20
FORTUNA SILVER MINES INC. | 2014 ANNUAL REPORT
Proven and Probable Reserves
Contained Metal
Tonnes
Ag
Au
Pb
Zn
Ag
Au
Property
Classification
(000)
(g/t)
(g/t)
(%)
(%)
(Moz)
(koz)
Caylloma Mine, Peru
Proven
508
142
0.42
1.56 2.24
2.3
6.8
Probable
2,525
132
0.31
2.38 3.31 10.7 25.4
Proven + Probable
3,033
134
0.33
2.24 3.13 13.0 32.3
San Jose Mine, Mexico
Proven
311
237
1.95
N/A
N/A
2.4 19.5
Probable
3,456
233
1.80
N/A
N/A
25.9 200.0
Proven + Probable
3,767
233
1.81
N/A
N/A
28.3 219.5
Total
Proven + Probable
6,800
189
1.15
N/A
N/A 41.3 251.8
Measured and Indicated Resources
Contained Metal
Tonnes
Ag
Au
Pb
Zn
Ag
Au
Property
Classification
(000)
(g/t)
(g/t)
(%)
(%)
(Moz)
(koz)
Caylloma Mine, Peru
Measured
524
74
0.33
0.93 1.94
1.2
5.6
Indicated
1,170
77
0.29
0.95 1.86
2.9 11.0
Measured + Indicated
1,695
76
0.31
0.95 1.88
4.1 16.6
San Jose Mine, Mexico
Measured
71
88
0.72
N/A
N/A
0.2
1.6
Indicated
921
82
0.74
N/A
N/A
2.4 21.9
Measured + Indicated
992
83
0.74
N/A
N/A
2.6 23.5
Total
Measured + Indicated
2,687
79
0.47
N/A
N/A
6.8
40.2
Inferred Resources
Contained Metal
Tonnes
Ag
Au
Pb
Zn
Ag
Au
Property
Classification
(000)
(g/t)
(g/t)
(%)
(%)
(Moz)
(koz)
Caylloma Mine, Peru
Inferred
4,356
133
0.59
1.98 3.17 18.6 83.1
San Jose Mine, Mexico
Inferred
7,127
257
1.75
N/A
N/A
58.9 400.8
Total
Inferred
11,483
210
1.31
N/A
N/A 77.4 483.9
1. Mineral Reserves and Mineral Resources are as defined by CIM Definition Standards on Mineral Resources and Mineral Reserves
2. Mineral Resources are exclusive of Mineral Reserves
3. Mineral Resources which are not Mineral Reserves do not have demonstrated economic viability
4. There are no known legal, political, environmental or other risks that could materially affect the potential development of the Mineral Resources or Mineral
Reserves at Caylloma or San Jose
5. Mineral Resources and Mineral Reserves are estimated as of June 30, 2014 and reported as of December 31, 2014 taking into account production-related
depletion for the period through December 31, 2014
6. Mineral Reserves for San Jose are estimated using a break-even cut-off grade of 143 g/t Ag Eq based on assumed metal prices of US$19/oz Ag and
US$1,140/oz Au; estimated metallurgical recovery rates of 89% for Ag and 89% for Au and projected operating costs for year-end 2014. Mineral Resources are
estimated at a Ag Eq cut-off grade of 100 g/t, with Ag Eq in g/t = Ag (g/t) + Au (g/t) * ((US$1,140/US$19) * (89/89))
7. Mineral Reserves for Caylloma are estimated using break-even cut-off grades based on estimated NSR values using assumed metal prices of US$19/oz Ag,
US$1,140/oz Au, US$2,150/t Pb and US$2,300/t Zn; metallurgical recovery rates of 84% for Ag, 43% for Au, 92% for Pb and 90% for Zn; and projected
operating costs for year-end 2014. Caylloma Mineral Resources are reported based on an NSR cut-off grade of US$50/t for wide veins and US$100/t for
narrow veins used assumed metal prices and metallurgical recovery rates as detailed for Mineral Reserves with the exception of the Ramal Piso Carolina vein
that uses metallurgical recovery rates of 84% for Ag and 75% for Au.
8. Totals may not add due to rounding procedures
9. N/A = Not Applicable
Mineral Reserves & Resources
