Fortuna intercepts 1,282 g/t Ag and 8.1 g/t Au over 4.6 meters in Trinidad North step-out drilling at San Jose Mine, Mexico

Vancouver, January 21, 2015 - Fortuna Silver Mines Inc. (NYSE: FSM) (TSX: FVI) (BVL: FVI) (Frankfurt: F4S.F) is pleased to announce results for step-out drilling of the Trinidad North zone at the San Jose Mine in Oaxaca, Mexico. Results are included for twenty-three drill holes completed subsequent to the Mineral Resource and Mineral Reserve estimates reported as of June 30, 2014 (see Fortuna news releases dated August 27, 2014 and September 30, 2014). The new drill results confirm that the Bonanza and Trinidad veins and the structurally and spatially related Trinidad North Stockwork Zone all remain open to the north and to depth along the strike and plunge of the ore shoots.

Highlights of Step-out Drilling

SJOM-401

  • 426 g/t Ag and 2.62 g/t Au (583 g/t Ag Eq) over ETW* of 18.0 m, including
    1,282 g/t Ag and 8.11 g/t Au (1,768 g/t Ag Eq) over ETW of 4.6 m (Stockwork Zone)
  • 841 g/t Ag and 3.50 g/t Au (1,051 g/t Ag Eq) over ETW of 1.7 m (Stockwork Zone)

SJOM-409

  • 327 g/t Ag and 1.42 g/t Au (412 g/t Ag Eq) over ETW of 1.6 m (Stockwork Zone)
  • 433 g/t Ag and 1.75 g/t Au (538 g/t Ag Eq) over ETW of 1.3 m (Stockwork Zone)

SJOM-412

  • 353 g/t Ag and 2.14 g/t Au (481 g/t Ag Eq) over ETW of 1.0 m (Stockwork Zone)
  • 336 g/t Ag and 2.06 g/t Au (459 g/t Ag Eq) over ETW of 3.9 m (Trinidad Vein)

SJOM-418

  • 312 g/t Ag and 2.96 g/t Au (490 g/t Ag Eq) over ETW of 3.2 m (Stockwork Zone)

SJOM-419

  • 434 g/t Ag and 1.97 g/t Au (552 g/t Ag Eq) over ETW of 1.8 m (Trinidad Vein)

*ETW = Estimated True Width

Dr. Thomas I. Vehrs, Vice President of Exploration, commented: "Step-out drilling of the Trinidad North Zone continues at approximate 100 meter centers from underground drill stations three and four. As in the main Trinidad Deposit, the silver and gold mineralization is hosted in hydrothermal boiling breccias, crackle breccias and stockwork-like vein systems controlled by the Bonanza and Trinidad structures. The mineralized system pinches and swells along strike reflecting the primary structural controls of the epithermal system. In addition to the ongoing underground drilling, subject to access permits with the local communities, wide-spaced surface drilling is planned for 2015 to test the strike extension of the Trinidad system between the existing underground drilling and a strongly altered and silicified outcrop located more than one kilometer to the north. Surface mapping and sampling is also in-progress on the La Noria vein system, a sub-parallel and potentially similar vein system located approximately two kilometers to the west of the Trinidad vein system."

Assay Results for Principal Mineralized Intervals -- Trinidad North Step-out Drilling

Hole_IdFrom
(m)
To
(m)
Int
(m)
ETW*
(m)
Ag
(g/t)
Au
(g/t)
Pb
(ppm)
Zn
(ppm)
Cu
(ppm)
Ag Eq**
(g/t)
SJOM-400297.80299.101.301.0780.4120541824103
SJOM-401339.95374.9034.9518.04262.627832,00849583
Including343.05352.008.954.61,2828.111,8382,8911251,768
SJOM-401381.45384.653.201.78413.501,9984,1501291,051
SJOM-403196.00200.004.003.81170.492,0472,51914146
SJOM-404170.00172.402.402.22201.187251,728184291
SJOM-405319.90322.302.401.3810.69208919122
SJOM-406No significant mineralized intervals
SJOM-407262.75264.201.451.0870.25126715102
SJOM-408No significant mineralized intervals
SJOM-409428.45429.701.250.54722.102,0787,641747598
479.10483.404.301.63271.427691,17341412
493.05496.403.351.34331.751,9354,722119538
520.05522.452.401.22411.105661,24636308
SJOM-410No significant mineralized intervals
SJOM-411No significant mineralized intervals
SJOM-412450.75453.002.251.03532.146611,477125481
491.55493.952.401.12351.048771,79222297
502.20503.701.500.74252.071,8193,88069549
508.95517.658.703.93362.062,7885,371508459
SJOM-413218.30223.605.305.21260.5113440420157
SJOM-414492.35494.001.650.84191.531,1912,44049511
504.30509.505.202.61440.7432772617188
SJOM-415431.90433.001.100.82921.561,8442,64895386
443.50447.504.002.61400.9317841687196
SJOM-416420.30422.001.700.9910.5146871418121
SJOM-417409.75410.400.650.52000.447361,62522226
SJOM-418339.35344.304.953.23122.969313627490
SJOM-419464.90465.600.700.48482.301,2154,160113986
548.15551.153.001.84341.978002,685262552
SJOM-420305.60305.900.300.2630.44761592989
SJOM-421462.20463.951.750.97103.021,0232,759197891
SJOM-422No significant mineralized intervals
SJOM-423356.00357.351.350.71780.9215143995232
* ETW = Estimated True Width
**Ag Eq values estimated at Au:Ag ratio of 60 based on metal prices of US$1,140/oz Au and US$19.00/oz Ag and metallurgical recoveries of 89 % for both Au and Ag; Averages calculated at cutoff of 70 g/t Ag Eq; Note that SJOM-402 was an infill drill hole and is not reported herein

Longitudinal sections showing the location of the step-out drill hole results relative to the Mineral Resource and Mineral Reserves reported as of June 30, 2014 are available at the following link: http://www.fortunasilver.com/i/pdf/map/LS-Binder-Trinidad-North-DH-Results_2015-01-15.pdf.

San Jose Mine

The San Jose mine and processing plant currently operate at a capacity of 2,000 tpd with 2014 production reported at 4.4 Moz silver and 33.5 koz gold (see Fortuna news release dated January 15, 2015). Expansion of the mine and mill to 3,000 tpd was approved by the Board of Directors in December of 2014 and detailed engineering and construction activities are underway for a planned commissioning in mid-2016 (see Fortuna news release dated December 17, 2014). Production guidance for 2015 is for processing of 700,000 tonnes of ore averaging 214 g/t Ag and 1.66 g/t Au, resulting in the estimated production of 4.3 million ounces of silver and 33.3 thousand ounces of gold (see Fortuna news release dated January 15, 2015).

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 Guadalajara, Mexico for preparation and analysis. 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 the 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-, gold- 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 acquisition opportunities throughout the Americas. 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:

Carlos Baca- T (Peru): +51.1.616.6060, ext. 0

Forward looking Statements

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