10,000 meters of core drilling begins at the high-grade San Jose Prospect, Oaxaca, Mexico
February 9, 2006: Fortuna Silver Mines Inc. (TSXV:FVI) and Continuum Resources Ltd. (TSXV:CNU) are pleased to announce that diamond drilling has commenced at the San Jose silver-gold property located in the state of Oaxaca in southern Mexico. Under the terms of a joint venture agreement, Fortuna has budgeted at least $1,000,000 on drilling the property by August 31, 2006. The exploration budget includes a 10,000 meter drill program which will involve infill drilling on the Trinidad Zone to allow preparation of a resource estimate, as well as wider spaced step out drilling along the trend of the vein system to identify additional mineralization. The work is being carried out with two drill rigs.
The San Jose vein system can be traced for over 3 kilometers on surface within the limits of the property. Previous exploration by Continuum consisted of 13 diamond drill holes and extensive sampling of underground workings on the most northerly part of the vein system with extremely positive results. For example, a 40 meter long exposure of the Bonanza vein, in the lowest Level 6 underground workings, returned an average of 10.2 gpt gold and 1,102 gpt silver over a true width of 2.3 meters. In addition, a stockwork fracture zone which forms the footwall to the vein, assayed an average of 6.52 gpt gold and 482 gpt silver over a true width of 14.5 meters. See Fortuna press release of November 16, 2005 and Continuum Resources Ltd. press release of May 10, 2005.
Qualified Person: Mr. Peter Thiersch, M.Sc. P.Geo., Vice-President, Exploration of Fortuna Silver Mines Inc., is the Qualified Person for Fortuna, as defined by National Instrument 43-101, and is responsible for the accuracy of this press release.
Fortuna is a growth oriented, near term silver producer focused on Latin America. Our primary assets are the Caylloma Silver Mine in southern Peru, and the San Jose Gold-Silver Prospect in Mexico, and we are aggressively pursuing additional acquisitions. For more information, please visit our website at www.fortunasilver.com.
The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.
ON BEHALF OF THE BOARD
Jorge Ganoza Durant, President
Fortuna Silver Mines Inc.