Fortuna Takes Over Continuum And San Jose Project

Fortuna Silver Mines Inc. has completed its planned acquisition of Continuum Resources, buying up all Continuum's shares for 6,786,706 shares of Fortuna. This buyout puts Continuum's stake in the San Jose Project into Fortuna's hands. Fortuna was already responsible for the NI 43-101 compliant resource estimate for the project: Indicated Mineral Resources were comped out as 1.47 million tonnes grading 262.6 g/t silver plus 2.19 g/t gold; Inferred were 3.9 million tonnes grading 260.6 g/t silver plus 2.57 g/t gold. The estimates in the news release also specify oz. silver equivalent, and notes that a revised estimate (which will contain measured and indicated) should be completed around July.

This news didn't help Fortuna's price all that much, even though it's been a hard day for silver. Fortuna opened up slightly below Friday's close, but quickly dove further. After climbing back to almost unchanged late in the morning (ET), it continued to slide - a drop that continued after the above item was released. As of 2:50 PM ET, Fortuna was at 91 cents, down 7 cents on the day.

Fortuna Silver Mines Inc.'s Google Finance page is here.

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