Re: News Release - Wednesday, October 10, 2007
Fortuna Warrant Exercises Increase Cash Position to Cdn $44
October 10, 2007: Fortuna Silver Mines Inc. (FVI: TSX-V). Mr. Jorge
Ganoza, President of Fortuna Silver Mines Inc., is pleased to announce
that since the start of August 2007, a total of 8.6-million share
purchase warrants have been exercised for cash proceeds to the Company
of approximately Cdn$10.9-million. This has increased Fortuna's cash
position to Cdn$44-million.
Fortuna plans to use its strong working capital position to continue
financing the accelerated pace of engineering, mine development, and
exploration programs now underway at the San Jose project, and starting
next year, for the purchase of long lead mine and plant items. Fortuna
will also use part of its resources to evaluate acquisition
The Company's current share structure is:
Issued Capital 79.8-million shares
Incentive Options 6.4-million
Outstanding Warrants 17.4-million
Fully Diluted 103.6-million shares
The Company wishes to reiterate that its cash reserves are held in bank
deposit instruments with major banks and Fortuna has no current
exposure to illiquid asset-backed securities. Under Fortuna's
investment management policy, safety is a priority, where investments
are not exposed to the risk of unacceptable losses in capital value.
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 aggressively pursuing additional
acquisition opportunities. For more information, please visit our
website at www.fortunasilver.com.
The TSX Venture Exchange has not reviewed and does not take
responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
Jorge Ganoza, President
Fortuna Silver Mines Inc.
Investor Relations: Ralph Rushton
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Copyright (c) 2007 FORTUNA SILVER MINES INC. (FVI) All rights
reserved. For more information visit our website at
http://www.fortunasilver.com/ or send mailto:email@example.com
Message sent on Wed Oct 10, 2007 at 12:39:56 PM Pacific Time