GoldMinerPulse.com -- Fortuna Silver Mines Inc.: (NI) 43-101 Metal Valuation Report

Fortuna Silver Mines Inc. (FVI)

Company Web Site: www.fortunasilver.com
(NI) 43-101 reports from projects located in: Mexico (MX)  |  Peru (PE)
This report is based on NI 43-101 disclosures and fully diluted share counts available on: 2010-02-03. Metrics have been updated with stock price and metal prices in effect at the close of Canadian markets on 2010-03-09.
External Links: Yahoo News and Quotes  |  StockCharts  |  StockHouse
More External Links: Canadian Insider Trading  |

Check Fortuna Silver Lima Quotes (US$)

View Fortuna valuation relative to peers and note the above average ore value per tonne of Fortuna's deposits.
Recent Production
2010 : The Company expects to sustain silver production at 1,700,000 ounces, with base metal production also remaining level at current rates.
2009 : Silver production: 1.685M oz silver, 28.4M lbs zinc and 25.1M lbs lead producted in 2009.
2008 : Silver production: Q1 140.2K oz; Q2 186.3K oz
2007 : Silver production: Q1 95.5K oz; Q2 119.1K oz; Q3 132.5K oz; Q4 139.4K oz
Source(s): See Jan 18, 2010, Fortuna increases silver production press release for 2009 production numbers and 2010 forecast.
GoldMinerPulse Most Optimistic Resource Estimate Summary (MORE):
Metrics last with prices in effect at the TSX/TSXV close on 2010-03-09
Project/Deposit CC MVpSh PP% MI% I% Gold Silver Copper Lead Zinc
    Caylloma PE $12.13 57% 23% 19% 104.11 K oz     42.35 M oz     0.40 K t     99.10 K t     155.81 K t
    San Jose MX $10.11 0 55% 45% 359.81 K oz     45.81 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-09
Metric / Metal Gold Silver Copper Lead Zinc
    Metal Totals 463.92 K oz     88.16 M oz     0.40 K t     99.10 K t     155.81 K t
    Metal Prices in US$ (from 2010-03-09) $1,120.10 per oz     $17.27 per oz     $3.38830 per lb     $1.00590 per lb     $1.05740 per lb
    Metal Value per Share (MVpSh)
(Shown in US$ and based on fully diluted share count shown below) $4.40     $12.88     $0.03     $1.86     $3.07
    Percentage of Total Metal Value 19.77%     57.93%     0.11%     8.36%     13.82%
    PP% | MI% | I% 15% | 45% | 39%     23% | 38% | 39%     0 | 100% | 0     69% | 28% | 3%     67% | 30% | 3%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-09
    Metal Value per Share (MVpSh)    US$22.24
    Average Ore Value per Tonne    US$217.3
    Metal Value Leverage (MVL)    9.06
    Market Capitalization as % of Metal Value    11.0%
    Recent Stock Price    C$2.52   (TSX/TSXV close on 2010-03-09.)
Conversion rate used: 1 Cnd$ = 0.974456 US$ )
    Fully Diluted Share Count    118.18 M    ( Fully diluted share count take from Fortuna Silver Mines Stock Information web page (viewed February 2010) plus the additional shares expected from the Fortuna Announces $30 Million Bought Deal Financing as announced on February 3, 2010. )
    PP% | MI% | I%    31% | 38% | 31%
Silver Metrics-- all Projects/Deposits
    Average Silver Ore Grade    226.7 g/t
    Market Capitalization
    per oz of Silver In Ground    $3.29   US$  |   3.38   C$
    Silver Eq Oz Estimate    152.18 M oz   ( 88.16 M oz are in ground)
    Market Capitalization
    per oz of Silver Equilavent    $1.91   US$  |   1.96   C$

See terms for more about GoldMinerPulse metrics.
GoldMinerPulse Coverage Status:
GoldMinerPulse coverage of Fortuna Silver Mines Inc. is complete pending a final internal review.

