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Fortuna Silver Mines Inc.

Publié le 27 novembre 2008

in-fill drilling continues to confirm high-grade mineralization at San Jose Project, Mexico

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Mots clés associés :   Canada | Fortuna | G Mexico | K Street |
 
CORPORATE OFFICE:
Suite 840 - 355 Burrard Str.
Vancouver, BC Canada, V6C 2G8
PERU OFFICE:
Piso 17 Av. Pardo Y Aliaga 640
San Isidro, Lima - Peru
TRADING SYMBOL:
TSXV: FVI
Lima Exchange: FVI
Tel: 604.484.4085
Fax: 604.484.4029
Tel: 511.616.6060
San Isidro, Lima - Peru
info@fortunasilver.com
www.fortunasilver.com
     
   
Fortuna's in-fill drilling continues to confirm high-grade mineralization at San Jose Project, Mexico

November 27, 2008: Fortuna Silver Mines Inc. (TSX-V: FVI / Lima Exchange: FVI) is pleased to announce additional results from the in-fill drill program on the Trinidad Zone of the San Jose silver-gold deposit located in Oaxaca, Mexico. Highlights from the 21 new holes include:

SJO-169

11.15 meters averaging 3.10 g/t Au and 419 g/t Ag
and 5.10 meters averaging 4.99 g/t Au and 863 g/t Ag

SJO-177

10.25 meters averaging 5.96 g/t Au and 256 g/t Ag
and 8.85 meters averaging 1.74 g/t Au and 414 g/t Ag

SJO-183 1.00 meter assaying 28.40 g/t Au and 5,350 g/t Ag
SJO-185 13.05 meters averaging 3.17 g/t Au and 175 g/t Ag
SJO-186 15.20 meters averaging 1.99 g/t Au and 360 g/t Ag


The 33,000 meter in-fill drill program was initiated in June of 2008 and is designed to convert a significant portion of the resources in the upper 250 meters of the deposit to the Indicated category. Initial drill results from the program have been previously announced in September and October (see Fortuna news releases dated September 25, 2008 and October 28, 2008). Five drill rigs are currently drilling in the Trinidad Zone. The in-fill drill program has been designed following recommendations by AMEC E&C Services Inc. indicating that a drill spacing of 31 meters will be required for classification of the resources to the Indicated category.

The San Jose Project is being explored and developed under a joint venture between Fortuna (76%) and Continuum Resources Ltd (24%). In August 2008, Fortuna and Continuum announced an agreement whereby Fortuna proposes to acquire all of the issued and outstanding securities of Continuum (see Fortuna's news release dated August 14, 2008). As a result of the acquisition, Fortuna will own a 100% interest in the San Jose Project.

Assay results from the 21 drill holes in the Trinidad Zone are summarized below. Length-weighted assay averages have been calculated for the mineralized intervals using a lower cut-off of 100 g/t Ag-equivalent. Updated longitudinal sections showing the location of the drill hole intercepts for each of the major veins and an updated drill hole location map are available on Fortuna's website at the following links: Bonanza Vein Longitudinal Section, Trinidad Vein Longitudinal Section, Trinidad Drill Hole Location Map.

Hole_Id

From (m)

To (m)

Interval (m)

Est. True Thickness

Au (g/t)

Ag (g/t)

Ag eq (g/t)

