|By PR Newswire||
|March 23, 2012 08:27 PM EDT||
VANCOUVER, March 23, 2012 /PRNewswire/ - Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (BVL: FVI) is pleased to announce it has filed its audited financial statements and MD&A for 2011. The full documents are available on SEDAR and have also been posted on the Company's website at www.fortunasilver.com.
2011 Financial Statements and MD&A Highlights:
- Net income of US$19.53 million, compared to US$16.00 million in 2010; increase of 22%
- Earnings per share of US$0.16, compared to US$0.15 in 2010; increase of 7%
- Sales of US$110.00 million compared to US$74.06 million in 2010; increase of 49%
- Net cash from operating activities of US$35.51 million, compared to US$21.73 million in 2010; increase of 63%
- The Company's cash position (including short term investments) and working capital as at year end were US$55.73 million and US$63.90 million respectively
- Record silver production: 2,486,655 ounces, up 30% over 2010 (only includes commercial production)
- Silver accounted for 65% of revenue
- Cash cost per silver ounce, net of by-product credits, was US$0.37
|Expressed in US$000's||
December 31, 2011
December 31, 2010
|Net Income (loss)||19,533||16,003|
|Cash flow from operations||35,508||21,713|
Cash cost per Ag oz net of by-product credits
During the year ended December 31, 2011 the Company generated net income of US$19.53 million (2010: US$16.00 million) on operating income of US$38.07 million (2010: US$27.73 million). The increase in net income is mainly attributable to higher mine operating income of US$60.97 million (2010: US$39.21 million) driven by higher sales at Caylloma and the contribution of the San Jose mine, offset by higher selling, general and administrative expenses of US$19.84 million (2010: US$10.98 million), income taxes of US$18.80 million (2010: US$11.51 million), impairment of mineral properties, property, plant and equipment of US$1.89 million (2010: $nil), exploration and evaluation costs of US$1.72 million (2010: US$0.55 million), and lower gain on commodity contracts of US$0.48 million (2010: US$0.74 million).
|QUARTERLY RESULTS||YEAR TO DATE RESULTS|
|Three months ended December 31,||Years ended December 31,|
|Consolidated Metal Production||Consolidated||Consolidated||Consolidated||Consolidated|
|Lead (000's lbs)||4,396||5,338||19,678||21,373|
|Zinc (000's lbs)||5,688||6,158||23,425||26,137|
|Copper (000's lbs)||0||987||36||4,596|
* Caylloma: Silver in lead and copper concentrates; San Jose: Silver in silver-gold concentrates from commercial production
The Company's silver production in Q4 of 2011 was 90% higher than Q4 2010 as a result of higher silver production from Caylloma of 11% and the contribution from San Jose for its first full quarter under commercial operations.
The Company's silver production in 2011 was 30% higher than in 2010 as a result of higher silver production from Caylloma of 5% and the contribution from San Jose for the second half of the year.
Consolidated Production Highlights for Q4 2011:
- Silver production of 913,803 ounces; 90% increase over Q4 2010
- Gold production of 4,153 ounces; 128% increase over Q4 2010
- Lead production of 4,396 (000's) pounds; 18% decrease over Q4 2010
- Zinc production of 5,688 (000's) pounds; 8% decrease over Q4 2010
Consolidated Production Highlights for 2011:
- Silver production of 2.49 million ounces; 30% increase over 2010
- Gold production of 6,843 ounces; 168% increase over 2010
- Lead production of 19,678,000 pounds; 8% decrease over 2010
- Zinc production of 23,425,000 pounds; 10% decrease over 2010
Caylloma Mine Fatal Accident Report
It is with great sorrow the Company informs that on February 26, 2012 a fatal accident claimed the life of driller Mr. Sixto Chambilla Apaza and injured his supervisor Mr. Felix Larota Puma, both working for the Company's mine contractor operating the Animas vein on Level 12 of the Caylloma mine. Upon knowledge of the tragic accident, all mine operations were stopped immediately resuming on February 28.
Fortuna's senior operations management team traveled to the mine site the same day of the accident to launch a corporate investigation. Findings indicate the crew of contractors suffered a premature detonation on a round of rib and ditch blast. Levels of responsibility and breaches of safety regulations and procedures that led to the accident have been identified as a result of the investigation. Fortuna is implementing corrective actions across the organization to make certain additional safeguards are set in place against violations of safety regulations and procedures.
