Fortuna Silver Mines Inc.
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By Debarati Roy
Nov. 8 (Bloomberg) -- Prices for zinc, used to rust-proof steel, may rise 11 percent to trade above $5,000 a metric ton by the end of the year because of rising demand from China and supply disruptions, Macquarie Bank Ltd. said.
``Zinc looks as though it's running out,'' said Adam Rowley, London-based analyst in an interview yesterday in Mumbai. ``When a commodity runs the price can go anywhere as we have seen in copper and nickel.''
Zinc rose to a record on the London Metal Exchange after inventories of the best performing commodity in 2006 fell to a 15-year low. Chinese zinc demand will exceed output by 400,000 tons this year, according to government-affiliated Beijing Antaike Information Development Co.
Zinc for delivery in three months on the London Metal Exchange rose as much as $35, or 0.8 percent, to $4,535 a ton, the highest ever. It traded at $4,518 as of 9:29 a.m. London local time.
``Zinc supply looks extremely tight, while the drawdown has increased in the past three years, demand has risen,'' Rowley said. This year's supply will lag demand by in excess of 300,000 tons, he said.
Prices for zinc may average 9 percent more next year, beating other industrial metals such as copper and nickel, because of disruption to shipments from the U.S., RBC Capital Markets said Oct. 28.
`Uncharted Prices'
``These prices are uncharted and so it is difficult to predict a target but in the short-term we may see $4,700,'' said Rajini Panicker, head of research at Man Financial India Commodities Ltd.
Prices of industrial metals have soared in the past three years partly as China's booming economy stokes demand for the raw materials needed for factories, cars and appliances. Nickel has more than doubled and copper has risen 69 percent this year. China's economy expanded 10.4 percent in the third quarter.
``Consumption still exceeds production,'' Boliden AB, a Swedish copper and zinc producer, said Oct. 31 in a statement. Global zinc consumption rose 3.5 percent in the first nine months of the year, driven by China, the world's largest consumer of the metal, the Stockholm-based company said.
`Zinc Plays'
Shares of Korea Zinc Co., the world's largest producer of the metal, rose 1 percent to close at 108,000 won ($115). They rose 7 percent yesterday. Zinifex Ltd., the world's second- largest producer, fell 1.1 percent to A$16.552 after closing at a record yesterday. Both stocks have more than doubled this year.
Shares of Hindustan Zinc, India's largest producer, dropped 1.6 percent to 965.8 rupees in Mumbai. The stock has gained four times in value this year.
OAO Chelyabinsk Zinc Plant, Russia's largest producer of the metal, yesterday raised a greater-than-expected $336 million selling shares in London. Russia is one of the world's 10 largest producers of zinc.
``Zinc is one of the strongest-performing base metals and there are few zinc plays available globally, so this was a successful offering,'' Vladimir Katunin, a metals analyst at Aton brokerage in Moscow, said yesterday in a telephone interview.
Global use will increase by 3.9 percent to 11.1 million tons this year, and by 2.6 percent to 11.4 million tons in 2007, the International Lead and Zinc Study Group said Oct. 9.
``The market is now testing how resilient the demand is,'' Macquarie's Rowley said.
Canada's Teck Cominco Ltd., the world's largest producer, said Oct. 30 that shipments of zinc concentrate were delayed in the third quarter by bad weather at the Red Dog mine in Alaska.
Zinc for immediate delivery may rise to $5,000 within the next 12 months as supply lags behind demand, Standard Bank Plc. said in an Oct. 10 report. The price may average $3,140 this year before rising to $3,450 in 2007, said the London-based unit of South Africa's Standard Bank Group Ltd.
To contact the reporter on this story: Debarati Roy in Mumbai at droy5@blomberg.net .
Last Updated: November 8, 2006 05:41 EST
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Dear Shareholder,
Caylloma is now in production at a time when the prices of many metals,
particularly zinc and lead, are close to their historic highs. Two
articles recently appeared on www.mineweb.com reviewing the market
outlook for both metals. The attached shareholder update summarizes the
articles and gives a little insight into how Teck Cominco, one of the
leading suppliers of zinc and lead, view the supply and demand outlook.
http://www.fortunasilver.com/i/pdf/base_metal_prices.pdf
As usual if you have any questions, please feel free to contact us.
