Fortuna discovers new high grade vein at Caylloma mine; Drilling intercepts 1.7 meters of 105 g/t Ag and 21 g/t Au

Vancouver, May 13, 2013 - Fortuna Silver Mines Inc. (NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt: F4S.F) is pleased to report that exploration drilling has intercepted high-grade silver-gold mineralization in the Ramal Piso Carolina and Don Luis veins, both located in the northern portion of the Caylloma District.

Exploration Drilling Highlights - Ramal Piso Carolina Vein

Hole_IdFrom
(m)
To
(m)
Int
(m)
Est. True Width
(m)
Ag
(g/t)
Au
(g/t)
Ag Eq
(g/t)
CARS003213143.45146.002.551.724712.60919
CARS00371359.0060.801.801.36661.90767
78.3082.554.253.31587.60563
CARS004613191.90196.004.102.41638.94640
CARS004813115.65117.301.651.31197.77533
CARS005013221.00221.650.650.49893.981,201
CARS005213243.20244.000.800.63913.95783
CARS005313248.50249.651.150.71,75918.282,735
CARS005513306.40308.852.451.710521.281,241
CARS005613202.35203.200.850.61,7591.771,853
211.30212.501.200.811712.00757
215.50216.701.200.843030.252,044

Dr. Thomas I. Vehrs, VP of Exploration, commented, "The exploration results in the Ramal Piso Carolina Vein are very significant for the Caylloma District. Although gold is present in minor quantities in the other veins in the district, the Ramal Piso Carolina Vein is the first discovery of high-grade gold mineralization in the district. The high-grade mineralization remains open to depth and laterally to the northwest and to the southeast with exploration drilling continuing in the area to further test the lateral and depth extensions of the high-grade zone."

Exploration Drilling Highlights - Don Luis Vein

Hole_IdFrom
(m)
To
(m)
Int
(m)
Est. True Width
(m)
Ag
(g/t)
Au
(g/t)
Ag Eq
(g/t)
DLUS002413189.75191.451.701.51,2943.561,484
DLUS002613317.00319.802.801.39460.07950

Exploration drilling in the Don Luis area at Caylloma has also intercepted high-grade silver-gold mineralization. The 2013 drilling in the Don Luis area follows-up on drilling conducted in the area in 2010 and 2012 and further extends the mineralization to-depth. Particularly interesting are the results of drill holes DLUS002413 and DLUS002613, both of which encountered high-grade silver mineralization in the deeper portions of the western ore shoot.

Full assay results for the principal mineralized intervals in the forty-four drill holes completed at Caylloma in the first quarter of 2013 are appended to this news release. A location map and longitudinal sections for the Carolina, Ramal Piso Carolina and Don Luis veins are available at the following links:

http://www.fortunasilver.com/i/pdf/Caylloma_District_Plan_Map.pdf
http://www.fortunasilver.com/i/pdf/Caylloma_Longitudinal_Sections.pdf

Quality Assurance & Quality Control

Following detailed geological and geotechnical logging, drill core samples are split on-site by diamond sawing. One half of the core is submitted to the ALS Chemex Laboratory in Lima, Peru. The remaining half core is retained on-site for verification and reference purposes. Following preparation, the samples are assayed for gold and silver by standard fire assay methods and for silver and base metals by ICP and atomic absorption methods utilizing aqua regia digestion. The QA-QC program includes the blind insertion of certified reference standards and assay blanks at a frequency of approximately 1 per 15 normal samples as well as the inclusion of duplicate samples for verification of sampling and assay precision levels.

Qualified Person

Thomas I. Vehrs, Ph.D., Vice President of Exploration, is a Qualified Person for Fortuna Silver Mines Inc. as defined by National Instrument 43-101. Dr. Vehrs is a Founding Registered Member of the Society for Mining, Metallurgy, and Exploration, Inc. (SME Registered Member Number 3323430RM) and is responsible for ensuring that the information contained in this news release is an accurate summary of the original reports and data provided to or developed by Fortuna Silver Mines.

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 mine in Mexico. The company is selectively pursuing additional acquisition opportunities. For more information, please visit our website at www.fortunasilver.com.

ON BEHALF OF THE BOARD

Jorge A. Ganoza
President, CEO and Director
Fortuna Silver Mines Inc.

Trading symbols: NYSE: FSM | TSX: FVI | BVL: FVI | Frankfurt: F4S.F

Investor Relations:
Management Head Office: Carlos Baca- Telephone (Lima): +51.1.616.6060, ext. 0
Corporate Office: Holly Hendershot- Telephone (Toronto): +1.647.725.0813 / Telephone (Vancouver): +1.604.484.4085

Media contact for North America:
Breakstone Group
Christina Pagano
Telephone: +1.212.213.2851
Mobile: +1.646.382.3871
E-mail: paganopr@aol.com

Forward-Looking Statements

This news release contains forward-looking statements which constitute "forward-looking information" within the meaning of applicable Canadian securities legislation and "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are statements that are not historical facts and that are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. When used in this document, the words such as "anticipates", "believes", "plans", "estimates", "expects", "forecasts", "targets", "intends", "advance", "projects", "calculates" and similar expressions are forward-looking statements.

