Edelmetallen.

Silber Update

Silber bleibt auch weiter hinter Gold; beide Metalle befinden sich im allgemeinen Kampf gegen die deflationäre Umgebung. Gold profitierte von einigen Ängsten hinsichtlich der Stabilität des Banken- und Kreditsystems, nicht genug allerdings, um zu neuen Höchstständen durchzustarten.

Die Gegenanlage zu Gold und Silber - der US-Dollar - genießt weiterhin seinen Platz an der Sonne. Massenrückkaufe und Fondsliquidierungen zwingen die Investoren, ihr Vermögen in der gefühlt sichersten Anlage zu parken, die es während einer Deflation gibt; und das ist Cash. Tatsächlich zeigt sich im Diagramm des US- Dollar-Index (in rot) versus S&P 500, dass seit dem Beginn der Kreditkrise eine negative Korrelation zwischen Aktien und Cash besteht.
 

Vor dieser Marktpanik fielen die Märkte und der Dollar im Allgemeinen gemeinsam. Aber als die realen Folgen der Finanzkrise einsetzten, und harte Schläge untereinander ausgeteilt wurden, begann sich der Dollar zu verabschieden und schlug die entgegengesetzte Richtung zu den Aktien ein. Beachten Sie, dass der Dollar stärker steigt, sobald schlechte Nachrichten an der Tagesordnung sind. Gleich nachdem der große Aktien-Sell-Off im November zu Ende gegangen war, kam es zu einer Markterholung und der Dollar sank als Sicherer Hafen - zumindest vorübergehend. In den Nachrichten las man dann über die Folgen der Kreditklemme. Rezession und Massenentlassungen, das sind die Nachrichten, die immer noch dominieren - überall, wo man hinschaut.

Wo parken die Leute ihr Vermögen in Zeiten einer Rezession? Die Antwort ist Cash oder die am nächsten liegenden Derivate; und dahin entwickelt es sich gerade. Was bedeutet das also für’s Silber? Der Chart unten zeigt, wie Silber zu kämpfen hat, unter diesen Bedingungen Dampf unterm Kessel zu bekommen.

Seitdem der Dollar im November sein Top erreichte hatte, wertete Silber um 45% auf und konnte ca. 29% vom seinem Crash aus (von 21,34 $ runter auf 8,47 $) wieder gut machen. Daran zeigt sich deutlich, dass das Geldmetall ’Silber’ vom Industriemetall ’Silber’ ausgebremst wird; die kommerziellen Silberverbraucher schränken ihre Aufträge an die Raffinerien ein und arbeiten vorerst ihre eigenen Lagerbestände ab.

Wie Sie sehen können, brach Silber über den kurzfristigen Widerstand aus (die horizontale Linie). Auf das Metall wartet jedoch ein ungemütlicherer Test im aufsteigenden Kanal, der seit letztem Oktober besteht. Diese Linie wird im Gebiet von 12,30 $ bis 12,50 $ erreicht werden. Es ist vorstellbar, dass Silber von dort aus bis auf die untere Kanallinie, in der Nähe von 10 $, oder tiefer einbrechen könnte. Es hängt alles vom Dollar ab - obwohl wir kürzlich schon die ungewöhnliche Situation hatten, dass Dollar, Gold und Silber gemeinsam stiegen. Diese Situation ist unhaltbar, zudem besteht hier eine Spannung zwischen den Edelmetallinvestoren einerseits (sie erwarten einen Einbruch der Dollarerholung) und den Dollar-Bullen andererseits. Letztere gehen von einer erneuten Flucht in den Dollar aus, wenn der Aktienmarkt wieder anfängt einzubrechen und neue Tiefstände erreicht.

Vielleicht werden sich die beiden Lager gegenseitig aufheben, wodurch der Dollar für eine Weile seitwärts gehen könnte. Die Antwort darauf werden wir erst bekommen, wenn der Aktienmarkt wieder fällt - möglicherweise auf ein Niveau von 500-600. Es ergibt sich folgende Schlussfolgerung: Die Volatilität regiert und somit ist Silber ein Paradies für Trader (für erfahrene Trader allerdings) und solange die Rezession besteht, wird das wohl auch so bleiben. Investoren, die langfristiger denken, sollten bei diesen niedrigen Preisen immer noch Silber kaufen - in Voraussicht auf das Entstehen eines neuen Bullenmarktes, wenn die Rezession endet und die Billionen-Dollar-Bailouts etwas später in Form von Inflation zurückbeißen.