Sincerely,
Karen
......................................................
Karen Davies Robb
Investor Relations
Fortuna Silver Mines Inc.
TSX-V: FVI
Ph: 604-484-4085 Ext. 232
Fx: 604-484-4029
==================================================
Copyright (c) 2006 FORTUNA SILVER MINES INC. (FVI) All rights
reserved. For more information visit our website at
http://www.fortunasilver.com/ or send mailto:info@fortunasilver.com
==================================================
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Kopie von Posting 47
Hi Dirk,
Kopie aus Posting 48 meine Berechnung mit aktuellen Marktpreisen (Stand zum Zeitpunkt der Berechnung)
Meine Kalkulation werde ich in Dollar durchführen da die entsprechenden Rohstoffe ebenfalls auf Dollarbasis gehandelt werden.
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Kopie von Posting 65:
Hi Dirk,
Kopie von Posting 66& 67:
Tagesabbau bei voller Produktion liegt bei 700to.
Somit entstehen Tageskosten von 29400$. Die Produktion läuft an 350 Tagen somit ergeben sich Jahreskosten von 10.290000$.
Gruß
Marketcap liegt bei ca. 110 Mio.$
Alles bezogen auf das Jahr 2007 -erstes volles Produktionsjahr:
Ich hoffe deine Frage beantwortet zu haben.
Permanent
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Ich nehme an die 700 to werden bis 2007 erreicht? Momentan sinds noch 500 to oder?
Wie ich oben schon schrieb würde ich Abschläge bei den Rohstoffpreisen und
den Fördermengen nehmen. Schon zu oft konnten Juniors wie Fortuna ihre
Förderziele nicht erreichen. Da bin ich sehr vorsichtig geworden.
Als interessanter finde ich den Gewinn nach Steuern.
bei deinen 30 Mio's müssten noch die administrativen kosten, Explorationskosten,
zinszahlungen ect.(siehe Quartal/Jahresbericht) und dann ich glaube 35 %
Steuern abgezogen werden.
Mal schauen wie die Förderzahlen für November und Dezember ausfallen.
Die kann man dann als Berechnungsgrundlage für 07 benutzen und dann zeigt sich ob
die 30 Mio realistisch sind.
Grüsse
Pate
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Ich bin jedenfalls vorbereitet und habe nochmals nachgekauft.
Gruß
Permanent
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November 7, 2006: Fortuna Silver Mines Inc. (TSX-V:FVI), Mr. Jorge
Ganoza, President of the Company, is pleased to announce that Fortuna
has made its first shipment of silver-lead and zinc concentrates from
the Company's 100% owned Caylloma Ag-Zn-Pb mine in Peru. Ore is
currently being processed at a rate of 500 tonnes per day (tpd). The
first four truck loads of concentrates were shipped to the concentrate
buyers last week.
Fortuna's metal production is unhedged allowing the Company and its
shareholders to capitalize on the current historic high prices for
silver, zinc and lead.