The Company is working closely with the contractor to ensure that both grieving families receive all possible emotional, moral and financial support. Fortunately, Felix Larota is in a stable condition and recovering in a hospital in Arequipa.
Jorge Ganoza, President and CEO, commented: "This tragic incident which resulted in the death of Mr. Chambilla is mourned by the entire Company. The accident occurred despite the various systems set in place to safeguard against breaches in safety protocols and procedures. As President, CEO and Director of Fortuna, I can assure that the organization is truly committed to our core safety principle - we do not tolerate unsafe acts or work conditions - in order to preserve the well-being, health and safety of our workers. This is my most sincere commitment and that of the entire Fortuna family."
Conference Call to Review 2011 Year-End Financial Results
The Company will hold a conference call to discuss the 2011 year-end financial results and comment on recent events at our Caylloma mine in Peru on Tuesday, March 27, 2012 at 9:00 a.m. Pacific / 11:00 a.m. Lima / 12:00 noon Eastern. Hosting the call will be Jorge Ganoza, President and CEO and Luis Ganoza, Chief Financial Officer.
Shareholders, analysts, media and interested investors are invited to listen to the live conference call by logging onto the webcast at: http://www.investorcalendar.com/IC/CEPage.asp?ID=167811 or over the phone by dialing just prior to the starting time.
Conference call details:
Date: Tuesday, March 27, 2012
Time: 9:00 a.m. PST / 11:00 a.m. Lima / 12:00 noon EST
Dial in number (Toll Free): +1.877.407.8035
Dial in number (International): +1.201.689.8035
Replay number (Toll Free): +1.877.660.6853
Replay number (International): +1.201.612.7415
Replay Passcodes (both are required for playback):
Account #: 286
Conference ID #: 391125
Playback of the webcast will be available until June 28, 2012. Playback of the conference call will be available until 11:59 p.m. EST on April 10, 2012. In addition, the call will be archived in the Company's website.
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 Mine in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.
ON BEHALF OF THE BOARD
President, CEO and Director
Fortuna Silver Mines Inc.
Trading symbols: NYSE: FSM | TSX: FVI | BVL: FVI
This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. When used in this document, the words such as "anticipates", "believes", "plans", "estimates", "expects", "forecasts", "targets", "intends", "advance", "projects", "calculates" and similar expressions are forward-looking statements.
The forward-looking statements are based on an assumed set of economic conditions and courses of actions, including estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Fortuna's future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Fortuna's mining and mine development activities, risks inherent in mineral exploration, uncertainties inherent in the estimation of mineral reserves, mineral resources, and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Fortuna is active, labor relations and other risk factors.
Although Fortuna has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Except as required by law, Fortuna does not assume the obligation to revise or update these forward-looking statements after the date of this news release or to revise them to reflect the occurrence of future unanticipated events.
SOURCE Fortuna Silver Mines Inc.
With an estimated 50 billion devices connected to the Internet by 2020, several industries will begin to expand their capabilities for retaining end point data at the edge to better utilize the range of data types and sheer volume of M2M data generated by the Internet of Things. In his session at @ThingsExpo, Don DeLoach, CEO and President of Infobright, will discuss the infrastructures businesses will need to implement to handle this explosion of data by providing specific use cases for filte...
Feb. 13, 2016 02:00 PM EST Reads: 256
SYS-CON Events announced today that Pythian, a global IT services company specializing in helping companies adopt disruptive technologies to optimize revenue-generating systems, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Founded in 1997, Pythian is a global IT services company that helps companies compete by adopting disruptive technologies such as cloud, Big Data, advanced analytics, and DevO...
Feb. 13, 2016 01:30 PM EST Reads: 284
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
Feb. 13, 2016 01:30 PM EST Reads: 144
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...
Feb. 13, 2016 12:45 PM EST Reads: 471
The Quantified Economy represents the total global addressable market (TAM) for IoT that, according to a recent IDC report, will grow to an unprecedented $1.3 trillion by 2019. With this the third wave of the Internet-global proliferation of connected devices, appliances and sensors is poised to take off in 2016. In his session at @ThingsExpo, David McLauchlan, CEO and co-founder of Buddy Platform, will discuss how the ability to access and analyze the massive volume of streaming data from mil...
