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Fortuna Silver Mines Inc.: Fortuna Releases Final Results From 2008 Drill Program, San Jose Project, Mexico

^{Published on 2009-03-11 10:47:32, Last Modified on 2009-03-11 10:50:35 - Market Wire}
 

VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 11, 2009) - Fortuna Silver Mines Inc. (TSX VENTURE:FVI)(BVLAC:FVI) is pleased to announce the completion of the 2008/2009 in-fill drill program on the Trinidad Zone of the San Jose silver-gold project located in Oaxaca, Mexico. The program has confirmed the presence and consistency of high-grade silver-gold mineralization in association with hydrothermal breccias, crackle breccias, quartz-carbonate veins and zones of sheeted and stockworked quartz-carbonate veinlets.

A total of 113 drill holes (32,925m) were completed in the in-fill drill program, bringing the total to-date for the zone to 198 drill holes (64,233m). Highlights from the in-fill drill program are summarized in the following table with length-weighted assay averages being calculated for mineralized intervals using a lower cut-off of 100 g/t Ag equivalent (Table 2, at the end of the news release, contains a full summary of the final drill holes). Updated longitudinal sections showing drill hole intercepts for the major veins and a drill hole location map are available on Fortuna's website at the following link: [ Trinidad DH Map & Longitudinal Sections ].

 -------------------------------------------------------------------------- From To Interval Est. True Au Ag Ag Eq. Hole # (m) (m) (m) Thickness g/t g/t g/t -------------------------------------------------------------------------- SJO-121 298.60 315.40 16.80 10.3 2.23 304 418 And 428.25 448.80 20.55 14.0 8.89 752 1206 SJO-123 186.40 191.30 4.90 3.4 8.98 1182 1640 SJO-127 394.50 423.55 29.05 14.2 6.75 933 1278 SJO-128 212.90 216.10 3.20 2.0 9.41 603 1083 And 234.80 247.60 12.80 6.9 1.54 151 229 And 296.50 311.60 15.10 8.4 5.71 1022 1313 SJO-137 187.30 208.20 20.90 13.5 7.84 472 872 SJO-147 262.00 269.00 7.00 3.7 8.29 693 1115 SJO-169 256.40 267.55 11.15 6.0 3.10 419 576 And 275.20 280.30 5.10 3.1 4.99 863 1117 SJO-175 138.70 145.25 6.55 4.9 11.06 534 1098 SJO-187 184.90 190.10 5.20 3.7 6.82 628 976 And 204.15 225.55 21.40 15.5 5.96 453 758 SJO-193 242.45 273.00 30.55 23.0 1.34 113 181 And 314.70 327.40 12.70 8.0 5.99 973 1279 SJO-202 295.95 311.35 15.40 11.6 1.91 173 270 And 344.25 349.35 5.10 3.2 4.54 714 946 SJO-230 228.50 250.85 22.35 17.9 3.06 323 479 -------------------------------------------------------------------------- Note: Silver equivalency estimates were derived using a silver-to-gold ratio of 51:1. Metallurgical recoveries and net smelter returns are assumed to be 100% for purposes of estimating silver equivalency. 

Detailed interpretation of the geology and mineralization is underway as part of the preparation for an updated mineral resource estimate for the Trinidad Zone, scheduled for completion by the end of Q2 2009.

The in-fill drill program was initiated in June of 2008 and was designed to convert a significant portion of the resources in the upper 250 meters of the deposit to the Indicated and Measured classification. Partial results from the program have been previously released (see Fortuna news releases dated [ September 25, 2008 ], [ October 28, 2008 ], [ November 27, 2008 ] and [ January 7, 2009 ]) as the program advanced. The design of the in-fill drill program was based on recommendations by AMEC E&C Services Inc. indicating that a drill spacing of 31 meters will be required for classification of the resources to the Indicated and Measured category.

Fortuna has also concluded [ metallurgical tests ] for the project with Metcon Research of Tucson, Arizona and is advancing with the feasibility level studies for the development of the San Jose deposit. Engineering contracts have been awarded in February for mine design, process plant design, tailings dam, water and power. The Company expects to present the "Manifiesto de Impacto Ambiental" to the Mexican environmental authorities by the end of March.

