Fortuna Silver Mines Inc. (NYSE: FSM)
(TSX: FVI) is pleased to provide an update on construction
activities at its Séguéla gold Project located in Côte d’Ivoire. In
September of 2021, the Company made a construction decision to
proceed to build a 3,750 tonne per day mill at Séguéla, with
first gold pour expected in mid-2023 (refer to Fortuna news release
dated September 29, 2021). All references to dollar amounts in this
news release are expressed in US dollars.
Paul Criddle, Chief Operating Officer - West
Africa of Fortuna, commented, “The Séguéla Project continues to
advance in line with our expectations through what is a challenging
supply market.” Mr. Criddle continued, “Séguéla has transitioned
through the design and procurement phases to now having much of the
critical earthworks and civil works out of the ground ahead of the
upcoming wet season, in line with budget and schedule.” Mr. Criddle
concluded, “Activities at the project site are really ramping up
ahead of planned gold pour in mid-2023.”
Construction Highlights
- Overall project is 61 percent
complete as of June 15, 2022
- Approximately $91.6 million of the
$173.5 million initial capital budget accrued as of May 31,
2022
- Approximately $143.8 million
committed as of May 31, 2022
- Majority of equipment packages
secured and first deliveries arriving in Abidjan, Côte
d´Ivoire
- All major construction contracts
executed and contractor mobilizations underway
- All key scopes now commenced and
construction advancing on the ground
- Mining contract executed with
Mota-Engil and long lead equipment ordered
- Key mechanical equipment has begun
arriving at site
- First gold pour remains on target
for mid-2023
Figure 1 accompanying this
announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/edf24ae2-0640-4016-a02d-98e210b896c1
Accommodation Camp
The accommodation camp is complete and occupied
by the project and company staff.
Figure 2 accompanying this
announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/21c0956e-bdf4-436e-8fba-970e6d57fee0
Processing Plant
De Simone was awarded the process plant bulk
earthworks contract and activities are nearing completion. Ground
improvement works are completed and only punch listed items are
outstanding. All areas have been handed over to the engineering,
procurement and construction (EPC) contractor for construction of
the processing plant.
Lycopodium, the process plant EPC contractor,
mobilized to site in March 2022 and has made excellent progress in
advancing the critical path scopes for the plant. As of June 15,
2022, engineering activities were 95 percent complete,
procurement activities 78 percent complete and construction
activities have commenced in the following key areas:
- Civil and concrete works for the
crusher, surge bin, milling and carbon in leach (CIL) areas
- CIL tank fabrication
- Installation of high security
fencing
The delivery and installation of the SAG mill
remains on the Project’s critical path and, despite supply chain
challenges and risks, is expected to be delivered to site on
schedule. Manufacturing of core components such as the shell, heads
and trunnions and gear and pinion are well advanced. Despite
challenges around logistics due to global port congestion at the
start of the year, key mechanical packages such as the primary
crusher and high-voltage transformers have started to arrive
in-country in line with the schedule.
Figures 3 through 6 accompanying this announcement are
available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/9563c752-083e-4690-b97a-4a1396453e6d
https://www.globenewswire.com/NewsRoom/AttachmentNg/0ababbc1-20af-4b80-a315-67f55951b60f
https://www.globenewswire.com/NewsRoom/AttachmentNg/92a25b6a-21b1-45a0-8b04-6e379fe7c2b4
https://www.globenewswire.com/NewsRoom/AttachmentNg/75897446-9a56-4c51-a412-fa1a7563d421
Site Bulk Earthworks
Construction of the tailings storage facility
(TSF) and water storage dam (WSD) are well advanced. Construction
of the WSD embankment is on-track to be completed by the end of
June, ahead of the upcoming wet season, and the embankment has
already begun capturing and storing raw water in preparation for
commissioning and transition into operations. Likewise, good
progress has been made on the TSF embankment and is on track to be
completed in the fourth quarter of 2022. High density polyethylene
(HDPE) lining of the western TSF basin has commenced and
approximately 26 percent of the total surface of the TSF has been
lined by mid-June.
