| | Published : January 07th, 2009 | in-fill drilling results continue to confirm high-grade mineralization at San Jose Project, Mexico |
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CORPORATE OFFICE: Suite 840 - 355 Burrard Str. Vancouver, BC Canada, V6C 2G8 |
PERU OFFICE: Piso 17 Av. Pardo Y Aliaga 640 San Isidro, Lima - Peru |
TRADING SYMBOL: TSXV: FVI Lima Exchange: FVI |
Tel: 604.484.4085 Fax: 604.484.4029 |
Tel: 511.616.6060 San Isidro, Lima - Peru |
info@fortunasilver.com www.fortunasilver.com |
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Fortuna's in-fill drilling results continue to confirm high-grade mineralization at San Jose Project, Mexico
January 7, 2009: Fortuna Silver Mines Inc. (TSX-V: FVI / Lima Exchange: FVI) is pleased to announce additional results from the in-fill drill program on the Trinidad Zone of the San Jose silver-gold deposit located in Oaxaca, Mexico. Highlights from the 33 new holes include:
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SJO-166 |
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17.5 meters assaying 2.8 g/t Au and 285 g/t Ag |
SJO-175 |
6.6 meters averaging 11.1 g/t Au and 534 g/t Ag |
SJO-187 |
5.2 meters averaging 6.8 g/t Au and 628 g/t Ag and 21.4 meters averaging 6.0 g/t Au and 453 g/t Ag |
SJO-193 |
30.6 meters averaging 1.3 g/t Au and 113 g/t Ag and 12.7 meters averaging 6.0 g/t Au and 973 g/t Ag |
SJO-194 |
16.1 meters averaging 2.7 g/t Au and 316 g/t Ag |
SJO-205 |
16.6 meters averaging 2.4 g/t Au and 303 g/t Ag | The 33,000 meter in-fill drill program was initiated in June of 2008 and is designed to convert a significant portion of the resources in the upper 250 meters of the deposit to the Indicated category. Initial drill results from the program have been previously announced in September, October and November of 2008 (see Fortuna news releases dated September 25, 2008, October 28, 2008 and November 27, 2008). The in-fill drill program is projected to be completed by mid-January 2009 and has been designed following recommendations by AMEC E&C Services Inc. indicating that a drill spacing of 31 meters will be required for classification of the resources to the Indicated category.
The San Jose Project is being explored and developed under a joint venture between Fortuna (76%) and Continuum Resources Ltd (24%). In August 2008, Fortuna and Continuum announced an agreement whereby Fortuna will acquire all of the issued and outstanding securities of Continuum (see Fortuna's news release dated August 14, 2008). As a result of the acquisition, Fortuna will own a 100% interest in the San Jose Project.
Assay results from the 33 drill holes in the Trinidad Zone are summarized below. Length-weighted assay averages have been calculated for the mineralized intervals using a lower cut-off of 100 g/t Ag-equivalent. Updated longitudinal sections showing the location of the drill hole intercepts for each of the major veins and an updated drill hole location map are available on Fortuna's website at the following links: Bonanza Vein Longitudinal Section, Trinidad Vein Longitudinal Section, Trinidad Drill Hole Location Map.
