Fortuna loses $300,000 (U.S.) in Q3 2013-11-05 19:29 ET - News Release Mr. Jorge Ganoza reports FORTUNA REPORTS CONSOLIDATED FINANCIAL RESULTS FOR THE THIRD QUARTER OF 2013 Fortuna Silver Mines Inc. had revenue of $30.2-million, cash generated from operations, before changes in working capital, of $7.6-million and a net loss of $300,000 in the third quarter of 2013. Income before income tax was $2.2-million. (All amounts are expressed in U.S. dollars, unless otherwise stated.) Third quarter 2013 financial highlights: Sales of $30.2-million; Cash flow from operations before changes in non-cash working capital of $7.6-million; Net loss of $300,000; Income before tax of $2.2-million; Cash position, including short-term investments, and working capital as at Sept. 30, 2013, of $41.8-million and $65.0-million, respectively; Silver and gold production of 1,104,914 ounces and 4,515 ounces, respectively; Cash cost per ounce of payable silver, net of byproduct credits, was $7.51. Jorge A. Ganoza, president and chief executive officer, commented: "The company has advanced in the implementation of the cost-cutting measures announced at the end of Q2 with visible results at both our operations and at the corporate level. At Caylloma, we have reduced unit costs by 7 per cent compared to the previous quarter, and at San Jose, we remain on track to achieve and improve our cost guidance for the year as we capitalize on the mill expansion to 1,800 tonnes per day." Mr. Ganoza continued: "The growth of 22 per cent in reserves and 39 per cent in inferred resources announced in October confirms the materiality of the high-grade silver-gold Trinidad North discovery and the organic growth opportunities this deposit continues to offer us. As we continue exploring to grow Trinidad North this year and next, we have adjusted our mine development plans to incorporate Trinidad North into our production mix by early 2015, which is expected to contribute higher-margin rock and increase metal output."