Business
Fortuna reports consolidated financial results for the third quarter of 2013
(All amounts expressed in US dollars, unless otherwise stated) VANCOUVER , Nov. 5, 20...
About this update from Fortuna Mining Corp.
[{"type":"text","content":"\n\n\n(All amounts expressed in US dollars, unless otherwise stated)\n\n\nVANCOUVER, Nov. 5, 2013 /CNW/ - Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (BVL: FVI) (Frankfurt:\n F4S.F) today reported revenue of $30.2 million, cash generated from operations,\n before changes in working capital of $7.6 million and a net loss of\n $0.3 million in the third quarter of 2013.  Income before income tax\n was $2.2 million.\n\n\nThird quarter 2013 financial highlights:\n\n\n\nSales of $30.2 million\n\n\nCash flow from operations before changes in non-cash working capital of\n $7.6 million\n\n\nNet loss of $0.3 million\n\n\nIncome before tax of $2.2 million\n\n\nCash position, including short term investments, and working capital as\n at September 30, 2013 were $41.8 million and $65.0 million,\n respectively\n\n\nSilver and gold production of 1,104,914 ounces and 4,515 ounces,\n respectively\n\n\nCash cost per ounce of payable silver, net of by-product credits, was\n $7.51\n\n\n\nJorge A. Ganoza, President and CEO, commented: \"The company has advanced\n in the implementation of the cost cutting measures announced at the end\n of Q2 with visible results at both our operations and at the corporate\n level.  At Caylloma we have reduced unit costs by 7% compared to the\n previous quarter and at San Jose, we remain on track to achieve and\n improve our cost guidance for the year as we capitalize on the mill\n expansion to 1,800 tonnes per day.\" Mr. Ganoza continued: \"The growth\n of 22% in reserves and 39% in inferred resources announced in October\n confirms the materiality of the high-grade silver-gold Trinidad North\n discovery and the organic growth opportunities this deposit continues\n to offer us. As we continue exploring to grow Trinidad North this year\n and next, we have adjusted our mine development plans to incorporate\n Trinidad North into our production mix by early 2015, which is expected\n to contribute higher margin rock and increase metal output.\"\n\n\nThird quarter financial results\n\n\nThird quarter net loss was $0.3 million (Q3 2012: income $8.0 million),\n resulting in a loss per share of $nil (Q3 2012: earnings per share\n $0.06). Income before tax in the third quarter was $2.2 million (Q3\n 2012: $12.3 million). The decrease in income during the third quarter\n was driven by lower sales of $30.2 million...