![Live 24 hours silver chart [ Kitco Inc. ]](http://www.kitco.com/images/live/silver.gif)
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| Zinc | November 10,02:37 |
| Bid/Ask | 2.0831 | - | 2.1058 |
| Change | +0.0136 | +0.66% | |
| Low/High | 2.0672 | - | 2.1058 |
 Charts | |||
 | |
| Lead | November 10,02:18 |
| Bid/Ask | 0.7911 | - | 0.7957 |
| Change | +0.0005 | +0.06% | |
| Low/High | 0.7884 | - | 0.7957 |
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| Zinc | November 10,07:44 |
| Bid/Ask | 2.0242 | - | 2.0332 |
| Change | -0.0454 | -2.19% | |
| Low/High | 2.0242 | - | 2.1081 |
| Charts | |||
| |
| Lead | November 10,07:45 |
| Bid/Ask | 0.7816 | - | 0.7862 |
| Change | -0.0091 | -1.15% | |
| Low/High | 0.7725 | - | 0.8020 |
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Gold und Silber gehören in jedes Rohstoffdepot. Während Gold vor allem als Krisenwährung benötigt wird, orientiert sich der Silberpreis vor allem am Goldpreis und schlägt dessen Entwicklung gewöhnlich, jedoch auf Kosten einer höheren Volatilität. Dennoch besitzt Silber einen wesentlichen Vorteil. Ich zitiere einmal aus der Dezemberausgabe des Tiger & Dragon:
Die Besonderheiten von Silber
Ich könnte Ihnen zur Begründung für steigende Silberpreise jetzt einen Haufen Statistiken und Grafiken präsentieren. Eine geringe Minenförderung, eine hohe industrielle Nachfrage, leergefegte Lager, ein ungebrochener Aufwärtstrend im Chart. Aber das tue ich nicht. Selbst wenn es immer wieder interessant ist, würden Sie und ich diese Zahlen vermutlich in 2 Wochen wieder vergessen haben. Der wirkliche Grund für steigende Silberpreise hört sich sehr banal an, leuchtet aber ein. Im Gegensatz zu Gold wird bei Silber die Nachfrage zu 70% von Seiten der Industrie bestimmt. Das meiste davon geht in die Produktion von elektronischen Verbindungen.Nur ein kleiner Teil findet in der Schmuckverarbeitung Verwendung und der Rest ist Spekulation. Silber ist und bleibt ein sehr günstiges Edelmetall. Sie werden Ihre Kaufentscheidung für einen Silberring nicht revidieren, nur weil der Preis pro Unze statt 12 US-Dollar bei 20- oder 30 US-Dollar steht. Gold wird immer das 20 bis 50-fache von dem kosten, was Sie für Silber aufwenden müssen. Doch wenn der Goldpreis steigt, dann spekulieren immer mehr Spekulanten auch in Silber. Der Markt für Silber ist aber wesentlich enger als für Gold und die Nachfrageseite reagiert nicht so stark auf große Preisschwankungen. Während die Juweliere ihre Goldkäufe gerne einmal um ein paar Monate verschieben,wenn der Preis zu schnell zu hoch springt, müssen die industriellen Käufer bei Silber zu JEDEM Preis kaufen. Eine geringe Spekulation im Umfang von 1 bis 2 Mrd. USD, wie es Warren Buffet im Jahr 1999 vorgemacht hat, kann den Silbermarkt völlig aus seinen Fugen geraten lassen und eine Preisexplosion herbeiführen.
Silberminen sind eine gute Anlage
Das schöne bei Silber ist, dass es auf der ganzen Welt nur eine handvoll von reinen Silberminen gibt. Viele Minen fördern zusätzlich noch Zink und Blei.Aus meinen Chancenreporten wissen Sie, dass ich seit Frühjahr dieses Jahres sehr positiv zu Zink eingestellt bin. Und ich lag mit meiner Einschätzung richtig: Seither hat sich
der Zinkpreis um fast 50% erhöht. Blei stieg im gleichen Zeitraum um 60%. Das ist gut für die Minen, die Blei, Zink und Silber fördern, denn wenn sie Zink und Blei zu Preisen
von über 2 USD pro Pfund für Zink und 0,78 USD pro Pfund für Blei verkaufen und die Erlöse mit den Förderkosten für Silber verrechnen, dann geschieht bei den qualitativ
hochwertigen Minen etwas ganz Erstaunliches. Die Förderkosten fallen
in den negativen Bereich!
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The terms of the agreement (which were set out in Fortuna's October 5, 2006 news release) have been revised with respect to the cash portion of the purchase price. The owner of the property has included additional ground to the San Jose Project and accordingly, the cash payment has increased from US$8.0 million to US$9.0 million. Fortuna must also pay the 15% Mexico goods and services tax on the purchase price, which equals US$1.35 million. This tax will be refunded to Fortuna by the Mexican government in due course.
The Company also paid to the property owner 168,417 shares of Fortuna and 1,293,750 shares of Continuum which were owned by Fortuna. The Fortuna shares have a hold period expiring on March 11, 2007.
In order to provide part of the cash payment due to the property owner, the Company has borrowed CAD$4.6 million pursuant to a credit facility granted by Quest Capital Corp. of Vancouver, BC. The loan is secured by the Peru assets of the Company. In consideration for the loan, the Company issued 153,333 shares in its capital stock of Quest Capital Corp. These shares have a hold period until March 22, 2007.
