Fortuna Silver Mines Inc.

Fortuna Silver Mines Inc.

September 05, 2007 09:30 ET

Fortuna Announces Positive Drill Results at San Jose, Mexico

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 5, 2007) - Fortuna Silver Mines Inc. (TSX VENTURE:FVI) ("Fortuna") is pleased to announce additional drill results from the 2007 drill program at the San Jose silver-gold deposit located in Oaxaca, Mexico. San Jose is being explored and developed under a joint venture between Fortuna (76%) and Continuum Resources Ltd. (24%).

Analytical results have been received and verified for six additional drill holes located in the central and northern portions of the Trinidad deposit. Highlights of the current results include:

- Hole SJO-079 averaging 143 g/t Ag and 1.41 g/t Au (215 g/t Ag Eq) over 34.3m from 441.50m (Bonanza Vein) and averaging 1039 g/t Ag and 13.60 g/t Au (1733 g/t Ag Eq) over 2.35m from 482.45m (Stockwork Zone).

- Hole SJO-081 averaging 113 g/t Ag and 1.34 g/t Au (182 g/t Ag Eq) over 25.4m from 322.10m (Bonanza Vein), including 634 g/t Ag and 9.09 g/t Au (1098 g/t Ag Eq) over 1.15m from 345.20m.

Assay results from the six drill holes 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. An updated long section showing the location of the drill holes will be posted on Fortuna's website at

Hole From To Int Au Ag Ageq Ageq
Number (m) (m) (m) (g/t) (g/t) (g/t)(i) (oz/T)
SJO-076 472.35 477.85 5.50 1.07 271 326 9.5
SJO-077 217.00 224.40 7.40 1.89 140 236 6.9
SJO-078 265.55 267.55 2.00 2.17 313 424 12.4
SJO-079 345.31 346.20 0.89 7.26 867 1237 36.1
SJO-079 441.50 475.75 34.25 1.41 143 215 6.3
SJO-079 482.45 484.80 2.35 13.60 1039 1733 50.5
SJO-080 No Significant Mineralized Intervals
SJO-081 322.10 347.45 25.35 1.34 113 182 5.3
including 345.20 346.35 1.15 9.09 634 1098 32.0
(i)Silver equivalency estimates were derived using US$10.30/oz for
silver and US$525/oz for gold yielding a Ag:Au ratio of 51:1.
Metallurgical recoveries and net smelter returns are assumed to
be 100% for purposes of estimating silver equivalency.

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. Using a cut-off grade of 150 g/t Ag equivalent, 43-101 compliant indicated and inferred mineral resources for the Trinidad zone at San Jose are estimated at (see Fortuna News Release dated Mar. 12, 2007):

Indicated Mineral Resources: 1.47 million tonnes grading 262.6 g/t Ag + 2.19 g/t Au containing 17.7 million Ag equivalent oz.

Inferred Mineral Resources: 3.9 million tonnes grading 260.6 g/t Ag + 2.57 g/t Au containing 49.1 million Ag equivalent oz.

The Fortuna-Continuum joint venture controls mining concessions covering approximately 47,440 hectares in the Taviche Mining District. A 25,000 meter drill program is underway at the Trinidad and San Ignacio zones with 3 diamond drill rigs. Concurrently, surface geochemical and reconnaissance programs are being conducted throughout the district to identify and evaluate new target areas.

Quality Control & Quality Assurance

For the current drill program, 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. Further drill results will be released as analytical data are received and validated.

Qualfied Person

Mr. Gregory Smith, P.Geo., is the Company's Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of this news release.


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 aggressively pursuing additional acquisition opportunities. For more information, please visit our website at


Jorge Ganoza, President

Fortuna Silver Mines Inc.

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.

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