Hole_Id |
From (m) |
To (m) |
Interval (m) |
Est. True Thickness (m) |
Au g/t |
Ag g/t |
Ag Eq g/t |
SJO-166 |
210.15 |
213.75 |
3.60 |
2.5 |
8.11 |
548 |
961 |
And |
229.15 |
246.60 |
17.45 |
12.2 |
2.78 |
285 |
427 |
And |
282.75 |
297.10 |
14.35 |
9.0 |
1.88 |
284 |
380 |
SJO-172 |
264.20 |
271.65 |
7.45 |
6.1 |
4.35 |
264 |
486 |
And |
297.90 |
304.50 |
6.60 |
|
1.92 |
303 |
401 |
And |
307.45 |
314.75 |
7.30 |
5.4 |
1.93 |
447 |
545 |
SJO-175 |
138.70 |
145.25 |
6.55 |
4.9 |
11.06 |
534 |
1098 |
SJO-187 |
184.90 |
190.10 |
5.20 |
3.7 |
6.82 |
628 |
976 |
And |
204.15 |
225.55 |
21.40 |
15.5 |
5.96 |
453 |
758 |
SJO-188 |
181.60 |
191.75 |
10.15 |
8.3 |
0.67 |
94 |
129 |
SJO-189 |
201.50 |
203.40 |
1.90 |
1.3 |
2.34 |
525 |
644 |
SJO-190 |
195.20 |
202.15 |
6.95 |
5.9 |
0.99 |
87 |
137 |
And |
205.55 |
207.45 |
1.90 |
|
3.63 |
336 |
521 |
And |
267.05 |
272.60 |
5.55 |
4.2 |
1.61 |
316 |
399 |
SJO-191 |
260.80 |
264.60 |
3.80 |
2.6 |
2.73 |
386 |
525 |
And |
350.30 |
354.90 |
4.60 |
3.5 |
1.06 |
137 |
191 |
SJO-193 |
242.45 |
273.00 |
30.55 |
23.0 |
1.34 |
113 |
181 |
And |
284.80 |
294.75 |
9.95 |
|
1.34 |
135 |
204 |
And |
314.70 |
327.40 |
12.70 |
8.0 |
5.99 |
973 |
1279 |
SJO-194 |
290.25 |
306.35 |
16.10 |
12.0 |
2.74 |
316 |
456 |
SJO-195 |
183.85 |
188.10 |
4.25 |
3.8 |
2.05 |
99 |
204 |
SJO-196 |
191.65 |
193.10 |
1.45 |
1.1 |
1.00 |
84 |
135 |
SJO-197 |
216.40 |
218.40 |
2.00 |
1.5 |
0.92 |
68 |
115 |
SJO-198 |
142.45 |
143.15 |
0.70 |
0.5 |
0.89 |
194 |
239 |
And |
174.55 |
176.70 |
2.15 |
1.5 |
0.43 |
115 |
137 |
SJO-199 |
203.35 |
207.90 |
4.55 |
2.9 |
1.51 |
191 |
267 |
SJO-200 |
335.70 |
338.20 |
2.50 |
1.8 |
0.53 |
88 |
116 |
SJO-201 |
191.05 |
196.95 |
5.90 |
4.1 |
4.25 |
719 |
935 |
And |
213.10 |
237.20 |
24.10 |
17.0 |
0.68 |
140 |
174 |
SJO-202 |
295.95 |
311.35 |
15.40 |
11.6 |
1.91 |
173 |
270 |
And |
339.75 |
341.85 |
2.10 |
|
1.22 |
326 |
388 |
And |
344.25 |
349.35 |
5.10 |
3.2 |
4.54 |
714 |
946 |
SJO-203 |
179.20 |
194.55 |
15.35 |
11.6 |
0.96 |
228 |
277 |
SJO-204 |
166.65 |
167.50 |
0.85 |
0.6 |
0.54 |
97 |
125 |
SJO-205 |
235.90 |
252.50 |
16.60 |
11.3 |
2.36 |
303 |
424 |
And |
254.10 |
260.70 |
6.60 |
5.0 |
0.76 |
201 |
240 |
SJO-206 |
225.65 |
226.90 |
1.25 |
0.7 |
4.07 |
960 |
1168 |
SJO-207 |
193.05 |
196.40 |
3.35 |
2.3 |
3.93 |
451 |
651 |
And |
199.90 |
203.15 |
3.25 |
|
2.60 |
403 |
536 |
And |
228.40 |
238.00 |
9.60 |
7.2 |
2.00 |
403 |
505 |
SJO-208 |
238.20 |
245.95 |
7.75 |
5.6 |
1.09 |
191 |
247 |
And |
250.05 |
260.05 |
10.00 |
7.8 |
0.82 |
151 |
193 |
SJO-209 |
304.95 |
306.50 |
1.55 |
1.0 |
0.94 |
137 |
185 |
SJO-210 |
291.90 |
299.70 |
7.80 |
5.8 |
2.81 |
442 |
585 |
SJO-211 |
210.75 |
212.50 |
1.75 |
1.2 |
1.40 |
142 |
213 |
And |
218.40 |
219.40 |
1.00 |
0.7 |
0.81 |
184 |
225 |
SJO-212 |
254.20 |
258.40 |
4.20 |
2.8 |
1.31 |
210 |
277 |
And |
266.40 |
268.40 |
2.00 |
1.5 |
0.39 |
112 |
132 |
SJO-213 |
349.70 |
350.90 |
1.20 |
0.9 |
2.18 |
512 |
623 |
SJO-214 |
349.05 |
354.50 |
5.45 |
3.6 |
2.36 |
419 |
539 |
SJO-215 |
244.25 |
247.25 |
3.00 |
2.1 |
1.95 |
385 |
485 |
SJO-216 |
218.75 |
220.15 |
1.40 |
|
2.35 |
461 |
581 |
And |
231.10 |
232.75 |
1.65 |
1.1 |
5.05 |
1015 |
1273 |
And |
240.35 |
244.10 |
3.75 |
2.6 |
0.59 |
126 |
156 |
SJO-218 |
342.50 |
343.70 |
1.20 |
0.8 |
3.02 |
612 |
766 |
