Fortuna announces first gold pour at Lindero, shares up

21.10.2020, 19:01 - eeppo

Fortuna Silver (NYSE: FSM, TSX: FVI) reported the first gold pour from its Lindero Mine located in the Province of Salta in Argentina.

The pour took place on Tuesday, and produced 728 ounces of gold.

“The first gold pour at Lindero, our third mine in the Americas, is a significant achievement for the Company as we advance the mine’s ramp-up phase towards commercial production in the first quarter of 2021,” said Fortuna CEO Jorge A. Ganoza.

Shares of Fortuna were up 6% on the TSX Wednesday.

“Lindero is a mine with reserves for a projected life of thirteen years and is a pillar in Fortuna’s asset portfolio.”

If conditions permit, the company plans to host an on-site inauguration ceremony of Argentina’s newest gold mine with provincial and federal authorities early next year.

Between 25,000 and 28,000 ounces of gold doré are scheduled to be produced until the end of December, the company said.

Once commercial production begins, the mine is expected to produce 145,000 to 160,000 ounces of gold per year at an all-in sustaining cost of $520 to $620 per ounce.

Shares of Fortuna were up 6% on the TSX Wednesday. The Vancouver-based mining company has a market capitalization of C$1.79 billion.