Feb. 13, 2016 12:00 PM EST
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
Feb. 13, 2016 12:00 PM EST Reads: 473
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Feb. 13, 2016 12:00 PM EST Reads: 450
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Feb. 13, 2016 11:45 AM EST Reads: 276
Fortunately, meaningful and tangible business cases for IoT are plentiful in a broad array of industries and vertical markets. These range from simple warranty cost reduction for capital intensive assets, to minimizing downtime for vital business tools, to creating feedback loops improving product design, to improving and enhancing enterprise customer experiences. All of these business cases, which will be briefly explored in this session, hinge on cost effectively extracting relevant data from ...
Feb. 13, 2016 11:30 AM EST Reads: 157
WebSocket is effectively a persistent and fat pipe that is compatible with a standard web infrastructure; a "TCP for the Web." If you think of WebSocket in this light, there are other more hugely interesting applications of WebSocket than just simply sending data to a browser. In his session at 18th Cloud Expo, Frank Greco, Director of Technology for Kaazing Corporation, will compare other modern web connectivity methods such as HTTP/2, HTTP Streaming, Server-Sent Events and new W3C event APIs ...
Feb. 13, 2016 11:30 AM EST
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Feb. 13, 2016 11:00 AM EST
SYS-CON Events announced today that iDevices®, the preeminent brand in the connected home industry, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. iDevices, the preeminent brand in the connected home industry, has a growing line of HomeKit-enabled products available at the largest retailers worldwide. Through the “Designed with iDevices” co-development program and its custom-built IoT Cloud Infrastruc...
Feb. 13, 2016 11:00 AM EST Reads: 153
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
Feb. 13, 2016 11:00 AM EST
Join us at Cloud Expo | @ThingsExpo 2016 – June 7-9 at the Javits Center in New York City and November 1-3 at the Santa Clara Convention Center in Santa Clara, CA – and deliver your unique message in a way that is striking and unforgettable by taking advantage of SYS-CON's unmatched high-impact, result-driven event / media packages.
Feb. 13, 2016 10:00 AM EST Reads: 102
As enterprises work to take advantage of Big Data technologies, they frequently become distracted by product-level decisions. In most new Big Data builds this approach is completely counter-productive: it presupposes tools that may not be a fit for development teams, forces IT to take on the burden of evaluating and maintaining unfamiliar technology, and represents a major up-front expense. In his session at @BigDataExpo at @ThingsExpo, Andrew Warfield, CTO and Co-Founder of Coho Data, will dis...
Feb. 13, 2016 09:45 AM EST Reads: 233
Silver Spring Networks, Inc. (NYSE: SSNI) extended its Internet of Things technology platform with performance enhancements to Gen5 – its fifth generation critical infrastructure networking platform. Already delivering nearly 23 million devices on five continents as one of the leading networking providers in the market, Silver Spring announced it is doubling the maximum speed of its Gen5 network to up to 2.4 Mbps, increasing computational performance by 10x, supporting simultaneous mesh communic...
Feb. 13, 2016 05:00 AM EST
Eighty percent of a data scientist’s time is spent gathering and cleaning up data, and 80% of all data is unstructured and almost never analyzed. Cognitive computing, in combination with Big Data, is changing the equation by creating data reservoirs and using natural language processing to enable analysis of unstructured data sources. This is impacting every aspect of the analytics profession from how data is mined (and by whom) to how it is delivered. This is not some futuristic vision: it's ha...
Feb. 13, 2016 04:45 AM EST Reads: 474
The cloud promises new levels of agility and cost-savings for Big Data, data warehousing and analytics. But it’s challenging to understand all the options – from IaaS and PaaS to newer services like HaaS (Hadoop as a Service) and BDaaS (Big Data as a Service). In her session at @BigDataExpo at @ThingsExpo, Hannah Smalltree, a director at Cazena, will provide an educational overview of emerging “as-a-service” options for Big Data in the cloud. This is critical background for IT and data profes...
Feb. 13, 2016 03:45 AM EST Reads: 255
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
Feb. 12, 2016 09:00 PM EST Reads: 144
With the Apple Watch making its way onto wrists all over the world, it’s only a matter of time before it becomes a staple in the workplace. In fact, Forrester reported that 68 percent of technology and business decision-makers characterize wearables as a top priority for 2015. Recognizing their business value early on, FinancialForce.com was the first to bring ERP to wearables, helping streamline communication across front and back office functions. In his session at @ThingsExpo, Kevin Roberts...
Feb. 12, 2016 12:45 AM EST Reads: 428