Vancouver, April 3, 2017: Fortuna Silver Mines Inc. (“Fortuna” or the “Company”) (NYSE: FSM) (TSX: FVI) today provided an update on the ongoing regulatory review of the Company’s 2015 annual filings by the United States Securities and Exchange Commission (the “SEC”), and announced the issuance of a management cease trade order (“MCTO”) by the British Columbia Securities Commission and other Canadian provincial securities regulatory authorities (collectively, the “Securities Regulators”).
As anticipated in its March 20, 2017 announcement (the “March 20 Announcement”), Fortuna is delayed in filing its annual audited financial statements and related MD&A for the years ended December 31, 2016 and 2015, the related Chief Executive Officer and Chief Financial Officer certificates, and its annual information form for the year ended December 31, 2016 (collectively, the “Annual Financial Documents”) while it responds to comments from the SEC on the Company’s use of inferred resources for the calculation of depletion expenses in its audited financial statements contained in the Annual Report on Form 40-F for the year ended December 31, 2015 (the “SEC Comments”). The SEC is currently reviewing a response letter provided by the Company.
Once resolution is reached with the SEC, the Company will proceed with the finalization and filing of the Annual Financial Documents as soon as practicable. The Company expects to be in a position to complete the filing by May 5, 2017.