Project/Deposit	CC	MVpSh	PP%	MI%	I%	Gold	Silver	Copper	Lead	Zinc
Caylloma	PE	$12.13	57%	23%	19%	104.11 K oz	42.35 M oz	0.40 K t	99.10 K t	155.81 K t
San Jose	MX	$10.11	0	55%	45%	359.81 K oz	45.81 M oz

GoldMinerPulse Metrics - Total All Projects/Deposits by Metal, prices from 2010-Mar-09
Metric / Metal	Gold	Silver	Copper	Lead	Zinc
Metal Totals	463.92 K oz	88.16 M oz	0.40 K t	99.10 K t	155.81 K t
Metal Prices in US$ (from 2010-03-09)	$1,120.10 per oz	$17.27 per oz	$3.38830 per lb	$1.00590 per lb	$1.05740 per lb
Metal Value per Share (MVpSh) (Shown in US$ and based on fully diluted share count shown below)	$4.40	$12.88	$0.03	$1.86	$3.07
Percentage of Total Metal Value	19.77%	57.93%	0.11%	8.36%	13.82%
PP% \| MI% \| I%	15% \| 45% \| 39%	23% \| 38% \| 39%	0 \| 100% \| 0	69% \| 28% \| 3%	67% \| 30% \| 3%

GoldMinerPulse Metrics - All Metals from All Projects/Deposits and Prices from 2010-Mar-09
Metal Value per Share (MVpSh)	US$22.24
Average Ore Value per Tonne	US$217.3
Metal Value Leverage (MVL)	9.06
Market Capitalization as % of Metal Value	11.0%
Recent Stock Price	C$2.52 (TSX/TSXV close on 2010-03-09.) Conversion rate used: 1 Cnd$ = 0.974456 US$ )
Fully Diluted Share Count	118.18 M ( Fully diluted share count take from Fortuna Silver Mines Stock Information web page (viewed February 2010) plus the additional shares expected from the Fortuna Announces $30 Million Bought Deal Financing as announced on February 3, 2010. )
PP% \| MI% \| I%	31% \| 38% \| 31%
Silver Metrics-- all Projects/Deposits
Average Silver Ore Grade	226.7 g/t
Market Capitalization per oz of Silver In Ground	$3.29 US$ \| 3.38 C$
Silver Eq Oz Estimate	152.18 M oz ( 88.16 M oz are in ground)
Market Capitalization per oz of Silver Equilavent	$1.91 US$ \| 1.96 C$

See terms for more about GoldMinerPulse metrics.

Caylloma - ^top^

(NI) 43-101 Report:

Title: Technical Review (NI 43-101) Caylloma Project Peru
Date: 2009-08-12 (104 pages)

Updates: Fortuna Silver Mines Inc., Reserves & Resources web page (viewed October 2009).

Project Location: Arequipa, Peru

Map View: View the Fortuna Silver Mines Caylloma Peru property on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Proven + Probable

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.68    71.31 K oz     0.550 g/t     4.03 M t
   Silver $2.96    20.23 M oz     156.000 g/t     4.03 M t
   Lead $1.29    68.56 K t       17,000.000 g/t     4.03 M t
   Zinc $2.05    104.05 K t       25,800.000 g/t     4.03 M t
Estimate notes: See Table 1-3 Diluted Mineable Ore Reserves at Caylloma as of 31 December 2008. on p. 10 of 105 in the NI 43-101 report dated August 2009.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.68	71.31 K oz	0.550 g/t	4.03 M t
Silver	$2.96	20.23 M oz	156.000 g/t	4.03 M t
Lead	$1.29	68.56 K t	17,000.000 g/t	4.03 M t
Zinc	$2.05	104.05 K t	25,800.000 g/t	4.03 M t
Estimate notes: See Table 1-3 Diluted Mineable Ore Reserves at Caylloma as of 31 December 2008. on p. 10 of 105 in the NI 43-101 report dated August 2009.

