Fortuna provides an update on the extension of the environmental
impact authorization at its San Jose Mine, Mexico
Fortuna Silver Mines Inc. (NYSE: FSM)
(TSX: FVI) is providing an update on the status of its
application for an extension of the environmental impact
authorization at the San Jose Mine, located in Oaxaca, Mexico.
In 2009, the Secretaría de Medio Ambiente y
Recursos Naturales (“SEMARNAT”) granted an Environmental Impact
Authorization (“EIA”) to Fortuna’s Mexican subsidiary, Companía
Minera Cuzcatlán (“CMC”), which authorized the construction,
execution and maintenance of the San Jose Mine for a period of 12
years effective until October 23, 2021. In May 2021, CMC filed an
application to extend the term of the EIA for an additional period
of 10 years. SEMARNAT requested additional information pertaining
to the application which has been provided. A decision from
SEMARNAT is outstanding.
The filing of an extension of the EIA is a
normal and recurrent administrative procedure that is customarily
granted so long as the filer is in compliance in all material
respects with its environmental obligations, as is CMC. Under the
current SEMARNAT administration and COVID-19 restrictions, the
administrative process has become more cumbersome and is taking
longer than in the past.
CMC is working with SEMARNAT and government
authorities to resolve this matter and has obtained a provisional
injunction from a Mexican federal court that allows the continued
operation of the San Jose Mine beyond the expiry date of the EIA.
CMC has also initiated legal proceedings in the Federal
Administrative Court in Mexico City to protest the lack of formal
response to the application to extend the EIA and to seek an
additional injunction to permit the continued operation of the San
Jose Mine until the extension to the EIA is granted.
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 an advanced development project
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 shareholders and 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
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 legal proceedings initiated by Compania Minera Cuzcatlan
(“CMC”) to protest the lack of formal response to CMC’s application
to extend its environmental impact authorization at the San Jose
mine, which includes an application for an injunction to permit the
operation of the San Jose mine beyond the expiry date of the EIA
until the EIA is granted; the Company’s business strategy, plans
and outlook; the merit of the Company’s mines and mineral
properties; 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”, “anticipated”, “estimated”
“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, the ability of CMC
to obtain an extension from SEMARNAT to the EIA; obtaining an
injunction from the Mexican Court to allow the continued operation
at the San Jose mine, changes in general economic conditions and
financial markets; the impact of the COVID-19 pandemic on the
Company’s mining operations and construction activities; the
duration and impacts of COVID-19 on the Company’s production,
workforce, business, operations and financial condition, and the
risks relating to a global pandemic, which unless contained could
cause a slowdown in global economic growth; uncertainties related
to the impacts of COVID-19 which may include: changing market
conditions, changing restrictions on the mining industry in the
countries in which the Company operates, the ability to operate as
a result of government imposed restrictions, including restrictions
on travel, the transportation of concentrates and doré, access to
refineries, the impact of additional waves of the pandemic or
increases of incidents of COVID-19 in the countries in which we
operate; the duration of any suspension of operations at the
Company’s mines as a result of COVID-19 which may affect production
and the Company’ business operations and financial condition; the
easing of travel restrictions imposed in Argentina which were put
in place to curb the spread of COVID-19; changes in prices for
gold, silver and other metals; changes in the prices of key
supplies; technological and operational hazards in Fortuna’s mining
and mine development activities; risks inherent in mineral
exploration; the ability of the current exploration programs to
identify and or expand mineral resources, operational risks in
exploration and development; delays or changes in plans with
respect to exploration or development projects; uncertainties
inherent in the estimation of mineral reserves, mineral resources,
and metal recoveries; changes to current estimates of mineral
reserves and resources; changes to production and cost estimates;
governmental and other approvals; changes in government, political
unrest or instability in countries where Fortuna is active;
fluctuations in currencies and exchange rates; the imposition of
capital control in countries in which the Company operates; 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 the accuracy of the
Company’s current mineral resource and reserve estimates; 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 the
reconciliation of mineral reserves at the Company’s mines remains
consistent with the mineral reserve model; changes to production
estimates (which assume accuracy of projected ore grade, mining
rates, recovery timing, and recovery rate estimates and may be
impacted by unscheduled maintenance, labour and contractor
availability and other operating or technical difficulties); the
duration and impacts of COVID-19 on the Company’s production,
workforce, business, operations and financial condition, and the
risks relating to a global pandemic, which unless contained could
cause a slowdown in global economic growth; government mandates in
Peru, Mexico, Argentina, Burkina Faso and Côte d’Ivoire with
respect to mining operations generally or auxiliary businesses or
services required for the Company’s operations; government and the
Company’s attempts to reduce the spread of COVID-19 which may
affect may aspects of the Company’s operations, including
transportation of personnel to and from site, contractor and
supplier availability and the ability to sell or deliver
concentrate and doré; the 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 and permits will be
obtained for the Company’s business and operations; 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 these
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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