*Silver equivalency estimates were derived using a silver-to-gold ratio of 51:1. Metallurgical recoveries and net smelter returns are assumed to be 100% for purposes of estimating silver equivalency. | Background
The San Jose deposit is a low sulfidation epithermal system located within the Taviche Mining District in southern Oaxaca and is characterized by mineralized multiphase quartz-carbonate-sulfide veins, hydrothermal breccias and stockwork veining within a sequence of Tertiary andesitic volcanic and volcaniclastic rocks. The Fortuna-Continuum joint venture controls mining concessions covering approximately 56,000 hectares in the Taviche Mining District. Exploration is being carried out on a number of target areas within the concession area to define new drill targets. Underground development of the access ramp to the Trinidad Zone was initiated in the 4th quarter of 2007. The Company is advancing with engineering studies for the development of the San Jose deposit including preliminary mine design work, metallurgical testing, tailings dam design work and hydrological investigations. An Environmental Impact Study is in-progress and the Community Relations Department is engaging local communities through project presentations, site visits and sustainable development and education programs.
Quality Assurance & Quality Control
Following detailed geological and geotechnical logging, drill core samples are split on-site by Diamond saw. One half of the core is submitted to the ALS Chemex sample preparation facility in Guadalajara, Mexico. The remaining half core is retained on-site for verification and reference purposes. Following preparation, sample pulps are sent to ALS Chemex in Vancouver where they are assayed for gold and silver by standard fire assay methods using a gravimetric finish. Multi-element analyses are also completed for each sample by ICP methods. The QA-QC program at San Jose includes the blind insertion of certified reference standards for silver and gold at a frequency of approximately 1 per 15 normal samples and the insertion of assay blanks at a frequency of approximately 1 per 15 normal samples. All sample results reported in this news release correspond to HQ- or NQ-diameter core.
Qualified Person
Mr. Miroslav Kalinaj, P. Geo., is the Company's Qualified Person as defined by National Instrument 43 101 and is responsible for the accuracy of the technical information in this news release.
Fortuna Silver Mines Inc.
Fortuna is a growth oriented, silver and base metal producer focused on mining opportunities in Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru and the San Jose Silver-Gold Project in Mexico. The Company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
Jorge Ganoza President, CEO and Director Fortuna Silver Mines Inc.
Symbol: TSX-V: FVI / Lima Exchange: FVI
Investor Relations: Lima office: Carlos Baca - Tel: 51.1.616.6060 Vancouver office: Erin Ostrom - Tel: 604.484.4085
- View News Release in PDF Format:
http://www.fortunasilver.com/i/pdf/2009-01-07_NR.pdf
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Corporate Office Suite 830-355 Burrard Street Vancouver, BC Canada V6C 2G8 Tel: 604-484-4085 Fax: 604-484-4029
Share Transfer Agent Pacific Corporate Trust 510 Burrard Street, 2nd floor Vancouver, BC Canada, V6C 3B9 |
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Fortuna Silver Mines Inc.
