074 334 222 1.80 32,963 21,988 178 ------------------------------------------------------------------------- 125 2,681 366 244 1.97 31,545 21,061 170 ------------------------------------------------------------------------- 150 2,411 392 262 2.11 30,357 20,293 164 ------------------------------------------------------------------------- 175 2,137 421 282 2.26 28,922 19,351 155 ------------------------------------------------------------------------- 200 1,883 452 304 2.41 27,393 18,379 146 ------------------------------------------------------------------------- 225 1,696 479 321 2.56 26,113 17,522 140 ------------------------------------------------------------------------- 250 1,545 503 337 2.69 24,958 16,747 133 ------------------------------------------------------------------------- *Estimates of contained metal may vary due to rounding errors.
Resource Estimation Methodology
Three-dimensional wireframe envelopes were constructed for each vein in the
A full NI 43-101 compliant report authored by M. Lechner of Resource Modeling Inc. and D. Earnest of Resource Evaluation Inc. will be available on www.sedar.com within 45 days of this news release.
Fortuna Silver Mines Inc.
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern
Qualified Persons
Michael J. Lechner of Resource Modeling Inc. and Donald F. Earnest of Resource Evaluation Inc. are the Qualified Persons as defined by National Instrument 43-101 and are responsible for the accuracy of the technical information in this news release.
Forward-Looking Statements
Certain statements in this press release constitute forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Fortuna's future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Fortuna's mining and mine development activities, risks inherent in mineral exploration, uncertainties inherent in the calculation of mineral reserves, mineral resources, and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Fortuna is active, labor relations and other risk factors.
Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. ON BEHALF OF THE BOARD Jorge Ganoza President, CEO and Director Fortuna Silver Mines Inc. Symbol: TSX-V: FVI / Lima Exchange: FVI
For further information: Investor Relations: Lima office: Carlos Baca - Tel: 51.1.616.6060; Vancouver office: Ralph Rushton, Erin Ostrom - Tel: (604) 484-4085
Share this article