Fortuna Mining Corp FSM

From CEO...

[touareg]

@Kenz Fortuna's Mexican silver mine faces uncertainty due to expired permit NOV 14, 2021 EUSBIO CONTRERAS The ten-year-old mine of Canadian miner Fortuna Silver Mines in southern Mexico is currently in danger of closure due to the expiration of its permit. Operated by the Mexican subsidiary of Fortuna Silver Mines Minera Cuzcatln (CMC), the San Jos Silver Mine received the Environmental Impact Accreditation (EIA) for a period of 12 years until October 23, 2021. CMC submitted a request in May 2021 to extend the EIA period for an additional ten years. However, the Mexican Ministry of the Environment and Natural Resources (SEMARNAT) rejected the request because an evaluation on the regularization of the mine's sub-infrastructure was pending. In a statement, Fortuna Silver Mines said: “In addition, the company has already cited the failure to receive the requested information delivered to the authority. "The company has been reviewing the reasons for the denial with its advisers, but basically believes that San Jos complies with all material aspects of the EIA and is entitled to an extension." The San Jos silver mine is currently operating under the protection of the Mexican courts, which allows the mine to continue its operation beyond the expiration date of the EIA. According to Reuters, the company can operate the mine temporarily under a recent court order. Sources familiar with the matter told the news agency that the mine's future would remain uncertain despite ongoing meetings between the company and the government.

 

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about 6 hours ago

 

@Magonista Thanks @jmm - i put this and the other article you linked at $cav - through google translator and I cherry picked the one paragraph that gives me optimism. Please to the same thing everyone to gain context to the articles in their entirety. Here's the copy and paste from that translated paragraph. "The President is the best informed man in the country, he has said it, he knew that that small municipality of BCS where there is only one mining company, huge by the way, would go into crisis if they were not given an authorization, so he publicly announced in a conference that would deny permission. He raised the issue in the morning and aroused the interest of BCS politicians and Korean executives and investors, then magnanimously reflected and instructed, to submit this investment to the consideration of the same people who live from the mine and what people say would be done. No one was surprised that of the 2,481 votes in this civic exercise, 2 208 voted Yes to the Mine and the mine will have its permits, thank you Mr. President."

 

1

about 6 hours ago

 

@Kenz Thanks @jmm for your sharing and I posted the google translated copy.

 

0

about 5 hours ago

 

@longhole I believe the second drop on Friday was due to Stansberry silver stock analyst putting a SELL on FSM. They historically run out of the door at the same time which means it’s probably a good time to BUY!!

 

1

about 5 hours ago

 

@Mustangtrader This is way overdone. If you listen to the video from Friday with Jorge Ganoza, the San Jose mine is 22% of revenues and the stock price is down 30% from Thursday. But more than that, the Seguela Gold project going into production in 2023 makes up for what the San Jose mine does, so even in the worst case scenario with no value to San Jose, Fortuna has the equivalent (if not more) value coming on from the Seguela gold mine which is projected to produce 133K gold oz/year. In my opinion the stock price shouldn't be down more than 5-10% from the Wednesday close of $6.56 and trade around $6 - $6.25 discounted for the uncertainty with the San Jose mine. Which of course could easily prove to be favourable anyway. The video has been watched by almost 9000 people in just 2 days. Monday should be a good day !! https://www.youtube.com/watch?v=5FmFDR2vqtg+