<SEC-DOCUMENT>0001341004-17-000291.txt : 20170615
<SEC-HEADER>0001341004-17-000291.hdr.sgml : 20170615
<ACCEPTANCE-DATETIME>20170503144911
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001341004-17-000291
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20170503

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FORTUNA SILVER MINES INC
		CENTRAL INDEX KEY:			0001341335
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		200 BURRARD ST
		STREET 2:		SUITE 650
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L6
		BUSINESS PHONE:		604-484-4085

	MAIL ADDRESS:	
		STREET 1:		200 BURRARD ST
		STREET 2:		SUITE 650
		CITY:			VANCOUVER
		STATE:			A1
		ZIP:			V6C 3L6
</SEC-HEADER>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt">VIA EDGAR</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt">Attention:&#160; Craig Arakawa<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>United States Securities and Exchange Commission<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>Division of Corporate Finance<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>Mail Stop 3561<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>Washington, DC<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif">Fortuna Silver Mines Inc.<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>Form 40-F for the Year Ended December 31, 2015, filed March 29, 2016<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font>Form 6-K furnished November 8, 2016<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
</font> File No. 001-35297</div>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt">Dear Mr. Arakawa,</div>

<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 12pt">Further to our conference call on the afternoon of Friday, April 28, 2017 you have asked that we further expand our disclosure on the use of inferred resources in the calculation of depletion expense in our accounting policy note under &#8220;Operational Mining Properties and Mine Development&#8221; and in our Significant Accounting Judgments and Estimates note.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-TOP: 6pt">The changes to the accounting policy note are underlined for your reference.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 6pt">Operational Mining Properties and Mine Development.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">For operating mines, all exploration within the mineral deposit is capitalized and amortized on a unit-of-production basis over <font style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif"><u>the expected life-of-mine which includes</u></font> proven and probable reserves and the portion of <font style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif"><u>inferred</u></font> resources expected to be extracted economically as part of the production cost.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">Costs of producing properties are amortized on a unit-of-production basis over proven and probable reserves and the portion of <font style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif"><u>inferred</u></font> resources <font style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif"><u>where it is considered highly probable that those resources are</u></font> expected to be extracted economically.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"><u>Our life-of-mine plans typically include a portion of inferred resources as we believe this provides a better estimate of the expected life-of-mine for certain type of deposits, in particular for vein type structures.&#160; The percentage of inferred resources included as a component of the total mineable inventory (reserve + resource) considered in the 2016 life-of-mine evaluation for each operation as of December 31, 2015 was: San Jose 53% (2014: 55%); Caylloma 33% (2014: 18%).</u></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"><u>As part of our process to include inferred resources into our life-of-mine plans we apply the same technical and economic factors as with measured and indicated (&#8220;M&amp;I&#8221;) resources and in addition apply a risk factor, representing the expected conversion rate into M&amp;I categories.&#160; The process involves the application of dilution and mining recoveries; the consideration of modifying factors such as mining, metallurgical, environmental, social and governmental factors; as well as the application of an economic cut-off to identify only the material that can be considered profitable to mine within our mine designs.</u></div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"><font style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif"><u>At this time a conversion or &#8220;risk&#8221; factor, representing the higher level of variability associated with the inferred resource, is applied to all economic mining blocks comprised of inferred resources, reducing the tonnage and metal content this material represents.&#160; The conversion factor varies for each operation and is based on the geological characteristics of the ore body, the quality and predictability of inferred resources, and the conversion of inferred resources into M&amp;I that we have historically achieved in the past.&#160; The conversion factors used in our 2015 and 2016 life-of-mine plans were 90% at San Jose and </u></font><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Arial, sans-serif; COLOR: #222222; BACKGROUND-COLOR: #ffffff"><u>between 79% and 87% at Caylloma</u></font><font style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #222222; BACKGROUND-COLOR: #ffffff"><u>, depending on the veins being mined</u></font><font style="FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; COLOR: #222222; BACKGROUND-COLOR: #ffffff">.</font><font style="FONT-SIZE: 9.5pt; FONT-FAMILY: Arial, sans-serif; COLOR: #222222; BACKGROUND-COLOR: #ffffff">&#160;</font></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"><u>The Company reviews the conversion factors to be used in the life-of-mine plans for inclusion of inferred resources once a year in light of new geologic information and conversion data and when events or circumstances indicate that a review should be made. Any changes in estimates that arise from this review are accounted for prospectively.</u></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"><u>Significant estimation is involved in determining resources and in determining the percentage of resources ultimately expected to be converted to reserves, which we determine based on careful consideration of both internal and external technical and economic data.&#160; Estimation of future conversion of resources is inherently uncertain and involves significant judgment and actual outcomes may vary from these judgments and estimates and such outcomes may have a material impact on the results.&#160;&#160; Revisions to these estimates are accounted for in the period in which the change in estimate arises.</u></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">Costs of abandoned properties are written-off.</div>

