Fortuna Silver Mines Inc. is pleased to report that the Company has paid down an additional $41 million of its revolving credit facility at the end of the fourth quarter of 2023, using cash on hand.
“We closed out 2023 on a high note with gold production of 137,993 ounces during the fourth quarter, the second-highest production quarter on record. With this strong finish, the team delivered on full-year production guidance for the fifth straight year. The operational performance was matched by an equally impressive safety performance, with no lost-time injuries at ELG or the Media Luna Project for the second quarter in a row.”
Dale Andres, CEO of Gatos Silver, commented: “The CLG mine performed very well during the fourth quarter and full year 2023. The operation achieved another record for mill throughput, with a quarterly average higher than 3,000 tonnes per day during the fourth quarter. This was the fourth consecutive quarterly increase in mill throughput rate, partially offsetting the expected lower grades of ore mined in 2023 compared with 2022.”
The net proceeds from the Offering will be used for ongoing drilling at the Company’s Sunnyside Property, property maintenance payments, trade payables and for general corporate purposes.
Glenn Jessome, President and CEO stated “2023 was a transformational year at Silver Tiger as the Corporation made the transition from explorer to developer. We delivered an updated robust Mineral Resource Estimate for the El Tigre Project in September and followed that up with the Preliminary Economic Assessment in November with an NPV of $287 Million US dollars and an IRR of 56%. We now turn our attention to 2024. We currently have 4 drill rigs completing a 25,000 metre drill program.”
President and CEO, Fred Davidson said, “We are thrilled to partner with world class contractors including Bell Internacional and TTN Energia, backed by the world-leading innovators at Tesla as we become the first truly green mining project. Shareholders can look forward to substantial cost savings and improving profit margins, as we solidify our position as a high-grade, low-cost zinc producer.”
“Since hiring Mariana back in late November, she has been boots on the ground, driven and determined to assist Monumental Energy with advancing both Laguna Blanca and Turi and engaging with the communities. Mariana spent four years living in San Pedro de Atacama and her knowledge and experience is something Monumental is delighted to have.”
“This is a fantastic achievement and signals the start of a new era for Avino and the communities adjacent to the mine as we are one crucial step closer to putting La Preciosa into production” said David Wolfin, President and CEO of Avino.
“We are extremely pleased with our strong Q4 production results, which have been driven by initiatives our Operations team implemented to improve both mine and mill productivity” commented Dan Dickson, Chief Executive Officer. He further added, “Implementing these initiatives allowed us to successfully overcome the challenges that affected Q3 production.”
James Anderson, Chairman and CEO, said, “Performance in the quarter demonstrated increasing improvement driven by the successful implementation of a number of modifications designed to improve overall efficiencies at our Mexican mining operations. The adjustment of various operating procedures, such as improving the stope rotation at El Cubo, the shifting of our business model at Topia, and the addition of a new source of mineralized material from El Horcon, have improved production figures at all of our assets.”
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