Fortuna Reports Cash Flow of US$19.95 Million and Net Income of US$8.03 Million in the Third Quarter of 2012

About this update from Fortuna Mining Corp.

[{"type":"text","content":"\n\n\n\n\n\nVANCOUVER, Nov. 8, 2012 /CNW/ - Fortuna Silver Mines, Inc. (NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt:\n F4S.F) is pleased to announce that it has filed its financial statements and\n MD&A for the three and nine months ended September 30, 2012. The full\n documents are available on SEDAR and have also been posted on the\n company's website at http://www.fortunasilver.com/s/financial_reports.asp.\n\n\nThird Quarter 2012 Highlights:\n\n\nCash generated by operating activities before changes in working capital\n of US$19.95 million, up 30% over the prior year period (Q3 2011: US$15.38 million)\n\n\nOperating cash flow per share of US$0.16 compared to US$0.12 in the\n prior year period\n\n\nNet income of US$8.03 million, down 22% over the prior year period (Q3 2011: US$10.31 million)\n\n\nRevenue of US$43.84 million, up 35% over the prior year period (Q3 2011: US$32.54 million)\n\n\nCash position (including short term investments) and working capital at\n September 30, 2012 were US$62.75 million and US$90.86 million\n respectively\n\n\nSilver and gold production of 1,027,741 ounces and 5,348 ounces\n respectively\n\n\nCash cost per silver ounce, net of by-product credits, was US$4.81\n\n\nJorge Ganoza, President and CEO, said, \"I am pleased that we have had\n another strong quarter of record sales and cash from operations. At the\n end of August 2012, the San Jose mine celebrated its first anniversary\n of commercial production-in the last year, it has consistently exceeded\n its planned operating and financial targets.  In the coming year, the\n expansion of the processing plant to its design capacity, and\n construction of an off-site dore plant at San Jose will contribute\n significantly to our profit margins.  At our Caylloma plant we are\n delighted to report that last month, the Mines and Energy Ministry\n granted the construction permit for our new tailings facility, now\n scheduled to be commissioned at the end of November 2012.\"\n\n\nFinancial Results\n\n\nDuring the third quarter ended September 30, 2012, the company generated\n net income of US$8.03 million, down 22% over the prior year period (Q3\n 2011: US$10.31 million), while cash generated by operating activities\n before changes in working capital increased 30% over the prior year\n period  to US$19.95 million.  This increase ...

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