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Fortuna Presents Second Quarter Production Results from Two Operating Mines in Latin America

Fortuna Silver Mines Inc. is pleased to announce second quarter production figures from its two operating mines in Latin America, the San Jose Mine in Mexico and the Caylloma Mine in Peru.

The company produced 1.6 million ounces of silver and 9,365 ounces of gold plus base metal by-products. Silver and gold production for the first six months of the year totaled 3.2 million and 18,629 ounces respectively; being 7 percent and 10 percent above the company's mid-year projection. Fortuna's production guidance for 2016 is 7.0 million ounces of silver and 42.8 thousand ounces of gold or 9.6 million ounces of Ag Eq*.

Second Quarter Production Highlights:

  • Silver production of 1,553,217 ounces; 7 % decrease over Q2 2015
  • Gold production of 9,365 ounces; 4 % increase over Q2 2015
  • Lead production of 8,825,104 pounds; 85 % increase over Q2 2015
  • Zinc production of 11,201,688 pounds; 31 % increase over Q2 2015
  • Cash cost** for the San Jose Mine is US$59.5 /t; on track to meet annual guidance of US$57.4/t
  • Cash cost** for the Caylloma Mine is US$71.3 /t; on track to meet annual guidance of US$79.4/t

* Ag Eq is calculated using silver to gold ratio of 60 to 1

** Preliminary estimates of cash operating costs per tonne, subject to modification on final cost consolidation

Consolidated Operating Highlights:

Second Quarter 2016 Second Quarter 2015
Caylloma, Peru San Jose, Mexico
Consolidated
Caylloma, Peru San Jose, Mexico
Consolidated
Processed Ore
Tonnes milled 129,958 185,080 115,973 183,001
Average tpd milled 1,460 2,152 1,303 2,080
Silver***
Grade (g/t) 89 226 144 228
Recovery (%) 85.55 91.99 82.33 91.57
Production (oz) 318,229 1,234,988 1,553,217 443,553 1,227,756 1,671,309
*** Metallurgical recovery for silver at the Caylloma Mine is calculated based on silver content in lead concentrate
Second Quarter 2016 Second Quarter 2015
Caylloma, Peru San Jose, Mexico
Consolidated
Caylloma, Peru San Jose, Mexico
Consolidated
Gold
Grade (g/t) 0.19 1.70 0.27 1.62
Recovery (%) 14.94 91.65 32.84 91.06
Production (oz) 119 9,246 9,365 326 8,706 9,032
Lead
Grade (%) 3.28 2.01
Recovery (%) 93.77 92.67
Production (lbs) 8,825,104 8,825,104 4,770,470 4,770,470
Zinc
Grade (%) 4.41 3.68
Recovery (%) 88.56 91.18
Production (lbs) 11,201,688 11,201,688 8,574,831 8,574,831
San Jose Mine, Mexico

Silver and gold production for the second quarter were 2 % and 10 % above budget, respectively. Average head grades for silver and gold were 226 g/t and 1.70 g/t or 3 % below and 5 % above budget, respectively. Metallurgical recoveries for silver and gold were 91.99 % and 91.65 % or 2 % and 1 % above budget, respectively.

Caylloma Mine, Peru

Silver production for the second quarter was 7 % above budget with an average silver head grade of 89 g/t, in line with budget. Metallurgical recovery for silver was 85.55 % or 5 % above budget. Differences in lead and zinc produced compared to the second quarter of 2015 are due to an increase in production from levels 12 and 13 of the Animas Vein. Lead and zinc production was 22 % below and 2 % above the company's mid-year projection, respectively, due to higher than expected grade variability.

Source: http://www.fortunasilver.com/

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