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VANCOUVER, British Columbia, Nov. 19, 2021 (GLOBE NEWSWIRE) — Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) is offering an replace on the standing of the attraction to the denial order (the “Denial Order”) acquired on November 10, 2021 from the Secretaría de Medio Ambiente y Recursos Naturales (“SEMARNAT”) with respect to the appliance to increase the environmental influence authorization (“EIA”) on the San Jose Mine, positioned in Oaxaca, Mexico.
Fortuna’s Mexican subsidiary, Companía Minera Cuzcatlán (“Minera Cuzcatlan”) is working with its authorized advisors to file an attraction to the Denial Order previous to the top of November 2021. The attraction might be introduced by Minera Cuzcatlan within the Mexican courts.
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The grounds for the attraction are that Minera Cuzcatlan is in full compliance with all materials environmental legal guidelines, and subsequently Minera Cuzcatlan has the correct to an extension of the EIA below relevant regulation. The timing for a call by the Administrative Court docket is unsure, and Fortuna has been suggested that such choices might usually take as much as a yr to be delivered.
The San Jose mine is at present working below the safety of the Mexican courts which permits the continued operation of the San Jose mine past the expiry date of the EIA (discuss with Fortuna information launch dated October 25, 2021 ). Below the phrases of the Firm’s credit score facility (discuss with Fortuna information launch dated November 11, 2021 ), the Firm is required to acquire a everlasting injunction or equal safety, in kind and substance acceptable to the lenders performing fairly, by November 20, 2021 to permit the Firm to proceed to function the San Jose mine from October 23, 2021. The lenders below the credit score facility have agreed to waive that requirement till February 18, 2022, offered such everlasting injunction or equal safety has not been lifted or stayed prior thereto.
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The Firm believes that it’s essentially in compliance with all materials facets of the EIA and is entitled to an extension. The Firm is constant to work with authorities to resolve this matter. Minera Cuzcatlan is constant to pursue all authorized safety accessible to it with a view to proceed to function pending the attraction of the Denial Order.
About Fortuna Silver Mines Inc.
Fortuna Silver Mines Inc. is a Canadian valuable metals mining firm with 4 working mines in Argentina, Burkina Faso, Mexico and Peru, and a complicated improvement venture in Côte d’Ivoire. Sustainability is integral to all our operations and relationships. We produce gold and silver and generate shared worth over the long-term for our stakeholders via environment friendly manufacturing, environmental safety, and social accountability. For extra info, please go to our web site .
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ON BEHALF OF THE BOARD
Jorge A. Ganoza
President, CEO, and Director
Fortuna Silver Mines Inc.
Investor Relations:
Carlos Baca | information@fortunasilver.com
Ahead-looking Statements
This information launch incorporates forward-looking statements which represent “forward-looking info” inside the that means of relevant Canadian securities laws and “forward-looking statements” inside the that means of the “protected harbor” provisions of the Personal Securities Litigation Reform Act of 1995 (collectively, “Ahead-looking Statements”). All statements included herein, aside from statements of historic reality, are Ahead-looking Statements and are topic to quite a lot of recognized and unknown dangers and uncertainties which might trigger precise occasions or outcomes to vary materially from these mirrored within the Ahead-looking Statements. The Ahead-looking Statements on this information launch might embrace, with out limitation, statements in regards to the authorized proceedings to be initiated by Compania Minera Cuzcatlan (“Minera Cuzcatlan”) to attraction the denial of its utility to increase the environmental influence authorization on the San Jose mine; the present authorized safety in place which allows the continued operation of the San Jose mine past the expiry date of the EIA till the EIA is granted or till profitable decision of the attraction; that Minera Cuzcatlan may have authorized safety in place to proceed to function past February 18, 2022; the Firm’s enterprise technique, plans and outlook; the advantage of the Firm’s mines and mineral properties; the long run monetary or working efficiency of the Firm; expenditures; approvals and different issues. Usually, however not at all times, these Ahead-looking Statements might be recognized by way of phrases equivalent to “estimated”, “potential”, “open”, “future”, “assumed”, “projected”, “used”, “detailed”, “has been”, “achieve”, “deliberate”, “reflecting”, “will”, “anticipated”, “estimated”, “containing”, “remaining”, “to be”, or statements that occasions, “might” or “ought to” happen or be achieved and comparable expressions, together with adverse variations.