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<div style="MARGIN-BOTTOM: 12pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 12pt">The changes we have made to the &#8220;Estimates&#8221; section of the Significant Accounting Judgments and Estimates note are as follows:</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"><u>Original disclosure</u></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">The determination of mineral reserves and the portion of mineral resources expected to be extracted economically, carrying amount of mineral properties, and depletion of mineral properties included in the consolidated statements of financial position and the related depletion included in the consolidated statements of income</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-TOP: 6pt"><u>New disclosure</u></div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">Mineral Reserves and Resources and Life-of-Mine Plans</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">We estimate our mineral reserves and mineral resources in accordance with the Canadian Securities Administrators&#8217; National Instrument 43-101 Standards of Disclosure for Mineral Projects requirements. Estimates of the quantities of mineral reserves and mineral resources form the basis for our life-of-mine plans, which are used for the calculation of depletion expense under the units of production method, impairment tests, and forecasting the timing of the payments related to the environmental rehabilitation provision.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">Significant estimation is involved in determining the reserves and resources included within our life-of-mine plans.&#160; Changes in forecast prices of commodities, exchange rates, production costs or recovery rates may result in our life-of-mine plan being revised and such changes could impact depletion rates, asset carrying values and our environmental rehabilitation provision. As at December 31, 2016 we have used the following long term prices for our reserve and resource estimations and life of mine plans: Gold $1,140/oz, Silver $19/oz.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">In addition to the estimates above, estimation is involved in determining the percentage of resources ultimately expected to be converted to reserves and hence included in our life of mine plans. Our life-of-</div>

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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 11pt; FONT-FAMILY: Calibri, sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">mine plans include a portion of inferred resources as we believe this provides a better estimate of the expected life-of-mine for certain type of deposits, in particular for vein type structures.&#160; The percentage of inferred resources out of the total tonnage included in the life-of-mine plans is based on site specific geological, technical, and economic considerations.&#160; See section 4 (g) (i). Estimation of future conversion of resources is inherently uncertain and involves significant judgement and actual outcomes may vary from these judgments and estimates and such outcomes could have a material impact on the financial results.&#160;&#160; Revisions to these estimates are accounted for prospectively in the period in which the change in estimate arises.</div>

<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: justify; MARGIN-TOP: 6pt">We trust that the expanded disclosure on the use of inferred resources in the calculation of depletion expense will address your request.&#160; Should you have further questions, please contact the undersigned at (604) 684-8026.</div>

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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left; MARGIN-TOP: 6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif">Yours truly<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif"><br>
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<div style="MARGIN-BOTTOM: 6pt; FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold; TEXT-ALIGN: left; MARGIN-TOP: 6pt">FORTUNA SILVER MINES INC.</div>

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<div style="MARGIN-BOTTOM: 6pt; TEXT-ALIGN: left; MARGIN-TOP: 6pt"><font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; FONT-WEIGHT: bold">Per:</font>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<font style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif">/s/ Luis Dario Ganoza</font></div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left">Luis Dario Ganoza</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left">Chief Financial Officer</div>

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<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">Tim Holwill, Deloitte LLP</div>

<div style="FONT-SIZE: 10pt; FONT-FAMILY: 'Segoe UI', sans-serif; TEXT-ALIGN: left; MARGIN-LEFT: 36pt">Riccardo Leofanti, Skadden, Arps, Slate, Meagher &amp; Flom LLP</div>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