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PRODUCER |
CODE : FVI.TO |
ISIN : CA3499151080 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Fortuna Silver is a gold and silver producing company based in Canada. Fortuna Silver produces gold, silver, copper, lead and zinc in Mexico and in Peru. Its main assets in production are CAYLLOMA in Peru and SAN JOSE PROJECT in Mexico and its main exploration properties are MARIO PERU in Peru and TLACOLULA in Mexico. Fortuna Silver is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 1.0 billions as of today (US$ 749.0 millions, € 680.1 millions). Its stock quote reached its lowest recent point on September 15, 2000 at CA$ 0.14, and its highest recent level on November 04, 2016 at CA$ 9.99. Fortuna Silver has 158 850 000 shares outstanding. |
In the News and Medias of Fortuna Silver Mines Inc. |
Annual reports of Fortuna Silver Mines Inc. |
Financings of Fortuna Silver Mines Inc. |
Option Grants of Fortuna Silver Mines Inc. |
Nominations of Fortuna Silver Mines Inc. |
Financials of Fortuna Silver Mines Inc. |
Project news of Fortuna Silver Mines Inc. |
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Corporate news of Fortuna Silver Mines Inc. |
8/19/2016 | Research Reports Initiated on Silver Stocks Excellon Resourc... |
7/28/2016 | Fortuna Completes Acquisition of Goldrock Mines Corp. |
7/27/2016 | Fortuna announces retirement of director |
7/25/2016 | Goldrock Shareholders Approve Acquisition by Fortuna Silver ... |
7/12/2016 | Fortuna reports production of 1.6 million ounces of silver a... |
7/11/2016 | Fortuna announces changes in management |
7/6/2016 | Fortuna commissions 3,000 tpd mill expansion on-time and und... |
6/20/2016 | Early Warning Report |
6/17/2016 | Fortuna Reports Results of Annual General Meeting |
6/7/2016 | Fortuna to acquire Goldrock Mines Corp. Sourcing continued l... |
5/10/2016 | Fortuna reports consolidated financial results for the first... |
5/9/2016 | Fortuna meets 1Q profit forecasts |
5/2/2016 | Fortuna to release first quarter financial results on May 9,... |
4/13/2016 | Fortuna reports production of 1.6 million ounces of silver a... |
3/29/2016 | Fortuna files Form 40-F, Annual Report |
3/24/2016 | Fortuna Updates Reserves and Resources |
12/16/2015 | Fortuna provides year-end update for the San Jose Mine, Mexi... |
11/2/2015 | Fortuna to release third quarter financial results on Novemb... |
9/2/2015 | Falling Earnings Estimates Signal Weakness Ahead for Fortuna... |
8/18/2015 | DuSolo Announces Bridge Loan Facility and Board Restructurin... |
8/7/2015 | Fortuna Reports Consolidated Financial Results for the Secon... |
8/7/2015 | Fortuna to Host Second Quarter 2015 Earnings Conference Call... |
7/30/2015 | Fortuna to release second quarter financial results on Augus... |
7/28/2015 | Why Fortuna Silver Mines (FSM) Could Be Positioned for a Slu... |
7/15/2015 | Fortuna reports production of 1.7 million ounces of silver a... |
6/19/2015 | Fortuna Reports Results of Annual General Meeting |
4/13/2015 | Fortuna reports production of 1.6 million ounces of silver a... |
4/10/2015 | NYSE stocks posting largest percentage increases |
3/30/2015 | Fortuna amends and expands $40 million credit facility |
3/30/2015 | Amends and Expands $40 Million Credit Facility |
3/28/2015 | Fortuna files Form 40-F, Annual Report |
3/27/2015 | Fortuna Files Form 40-F, Annual Report |
3/13/2015 | Fortuna reports consolidated financial results for 2014 |
