October 14, 2010 / 6:44 PM / 7 years ago

UPDATE 1-Fortuna Silver sees strong Q3 silver production

   * Says 2010 silver production to exceed estimates
 * Spot silver price hits 30-year record
 * Shares steady at C$3.37 on TSX
 TORONTO, Oct 14 (Reuters) - Fortuna Silver Mines (FVI.TO) said on Thursday that production at its flagship mine in Peru was on track to exceed estimates of 1.7 million ounces for the year.
 The Caylloma mine, located in southern Peru, produced 474,489 ounces of silver in the third quarter, an 8 percent increase over the same period last year.
 Production of zinc, lead and copper dropped as Fortuna boosted silver production on soaring prices for the precious metal.
 Silver prices hit a 30-year peak on Thursday above $24 an ounce, with spot prices climbing over 45 percent since the beginning of the year. [GOL/]
 The silver and base-metal producer said Caylloma has produced 1.42 million ounces of silver so far this year.
 Fortuna also owns the San Jose mine in Mexico, which is set to start production in the third quarter of 2011.
 Shares in the Vancouver-based company were steady at C$3.37 in afternoon trade on Thursday on the Toronto Stock Exchange.
 ($1=$1 Canadian)  (Reporting by Julie Gordon; editing by Jeffrey Hodgson)   

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