SJO-163

247.00

259.85

12.85

11.0

1.70

215

302

SJO-164

173.00

174.50

1.50

1.2

0.67

80

114

SJO-165

89.00

95.55

6.55

4.0

2.24

103

217

And

138.00

140.00

2.00

1.2

1.31

233

300

SJO-167

129.00

130.00

1.00

0.8

1.16

174

233

SJO-168

194.05

202.30

8.25

4.9

1.46

151

226

SJO-169

256.40

267.55

11.15

6.0

3.10

419

576

And

275.20

280.30

5.10

2.7

4.99

863

1117

SJO-170

116.00

123.95

7.95

7.7

0.76

88

126

SJO-171

137.90

141.30

3.40

2.0

1.39

191

262

SJO-173

43.85

47.70

3.85

2.6

1.47

194

270

SJO-174

No significant mineralized intervals

SJO-176

158.90

160.90

2.00

1.5

1.45

149

223

And

192.85

195.65

2.80

1.7

1.09

277

333

SJO-177

212.00

222.25

10.25

7.4

5.96

256

560

And

292.00

300.85

8.85

7.0

1.74

414

502

SJO-178

292.65

295.90

3.25

2.2

1.98

190

291

SJO-179

177.50

179.05

1.55

1.2

1.88

592

688

SJO-180

175.20

178.90

3.70

2.0

3.16

442

603

SJO-181

259.60

260.80

1.20

0.9

3.63

362

547

And

302.00

308.00

6.00

4.5

0.90

84

130

SJO-182

157.60

164.40

6.80

5.1

2.83

178

323

SJO-183

186.60

187.60

1.00

0.8

28.40

5350

6798

And

206.60

215.65

9.05

7.6

1.06

98

152

SJO-184

328.60

332.20

3.60

2.6

2.41

261

384

And

426.60

433.20

6.60

4.7

0.66

85

119

SJO-185

126.10

139.15

13.05

8.3

3.17

175

336

SJO-186

205.00

212.00

7.00

4.2

1.51

151

228

And

215.30

230.50

15.20

9.7

1.99

360

462

*Silver equivalency estimates were derived using a silver-to-gold ratio of 51:1. Metallurgical recoveries and net smelter returns are assumed to be 100% for purposes of estimating silver equivalency.

Background

The San Jose deposit is a low sulfidation epithermal system located within the Taviche Mining District in southern Oaxaca and is characterized by mineralized multiphase quartz-carbonate-sulfide veins, hydrothermal breccias and stockwork veining within a sequence of Tertiary andesitic volcanic and volcaniclastic rocks.

The Fortuna-Continuum joint venture controls mining concessions covering approximately 56,000 hectares in the Taviche Mining District. Exploration is being carried out on a number of target areas within the concession area to define new drill targets. Underground development of the access ramp to the Trinidad Zone was initiated in the 4th quarter of 2007. The Company is also advancing with engineering studies for the development of the deposit including preliminary mine design work, metallurgical testing, tailings dam design work and hydrological investigations. An Environmental Impact Study has been initiated and the Community Relations Department is engaging local communities through project presentations, site visits and sustainable development and education programs.

Quality Assurance & Quality Control

Mr. Miroslav Kalinaj, P. Geo., is the Company's Qualified Person as defined by National Instrument 43 101 and is responsible for the accuracy of the technical information in 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.

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, CEO and Director
Fortuna Silver Mines Inc.

Symbol: TSX-V: FVI / Lima Exchange: FVI

Investor Relations:
Lima office: Carlos Baca - Tel: 51.1.616.6060
Vancouver office: Erin Ostrom - Tel: 604.484.4085
Associated File: http://www.fortunasilver.com/i/pdf/Nov27.pdf
56 KB in size, approx. 11 seconds to download at 56.6Kbps
Corporate Office
Suite 830-355 Burrard Street
Vancouver, BC
Canada V6C 2G8
Tel: 604-484-4085
Fax: 604-484-4029

Share Transfer Agent
Pacific Corporate Trust
510 Burrard Street, 2nd floor
Vancouver, BC
Canada, V6C 3B9
   
 
Données et statistiques pour les pays mentionnés : Canada | Tous
Cours de l'or et de l'argent pour les pays mentionnés : Canada | Tous

Fortuna Silver Mines Inc.

PRODUCTEUR
CODE : FVI.TO
ISIN : CA3499151080
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Fortuna Silver est une société de production minière d'argent basée au Canada.

Fortuna Silver est productrice d'argent, de cuivre, d'or, de plomb et de zinc au Mexique et au Perou.

Ses principaux projets en production sont CAYLLOMA au Perou et SAN JOSE PROJECT au Mexique et ses principaux projets en exploration sont MARIO PERU au Perou et TLACOLULA au Mexique.

Fortuna Silver est cotée au Canada, aux Etats-Unis D'Amerique et en Allemagne. Sa capitalisation boursière aujourd'hui est 460,7 millions CA$ (368,3 millions US$, 322,7 millions €).

La valeur de son action a atteint son plus bas niveau récent le 15 septembre 2000 à 0,14 CA$, et son plus haut niveau récent le 04 novembre 2016 à 9,99 CA$.

Fortuna Silver possède 158 850 000 actions en circulation.

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TORONTO (FVI.TO)FRANKFURT (F4S.F)
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TORONTO
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d Share Capital and Voting Rights for Lundin Mining
6,44 CA$-8,39%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
0,26 CA$-7,14%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
0,32 AU$+0,00%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
6,80 US$-2,86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
1,95 CA$-10,14%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
57,69 US$-8,60%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
8,66 CA$-0,35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
0,04 AU$+0,00%Trend Power :