Weitere Silberanalysen können Sie auf unserem Blog http://silveranalyst.blogspot.com bekommen. Hier können Leser auch eine freie Ausgabe von The Silver Analyst bekommen, wie auch Details zum Abonnement. Kommentare und Fragen per E-Mail sind ebenfalls unter silveranalysis@yahoo.co.uk erwünscht.


© Roland Watson

 

Technische Analyse

Silber-Future (Wochenchart): Trendlinie zurückerobert

Der Blick auf den Wochenchart des Silberpreises verrät, dass es hier in der abgelaufenen Woche zu einer wichtigen Weichenstellung kam: So gelang es dem Edelmetall, das Widerstandsbündel aus der 200-Wochen-Linie (akt. bei 12,18 USD), dem ehemaligen Haussetrend seit dem Jahr 2003 und dem 38,2%-Fibonacci- Retracement (12,59 USD) des Abwärtsimpulses von Juli bis Oktober 2008 zurückzuerobern. Insbesondere die Rückkehr in den alten Aufwärtstrend werten wir als hoffnungsvolles Signal, das neue Kräfte freisetzen dürfte. Die nächsten hartnäckigen Barrieren lauern nun erst wieder in Form verschiedener Hochpunkte aus den Jahren 2006 und 2007 zwischen 14 USD und 15 USD. Die Bedeutung dieser Widerstandszone wird zusätzlich noch durch ein weiteres Fibonacci-Retracement (14,79 USD) unterstrichen. Konstruktiv sind derzeit auch die technischen Indikatoren zu werten. Auf Wochenbasis sind die Trendfolger MACD und Aroon "long" positioniert, während die Oszillatoren RSI und Stochastik noch Spielraum nach oben aufweisen, um weitere Kursgewinne zu begleiten.

Auch "relativ" gute Aussichten

Mit der Rückkehr in den o. g. Aufwärtstrend haben sich die Aussichten für den Silberpreis weiter verbessert. Dabei dürfte sich das Gold-Silber-Ratio weiter zurückbilden, so dass Silber im Vergleich zum Gold outperformen sollte. Als Absicherung für Longinvestments kann die o. g. 200-Wochen-Linie herangezogen werden.

Quelle: HSBC Trinkaus

Silberscheine (mehr oder minder den Gewinn) in Fortuna Silber umgetauscht. 6000 Stück & 4000 Stück.

http://www.ariva.de/Silber_laeuft_t283343?pnr=6420441#jump6420441

Fortuna ist gut aufgestellt und hat den Aufschwung nicht mitgemacht. Negativ ist anzumerken, dass ein Großteil der Umsätze mit Blei und Zink gemacht wird.
 

Wer sich für Fortuna interessiet sollte sich die letzten Berichte auf der HP durchlesen.

Gruß

Permanent

aus dem Quartalsbericht, veröffentlicht am 12. August/09:

Second quarter 2009 highlights:

• Negative US$ 2.98 cash cost per silver ounce, net of by-product credits
• Historic record sales of US$ 12.86 million compared to US$ 7.77 million in Q2 2008
• Operating cash flow, before changes in non-cash working capital items, of US$ 5.69 million compared to US$ 2.47 million in Q2 2008
• Net income of US$ 1.20 million compared to net income of US$ 2.49 million in Q2 2008
• Cash position and working capital as at June 30, 2009 were US$ 31.17 million and US$ 36.01 million respectively

Die Beiprodukte sind in der Hauptsache Blei und Zink. Beide haben sich im laufenden Q3 wesentlich verteuert. Somit ist zu erwarten, dass die Beiprodukte noch mehr zum Ertrag beitragen. Daneben schwingt sich Silber wieder hoch.

Permanent

Hi ...........,

We expect to put out Caylloma (Peru) Q3 production NR early next week at the latest and financials by mid-November along with an earnings call (Jorge Ganoza, President, CEO and Director & Luis Darío Ganoza, CFO, will host the call) which we, in advance, invite you to join (like last Qt, we will send details in a NR).

If you look at the corporate presentation at our web site,

you'll see how the impact of Ag and Au has evolved in our revenue stream since 2007. We expect that for 2009, Ag and Au to account for more than 50%.