The forward-looking statements are based on an assumed set of economic conditions and courses of actions, including 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 estimation 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.

Although Fortuna has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements or information, there may be other factors that cause results to be materially different from those anticipated, described, estimated, assessed or intended. There can be no assurance that any forward-looking statements or information will prove to be accurate as actual results and future events could differ materially from those anticipated in such statements or information. Accordingly, readers should not place undue reliance on forward-looking statements or information.

Assay Results for Principal Mineralized Intervals:

Hole_IdFrom
(m)
To
(m)
Int
(m)
Est. True Width
(m)
Ag
(g/t)
Au
(g/t)
Ag Eq
(g/t)*
Vein
CARS00211388.9090.101.201.210500.051053Paralela
CARS002213253.40253.900.500.2750.0276Paralela
CARS002313238.30240.101.800.51380.03140Carolina
CARS00241372.9073.200.300.32160.14223Paralela
103.10103.400.300.31990.03201Carolina
CARS002513No significant mineralized intervals
CARS002613188.10190.902.801.28190.21830Carolina
CARS00271347.9050.202.301.81081.56191Ramal Piso Carolina
60.2062.202.001.71335.31416Carolina
64.1066.402.301.92561.09314Carolina
CARS002813No significant mineralized intervals
CARS002913No significant mineralized intervals
CARS003013231.00231.300.300.12570.10262Carolina
CARS003113157.80158.200.400.41053.86311Ramal Piso Carolina
159.60159.900.300.3561.64144Ramal Piso Carolina
162.05162.500.450.5241.81121Ramal Piso Carolina
CARS003213143.45146.002.551.724712.60919Ramal Piso Carolina
CARS003313114.95117.953.001.3700.0774Carolina
CARS003413194.40194.700.300.2782.60217Ramal Piso Carolina
CARS003513155.00155.500.500.4460.1051Carolina
CARS00361343.3044.100.800.7780.93128Carolina
CARS00371359.0060.801.801.36661.90767Ramal Piso Carolina
64.0066.052.051.61305.66432Ramal Piso Carolina
67.2067.650.450.41010.39122Ramal Piso Carolina
70.7076.005.304.2733.45257Ramal Piso Carolina
78.3082.554.253.31587.60563Ramal Piso Carolina
CARS00381376.1077.501.401.12790.13286Ramal Piso Carolina
85.0091.206.204.3554.23281Ramal Piso Carolina
91.9092.800.900.6441.73137Ramal Piso Carolina
94.4095.851.451.0781.51158Ramal Piso Carolina
CARS003913No significant mineralized intervals
CARS00401370.5070.800.300.3922.37218Ramal Piso Carolina
CARS004113189.15190.551.400.9251.2793Ramal Piso Carolina
CARS00421388.6092.153.552.2360.5264Ramal Piso Carolina
CARS00431389.5089.800.300.23030.46328Ramal Piso Carolina
CARS004413No significant mineralized intervals
CARS004513203.00206.103.101.22470.18257Carolina
CARS004613185.30186.551.250.94521.03507Carolina
191.90196.004.102.41638.94640Ramal Piso Carolina
CARS004713280.00281.651.650.7290.5860Ramal Piso Carolina
CARS004813111.00112.501.501.2463.00206Ramal Piso Carolina
115.65117.301.651.31197.77533Ramal Piso Carolina
CARS004913115.80116.801.000.63360.22348Carolina
137.60138.500.900.51675.65469Ramal Piso Carolina
139.80140.300.500.3673.00227Ramal Piso Carolina
144.90146.301.400.81141.55197Ramal Piso Carolina
CARS005013221.00221.650.650.49893.981201Ramal Piso Carolina
223.10224.101.000.61566.64510Ramal Piso Carolina
229.40230.901.500.8813.50268Ramal Piso Carolina
CARS005113221.90222.200.300.2567.04432Ramal Piso Carolina
CARS005213243.20244.000.800.63913.95783Ramal Piso Carolina
CARS005313156.40158.301.901.52290.24242Carolina
248.50249.651.150.7175918.282735Ramal Piso Carolina
CARS005413152.70153.300.600.44177.88837Carolina
CARS005513306.40308.852.451.710521.281241Ramal Piso Carolina
CARS005613202.35203.200.850.617591.771853Ramal Piso Carolina
211.30212.501.200.811712.00757Ramal Piso Carolina
215.50216.701.200.843030.252044Ramal Piso Carolina
DLUS001913109.50113.654.153.0870.2098Don Luis
DLUS002013229.60230.601.000.8690.0370Don Luis
DLUS002113203.00203.550.550.45430.04545Don Luis
DLUS002213175.50176.100.600.4321.59117Don Luis
DLUS002313329.55329.900.350.2241.69114Don Luis
DLUS002413189.75191.451.701.512943.561484Don Luis
DLUS002513331.90332.600.700.52370.39258Don Luis
354.25356.902.651.8710.2182Don Luis
DLUS002613317.00319.802.801.39460.07950Don Luis

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