The San Jose Project
San Jose is a high-grade silver-gold project in Oaxaca, Mexico. Fortuna's recent drilling at the project returned a series of Bonanza style high grade intercepts outlining a mineralized shoot that remains open at depth (see Fortuna news release dated September 5th, 2006).
The deposit currently has an inferred resource of 527,283 tons grading 396 grams per tonne (g/t) silver (Ag) and 3.5 g/t gold (Au) (based on 4,845 m of drilling in 15 holes conducted by Continuum) as outlined in the April 2006 technical report available on SEDAR. Fortuna is currently working on a revision of the resource which will include the results of the most recent drilling and which is expected to be compiled before the end of 2006.
Fortuna completed a total of 11,904m of core drilling in 37 holes using 2 rigs, between January and June of 2006. The program was designed to test the San Jose vein system over 2km strike distance, on 100m sections, to depths of 300 to 400 meters below surface.
The qualified person is Peter Thiersch, MSc, PGeo, as defined by National Instrument 43-101, responsible for the design and management of the San Jose drill program.
Corporate Activity
The Company also announces that Mr. Peter Thiersch has resigned as a director of the Company. Management and Board members appreciate the valuable contributions made by Peter over the past couple of years.
Mr. Buck Morrow has been appointed to the Board of Directors of Fortuna effective immediately. Mr. Morrow is the President of Northland Resources Inc. (TSX VENTURE:NAU) and is a graduate Mining Engineer from the Mackay School of Mines at the University of Nevada, Reno. He has over 30 years' experience in mineral exploration, mine development, and mine operations, in North America, South America, Asia, and Europe. From 1980 to 2001, he was the President of Western States Minerals Corporation which, under his direction, discovered and brought into production some of Nevada's most significant gold deposits including Barrick's Goldstrike mine. Prior to joining Northland, Mr. Morrow worked as a consultant in gold exploration, mine development, and mine financing.
The Company has granted to Mr. Morrow an incentive stock option to purchase up to 50,000 shares exercisable for 10 years at a price of $1.96 per share.
Background
Fortuna is a growth oriented, near term silver 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.
ON BEHALF OF THE BOARD
Jorge Ganoza Durant, President
Fortuna Silver Mines Inc.
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release
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Der Käufer bleibt anonym:
| Time | Price | Shares | $ Change | Buyer | Seller |
|---|---|---|---|---|---|
| 11:10 | 2.210 | 5,000 | -0.010 | Anonymous | TD Securities |
| 11:10 | 2.210 | 43,300 | -0.010 | Anonymous | RBC |
| 10:59 | 2.200 | 2,500 | -0.020 | Anonymous | TD Securities |
| 10:59 | 2.200 | 2,500 | -0.020 | Anonymous | TD Securities |
| 10:59 | 2.200 | 3,000 | -0.020 | Anonymous | Interactive |
| 10:53 | 2.200 | 2,500 | -0.020 | Anonymous | RBC |
| 10:47 | 2.210 | 21,000 | -0.010 | Anonymous | Tristone |
| 10:46 | 2.210 | 2,000 | -0.010 | Anonymous | Tristone |
| 10:46 | 2.210 | 2,000 | -0.010 | Anonymous | RBC |
| 10:46 | 2.210 | 2,000 | -0.010 | Anonymous | Tristone |
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==================================================
Fortuna discovers second mineralized shoot at San Jose Project,
Mexico: drills 868 g/t Ag, 8.5 g/t Au over 1.8 meters.
==================================================
December 7, 2006: Fortuna Silver Mines Inc. (FVI:TSX-V). Mr. Jorge
Ganoza, President of Fortuna, is pleased to report that drilling at the
76 per cent owned San Jose project in Mexico has discovered a second
high-grade mineralized shoot, known as the San Ignacio zone. San
Ignacio is a zone of high-grade silver-gold mineralization located five
hundred meters south and along strike from the Trinidad zone.
