Fortuna announces updated Technical Report for the Yaramoko Mine, Burkina Faso
Fortuna announces updated Technical Report for the Yaramoko Mine,
Burkina Faso
Vancouver, March 30, 2022-- Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce
that it has prepared an updated NI 43-101 Technical Report for its Yaramoko Gold Mine located in Burkina
Faso entitled “ Yaramoko Gold Mine, Burkina Faso Technical Report ”, with an effective date of
December 31, 2021 prepared by Paul Criddle, FAusIMM, Paul Weedon, MAIG, Matthew Cobb, MAIG, and
Craig Richards, P.Eng. The Technical Report will be available on the Company’s website, on SEDAR and on
EDGAR.
The Yaramoko Gold Mine currently feeds mineralized material from two underground portals at the
55 Zone and Bagassi South mines, where long hole open stoping and cemented rock backfill is the mining
method. Mined ore is fed to a conventional gold processing facility where the ore is crushed, milled and
subject to carbon-in-leach extraction processes, prior to electrowinning and refining where gold is poured
to doré bars.
Recent e xploration drilling and a review of min e engineering designs in 2020 and 2021 supports the
development of an open pit mine , at the completion of the 55 Zone underground mine, which includes
the mining of near surface mineralization remaining in the crown pillar and remnant mineralization from
earlier underground mining. Open pit mining would only commence at the conclusion of underground
mining due to the need to remove certain key surface infrastructure associated with the underground
mine. The updated Technical Report will disclose the current Mineral Resources and Mineral Reserves
reported as of December 31, 2021 and summari zes the scientific and technical evaluation that supports
the current underground mine and proposed open pit operation.
Qualified Person
Eric Chapman, Senior Vice President of Technical Services of Fortuna, is a Professional Geoscientist of the
Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration
Number 36328) and a Qualified Person as defined by National Instrument 43-101- Standards of Disclosure
for Mineral Projects. Mr. Chapman has reviewed and approved the scientific and technical information
contained in this news release and has verified the underlying data.
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 a fifth mine under construction 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 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 Director
Fortuna Silver Mines Inc.
NYSE: FSM | TSX: FVI
www.fortunasilver.com NEWS RELEASE
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Investor Relations:
Carlos Baca | [email protected]
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 Company’s filing of an updated
technical report for the Yaramoko gold mine in Burkina Faso, plans for the development of an open pit mine at the
Zone 55 upon completion of the Zone 55 underground mine; the timing of the commencement of the construction of
the open pit mine at Zone 55; the Company’s business strategy, plans and outlook; the merit of the Company’s mines
and mineral properties; mineral resource and reserve estimates; timelines; the future financial or operating
performance of the Company; expenditures; a pprovals 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”, “reflec ting”, “will”, “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 incl ude,
among others, changes in general economic conditions and financial markets; the duration and effects of the COVID-
19 pandemic on our operations and workforce and the effects on the global economy and society; changes in prices
for silver, gold and other metals; the success of the Company’s exploration program at the Yaramoko mine, the costs
associated with the construction of an open pit mine, the availability of equipment technological and operational
hazards in Fortuna’s mining and mine development activities; risks inherent in mineral exploration; fluctuations in
prices for energy, labor, materials, supplies and services; fluctuations in currencies; uncertainties inherent in the
estimation of mineral reserves, mineral resources, and metal recoveries ; our ability to obtain all necessary permits,
licenses and regulatory approvals in a timely manner for the construction of the open pit mine ; governmental and
other approvals; political unrest or instability in countries where Fortuna is active; labor rel ations 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 expectations regarding the accuracy of the Company’s mining studies and
mining engineering designs, the costs and timing of the construction of the open pit mine, the timing of the receipt
of all necessary approvals required for the construction of the open pit mine and that all required approvals will be
obtained; expected trends in mineral prices and curr ency 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 there will be no significant disrupt ions 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, fut ure
events or results or otherwise, except as required by law. There can be no assurance that 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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Cautionary Note to United States Investors Concerning Estimates of Reserves and Resources
Reserve and resource estimates included in this news release have been prepared in accordance with National
Instrument 43-101 Standards of Disclosure for Mineral Projects ("NI 43 -101") and the Canadian Institute of Mining,
Metallurgy, and Petroleum Definition Standards on Mineral Resources and Mineral Reserves. NI 43 -101 is a rule
developed by the Canadian Securities Administrators that establishes standards for public disclosure by a Canadian
company of scientific and technical information concerning mineral projects. Unless otherwise indicated, all mineral
reserve and mineral resource estimates contained in the technical disclosure have been prepared in accordance with
NI 43 -101 and the Canadian Institute of Mining, Metallurgy and Petroleum Definition Standards on Mineral
Resources and Reserves.
Canadian standards, including NI 43-101, differ significantly from the requirements of the Securities and Exchange
Commission, and mineral reserve and resource information included in this news release may not be comparable to
similar information disclosed by U.S. companies.