We do not hedge Ag nor Au. We have hedged approximately 60% of Pb and Zn production until December 2009 at around US .85 cents/lb.

In my opinion, our Company's valuation compared to our peers lags behind because we have not financed ourselves (issued equity) since the beginning of 2007 and that has put us out of the radar of institutions and brokerage houses; thus we lack major coverage. We are currently working on this issue and also conducting marketing trips (North America & Europe) to increase our market exposure... This year, Versant Partners (Toronto), PI Financial (Vancouver) and just yesterday, Cormark (Vancouver) has initiated coverage.

We expect to achieve the following milestones at our San Jose Ag-Au Project (Mexico) in the upcoming weeks:

1. New NI 43-101 resource estimate

2. Approval of environmental impact study

3. Completion of engineering work

4. Construction permit

5. Purchase of critical equipment by year end

6. Start construction in Q1 2010

7. Start production in 2011

As these milestones are achieved, the market value of our Company should be unlocked.

Feel free to cantact us if you have further questions or concerns.

Stay well,

Carlos Baca

Investor Relations Manager

Fortuna Reports Silver Production of 438,186 ounces for Third Quarter

VANCOUVER, Oct 19, 2009 /PRNewswire-FirstCall via COMTEX/ -- Fortuna Silver Mines Inc. (TSX.V: FVI/Lima Exchange: FVI) - is pleased to announce production figures from the Caylloma silver-zinc-lead mine in Peru for the third quarter 2009. Year to date, Caylloma has produced 1.29-million ounces of silver and is on track to meet the forecast of 1.6-million ounces for the year.

    Third Quarter Highlights

    -   Silver production of 438,186 ounces; 80.1 % increase over Q3 2008
    -   7,365,644 pounds of Zn; 16.1 % increase over Q3 2008
    -   6,391,201 pounds of Pb; 35.5 % increase over Q3 2008

    Operating Highlights

    --------------------------------------------------
                                    Q III - 2009   Q II - 2009  Q III - 2008
    --------------------------------------------------

    --------------------------------------------------
    Processed ore (t)                  105,241.0     100,881.0      89,827.0
    --------------------------------------------------

    --------------------------------------------------
    Head grade
    --------------------------------------------------
    Ag (g/t)                               146.5         160.4          97.7
    --------------------------------------------------
    Zn (%)                                   3.6           3.8           3.7
    --------------------------------------------------
    Pb (%)                                   3.0           3.2           2.6
    --------------------------------------------------

    --------------------------------------------------
    Recovery
    --------------------------------------------------
    Ag(1)                                   84.2          86.5          80.1
    --------------------------------------------------
    Zn                                      88.6          88.6          88.1
    --------------------------------------------------
    Pb                                      93.2          92.6          92.2
    --------------------------------------------------

    --------------------------------------------------
    Metal produced
    --------------------------------------------------
    Ag (oz)                            438,186.0     468,822.0     243,280.0
    --------------------------------------------------
    Zn (lb)                          7,365,644.2   7,526,581.6   6,342,699.3
    --------------------------------------------------
    Pb (lb)                          6,391,201.0   6,587,412.4   4,715,687.8
    --------------------------------------------------

    (1) Ag recovery in Pb concentrate


 

A Technical Report on Reserves and Resources for the Caylloma Mine is available at the Company's website at www.fortunasilver.com.

Jorge Ganoza, President, CEO and Director, commented, "Our Caylloma mine is celebrating its third year anniversary since the start of mining operations in October of 2006. Production has increased 140% over this period of time as a result of investment programs worth approximately USD 30 million. These investments have been self funded by cash flows generated from operations. On behalf of senior management and the Board of Directors I want to take the opportunity to publicly congratulate our staff, employees and contractors for their achievements at Caylloma."

Fortuna Silver Mines Inc.

Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.

Forward-Looking Statements

Certain statements in this presentation constitute forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Fortuna's future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Fortuna's mining and mine development activities, risks inherent in mineral exploration, uncertainties inherent in the calculation of mineral reserves, mineral resources, and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Fortuna is active, labor relations and other risk factors.

    Neither the TSX Venture Exchange nor the Investment Industry Regulatory
    Organization of Canada accepts responsibility for the adequacy or
    accuracy of this release.

    ON BEHALF OF THE BOARD

    Jorge Ganoza
    President, CEO and Director
    Fortuna Silver Mines Inc.

