Fortuna Silver Mines added to S&P/TSX Composite

ortuna Silver Mines (FVI.TSX, NYSE: FSM) announced that it has been added to the S&P/TSX Composite, effective at the market open on December 19, 2011.  The Company joins Canada’s other leading silver producers on the 255-company index, which represents the largest businesses on the Toronto Stock Exchange.

Highlights:

* Fortuna Silver Mines recently reported its best quarter yet yet in terms of net income, cash flow and metal production

* The Company’s San Jose mine in Mexico declared commercial operations in September and Fortuna expects to report sustained low cost quarterly silver production growth as it expands San Jose from 1,000 tonnes per day (tpd) to the design capacity of 1,500tpd

* Fortuna is on pace to generate sustained quarterly production growth to the planned annual rate of 4.9 million ounces of silver and 26,000 ounces of gold by Q4 2013

Jorge A. Ganoza , President, CEO and co-founder:

“Fortuna’s addition to the S&P/TSX Composite caps a year of transformation for the Company. As a new addition to the Index, Fortuna’s management is looking forward to the heightened visibility and exposure that it brings to its constituent companies. With the opening of our San Jose mine in Mexico this fall adding to existing production from the Caylloma mine, our silver production has increased substantially and will continue to increase during 2012 providing our shareholders with growing exposure to the metal.”

Graeme Jennings, Cormark Securities:

“We believe that the Company offers investors exposure to an undervalued ‘best in class’ mid-tier silver producer with a rapidly growing production profile supported by high quality in-situ resources and exploration assets.”

Source: Gold Alert

Tags: Fortuna Silver Mines, price of silver, Silver, Silver ETFs, silver news, silver price, silver prices, silver shares, silver spot, silver stock, silver stocks, spot silver

Posted by Silver Guru on Dec 16 2011. Filed under Silver stocks. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry