Fortuna Increases Private Placement to $19 Million

Not for dissemination in the United States or for release to U.S Newswire Services

March 2, 2006: Fortuna Silver Mines Inc. (TSX.V: FVI), Mr. Jorge Ganoza, President of Fortuna is pleased to announce that the Company has agreed to increase the size of its previously announced brokered private placement. Fortuna will now issue up to 12,700,000 units ("Units") priced at $1.50 per Unit, for gross proceeds of up to $19,050,000, inclusive of any over-allotment option. The other terms of the private placement are the same as announced in Fortuna's March 1 press release. The offering is colead by Pacific International Securities Inc. and Salman Partners Inc., and includes Sprott Securities Inc. as co-agent.

The net proceeds of the placement will be used to make capital expenditures related to re-opening the Caylloma Mine in Peru, for exploration of the Company's properties in Peru and Mexico, and for general working capital purposes.

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 Project in Mexico, and we are aggressively pursuing additional acquisitions. For more information, please visit our website at

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

"Jorge Ganoza Durant"
Jorge Ganoza Durant, President
Fortuna Silver Mines Inc.
Tel: 604-484-4085
Symbol: TSX-V:FVI

This news release does not constitute an offer to sell or a solicitation of an offer to sell any of the securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

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