    Symbol: TSX-V: FVI/Lima Exchange: FVI


 

SOURCE Fortuna Silver Mines Inc.

October 26, 2009 8:30 AM ET

VANCOUVER, Oct. 26 /PRNewswire-FirstCall/ - Fortuna Silver Mines Inc. (TSX.V: FVI / Lima Exchange: FVI) - is pleased to announce an updated NI 43-101 compliant mineral resource estimate for the San Jose Project located in southern Mexico. Indicated Resources have increased 83% to 2.69 million tonnes with contained silver equivalent ounces increasing 112% to 37.6 million. Silver and gold grades in the Indicated Resource category have increased by 12% to 295 g/t and 4% to 2.27 g/t, respectively. The new resource estimate will serve as the basis for pre-feasibility level engineering studies projected for completion by year end.

At a cut-off grade of 150 g/t Ag Equivalent, the Indicated and Inferred Mineral Resources for the Trinidad Zone at San Jose are estimated at:

Indicated Mineral Resource: 2.69 million tonnes grading 295 g/t Ag and 2.27 g/t Au containing 37.6 million Ag Equivalent(1) ounces Inferred Mineral Resource: 2.41 million tonnes grading 262 g/t Ag and 2.11 g/t Au containing 30.4 million Ag Equivalent(1) ounces (1) Silver equivalency estimates were derived using metal prices of US $13.75/oz for silver and US$856.16/oz for gold (36-month average + 24 month future metal prices as of July 31, 2009). Metallurgical recoveries were estimated at 92.5% for silver and 91.5% for gold based on metallurgical testing completed by Metcon Research of Tucson, Arizona.

A detailed table of the estimated mineral resources by resource category and by silver equivalent cut-off grade is included below under the heading "San Jose Resource Estimate".

The resource estimate incorporates data from 196 core drill holes totaling 64,204 meters and 908 underground channel samples. Previously reported NI 43-101 compliant resources for San Jose were estimated at 1.47 million tonnes grading 263 g/t Ag and 2.19 g/t Au in the Indicated category and 3.9 million tonnes grading 261 g/t Ag and 2.57 g/t Au in the Inferred category (see March 31, 2007 Technical Report available on the company website (www.fortunasilver.com) and on SEDAR).

Mr. Jorge Ganoza, CEO and Director of the Company commented: "Although the resource estimation process suffered delays, the wait has been worthwhile. Our staff and consultants have delivered good news with overall improvements to the quality of the San Jose resource. We look forward to the granting of environmental approvals and construction permits in the coming weeks as the next milestones for the project."

San Jose Resource Estimate

The updated mineral resource estimate for San Jose was prepared by Michael J. Lechner of Resource Modeling Inc. and by Donald F. Earnest of Resource Evaluation Inc. Mr. Lechner and Mr. Earnest have acted as independent qualified persons as defined by the Canadian National Instrument 43-101. The Mineral Resources reported herein were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves. This resource estimate is based on all data available through June 30, 2009.

-------------------------------------------------- Indicated Mineral Resources

-------------------------------------------------- Contained Metal

Ag Eq ----------------------------

Cutoff Tonnes Ag Eq Ag Eq Ozs Ag Ozs Au Ozs

(g/t) (000) (g/t) Ag (g/t) Au (g/t) (000) (000) (000)

-------------------------------------------------- 50 4,636 292 196 1.56 43,465 29,163 232

-------------------------------------------------- 75 4,018 327 220 1.74 42,231 28,422 224

-------------------------------------------------- 100 3,478 364 246 1.92 40,725 27,486 215

-------------------------------------------------- 125 3,043 400 271 2.10 39,153 26,497 205

-------------------------------------------------- 150 2,690 435 295 2.27 37,596 25,504 196

-------------------------------------------------- 175 2,370 471 321 2.45 35,930 24,429 187

-------------------------------------------------- 200 2,102 508 346 2.63 34,314 23,382 177

-------------------------------------------------- 225 1,883 542 370 2.79 32,823 22,416 169

-------------------------------------------------- 250 1,685 578 396 2.96 31,315 21,433 160