Background

The San Jose deposit is a low sulfidation epithermal system located within the Taviche Mining District in southern Oaxaca and is characterized by mineralized multiphase quartz-carbonate-sulfide veins, hydrothermal breccias and stockwork veining within a sequence of Tertiary andesitic volcanic and volcaniclastic rocks. The Company controls mining concessions covering approximately 54,000 hectares in the Taviche Mining District.

Quality Assurance & Quality Control

Following detailed geological and geotechnical logging, drill core samples are split on-site by diamond saw. One half of the core is submitted to the ALS Chemex sample preparation facility in Guadalajara, Mexico. The remaining half core is retained on-site for verification and reference purposes. Following preparation, sample pulps are sent to ALS Chemex in Vancouver where they are assayed for gold and silver by standard fire assay methods using a gravimetric finish. Multi-element analyses are also completed for each sample by ICP methods. The QA-QC program at San Jose includes the blind insertion of certified reference standards for silver and gold at a frequency of approximately 1 per 15 normal samples and the insertion of assay blanks at a frequency of approximately 1 per 15 normal samples. Additionally, approximately 5% of all samples are submitted to Inspectorate Assay Labs in Reno, Nevada for check assay purposes. All sample results reported in this news release correspond to HQ- or NQ-diameter core.

Qualified Person

Mr. Miroslav Kalinaj, P. Geo., is the Company's Qualified Person as defined by National Instrument 43-101 and is responsible for the accuracy of the technical information in this news release.

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 Project 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 Alberto Ganoza Durant, President, CEO and Director

Fortuna Silver Mines Inc.