Figures 7 and 8 accompanying this
announcement are available at:
https://www.globenewswire.com/NewsRoom/AttachmentNg/b559c1e8-8d84-4db0-909f-9176d8619787
https://www.globenewswire.com/NewsRoom/AttachmentNg/358ca6f1-9b8f-45af-b8d5-299b68c629a8
Grid Connection
Works are on-track to provide power to the site
by the end of the fourth quarter of 2022 ahead of commissioning
activities at the processing plant. Despite challenges around
logistics from port congestion at the start of the year, key
electrical packages such as the high-voltage transformers out of
Shanghai have started to arrive at site in line with the schedule.
The 33kV tower erections are complete with transmission line
stringing commencing in June. Tower erections for the 90kV power
line have commenced and the first shut-down for tie-in to the
electrical grid is scheduled for late July. The construction of the
substation is approximately 67 percent complete with all major
equipment packages, such as control, automation and communication
panels, on-track for shipment in early July.
Figure 9 accompanying this announcement is available
at https://www.globenewswire.com/NewsRoom/AttachmentNg/f35c3094-ee1e-4549-8e5a-dfabea346f38
Mining
Mota-Engil has been awarded the contract for
mining services at Séguéla. The agreement has been executed and
orders for long lead items placed. Mota-Engil has commenced
recruitment for the project and will advance mobilization and
establishment of site infrastructure in the third quarter of
2022.
Operational Readiness
Fortuna is advancing its organizational
infrastructure in Côte d’Ivoire to prepare for the start of
operations at Séguéla, as well as establishing a regional office to
service both Séguéla and the Yaramoko Mine. Key administration and
logistics personnel that support the ongoing project execution
phase are already in place, developing the systems and procedures
required for this. Recruitment for the Séguéla operations group has
commenced with key senior members of this team expected to be on
board in the third quarter of 2022.
Cost
As of May 31, 2022, $143.8 million of the total
approved budget of $173.5 million, including $8.9 million
contingency, has been committed. Of the total commitments to date,
these include contracts for a guaranteed maximum price for $87
million, fixed price contracts for $15.4 million and earthworks
bill of quantity and schedule of rates for $13.7 million. The
remaining commitments are largely comprised of employee salaries,
equipment and material purchase orders, land compensation and
livelihood restoration programs. Consequently, management of
Fortuna believes that risks associated with the volatile market
conditions and price escalations have been mitigated as far as
practicable.
Project commitments as of May 31, 2022
Infographic 1 accompanying this announcement is available
at
https://www.globenewswire.com/NewsRoom/AttachmentNg/39d8da79-6d7f-43f4-a41f-dbd1b39e5d08
Schedule
Construction at Séguéla is tracking on schedule
with the project’s next major milestones below:
Infographic 2 accompanying this
announcement is available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/8ad58c80-0a83-45e1-acc6-9bfd7336cdef
Qualified Person
Paul Criddle, FAusIMM, Chief Operating Officer,
West Africa for Fortuna, is a Qualified Person as defined by
National Instrument 43-101, Standards of Disclosure for Mineral
Projects, and has reviewed and approved the scientific and
technical information pertaining to the Séguéla gold Project
contained in this news release and has verified the underlying
data.
About Fortuna Silver Mines
Inc.
Fortuna Silver Mines Inc. is a Canadian precious
metals mining company with four operating mines in Argentina,
Burkina Faso, Mexico and Peru, and a fifth mine under construction
in Côte d'Ivoire. Sustainability is integral to all our operations
and relationships. We produce gold and silver and generate shared
value over the long-term for our stakeholders through efficient
production, environmental protection, and social responsibility.
For more information, please visit our website.
ON BEHALF OF THE BOARD
Jorge A. Ganoza President, CEO,
and DirectorFortuna Silver Mines Inc.