--------------------------------------------------

-------------------------------------------------- Inferred Mineral Resources -------------------------------------------------- Contained Metal Ag Eq ---------------------------- Cutoff Tonnes Ag Eq Ag Eq Ozs Ag Ozs Au Ozs (g/t) (000) (g/t) Ag (g/t) Au (g/t) (000) (000) (000) -------------------------------------------------- 50 4,020 272 181 1.48 35,199 23,389 192 -------------------------------------------------- 75 3,497 304 202 1.65 34,151 22,735 185 -------------------------------------------------- 100 3,074 334 222 1.80 32,963 21,988 178 -------------------------------------------------- 125 2,681 366 244 1.97 31,545 21,061 170 -------------------------------------------------- 150 2,411 392 262 2.11 30,357 20,293 164 -------------------------------------------------- 175 2,137 421 282 2.26 28,922 19,351 155 -------------------------------------------------- 200 1,883 452 304 2.41 27,393 18,379 146 -------------------------------------------------- 225 1,696 479 321 2.56 26,113 17,522 140 -------------------------------------------------- 250 1,545 503 337 2.69 24,958 16,747 133 --------------------------------------------------

*Estimates of contained metal may vary due to rounding errors.

Resource Estimation Methodology

Three-dimensional wireframe envelopes were constructed for each vein in the San Jose deposit based on a combination of lithology and silver equivalent grades. Block grades were estimated inside of the three-dimensional wireframes by inverse distance interpolation methods using two-meter-long composites of drill hole and underground channel samples. Voids created by historic underground mining of the deposit were also modeled with three-dimensional wireframes where cavity survey data were available and these voids were deleted from the resource model. Above the 1450m elevation level, all material within the vein wireframes was excluded from the resource model due to incomplete coverage of the cavity survey data in areas with inaccessible mine workings. MineSight(R) software was used to construct the block model which consists of blocks with a dimension of 2 meters along each side. The percentage of each block contained inside of each wireframe was stored for computing tonnage. A dynamic anisotropy search ellipse method which matched drill hole composite and block centroid distances from the hanging wall surfaces was used for the primary veins (Bonanza, Trinidad, Paloma, and Fortuna). These four veins represent 86% of the total San Jose wireframe volume. A single pass inverse distance-cubed method was used to estimate block grades for the secondary veins. A bulk density factor of 2.61 g/cm(3) based on systematic density determinations was used to tabulate resource tonnage. Mineral resources were classified into Indicated and Inferred categories using the distance to composite sample data and the number of drill holes containing the composites used to estimate each block. Blocks with three holes within 33m, two holes within 23m or one hole within 13 meters were classified as Indicated Resources with Indicated Resources being further restricted to the Bonanza, Trinidad, Paloma, and Fortuna vein structures. All other blocks within the wireframes were classified as Inferred Resources. Resources were tabulated using silver equivalent cutoff grades.

A full NI 43-101 compliant report authored by M. Lechner of Resource Modeling Inc. and D. Earnest of Resource Evaluation Inc. will be available on www.sedar.com within 45 days of this news release.

Fortuna Silver Mines Inc.

Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com .

Qualified Persons

Michael J. Lechner of Resource Modeling Inc. and Donald F. Earnest of Resource Evaluation Inc. are the Qualified Persons as defined by National Instrument 43-101 and are responsible for the accuracy of the technical information in this news release.

Forward-Looking Statements

Certain statements in this press release constitute forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Fortuna's future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Fortuna's mining and mine development activities, risks inherent in mineral exploration, uncertainties inherent in the calculation of mineral reserves, mineral resources, and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Fortuna is active, labor relations and other risk factors.

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release. ON BEHALF OF THE BOARD Jorge Ganoza President, CEO and Director Fortuna Silver Mines Inc.

Symbol: TSX-V: FVI / Lima Exchange: FVI

SOURCE Fortuna Silver Mines Inc.

Copyright 2009 PR Newswire

http://www.ariva.de/forum/...r-hat-folgende-Schreiben-erhalten-392737

Diese Daten sind aus der letzten Präsentation:

Revenue: 2007 US$ 29.5 M Revenue: 2008 US$ 24.7 M Est. Revenue: 2009 US$ 41 M

Metal price assumptions:

$ /

8

Ag US 12.50/oz

Zn US $ 1,330/t

Pb US $ 1,330/t

Den aktuellen ca. 17,30 $/oz , Basis der Umsatzkalkulation ist 12.50/oz

Noch extremer sind die Verhältnisse bei Blei und Zink:

Permanent

Fortuna Silver: An Emerging Mid-Tier Silver Producer
Source: Midas Letter, James West  08/31/2009
 

Fortuna Silver Mines Inc. (TSX.V:FVI) is producing silver profitably from its silver mine in Peru, and will soon begin construction of its second mine in Mexico, making it a mid-tier silver producer with cash flow of over US$ 100 million per year. But the market isn't properly valuing the company. That, at least, is the confident assertion of Jorge Ganoza, Fortuna's president.

