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Fortuna Silver Mines (FSM) Reports Updated Reserve And Resource Report

|Includes: Fortuna Silver Mines (FSM)

Fortuna Silver Mines released an updated mineral reserve and resources report on two of the company's mines in South America. The properties produce gold, silver and other minerals.

Fortuna Silver Mines operates the Caylloma Mine located in Peru and reported that the mine contains 781,000 tons of proved and probable reserves located in various rock veins at the property. This was a 52% increase over the previous mineral reserves and resources report.

Fortuna Silver Mines said that contained silver in these veins increased to 9.4 million ounces, a 40% increase over last year. The company has additional proved and probable reserves in polymetallic veins at the Caylloma Mine.

Fortuna Silver Mines also operates the San Jose Mine located in Mexico and commenced production from here in September 2011. The company reported 3.6 million tons of proven and probable reserves at the San Jose Mine, including 23.6 million ounces of silver and 183,700 ounces of gold.

Fortuna Silver Mines is conducting additional exploration at the San Jose Mine in 2012 and expects to obtain approximately 15,000 meters of core samples at the property.

The updated resource and reserve estimates were supervised by E. Chapman and E. Vilela, two employees of the company that are considered Qualified Persons under the applicable regulations.

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