Fortuna successful in obtaining permanent injunction for San Jose Mine EIA, Mexico
Fortuna successful in obtaining permanent injunction
for San Jose Mine EIA, Mexico
Vancouver, March 14, 2023: Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI ) is pleased to r eport that
the Mexican Federal Administrative Court (the “Court”) has granted a permanent injunction to Compañía
Minera Cuzcatlan (“Minera Cuzcatlan”), Fortuna’s Mexican subsidiary, which allows the San Jose Mine to
continue to operate under the terms of the 12-year environmental impact authorization (“EIA”).
Jorge A. Ganoza, President, CEO and Director of Fortuna, commented, “Once again, the Court has agreed
with our legal arguments and has granted us protection against this troubling and repeated attempt by
SEMARNAT to affect an EIA they themselves granted to the Company only 13 months ago”. Mr. Ganoza
added, “We are extremely encouraged by the Court’s decision, which is consistent with our view that the
12-year EIA is in material compliance with all applicable laws . The injunction allows the San Jose Mine to
continue to operate under the terms of the 12-year EIA until this matter is finally resolved.”
Minera Cuzcatlan initiated legal proceedings (the “Legal Proceedings”) to contest and revoke the
annulment of the EIA in response to the resolution issued by the Secretaría de Medio Ambiente y Recursos
Naturales (“SEMARNAT”). SEMARNAT is re-assessing the 12-year extension to the EIA for the San Jose
Mine that it granted to Minera Cuzcatlan in December 2021 (refer to Fortuna news release s dated
December 20, 2021, January 5 and January 25, 2023). The grant of the permanent injunction in favor of
Minera Cuzcatlan allows the San Jose Mine to continue to operate under the terms of the 12 -year EIA
until the Court has ruled on the revocation of the EIA.
Minera Cuzcatlan is in full compliance with all material environmental laws and continues to operate
under the terms of the EIA. The Company continues to work with communities from the surrounding area
in relation to the mine to enhance and expand the social benefits in the region. The San Jose Mine is the
single largest emp loyer in the region of Valles Centrales and provides direct employment to over
1,200 people. The Company has sustainable development initiatives with various neighboring
communities and works with over 150 small local enterprises.
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.
NEWS RELEASE
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ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Silver Mines Inc.
Trading symbols: NYSE: FSM | TSX: FVI
Investor Relations:
Carlos Baca | [email protected] | www.fortunasilver.com | Twitter | LinkedIn | YouTube
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 United States 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 include, without limitation, statements about
the legal proceedings initiated by Minera Cuzcatlan to contest and revoke the annulment of the EIA ; the likelihood of success in
the legal proceedings; 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", “expected”, “intended”,
“anticipated”, "potential", "open", "future", "assumed", "projected", "used", "detailed", "has been", "gain", "planned",
"reflecting", "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 include, among others, factors beyond our control,
including but not limited to, the ability of Minera Cuzcatlan to successfully contest and revoke the resolution issued by SEMARNAT;
changes in laws, rules or regulations and other challenges discussed in our public filings; changes in general economic conditions
and financial markets; the continued rising rates of global inflation which impact the costs of operations; the risks relating to a
global pandemic, including the COVID-19 pandemic, as well as risks associated with war or other geo -political hostilities, such as
the Ukrainian – Russian conflict, any of which could continue to cause a disruption in global economic activity; fluctuation in
currencies and foreign exchange rates; the imposition of capital controls in countries in which the Company operates; the
continuance of curr ency controls in Argentina; changes in the prices of key supplies; technological and operational hazards in
Fortuna’s mining and mine development activities; risks inherent in mineral exploration; uncertainties inherent in the estima tion
of mineral reserv es, mineral resources, and metal recoveries; changes to current estimates of mineral reserves and resources;
changes to production and cost estimates; changes in the position of regulatory authorities with respect to the granting of
approvals or permits; governmental and other approvals; changes in government, political unrest or instability in countries where
Fortuna is active; 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 that the Company will be successful in revoking the resolution issued by SEMARNAT; that the
Company’s activities will be conducted in accordance with the Company’s public statements and stated goals; that there will b e
no material adverse change affecting the Company, its properties or 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, labor and contractor availability and other operating or technical difficulties); the duration and impacts of COVID-
19 and other geo -political uncertainties on the Company’s production, workforce, business, operations and financial condition;
the expected trends in mineral prices and currency exchange rates ; that the Company will be successful in mi tigating the impact
of inflation on its business and operations; that all required approvals and permits will be obtained for the Company’s business
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and operations on acceptable terms; that there will be no significant disruptions affecting the Company's o perations 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 re sults 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.