"First of all, the company is now profitable," he said. "Within a relatively short period of time, we have established Fortuna as a junior silver producer, and secondly, we are building and engineering, with the aim of starting construction next year, what will be our second producing mine. This will propel Fortuna into the ranks of mid-tier producer, with revenues on the order of US$100 million per year."

"We are already generating revenue in the range of US$40–$45 million a year, so I think the market is not giving us sufficient valuation for our silver-gold project in Mexico. I believe that as we achieve the milestones at San Jose—the permitting, the engineering, the start of construction, commissioning—then we will see the market value us more appropriately."

"We own 100% of the mines under our control, so we are in control of our own destiny in that regard."

According to the company's most recent financial statements, the company is indeed profitable, reporting net income of CA$1.2 million, or $0.01 per share. But can Fortuna maintain profitability if the price of the metals it produces do not increase over time?

"Even if metal prices were to stay flat, Fortuna would not only remain profitable and grow, the company would flourish," said Ganoza. "At current market prices for the metals we produce, we have excellent margins. We have a margin of 100% over cash costs for the metals we are mining. Our cost of production is US$44 per tonne, and our rock is worth over US$110 per tonne. In silver terms, our cash cost was negative US$2.98 per silver ounce, net of by-product credits. "

Caylloma Mine, Peru

Fortuna continues to grow organically through exploration on its existing holdings, having recently released an updated National Instrument 43-101 compliant resource estimate that featured: "We're going to go from the current 1.6 million ounces per year of silver, to over 5 million ounces of silver per year. We have a strong balance sheet with no long term debt and over US$ 30 million in the bank; we expect to finish the year adding to that cash position. Consequently, financing growth should not be an issue."
 

• Proven and Probable Mineral Reserves are estimated at 4.03 million tonnes averaging 156 g/t Ag, 0.55 g/t Au, 1.70% Pb and 2.58% Zn.
• Contained silver is estimated at 20.3 million ounces, representing a 304% increase in silver ounces in the Proven and Probable reserve categories over the previous resource and reserve estimate (43-101 Technical Report published October 3, 2006).
• Inferred Mineral Resources are estimated at 1.3 million tonnes averaging 187 g/t Ag, 0.29 g/t Au, 1.92% Pb and 3.25% Zn.
• Contained silver in the Inferred Resource category is estimated at 7.7 million ounces.

2008 saw record production from operations. The company's Caylloma silver-lead-zinc mine in Peru achieved a 77% increase in silver production over 2007 with comparable growth projected this year. The company is targeting production of 1.6 million ounces of silver in 2009, at a cash cost of US$1.86 per ounce net of by-product credits.

The silver- and base metal-rich epithermal deposits of the Caylloma Mining District of southern Peru have been worked intermittently since the start of the Spanish colonial period. Located within one of the more important metallogenic provinces of the Andes, past production is estimated at over 200 million of ounces of silver. Fortuna Silver Mines, through its wholly owned Peruvian subsidiary, Minera Bateas S.A.c., controls over 9,000 hectares within the Caylloma Mining District.

The veins range from 1 to 25 meters in width and range up to 4 kilometers in length. Ore grade shoots are generally subvertical in orientation within the plane of the vein, having lengths of tens to hundreds of meters and extending to more than 300 meters in a down-dip direction.

The Caylloma Mine is located 225 road kilometers or approximately 4 hour driving time northwest of Arequipa, Peru in mountainous highlands at an elevation of 4500 meters above sea level. The mine, processing plant and related infrastructure are located in the Caylloma Mining District, 14 kilometers northwest of the town of Caylloma. The mine is connected to the national power grid and water is locally available.

San Jose Mine, Mexico

The 100%-owned San Jose Project is a high-grade silver and gold bearing epithermal vein system located in the state of Oaxaca in southern Mexico. The company is currently working on completing the 43-101 compliant mineral resource estimate.