Investor Relations: Carlos Baca
| info@fortunasilver.com | Twitter:
@Fortuna_Silver | LinkedIn: fortunasilvermines
Forward looking Statements
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 (collectively, “Forward looking Statements”). All
statements included herein, other than statements of historical
fact, are Forward looking Statements and are subject to a variety
of known and unknown risks and uncertainties which could cause
actual events or results to differ materially from those reflected
in the Forward looking Statements. The Forward looking Statements
in this news release may include, without limitation, statements
about the Company’s plans for the construction of an open pit gold
mine at the Séguéla gold Project, including the timeline for
construction, the costs of constructing the mine, the securing of
contracts necessary for the construction of the mine, the signing
of the Mining Convention with the Government of Côte d’Ivoire, the
ability to sign contracts for outstanding equipment and services in
line with the estimates for same, the timing of the first gold
pour; the Company’s business strategy, plans and outlook; the merit
of the Company’s mineral properties; mineral resource and reserve
estimates; timelines; the future financial or operating performance
of the Company; expenditures; approvals and other matters. Often,
but not always, these Forward looking Statements can be identified
by the use of words such as “estimated”, “potential”, “open”,
“future”, “assumed”, “projected”, “used”, “detailed”, “has been”,
“gain”, “planned”, “reflecting”, “will”, “containing”, “remaining”,
“to be”, or statements that events, “could” or “should” occur or be
achieved and similar expressions, including negative
variations.
Forward looking Statements involve known and
unknown risks, uncertainties and other factors which may cause the
actual results, performance or achievements of the Company to be
materially different from any results, performance or achievements
expressed or implied by the Forward looking Statements. Such
uncertainties and factors include, among others, changes in general
economic conditions and financial markets; the duration and effects
of the COVID-19 pandemic on our operations and workforce and the
effects on the global economy and society; changes in prices for
silver, gold and other metals; changes in the prices of supplies
required for the construction at the Séguéla gold Project such as
equipment and services; the ability to sign the Mining Convention
on terms currently contemplated and acceptable to the Company;
technological and operational hazards in Fortuna’s mining and mine
development activities; risks inherent in mineral exploration;
fluctuations in prices for energy, labor, materials, supplies and
services; fluctuations in currencies; increases in inflation;
uncertainties inherent in the estimation of mineral reserves,
mineral resources, and metal recoveries; our ability to obtain all
necessary permits, licenses and regulatory approvals in a timely
manner; governmental and other approvals; political unrest or
instability in countries where Fortuna is active; labor relations
issues; as well as those factors discussed under “Risk Factors” in
the Company's Annual Information Form. Although the Company has
attempted to identify important factors that could cause actual
actions, events or results to differ materially from those
described in Forward looking Statements, there may be other factors
that cause actions, events or results to differ from those
anticipated, estimated or intended.
Forward looking Statements contained herein are
based on the assumptions, beliefs, expectations and opinions of
management, including but not limited to that the construction at
the Séguéla gold Project will continue on the time line and in
accordance with the budget as planned; that COVID-19 and the
current inflationary environment will not have an adverse effect on
the construction at the Séguéla gold Project and will not adversely
affect the supply chain of materials and equipment for the
construction; expected trends in mineral prices and currency
exchange rates; that the Company’s activities will be in accordance
with the Company’s public statements and stated goals; that there
will be no material adverse change affecting the Company or its
properties; that all required approvals will be obtained; that
there will be no significant disruptions affecting operations and
such other assumptions as set out herein. Forward looking
Statements are made as of the date hereof and the Company disclaims
any obligation to update any Forward looking Statements, whether as
a result of new information, future events or results or otherwise,
except as required by law. There can be no assurance that Forward
looking Statements will prove to be accurate, as actual results and
future events could differ materially from those anticipated in
such statements. Accordingly, investors should not place undue
reliance on Forward looking Statements.
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