CA - Mexico to reassess environmental authorization extension for Fortuna mine

Fortuna Silver Mines ( NYSE: FSM ) -11.6% in Thursday's trading after its Mexican subsidiary received notice that the country's environmental ministry is re-assessing the 12-year extension to the environmental impact authorization granted last month for the San Jose mine.

Semarnat said it did not have authority to grant an extension to the environmental impact authorization for more than half of the original 12-year term, according to the company.

Fortuna Silver ( FSM ) said it will "pursue all legal protection available to it," which includes initiating legal proceedings against Semarnat.

"Under the four years of the current Mexican Administration, the San Jose mine has been audited annually by the Federal Environment Attorney's Office as well as the National Water Commission, and in every single audit, San Jose's compliance with environmental obligations has been confirmed," President and CEO Jorge Ganoza said.

Fortuna Silver ( FSM ) is one of the best performing stocks since September, rallying nearly 100% off of its lows, Taylor Dart writes in an analysis newly published on Seeking Alpha .

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