3/12/2015 | Fortuna to Host Fourth Quarter and Fiscal Year 2014 Earnings... |
3/10/2015 | Fortuna Updates Reserves and Resources: Silver Contained in ... |
3/10/2015 | s Reserves and Resources: Silver Contained in Reserves Incre... |
3/10/2015 | Fortuna Updates Reserves and Resources: Silver Contained in ... |
3/3/2015 | Fortuna to release 2014 yearend financial results on March 1... |
3/3/2015 | Fortuna to Release 2014 Yearend Financial Results on March 1... |
1/21/2015 | Fortuna Intercepts 1,282 g/t Ag and 8.1 g/t Au Over 4.6 Mete... |
1/15/2015 | Fortuna reports 2014 record production of 8.7 million silver... |
1/15/2015 | Reports 2014 Record Production of 8.7 Million Silver Equival... |
1/15/2015 | Fortuna Reports 2014 Record Production of 8.7 Million Silver... |
12/17/2014 | Fortuna announces expansion of its San Jose Mine from 2,000 ... |
12/17/2014 | Fortuna Announces Expansion of Its San Jose Mine From 2,000 ... |
11/11/2014 | Fortuna reports consolidated financial results for the third... |
11/11/2014 | Fortuna meets 3Q profit forecasts |
11/10/2014 | Fortuna to Host Third Quarter 2014 Earnings Conference Call ... |
11/4/2014 | Fortuna to release third quarter financial results on Novemb... |
11/4/2014 | Fortuna to Release Third Quarter Financial Results on Novemb... |
10/9/2014 | Fortuna Reports Production of 1.8 Million Ounces of Silver a... |
8/27/2014 | Fortuna Silver Reports Updated Mineral Resource Estimate for... |
8/12/2014 | Fortuna Reports Consolidated Financial Results for the Secon... |
8/12/2014 | Fortuna to Host Second Quarter 2014 Earnings Conference Call... |
8/5/2014 | Fortuna to Release Second Quarter Financial Results on Augus... |
7/14/2014 | Fortuna Intercepts 854 g/t Ag and 5.0 g/t Au Over 3.3 m in T... |
7/14/2014 | Fortuna Intercepts 854 g/t Ag and 5.0 g/t Au Over 3.3 m in T... |
7/10/2014 | Fortuna Reports Production of 1.6 Million Ounces of Silver a... |
3/18/2014 | Fortuna reports consolidated financial results for 2013 |
3/11/2014 | Fortuna to release 2013 year-end financial results on March ... |
2/18/2014 | s Reserves and Resources; Silver =?ISO-8859-1?Q?=20in=20Infe... |
1/21/2014 | Drills Step-out Hole of 3=2E5 kg/t Ag and 15 g/t Au Over a T... |
12/17/2013 | Season's Greetings from Fortuna Silver Mines Inc. |
11/25/2013 | Step-out drilling extends high-grade mineralization at Fortu... |
11/25/2013 | Step-out drilling extends high-grade mineralization at Fortu... |
11/25/2013 | Step-out drilling extends high-grade mineralization at Fortu... |
10/30/2013 | Fortuna Silver to release third quarter financial results on... |
10/30/2013 | to release third quarter financial results on November 5, 20... |
10/17/2013 | Fortuna Silver increases San Jose silver reserves by 22% and... |
10/15/2013 | reports production of 1,104,914 ounces of Ag and 4,515 ounce... |
9/23/2013 | completes 1,800 tpd mill expansion on-time and on-budget at ... |
8/7/2013 | Fortuna Silver to release second quarter |
8/7/2013 | to release second quarter financial results on August 12, 20... |
6/18/2013 | upgrades mill expansion at San Jose from 1,500 to 1,800 tpd |
5/13/2013 | (Caylloma)discovers new high grade vein at Caylloma mine; Drilling int... |
5/8/2013 | reports cash flow of US$16.3 million and net income of US$6.... |
5/2/2013 | Fortuna Silver to release first quarter financial results on... |
5/2/2013 | to release first quarter financial results on May 7, 2013; C... |
4/22/2013 | drills 7.3 m of 1789 g/t Ag and 10 g/t Au on northern extens... |