 Table 2. Final results from Fortuna's in-fill drilling at San Jose, Mexico. Assay results for the previously unreleased final drill holes in the in-fill drill program are summarized below. As above, length-weighted assay averages have been calculated for the mineralized intervals using a lower cut-off of 100 g/t Ag-equivalent. -------------------------------------------------------------------------- From To Interval Est. True Au Ag Ag Eq. Hole_Id (m) (m) (m) Thickness g/t g/t g/t -------------------------------------------------------------------------- SJO-119 227.00 235.40 8.40 4.9 2.03 229 332 SJO-121 298.60 315.40 16.80 10.3 2.23 304 418 And 428.25 448.80 20.55 14.0 8.89 752 1206 SJO-123 186.40 191.30 4.90 3.4 8.98 1182 1640 SJO-124 261.90 265.50 3.60 3.5 9.53 292 778 SJO-126 194.60 206.80 12.20 8.1 4.09 427 636 And 247.55 258.20 10.65 7.2 1.25 219 283 SJO-127 394.50 423.55 29.05 14.2 6.75 933 1278 SJO-128 212.90 216.10 3.20 2.0 9.41 603 1083 And 234.80 247.60 12.80 6.9 1.54 151 229 And 296.50 311.60 15.10 8.4 5.71 1022 1313 SJO-133 250.00 258.75 8.75 6.9 2.31 214 332 SJO-134 179.40 187.15 7.75 5.8 2.11 254 362 SJO-136 155.75 166.00 10.25 6.2 3.71 240 429 SJO-137 187.30 208.20 20.90 13.5 7.84 472 872 SJO-139 226.75 236.60 9.85 5.4 2.67 290 426 SJO-142 181.80 192.45 10.65 6.8 2.47 208 334 SJO-143 270.10 277.25 7.15 3.7 8.06 546 957 SJO-144 190.75 212.00 21.25 15.5 2.81 322 466 SJO-145 220.50 236.45 15.95 13.9 4.09 485 694 SJO-146 133.80 145.20 11.40 7.1 1.76 197 287 And 184.65 193.70 9.05 5.4 1.55 290 369 SJO-147 262.00 269.00 7.00 3.7 8.29 693 1115 SJO-150 208.00 218.50 10.50 6.1 2.08 258 365 SJO-152 101.60 106.40 4.80 4.1 3.55 509 690 SJO-157 472.05 486.85 14.80 11.1 1.89 194 291 SJO-160 193.75 201.70 7.95 3.7 1.49 351 427 SJO-163 247.00 259.85 12.85 11.0 1.70 215 302 SJO-166 210.15 213.75 3.60 2.5 8.11 548 961 And 229.15 246.60 17.45 12.2 2.78 285 427 And 282.75 297.10 14.35 9.0 1.88 284 380 SJO-169 256.40 267.55 11.15 6.0 3.10 419 576 And 275.20 280.30 5.10 3.1 4.99 863 1117 SJO-172 264.20 271.65 7.45 6.1 4.35 264 486 And 297.90 304.50 6.60 4.0 1.92 303 401 And 307.45 314.75 7.30 5.4 1.93 447 545 SJO-175 138.70 145.25 6.55 4.9 11.06 534 1098 SJO-177 212.00 222.25 10.25 7.4 5.96 256 560 And 292.00 300.85 8.85 7.0 1.74 414 502 SJO-183 186.60 187.60 1.00 0.8 28.40 5350 6798 SJO-185 126.10 139.15 13.05 8.3 3.17 175 336 SJO-186 215.30 230.50 15.20 9.7 1.99 360 462 SJO-187 184.90 190.10 5.20 3.7 6.82 628 976 And 204.15 225.55 21.40 15.5 5.96 453 758 SJO-193 242.45 273.00 30.55 23.0 1.34 113 181 And 314.70 327.40 12.70 8.0 5.99 973 1279 SJO-194 290.25 306.35 16.10 12.0 2.74 316 456 SJO-201 191.05 196.95 5.90 4.1 4.25 719 935 And 213.10 237.20 24.10 17.0 0.68 140 174 SJO-202 295.95 311.35 15.40 11.6 1.91 173 270 And 344.25 349.35 5.10 3.2 4.54 714 946 SJO-203 179.20 194.55 15.35 11.6 0.96 228 277 SJO-205 235.90 252.50 16.60 11.3 2.36 303 424 SJO-207 228.40 238.00 9.60 7.2 2.00 403 505 SJO-210 291.90 299.70 7.80 5.8 2.81 442 585 SJO-214 349.05 354.50 5.45 3.6 2.36 419 539 SJO-217 255.65 256.65 1.00 0.8 10.15 1450 1968 And 278.85 286.00 7.15 5.5 3.55 373 554 SJO-219 386.45 387.50 1.05 0.6 2.82 203 347 SJO-220 64.55 66.15 1.60 1.3 0.89 134 179 SJO-221 281.75 283.45 1.70 1.0 0.45 88 111 SJO-222 309.55 310.95 1.40 1.0 1.36 232 301 And 330.50 331.90 1.40 1.0 1.41 192 264 SJO-223 158.95 164.85 5.90 4.8 3.41 319 493 And 205.00 214.15 9.15 6.4 1.42 111 184 SJO-224 267.75 268.25 0.50 0.3 4.91 629 879 And 293.15 296.10 2.95 2.0 2.85 528 673 SJO-225 77.25 77.45 0.20 0.2 2.34 385 504 And 206.40 207.40 1.00 0.8 0.84 91 134 SJO-226 322.60 326.15 3.55 2.0 0.77 83 122 And 329.95 331.85 1.90 1.1 2.51 312 440 SJO-227 147.25 148.60 1.35 1.0 0.17 183 192 SJO-228 379.90 381.00 1.10 0.8 1.12 257 314 SJO-229 232.25 234.15 1.90 1.6 0.58 122 151 SJO-230 228.50 250.85 22.35 17.9 3.06 323 479 SJO-231 247.40 255.20 7.80 5.4 1.61 172 254 And 292.25 295.30 3.05 2.3 5.32 930 1201 -------------------------------------------------------------------------- Note: Silver equivalency estimates were derived using a silver-to-gold ratio of 51:1. Metallurgical recoveries and net smelter returns are assumed to be 100% for purposes of estimating silver equivalency. 

Neither the TSX Venture Exchange nor the Investment Industry Regulatory Organization of Canada accepts responsibility for the adequacy or accuracy of this release.