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Ahead-looking Statements contain recognized and unknown dangers, uncertainties and different components which can trigger the precise outcomes, efficiency or achievements of the Firm to be materially completely different from any outcomes, efficiency or achievements expressed or implied by the Ahead-looking Statements. Such uncertainties and components embrace amongst others, the flexibility of CMC to acquire an extension from SEMARNAT to the EIA; the flexibility of the Minera Cuzcatlan to efficiently attraction the denial of the extension to the San Jose EIA; that the present court docket safety to permit the San Jose mine to function isn’t stayed or lifted; to; adjustments basically financial circumstances and monetary markets; the influence of the COVID-19 pandemic on the Firm’s mining operations and building actions; the period and impacts of COVID-19 on the Firm’s manufacturing, workforce, enterprise, operations and monetary situation, and the dangers regarding a worldwide pandemic, which except contained might trigger a slowdown in world financial development; uncertainties associated to the impacts of COVID-19 which can embrace: altering market circumstances, altering restrictions on the mining business within the nations by which the Firm operates, the flexibility to function on account of authorities imposed restrictions, together with restrictions on journey, the transportation of concentrates and doré, entry to refineries, the influence of further waves of the pandemic or will increase of incidents of COVID-19 within the nations by which we function; the period of any suspension of operations on the Firm’s mines on account of COVID-19 which can have an effect on manufacturing and the Firm’s enterprise operations and monetary situation; the easing of journey restrictions imposed in Argentina which have been put in place to curb the unfold of COVID-19; adjustments in costs for gold, silver and different metals; adjustments within the costs of key provides; technological and operational hazards in Fortuna’s mining and mine improvement actions; dangers inherent in mineral exploration; the flexibility of the present exploration applications to establish and or broaden mineral sources, operational dangers in exploration and improvement; delays or adjustments in plans with respect to exploration or improvement tasks; uncertainties inherent within the estimation of mineral reserves, mineral sources, and metallic recoveries; adjustments to present estimates of mineral reserves and sources; adjustments to manufacturing and price estimates; governmental and different approvals; adjustments in authorities, political unrest or instability in nations the place Fortuna is lively; fluctuations in currencies and change charges; the imposition of capital management in nations by which the Firm operates; labor relations points; in addition to these components mentioned below “Threat Components” within the Firm’s Annual Info Kind. Though the Firm has tried to establish vital components that might trigger precise actions, occasions or outcomes to vary materially from these described in Ahead-looking Statements, there could also be different components that trigger actions, occasions or outcomes to vary from these anticipated, estimated or meant.
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Ahead-looking Statements contained herein are primarily based on the assumptions, beliefs, expectations and opinions of administration, together with however not restricted to the accuracy of the Firm’s present mineral useful resource and reserve estimates; that the Firm’s actions might be in accordance with the Firm’s public statements and acknowledged objectives; that there might be no materials antagonistic change affecting the Firm or its properties; that the Firm might be profitable in acquiring an extension to the San Jose EIA; that the Firm might be profitable in its attraction of the denial of the extension to the San Jose EIA; that the reconciliation of mineral reserves on the Firm’s mines stays according to the mineral reserve mannequin; adjustments to manufacturing estimates (which assume accuracy of projected ore grade, mining charges, restoration timing, and restoration fee estimates and could also be impacted by unscheduled upkeep, labour and contractor availability and different working or technical difficulties); the period and impacts of COVID-19 on the Firm’s manufacturing, workforce, enterprise, operations and monetary situation, and the dangers regarding a worldwide pandemic, which except contained might trigger a slowdown in world financial development; authorities mandates in Peru, Mexico, Argentina, Burkina Faso and Côte d’Ivoire with respect to mining operations typically or auxiliary companies or providers required for the Firm’s operations; authorities and the Firm’s makes an attempt to scale back the unfold of COVID-19 which can have an effect on might facets of the Firm’s operations, together with transportation of personnel to and from website, contractor and provider availability and the flexibility to promote or ship focus and doré; the anticipated developments in mineral costs and foreign money change charges; that the Firm’s actions might be in accordance with the Firm’s public statements and acknowledged objectives; that there might be no materials antagonistic change affecting the Firm or its properties; that each one required approvals and permits might be obtained for the Firm’s enterprise and operations; that there might be no vital disruptions affecting operations and such different assumptions as set out herein. Ahead-looking Statements are made as of the date hereof and the Firm disclaims any obligation to replace any Ahead-looking Statements, whether or not on account of new info, future occasions or outcomes or in any other case, besides as required by regulation. There might be no assurance that these Ahead-looking Statements will show to be correct, as precise outcomes and future occasions might differ materially from these anticipated in such statements. Accordingly, buyers mustn’t place undue reliance on Ahead-looking Statements.
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