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Fortuna Nudges Back Expected Start-Up Of Lindero Commercial Production

Kitco News

Fortuna Silver Mines Inc. (NYSE: FSM; TSX: FVI) has pushed back the expected start of commercial production at the Lindero gold project in Argentina slightly, now putting this at the end of the third quarter of 2019 instead of the beginning. This was brought about by changes in building and expansion of the camp, explains Jorge A. Ganoza, president, chief executive officer and director. The estimate of the initial capital cost of the project is now forecast by the company to increase by 10% to 17%. As of the end of July, Fortuna had assigned purchase orders and construction contracts totaling $131 million, or 71% of the total direct capital cost. With Lindero in its first year of full production, Fortuna says its consolidated precious-metals annual production is expected to increase in 2020 to 190,000 ounces of gold and 9 million ounces of silver, or 328,000 gold-equivalent2 ounces.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Hecla Reports New Mineralization, Integrates Nevada Properties

Tuesday August 7, 2018 08:30

Hecla Mining Co. (NYSE: HL) reports a number of discoveries at existing mines as a result of drill program, plus plans to integrate Nevada operations after the recent acquisition of Klondex Mines Ltd. Hecla reports new and/or expanded mineralization at Casa Berardi, San Sebastian and Greens Creek. “The teams at Casa Berardi, Greens Creek and San Sebastian are discovering high-grade material, both at surface and at depth,” says Phillips S. Baker, Jr., president and chief executive officer. “A new focus is our 110-square-mile land package in Nevada, where we are integrating the existing exploration team and ramping-up drilling.” Hecla is scheduled to release its second-quarter financial results on Thursday. The company has already reported April-June production data, with silver output falling year-on-year to 2.6 million ounces but gold production rising to 60,313.

By Allen Sykora of Kitco News; asykora@kitco.com

 

Condor Gets Permit For Gold Project In Nicaragua

Tuesday August 7, 2018 08:30

Condor Gold (AIM: CNR; TSX: COG) says it has received the necessary environmental permit to construct and operate a mine at its La India gold project in Nicaragua. The permit gives the OK for a 2,800-tonne-per-day processing plan. “Gold production is expected to be approximately 80,000 ounces gold per annum from a single open pit, represents a $120 million investment and creates 1,000 new jobs,” says Mark Child, chairman and chief executive officer. The company must still submit final engineered designs for approval by authorities and complete a feasibility study.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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