Current mineral resources are:

• Indicated category: 1,471,000 tonnes @ 262.6 g/t Ag, 2.19 g/t Au (17.7 M oz Ag Eq.)
• Inferred category: 3,898,000 tonnes @ 260.6 g/t Ag, 2.57 g/t Au (49.1 M oz Ag Eq.)

Fortuna is also currently in the process of advancing with engineering studies for the development of the San Jose deposit, including mine and processing plant design, tailings dam engineering and the water supply project.

The San Jose Project has an approved Environmental Impact Statement for all its current onsite activities granted by the "Secretaria de Medio Ambiente y Recursos Naturales" (SEMARNAT, Mexican Environment Agency). Fortuna is also negotiating a collaborative agreement with the community.

San Jose will not use cyanide to process its precious metal ore. The metallurgical process will use conventional flotation to recover silver and gold from sulphide ore in the form of a concentrate. This is the process route that was used by previous local operators at San Jose who were in low scale production for many years until Fortuna purchased the mine in October 2006.

On April 28th, the "Comisión Federal de Electricidad" (Mexican Federal Energy commission) approved the feasibility study for power consumption at the San Jose Project, allowing for connection to the national power grid for up to five megawatts.

New Opportunities

"In the meantime we are looking for new opportunities in acquisitions, as well as through the exploration of our present surrounding land holdings," explained Ganoza. "But the exciting short term growth will come from the new mine in Mexico. The project numbers are not reflected in our market valuation."

 

Fortuna Reports Record Revenue of US$ 13.23 Million and Mine Operating Income of US$ 7.07 Million in Q3 of 2009

http://news.moneycentral.msn.com/provider/...20091112&id=10698572

http://www.fortunasilver.com/i/pdf/...ings%20call_webcast_14NOV09.pdf

Wie ich im Bärenthread gepostet habe sind die Aktien von Fortuna Silver und Mines Management veräußert worden. Bei beiden hatte ich nach kurzer Haltezeit signifikante Gewinne. Diese wollte ich kurzfristig sichern.
 

Es handelt sich nich um eine generelle Abkehr von Edelmetallinvestments. Crescent Gold bleibt im Depot und Eastmain Resources soll weiter zugekauft werden.:
http://www.ariva.de/forum/Eastmain-RESOURCES-393583
Eastmain soll langfristig zu einer größeren Position aufgebaut werden. Aktuell halte ich 8000 Anteile.
Bei Crescent Gold handelt es sich um eine Sondersituation (vgl. hierzu den entsprechenden Thread). Nach meine Auffassung ist in den nächsten Wochen sowohl eine Verdoppelung des Kurses als auch eine Halbierung möglich, wobei ich die Möglichkeit der Verdoppelung (vgl. Thread) als größer ansehe.

Fortuna Silver halte ich nach wie vor für ein aussichtsreiches Investment wobei mir die Sache kurzfristig zu heiß gelaufen ist.

Permanent

TSX plaziert.
 

Die Quartalsergebnisse waren gut, die letzten Bohrergebnisse waren gut, Zink und Blei sind für dieses Jahr zum größten Teil über den Terminmarkt abgesichert.

Das Unternehmen veröffentlichte gute Explorationsergebnisse des oberen Bereichs der Animas-Ader der Caylloma Mine in Peru. Die besten Ergebnisse waren:

• ANIS016010: 2222 g/t Ag, 9,64 g/t Au, 1,17% Pb und 3,02% Zn über 9,2 m
• ANIS016210: 431 g/t Ag, 0,45 g/t Au, 0,53% Pb und 0,26% Zn über 11,8 m
• ANIS015610: 520 g/t Ag, 0,45 g/t Au, 0,47% Pb und 0,32% Zn über 7,6 m
• ANIS015910: 305 g/t Ag, 0,64 g/t Au, 0,91% Pb und 2,33% Zn über 8,2 m
• ANIS015810: 508 g/t Ag, 0,42 g/t Au, 1,51% Pb und 3,76% Zn über 4,1 m

Weiterhin hat das Unternehmen durch Oberflächenproben und Kartierung den Don Luis II Aderprospekt untersucht. Die Ader weist hohe Goldgehalte auf, Kanalproben ergaben bereits Ergebnisse wie 9,9 g/t Au und 347 g/t Ag sowie 10 g/t Au und 94 g/t Ag.

Die Analysten von Cormark behalten die Kaufempfehlung und das Kursziel von 2,90 CAD bei.


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