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Fortuna Reports Silver Production of 438,186 ounces for Third Quarter

October 19, 2009
    TRADING SYMBOL:
    TSXV: FVI
    Lima Exchange: FVI

VANCOUVER, Oct. 19 /PRNewswire-FirstCall/ – Fortuna Silver Mines Inc. (TSX.V: FVI/Lima Exchange: FVI) – is pleased to announce production figures from the Caylloma silver-zinc-lead mine in Peru for the third quarter 2009. Year to date, Caylloma has produced 1.29-million ounces of silver and is on track to meet the forecast of 1.6-million ounces for the year.

    Third Quarter Highlights

    -   Silver production of 438,186 ounces; 80.1 % increase over Q3 2008
    -   7,365,644 pounds of Zn; 16.1 % increase over Q3 2008
    -   6,391,201 pounds of Pb; 35.5 % increase over Q3 2008

    Operating Highlights

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                                    Q III - 2009   Q II - 2009  Q III - 2008
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    Processed ore (t)                  105,241.0     100,881.0      89,827.0
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    Head grade
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    Ag (g/t)                               146.5         160.4          97.7
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    Zn (%)                                   3.6           3.8           3.7
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    Pb (%)                                   3.0           3.2           2.6
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    Recovery
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    Ag(1)                                   84.2          86.5          80.1
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    Zn                                      88.6          88.6          88.1
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    Pb                                      93.2          92.6          92.2
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    Metal produced
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    Ag (oz)                            438,186.0     468,822.0     243,280.0
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    Zn (lb)                          7,365,644.2   7,526,581.6   6,342,699.3
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    Pb (lb)                          6,391,201.0   6,587,412.4   4,715,687.8
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    (1) Ag recovery in Pb concentrate

A Technical Report on Reserves and Resources for the Caylloma Mine is available at the Company’s website at www.fortunasilver.com.

Jorge Ganoza, President, CEO and Director, commented, “Our Caylloma mine is celebrating its third year anniversary since the start of mining operations in October of 2006. Production has increased 140% over this period of time as a result of investment programs worth approximately USD 30 million. These investments have been self funded by cash flows generated from operations. On behalf of senior management and the Board of Directors I want to take the opportunity to publicly congratulate our staff, employees and contractors for their achievements at Caylloma.”

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.

Forward-Looking Statements

Certain statements in this presentation constitute forward-looking statements and as such are based on an assumed set of economic conditions and courses of action. These include estimates of future production levels, expectations regarding mine production costs, expected trends in mineral prices and statements that describe Fortuna’s future plans, objectives or goals. There is a significant risk that actual results will vary, perhaps materially, from results projected depending on such factors as changes in general economic conditions and financial markets, changes in prices for silver and other metals, technological and operational hazards in Fortuna’s mining and mine development activities, risks inherent in mineral exploration, uncertainties inherent in the calculation of mineral reserves, mineral resources, and metal recoveries, the timing and availability of financing, governmental and other approvals, political unrest or instability in countries where Fortuna is active, labor relations and other risk factors.

    Neither the TSX Venture Exchange nor the Investment Industry Regulatory
    Organization of Canada accepts 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

SOURCE Fortuna Silver Mines Inc.


Source: newswire



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