Fortuna Provides Exploration Update for the Caylloma Mine in Peru

Fortuna Silver Mines (NYSE:FSM)(TSX:FVI) is pleased to provide results for step-out drilling on the Animas NE vein at the Caylloma Mine in Peru. Assay results are included for nineteen drill holes completed during the fourth quarter of 2016 and the first quarter of 2017. The new drill results confirm the continuation of high-grade silver, lead and zinc mineralization at depth below current mining on the Animas NE vein.

David F. Volkert, VP of Exploration, commented:

“Step-out drilling has been carried out with drill holes spaced approximately 50 to 100 meters apart over an area covering 400 meters along strike and 250 meters down dip, below the present limit of the estimated Mineral Resources.

The mineralized intercepts encountered show that the Animas NE vein remains open at depth and along strike to the northeast and prospective for extending mineralization.” Mr. Volkert continued, “Of particular significance are the results of drill hole ANIS044416, one of the deepest holes drilled to date, which intercepted a significant width of higher grade silver, lead and zinc.”

Caylloma Mine

The Caylloma Mine and processing plant currently operate at a capacity of 1,470 tpd with 2017 annual production projected at 1.0 million ounces of silver, 30 million pounds of lead and 41 million pounds of zinc. The company plans to process at Caylloma 535,000 tonnes of ore averaging 71 g/t Ag, 2.73% Pb and 3.86% Zn.

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