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.03    2.67 K oz     0.310 g/t     267.47 K t
   Silver $0.08    550.36 K oz     64.000 g/t     267.47 K t
   Copper $0.03    0.40 K t       1,500.000 g/t     267.47 K t
   Lead $0.06    3.16 K t       11,800.000 g/t     267.47 K t
   Zinc $0.11    5.80 K t       21,700.000 g/t     267.47 K t
Estimate notes: See Table 1-1 Measured and Indicated Resources, All Veins, Exclusive of Reserves on p. 10 of 104 in the NI 43-101 report dated August 2009.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.03	2.67 K oz	0.310 g/t	267.47 K t
Silver	$0.08	550.36 K oz	64.000 g/t	267.47 K t
Copper	$0.03	0.40 K t	1,500.000 g/t	267.47 K t
Lead	$0.06	3.16 K t	11,800.000 g/t	267.47 K t
Zinc	$0.11	5.80 K t	21,700.000 g/t	267.47 K t
Estimate notes: See Table 1-1 Measured and Indicated Resources, All Veins, Exclusive of Reserves on p. 10 of 104 in the NI 43-101 report dated August 2009.

•Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.11    11.93 K oz     0.290 g/t     1.28 M t
   Silver $1.12    7.69 M oz     187.000 g/t     1.28 M t
   Lead $0.46    24.56 K t       19,200.000 g/t     1.28 M t
   Zinc $0.82    41.57 K t       32,500.000 g/t     1.28 M t
Estimate notes: See Table 1-2 Inferred Resources, all Veins, Exclusive of Reserves on p. 10 of 104 in the NI 43-101 report dated August 2009.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.11	11.93 K oz	0.290 g/t	1.28 M t
Silver	$1.12	7.69 M oz	187.000 g/t	1.28 M t
Lead	$0.46	24.56 K t	19,200.000 g/t	1.28 M t
Zinc	$0.82	41.57 K t	32,500.000 g/t	1.28 M t
Estimate notes: See Table 1-2 Inferred Resources, all Veins, Exclusive of Reserves on p. 10 of 104 in the NI 43-101 report dated August 2009.

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
   Gold $0.17    18.20 K oz     0.400 g/t     1.42 M t
   Silver $2.03    13.88 M oz     305.000 g/t     1.42 M t
   Lead $0.05    2.83 K t       2,000.000 g/t     1.42 M t
   Zinc $0.09    4.39 K t       3,100.000 g/t     1.42 M t
Estimate notes: See Table 1-3 NI 43-101 p. 14 of 99

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$0.17	18.20 K oz	0.400 g/t	1.42 M t
Silver	$2.03	13.88 M oz	305.000 g/t	1.42 M t
Lead	$0.05	2.83 K t	2,000.000 g/t	1.42 M t
Zinc	$0.09	4.39 K t	3,100.000 g/t	1.42 M t
Estimate notes: See Table 1-3 NI 43-101 p. 14 of 99

San Jose - ^top^

(NI) 43-101 Report:

Title: Mineral Resource Estimate, Trinidad Deposit, San Jose Project, Oaxaca, México
Date: 2009-12-10 (208 pages)

Updates: Fortuna Silver Mines Inc., Reserves & Resources web page (viewed January 2010).

Project Location: Oaxaca, Mexico

Map View: View project on a Google Map.

Most Optimistic Resource Estimates (MORE):

•Measured + Indicated

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.86 196.32 K oz 2.270 g/t 2.69 M t
Silver $3.73 25.51 M oz 295.000 g/t 2.69 M t
Estimate notes: Fortuna Silver Mines Inc., Reserves & Resources web page (viewed October 2009).
Cutoff Grade of 150 g/t Equivalent Silver

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.86	196.32 K oz	2.270 g/t	2.69 M t
Silver	$3.73	25.51 M oz	295.000 g/t	2.69 M t
Estimate notes: Fortuna Silver Mines Inc., Reserves & Resources web page (viewed October 2009). Cutoff Grade of 150 g/t Equivalent Silver

•Inferred

Metal MVpSh Contained Metal Quantity Ore Grade Ore Quantity
Gold $1.55 163.49 K oz 2.110 g/t 2.41 M t
Silver $2.97 20.30 M oz 262.000 g/t 2.41 M t
Estimate notes: See Measured + Indicated notes.

Metal	MVpSh	Contained Metal Quantity	Ore Grade	Ore Quantity
Gold	$1.55	163.49 K oz	2.110 g/t	2.41 M t
Silver	$2.97	20.30 M oz	262.000 g/t	2.41 M t
Estimate notes: See Measured + Indicated notes.


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