Highlights from the recent drilling at San Ignacio include:
--------------------------------------------------
San Jose Project - San Ignacio Zone Highlights
--------------------------------------------------
Ag
eq.
Drill Hole From To Interval Au g/t Ag g/t
oz/t(i)
--------------------------------------------------
SJO-023 77.95 90.70 12.75 2.33 182
10.0
SJO-024 57.10 58.10 1.00 7.66 1265
54.2
SJO-026 58.55 59.80 1.25 2.52 225
11.7
131.46 134.46 3.00 3.42 244
13.9
SJO-027 82.50 84.30 1.80 8.46 868
42.9
157.60 158.80 1.20 3.38 395
18.7
SJO-029 178.70 180.20 1.50 1.91 319
13.6
SJO-036 50.15 51.17 1.02 6.3 112
14.8
--------------------------------------------------
(i) Silver equivalents are based on a silver to gold ratio of 55:1,
using
metal prices of US$ 550/oz gold and US$ 10/oz silver. Metallurgical
recoveries and net smelter returns are assumed to be 100%.
To date, the San Ignacio zone has been drill tested over a strike
length of roughly 600m and to a maximum depth of 150m vertically below
surface. The San Ignacio mineralization is open to depth and along
strike to the north and south. A full table of results from this
year's drilling and a drill collar plan will be available on the
Company's website at www.fortunasilver.com.
The Trinidad zone hosts an inferred mineral resource of 527,283 tonnes
at 396 g/t Ag + 3.5 g/t Au, based on previous drilling conducted in
2005. This resource estimate is compliant with NI 43-101 guidelines
and the technical report is available on the Company's website at
www.fortunasilver.com. Fortuna is working to produce a new resource
estimate for Trinidad for release in early January 2007 that will
incorporate the results of all the drilling conducted during 2006. The
San Ignacio drill results are not incorporated in the existing Trinidad
resource.
The San Jose deposit was mined for high-grade silver-gold ore by the
former owner at a rate of 100 tonnes per day up until mid-November
2006. Mining was suspended when Fortuna and Continuum Resources
acquired the project. All underground workings and production stopes
are accessible. Fortuna plans to start development of the project in
the first quarter of 2007 to access the high-grade resources identified
in the underground workings and by the recent drilling in the Trinidad
zone. The Company anticipates that in the short term, production will
come from mining of vein extensions and from recovery of high-grade
pillars from existing mine levels 2 through 6. The Company is also
evaluating the possibility of using nearby processing facilities to
treat the mineral production from San Jose.
Mr. Jorge Ganoza, President of the Company, commented: "San Jose has
become a key project for Fortuna. With its persistent high grades,
broad mineralized widths, excellent ground conditions and favorable
metallurgy, it has the potential to rapidly increase Fortuna's
production profile during 2007. We intend to fast-track San Jose to
production."
The 2006 drill program, conducted from February through June 2006,
included 11,904m of drilling in 37 diamond core holes in the San
Ignacio and Trinidad zones of the San Jose Project. Results for the
initial 24 drill holes on the Trinidad zone were released on September
5, 2006. This news release is available on the Company's web site at
Highlights of the 2005 and 2006 drilling on the Trinidad zone include
(these results were previously published in Fortuna News Release dated
September 5, 2006):
--------------------------------------------------
San Jose Project - Trinidad Zone Highlights
--------------------------------------------------
Drill Interval Ag g/t Ag
eq.
