Fortuna Silver Mines, Inc. (NYSE: FSM) (TSX: FVI) is pleased to announce fourth quarter and full year 2019 production figures from its two underground operating mines, the San Jose Mine in Mexico and the Caylloma Mine in Peru.  For the full year 2019, the Company produced 8.8 million ounces of silver and 50.5 thousand ounces of gold or 12.4 million silver equivalent¹ ounces.

2019 Consolidated Production Highlights

• Silver and gold production was in-line with 2019 guidance of 8.2 to 9.0 Moz Ag and 49 to 54 koz Au²
• Silver production of 8,809,767 ounces; 1 percent decrease over 2018
• Gold production of 50,525 ounces; 7 percent decrease over 2018
• Zinc production of 45,600,414 pounds; 0.3 percent increase over 2018
• Lead production of 28,746,074 pounds; 2 percent increase over 2018
• Cash cost³ for San Jose is US$69.60/t, within 2019 annual cost guidance of between US$63.5 to US$70.1/t
• Cash cost³ for Caylloma is US$86.13/t, within 2019 annual cost guidance of between US$80.0 to US$88.4/t

2019 Consolidated Operating Results

Notes:

1. Silver equivalent production does not include lead or zinc, and is  calculated using silver to gold ratio of 72 to 1
2. Refer to Fortuna news release dated January 17, 2019
3. Preliminary estimates of cash operating costs per tonne are subject to modification on final cost consolidation
4. Metallurgical recovery for silver at the Caylloma Mine is calculated based on silver content in lead concentrate
5. Totals may not add due to rounding 

Note: Totals may not add due to rounding 

San Jose Mine, Mexico

In the fourth quarter of 2019, the San Jose Mine produced 2,002,633 ounces of silver and 11,993 ounces of gold, 7 percent above and 3 percent below quarterly budget respectively. Average head grades for silver and gold were 249 g/t and 1.5 g/t, 7 percent above and 3 percent below quarterly budget respectively.

Silver and gold production for 2019 totaled 7,868,478 ounces and 48,880 ounces respectively; being within the mine’s annual guidance range for silver and slightly below the lower end for gold.  Average head grades for silver and gold were 252 g/t and 1.57 g/t, 2 percent above and 5 percent below the mine’s annual guidance of 247 g/t Ag and 1.66 g/t Au (refer to Fortuna news release dated January 17, 2019).

Caylloma Mine, Peru

In the fourth quarter of 2019, the Caylloma Mine produced 249,284 ounces of silver, 7 percent above quarterly budget.  Average head grade for silver was 71 g/t, 11 percent above quarterly budget.

Silver production for 2019 totaled 941,289 ounces; in-line with the mine’s annual guidance. Average head grade for silver was 66 g/t, 3 percent above the mine’s annual guidance of 64 g/t Ag (refer to Fortuna news release dated January 17, 2019).

In the fourth quarter of 2019, lead and zinc production was 7,440,601 pounds and 11,613,952 pounds respectively, 13 percent and 10 percent above quarterly budget respectively.  Average head grades for lead and zinc were 2.84% and 4.48%, 16 percent and 14 percent above budget respectively.

Base metal production for 2019 totaled 28,746,074 pounds of lead and 45,600,414 pounds of zinc; in-line with and slightly above the mine’s annual guidance, respectively. Average head grades for lead and zinc were 2.72% and 4.36%, 8 percent and 13 percent above annual guidance of 2.53% Pb and 3.87% Zn (refer to Fortuna news release dated January 17, 2019).

Qualified Person

Eric Chapman, Vice President of Technical Services, is a Professional Geoscientist of the Association of Professional Engineers and Geoscientists of the Province of British Columbia (Registration Number 36328). Mr. Chapman is responsible for ensuring that the information contained in this news release is an accurate summary of the original reports and data provided to or developed by the Company.  Mr. Chapman has approved the scientific and technical information contained in this news release.

About Fortuna Silver Mines Inc.

Fortuna is a growth oriented, precious metals producer focused on mining opportunities in Latin America.  Our primary assets are the Caylloma silver Mine in southern Peru, the San Jose silver-gold Mine in Mexico and the Lindero gold Project in Argentina.  The Company is selectively pursuing acquisition opportunities throughout the Americas and in select other areas.