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VANCOUVER (Scrap Monster): Fortuna Silver Mines Inc. (NYSE: FSM, TSX: FVI), a Vancouver-based precious metal miner, said that its gold production advanced sharply by 230% year-on-year in the third quarter (Q3) of this year while its silver output up by 53% year-on-year.

The company produced 5,348 ounces of gold and 1,027,741 ounces of silver from its San Jose mine in Mexico and Caylloma mine in Peru.

According to the Northern Miner the company's lead output declined by 10% year-on-year to 4,451,943 pounds in Q3 and Zinc production dropped by 3% year-on-year to 5,614,859 pounds.

Jorge A. Ganoza, Fortuna's President and CEO of Fortuna Silver, said, "The company is on track to beat its annual production guidance.  Our operations teams continue to successfully execute our mine plans and capitalize on opportunities to further optimize processes at our mines in Peru and Mexico.”

He continued that, “the expansion of the San Jose mine's processing plant is proceeding as scheduled with completion planned by mid-2013; purchasing of the 800 tpd ball mill and other major equipment has taken place. Once the expansion is commissioned, Fortuna will be producing at an annual consolidated rate of 5 million ounces of silver and 26,000 ounces of gold plus significant base metal credits. At Caylloma, the tailings dam project has been de-risked.”

“We are pleased with the prompt response from the Mines and Energy Ministry and look forward to receiving the final operations permit in the upcoming weeks," he concluded.

Fortuna Silver expects to achieve consolidated annual production of 5 million ounces of silver and 26,000 ounces of gold by 2014.