Hole From (m) To (m) (m) Au g/t (ii)
oz/t(i)
--------------------------------------------------
SJO-001 199.97 201.18 1.21 6.22 1775
68.1
217.55 220.25 2.70 3.49 763
30.8
251.00 255.34 4.34 2.29 332
14.7
SJO-002 214.60 217.40 2.80 1.41 348
13.8
222.86 240.00 17.14 2.94 365
16.9
SJO-003 279.55 287.00 7.45 6.57 637
32.1
294.90 308.95 14.05 7.36 703
35.6
345.35 349.40 4.05 2.76 313
14.9
SJO-009 367.40 373.20 5.80 2.65 306
14.5
SJO-010 321.00 325.90 4.90 2.80 582
23.7
SJO-011 210.00 213.05 3.05 2.16 410
17.0
214.55 217.35 2.80 1.76 349
14.7
SJO-014 262.00 265.45 3.45 2.38 589
23.3
SJO-015 236.25 247.00 10.75 2.02 217
10.5
SJO-018 240.92 257.62 16.70 6.17 525
27.8
SJO-020 368.90 373.93 5.03 8.70 1464
62.4
SJO-021 246.50 255.00 8.50 2.96 522
22.0
SJO-022 387.63 390.00 2.37 2.55 568
22.8
414.17 415.97 1.80 3.61 394
19.1
SJO-039 42.75 47.65 4.90 5.90 843
37.5
SJO-046 371.00 373.30 2.30 5.64 869
37.9
401.66 404.59 2.93 1.20 272
10.9
414.60 424.82 10.22 5.33 347
20.6
480.31 488.02 7.71 3.72 373
18.6
SJO-051 328.50 352.41 23.91 2.00 245
11.4
424.20 440.16 15.96 14.65 1483
73.6
--------------------------------------------------
(i) Silver equivalents are based on a silver to gold ratio of 55:1,
using
metal prices of US$ 550/oz gold and US$ 10/oz silver.
Metallurgical
recoveries and net smelter returns are assumed to be 100%.
(ii) Mineralized intervals were calculated based on a minimum 3 opt
silver
equivalent cut-off.
All 2006 drill samples were analyzed for silver and gold using fire
assay methods with a gravimetric finish and for 31 elements using ICP
techniques by ALS Chemex of North Vancouver BC. Core samples were
logged and halved on site at San Jose, air freighted to Chemex's sample
preparation facility in Guadalajara, Mexico for preparation, and then
forwarded to Chemex's North Vancouver laboratory for assaying. A
comprehensive QA-QC program was conducted using blanks and standards to
ensure accuracy in the sampling and assaying program.
Qualified Person: Mr. Peter Thiersch, M.Sc. P.Geo., exploration
consultant, is the Qualified Person for Fortuna, as defined by National
Instrument 43-101, and was responsible for the design and management of
the San Jose drill program.
Fortuna is a growth-oriented silver 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. Fortuna is aggressively pursuing additional acquisitions. 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.
Tel: 604-484-4085
Symbol: TSX-V:FVI
==================================================
Copyright (c) 2006 FORTUNA SILVER MINES INC. (FVI) All rights
reserved. For more information visit our website at
http://www.fortunasilver.com/ or send mailto:info@fortunasilver.com
==================================================
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Base Metals Market Briefing - December 7, 2006
Base metals ? supply tightness vs economic slowdown
At the moment supply tightness is dominating the base metals markets with the tightness at the concentrate stage sending lead, nickel and zinc to/towards new highs. For copper spot treatment charges and the outcome of the latest TC/RC contract negotiations suggest that the copper concentrate market also remains tight. However our discussions with the industry suggest that the fourth quarter of 2006 may prove to be the turning point unless the copper market suffers another series of strikes/technical problems similar to that in 2005/2006.
Most demand indicators for the base metals remain positive. Activity in key downstream sectors ? copper and aluminium semis, galvanized and stainless steel ? remains robust. However, some of the economic indicators that have been released over the last month are pointing to slower economic activity.
> This article gives the introduction to our latest detailed analysis on the market. In order to receive a free copy of the Base Metals Market Briefing, please contact: info@gfms-metalsconsulting.com.
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| Symbol | Last Trade | $ Change | % Change | Volume | Exchange* |
|---|---|---|---|---|---|
| FVI | 2.420 | +0.220 | +10.00 | 283,123 | VN |
Wie ich hier zuvor bereits schrieb sind die Produktionskosten für das geförderte Silber negativ da die gesamte Minenproduktion mit dem Verkauf des Zink und Blei bezahlt werden kann. Glänzende Aussichten.