3/18/2013 | to release 2012 year-end financial results on March 20th, 20... |
2/12/2013 | Fortuna Silver Mines- Sustainability Case Study: Collaborati... |
2/7/2013 | launches new sustainability section on website |
1/14/2013 | beats guidance, reports record production of 5.2 million sil... |
11/8/2012 | Reports Cash Flow of US$19.95 Million and Net Income of US$8... |
10/23/2012 | to present at The Silver Summit 10th Anniversary Conference ... |
10/12/2012 | reports record production of 1,027,741 ounces of silver and ... |
7/3/2012 | (Tlacolula)Reports High-Grade Gold and Silver Values at Radius's Tlacol... |
5/17/2012 | Fortuna Silver Mines Launches New Website |
9/15/2011 | to Begin Trading on the New York Stock Exchange on September... |
8/29/2011 | Applies for NYSE Listing |
7/20/2011 | Reports Production Figures for Second Quarter 2011 |
5/14/2011 | Reports Net Income of US$4.78 Million on Revenue of US$21.67... |
1/13/2011 | Increases Silver Production by 13% in 2010 and Issues Produc... |
1/13/2011 | Increases Silver Production by 13% in 2010 and Issues Produc... |
3/22/2010 | Operating Income of US$ 14.38 Million and Net Income of US$ ... |
3/19/2010 | 4rth Quarter 2009 Results Conference Call |
1/18/2010 | Increases silver production by 96% in 2009, issues productio... |
1/6/2010 | Signs commitment letter for US $20 Million credit facility |
11/13/2009 | Reports Record Revenue of US$ 13.23 Million and Mine Operati... |
9/23/2009 | Options Tlacolula Silver Project In Mexico From Radius Gold ... |
8/12/2009 | Reports Net Income of US$ 1.2 Million and Cash from Operatio... |
7/16/2009 | Upgrades Reserves to 20.3 Million Ounces of Silver at the Ca... |
5/19/2009 | Reports Record Revenue of US$ 8.98 Million and a Production ... |
2/25/2009 | Continuum Shareholders Approve Arrangement |
1/30/2009 | Announces Resignation of Director |
1/27/2009 | Acquisition Circular Mailed |
1/15/2009 | in the News: Proactive Investors |
1/15/2009 | Reports Commercial Concentrate Grades of 135g/t Gold and 17,... |
11/17/2008 | Reports for Q3 2008: Net loss of $0.31 million, positive ope... |
9/25/2008 | San Jose In-Fill Drilling Returns 29.1m @ 6.8 g/t Au + 933 g... |
9/12/2008 | Attends the Silver Summit |
8/18/2008 | Reports Net Income Of $2.39 Million, Revenue Of $7.85 Millio... |
8/15/2008 | To Acquire Continuum Resources And 100% Of San Jose Project,... |
7/2/2008 | Peruvian Operations Not Affected By National Strike |
6/25/2008 | Provides Corporate Update |
6/16/2008 | consolidates concession ownership at San Jose Project, Mexic... |
5/22/2008 | Reports 1Q 2008 Revenue of $6.83 million, Net Loss of $0.64 ... |
5/21/2008 | discovers extention to Animas Vein at Caylloma Mine, Peru |
4/18/2008 | Reports Operating Cash Flow of $13.24 million on Revenue of... |
11/16/2007 | Reports Revenue Of $9.2 Million, Operating Cash Flow Of $3.... |
10/25/2007 | Hires VP Project Development for San Jose |
10/11/2007 | Retains Investor Relations Consultants |
10/11/2007 | Warrant Exercises Increase Cash Position to Cdn $44 million |
8/30/2007 | 's Chairman, Simon Ridgway, Interviewed by WallSt.net |
8/21/2007 | 'S Liquidity And Solvency Unharmed By Market Turmoil |
8/17/2007 | Caylloma Mine Unaffected By Earthquake |
8/16/2007 | Reports Revenue Of $8.8 Million, Operating Cash Flow Of $3.0... |
3/12/2007 | increases San Jose Ag-Au Resource: Silver equivalent 17.7 mi... |
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