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Fortuna Silver Mines Inc. TICKER: FSM:NYSE; FVI:TSX; FVI:BVL; F4S:FSE Fortuna Silver Mines Inc. is positioned for sustainable growth with two 100%-owned underground operating silver mines and extensive property holdings in Peru and Mexico. Annual production is forecast to grow from approximately 4.4 Moz silver and 23,300 oz gold in 2013, to 5 Moz silver and 26 Koz gold by 2014. Fortuna's 95,600-ha land package offers attractive organic growth potential. Exploration programs in 2013 include 51,000m of drilling to test multiple silver and gold targets at the San Jose (Mexico) and Caylloma (Peru) mines. The company is also evaluating post-discovery, pre-development stage acquisition opportunities in the Americas.

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Comments:

Andrew Kaip, BMO Capital Markets (5/22/13) "Fortuna Silver Mines Inc. released assays from drilling at its San Jose mine in Mexico. . .results from the released drill holes returned a weighted average grade of 547 g/t silver and 3.3 g/t gold over an average true width of 3.7m, which is appreciatively above the San Jose reserve grades of 190 g/t silver and 1.58 g/t gold. . .exploration results from the current drilling program, along strike of the Trinidad vein, have returned encouraging grades and are within reach of current underground mine development."

Charlotte McLeod, Resource Investing News (5/15/13) "Fortuna Silver Mines Inc., a company with two operating silver mines and 'extensive' property holdings in Peru and Mexico, appears to be one company that is still positioned to perform well. . .recently, Fortuna announced that exploration drilling at the Ramal Piso Carolina and Don Luis veins, both of which are located in southern Peru's Caylloma mining district, the site of the company's Caylloma mine, intercepted high-grade silver-gold mineralization."

Benjamin Asuncion, Haywood Securities (5/9/13) "For Q1/13, Fortuna Silver Mines Inc. delivered US$16.3M / US$0.13/share in OCF on earnings of US$6.7M / US$0.05/share and revenues of US$14.7M. Actual results were in line with our expectations. . .cash flow exceeded our expectations due to lower cash taxes paid. . .the company is well capitalized with US$68M cash plus undrawn credit facilities of US$40M, which allows for more operating degrees of freedom and provides flexibility to pursue inorganic growth opportunities."

Heiko Ihle, Euro Pacific Capital (5/9/13) "Fortuna Silver Mines Inc. reported Q1/13 revenues of $40.7M, slightly above our expectations of $39.6M. . .at San Jose, silver production of 492,773 oz came in 4% above budget. . .in general, we expect San Jose to be the future growth driver of the firm. . .we maintain our price target of CA$4/share and our Buy recommendation on the company. We highlight that Fortuna is a relatively low-cost producer that is already benefiting from improved labor markets in Peru due to higher-cost operations already instituting layoffs."

Chris Thompson, Raymond James (5/9/13) "We are upgrading Fortuna Silver Mines Inc. to Outperform (from Market Perform) and increasing our target price to $5 (from $4), prompted by additional production growth at the San Jose mine, which boosts our 2014 production and cash flow estimates. . .San Jose is primed to provide the company with a platform to deliver renewed organic production (2012-2014E: 36%) and cash flow growth (2012-2014E: 22%)."

Fortuna Silver Mines Inc. Content

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• Visit Fortuna's Investment Highlights Page.
• View FVI's Photo Gallery
• Read Interview with FVI CEO Jorge A. Ganoza (12/19/12)
• Click Here for FVI's Latest Fact Sheet
• Click Here for FVI's Latest Corporate Presentation

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