Gruß
Permanent
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==================================================
Re: News Release - Monday, December 11, 2006
Fortuna Arranges $11.4 Million Private Placement
==================================================
NOT FOR DISSEMINATION IN THE UNITED STATES OR FOR RELEASE TO U.S
NEWSWIRE SERVICES
December 11, 2006: Fortuna Silver Mines Inc. (TSX.V:FVI) - Mr. Jorge
Ganoza, President of Fortuna Silver Mines Inc. ("Fortuna" or the
"Company") is pleased to announce that the Company has entered into an
agreement with a syndicate of agents co-led by Pacific International
Securities Inc. and Sprott Securities Inc., and including Salman
Partners Inc. (the "Agents"), to raise up to $11,400,000 by way of a
private placement. The agreement provides for the placement of up to
6,000,000 units ("Units") priced at $1.90 per Unit, with each Unit
consisting of one common share and one half of one common share
purchase warrant. Each whole warrant is exercisable into one common
share for 18 months from the closing date at a price of $2.30. The
Company has also granted the Agents an over-allotment option
exercisable at any time prior to closing for the placement of up to an
additional 6,000,000 Units. Fortuna will pay the Agents a commission
of 7.0% of the gross proceeds of the offering, payable in a combination
of cash or Units, at the election of the Agents. In addition, the
Agents will receive compensation options equal to 7.5% of the aggregate
Units sold, with each option exercisable into one common share at a
price of $2.30 for 18 months from closing. Closing of the private
placement is anticipated to be on January 11, 2007.
The net proceeds of the placement will be used for advancement of the
Company's San Jose Project in Mexico, to repay a credit facility
recently issued to the Company in connection with its acquisition of a
76% interest in the San Jose Project, and for general working capital
purposes.
Fortuna is a growth-oriented silver 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. Fortuna is aggressively pursuing additional acquisitions. 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 Durant"
Jorge Ganoza Durant, President
Fortuna Silver Mines Inc.
Tel: 604-484-4085
Symbol: TSX-V:FVI
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
==================================================
Copyright (c) 2006 FORTUNA SILVER MINES INC. (FVI) All rights
reserved. For more information visit our website at
http://www.fortunasilver.com/ or send mailto:info@fortunasilver.com
Message sent on Mon Dec 11, 2006 at 1:01:00 PM Pacific Time
==================================================
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Fortuna Silver ups financing to $34.2-million
2006-12-12 19:08 ET - News Release
Mr. Jorge Durant reports
FORTUNA INCREASES PRIVATE PLACEMENT TO $34.2 MILLION
Fortuna Silver Mines Inc. has agreed to increase the size of its previously announced brokered private placement. Fortuna will now issue up to 18 million units priced at $1.90 per unit, for gross proceeds of up to $34.2-million, inclusive of the overallotment option. The other terms of the private placement are the same as announced in Stockwatch on Dec. 11, 2006. The offering is being co-led by Pacific International Securities and Sprott Securities LLC and includes Salman Partners as co-agent.
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Fortuna Increases Private Placement To $34.2 Million
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December 12, 2006: Fortuna Silver Mines Inc. (TSX.V:FVI) - Mr. Jorge
Ganoza, President of Fortuna Silver Mines Inc., is pleased to announce
that the Company has agreed to increase the size of its previously
announced brokered private placement. Fortuna will now issue up to
18,000,000 units ("Units") priced at $1.90 per Unit, for gross proceeds
of up to $34,200,000, inclusive of any overallotment option. The other
terms of the private placement are the same as announced on December
11, 2006. The offering is being co-led by Pacific International
Securities Inc. and Sprott Securities Inc. and includes Salman Partners
Inc. as co-agent.
Fortuna is a growth-oriented silver 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. Fortuna is aggressively pursuing additional acquisitions. 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 Durant"
Jorge Ganoza Durant, President
Fortuna Silver Mines Inc.
Tel: 604-484-4085
Symbol: TSX-V:FVI
This news release does not constitute an offer to sell or a
solicitation of an offer to sell any of the securities in the United
States. The securities have not been and will not be registered under
the United States Securities Act of 1933, as amended (the "U.S.
Securities Act") or any state securities laws and may not be offered or
sold within the United States or to U.S. Persons unless registered
under the U.S. Securities Act and applicable state securities laws or
an exemption from such registration is available.
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Copyright (c) 2006 FORTUNA SILVER MINES INC. (FVI) All rights
reserved. For more information visit our website at
http://www.fortunasilver.com/ or send mailto:info@fortunasilver.com
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