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Fortuna Silver FVI.v/FVITF.pk



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By Bobwins

Posted: Tuesday Dec 1 12:24:17PM 2009

Fortuna, FVI.v +.12 to C$2.17 has been on a roll. Today Canaccord issued a buy recommend for both Fortuna and Alexco, AXU.to/AXR Alexco Resource* (AXR : TSX : $2.85), Net Change: 0.05, % Change: 1.79%, Volume: 126,375 Fortuna Silver Mines* (FVI : TSX-V : $2.05), Net Change: 0.07, % Change: 3.54%, Volume: 360,578 Silver lining...Canaccord Adams initiated coverage on two exciting junior silver companies Monday. Canaccord Adams Senior Mining Analyst Eric Zaunscherb started coverage on Alexco Resource - whose primary asset is the wholly-owned Keno Hill Silver District in Yukon. Zaunscherb highlights that the Keno Hill Silver District is one of the premier high-grade silver districts globally. From 1913 to 1989, the district yielded 217 million ounces of silver from 35 mines at an average grade of approximately 1,388 g/t silver plus significant lead and zinc by-products. Alexco is bringing the high-grade Bellekeno mine back into production for calendar Q3/10 and there is an extraordinary exploration pipeline beyond Bellekeno. One of the best times to invest in a junior exploration company is in advance of the successful commencement of production. Separately, Canaccord Adams Mining Analyst Nicholas Campbell initiated coverage on Fortuna Silver. The company holds interests in the Caylloma silver-lead-zinc mine in Peru and the San Jose silver-gold project in Mexico. Through the development of the San Jose project, Campbell forecast silver production of 1.7 million ounces of silver in 2010, growing to 5.5 million ounces of silver equivalent by 2012. Campbell has a bullish view for the following reasons: i) Organic growth profile: By advancing the San Jose mine through to production by mid-2011, Campbell forecasts the company’s production will grow to 5.5 million ounces of silver in 2012; ii) Solid balance sheet and consistent cash flows: Fortuna has US$33.7 million in cash and equivalents and only US$1.5 million in long-term obligations. Campbell forecasts operating cash flow of US$26.6 million in 2010, growing to US$43.2 million in 2011. With the company likely to establish a revolving credit facility, the company should have sufficient funds to finance the development of the San Jose project; and iii) Attractive valuation: Fortuna is trading at 4.5x 20011E CFPS, a discount to the average for other junior precious metal producers and it is trading at 0.56x our estimate of NAV (5%, spot), compared with an average of 1.00x NAV (5%, spot) for junior precious metal producers. Given the growth profile and balance sheet, Campbell expects this company to gain broader investor attention, which should lead to a revaluation in line with other junior precious metal producers.

By Bobwins

Posted: Monday Nov 16 1:51:46PM 2009

fvi.v +.23 to C$1.98 Fortuna got a nice pop from the rise in silver today. Also had an earnings conference call. Apparently fairly close to startup of San Juan mine in Mexico. Just need one more permit. Has well over $30 million in cash to start project. New mine should be producing in 2011 and boost production to over 5 million oz from current 1.6.

By Bobwins

Posted: Monday Oct 26 7:40:40AM 2009

Fortuna Silver is my newest long term silver play. They have done an excellent job of improving their mining operations at their existing mine and are currently producing around 1.6 million oz/yr at a profit. They have 31 million in cash and have good long term mgmt in place. The company is growing organically and has applied for permits to build a second mine in Mexico at San Jose. This mine, when in full operation, will allow FVI to reach 5 million oz annual production in 2012. Should be able to build the mine without much share dilution. Company is debt free and has negative cash costs, due to base metal byproduct credits at their existing mine. Share count is 92million with about 9 million warrants and options for FD share count of 101.5million. VANCOUVER, Oct. 26 /PRNewswire-FirstCall/ - Fortuna Silver Mines Inc. (TSX.V: FVI / Lima Exchange: FVI) - is pleased to announce an updated NI 43-101 compliant mineral resource estimate for the San Jose Project located in southern Mexico. Indicated Resources have increased 83% to 2.69 million tonnes with contained silver equivalent ounces increasing 112% to 37.6 million. Silver and gold grades in the Indicated Resource category have increased by 12% to 295 g/t and 4% to 2.27 g/t, respectively. The new resource estimate will serve as the basis for pre-feasibility level engineering studies projected for completion by year end. Related Quotes Symbol Price Change FVI.V 1.72 +0.08 {"s" : "fvi.v","k" : "c10,l10,p20,t10","o" : "","j" : ""} At a cut-off grade of 150 g/t Ag Equivalent, the Indicated and Inferred Mineral Resources for the Trinidad Zone at San Jose are estimated at: 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 "San Jose Resource Estimate". 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 San Jose were estimated at 1.47 million tonnes grading 263 g/t Ag and 2.19 g/t Au in the Indicated category and 3.9 million tonnes grading 261 g/t Ag and 2.57 g/t Au in the Inferred category (see March 31, 2007 Technical Report available on the company website (www.fortunasilver.com) and on SEDAR). Mr. Jorge Ganoza, CEO and Director of the Company commented: "Although the resource estimation process suffered delays, the wait has been worthwhile. Our staff and consultants have delivered good news with overall improvements to the quality of the San Jose resource. We look forward to the granting of environmental approvals and construction permits in the coming weeks as the next milestones for the project." San Jose Resource Estimate The updated mineral resource estimate for San Jose was prepared by Michael J. Lechner of Resource Modeling Inc. and by Donald F. Earnest of Resource Evaluation Inc. Mr. Lechner and Mr. Earnest have acted as independent qualified persons as defined by the Canadian National Instrument 43-101. The Mineral Resources reported herein were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves. This resource estimate is based on all data available through June 30, 2009. [pre] ------------------------------------------------------------------------- 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 ------------------------------------------------------------------------- [/pre] *Estimates of contained metal may vary due to rounding errors. Resource Estimation Methodology Three-dimensional wireframe envelopes were constructed for each vein in the San Jose deposit based on a combination of lithology and silver equivalent grades. Block grades were estimated inside of the three-dimensional wireframes by inverse distance interpolation methods using two-meter-long composites of drill hole and underground channel samples. Voids created by historic underground mining of the deposit were also modeled with three-dimensional wireframes where cavity survey data were available and these voids were deleted from the resource model. Above the 1450m elevation level, all material within the vein wireframes was excluded from the resource model due to incomplete coverage of the cavity survey data in areas with inaccessible mine workings. MineSight® software was used to construct the block model which consists of blocks with a dimension of 2 meters along each side. The percentage of each block contained inside of each wireframe was stored for computing tonnage. A dynamic anisotropy search ellipse method which matched drill hole composite and block centroid distances from the hanging wall surfaces was used for the primary veins (Bonanza, Trinidad, Paloma, and Fortuna). These four veins represent 86% of the total San Jose wireframe volume. A single pass inverse distance-cubed method was used to estimate block grades for the secondary veins. A bulk density factor of 2.61 g/cm(3) based on systematic density determinations was used to tabulate resource tonnage. Mineral resources were classified into Indicated and Inferred categories using the distance to composite sample data and the number of drill holes containing the composites used to estimate each block. Blocks with three holes within 33m, two holes within 23m or one hole within 13 meters were classified as Indicated Resources with Indicated Resources being further restricted to the Bonanza, Trinidad, Paloma, and Fortuna vein structures. All other blocks within the wireframes were classified as Inferred Resources. Resources were tabulated using silver equivalent cutoff grades. 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 Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com . 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. +.10 to C$1.74 on this news. VANCOUVER, Oct. 26 /PRNewswire-FirstCall/ - Fortuna Silver Mines Inc. (TSX.V: FVI / Lima Exchange: FVI) - is pleased to announce an updated NI 43-101 compliant mineral resource estimate for the San Jose Project located in southern Mexico. Indicated Resources have increased 83% to 2.69 million tonnes with contained silver equivalent ounces increasing 112% to 37.6 million. Silver and gold grades in the Indicated Resource category have increased by 12% to 295 g/t and 4% to 2.27 g/t, respectively. The new resource estimate will serve as the basis for pre-feasibility level engineering studies projected for completion by year end. Related Quotes Symbol Price Change FVI.V 1.72 +0.08 {"s" : "fvi.v","k" : "c10,l10,p20,t10","o" : "","j" : ""} At a cut-off grade of 150 g/t Ag Equivalent, the Indicated and Inferred Mineral Resources for the Trinidad Zone at San Jose are estimated at: 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 "San Jose Resource Estimate". 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 San Jose were estimated at 1.47 million tonnes grading 263 g/t Ag and 2.19 g/t Au in the Indicated category and 3.9 million tonnes grading 261 g/t Ag and 2.57 g/t Au in the Inferred category (see March 31, 2007 Technical Report available on the company website (www.fortunasilver.com) and on SEDAR). Mr. Jorge Ganoza, CEO and Director of the Company commented: "Although the resource estimation process suffered delays, the wait has been worthwhile. Our staff and consultants have delivered good news with overall improvements to the quality of the San Jose resource. We look forward to the granting of environmental approvals and construction permits in the coming weeks as the next milestones for the project." San Jose Resource Estimate The updated mineral resource estimate for San Jose was prepared by Michael J. Lechner of Resource Modeling Inc. and by Donald F. Earnest of Resource Evaluation Inc. Mr. Lechner and Mr. Earnest have acted as independent qualified persons as defined by the Canadian National Instrument 43-101. The Mineral Resources reported herein were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves. This resource estimate is based on all data available through June 30, 2009. [pre] ------------------------------------------------------------------------- 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 ------------------------------------------------------------------------- [/pre] *Estimates of contained metal may vary due to rounding errors. Resource Estimation Methodology Three-dimensional wireframe envelopes were constructed for each vein in the San Jose deposit based on a combination of lithology and silver equivalent grades. Block grades were estimated inside of the three-dimensional wireframes by inverse distance interpolation methods using two-meter-long composites of drill hole and underground channel samples. Voids created by historic underground mining of the deposit were also modeled with three-dimensional wireframes where cavity survey data were available and these voids were deleted from the resource model. Above the 1450m elevation level, all material within the vein wireframes was excluded from the resource model due to incomplete coverage of the cavity survey data in areas with inaccessible mine workings. MineSight® software was used to construct the block model which consists of blocks with a dimension of 2 meters along each side. The percentage of each block contained inside of each wireframe was stored for computing tonnage. A dynamic anisotropy search ellipse method which matched drill hole composite and block centroid distances from the hanging wall surfaces was used for the primary veins (Bonanza, Trinidad, Paloma, and Fortuna). These four veins represent 86% of the total San Jose wireframe volume. A single pass inverse distance-cubed method was used to estimate block grades for the secondary veins. A bulk density factor of 2.61 g/cm(3) based on systematic density determinations was used to tabulate resource tonnage. Mineral resources were classified into Indicated and Inferred categories using the distance to composite sample data and the number of drill holes containing the composites used to estimate each block. Blocks with three holes within 33m, two holes within 23m or one hole within 13 meters were classified as Indicated Resources with Indicated Resources being further restricted to the Bonanza, Trinidad, Paloma, and Fortuna vein structures. All other blocks within the wireframes were classified as Inferred Resources. Resources were tabulated using silver equivalent cutoff grades. 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 Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com . 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.

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