<SEC-DOCUMENT>0001217160-12-000076.txt : 20120330
<SEC-HEADER>0001217160-12-000076.hdr.sgml : 20120330
<ACCEPTANCE-DATETIME>20120330142439
ACCESSION NUMBER:		0001217160-12-000076
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20120328
FILED AS OF DATE:		20120330
DATE AS OF CHANGE:		20120330

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FORTUNA SILVER MINES INC
		CENTRAL INDEX KEY:			0001341335
		STANDARD INDUSTRIAL CLASSIFICATION:	GOLD & SILVER ORES [1040]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-35297
		FILM NUMBER:		12728130

	BUSINESS ADDRESS:	
		STREET 1:		355 BURRARD ST SUITE 840
		CITY:			VANCOUVER B C V6C 2G8 CAN
		STATE:			A1
		ZIP:			00000
		BUSINESS PHONE:		604-484-4085

	MAIL ADDRESS:	
		STREET 1:		355 BURRARD ST SUITE 840
		CITY:			VANCOUVER B C V6C 2G8 CAN
		STATE:			A1
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>fortuna6kmar_282012.htm
<DESCRIPTION>FORTUNA SILVER FORM 6-K
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>Fortuna Silver Mines Form 6-K</TITLE>
<META NAME="author" CONTENT="swhittall">
<META NAME="date" CONTENT="03/30/2012">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:864px"><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px" align=center>UNITED STATES </P>
<P style="margin:0px; padding-left:96px" align=center>SECURITIES AND EXCHANGE COMMISSION</P>
<P style="margin:0px; padding-left:96px" align=center>Washington, D.C. &nbsp;20549</P>
<P style="margin:0px; padding-left:96px">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px; padding-left:96px" align=center><B>FORM 6-K</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px" align=center><B>REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 AND 15d-16 UNDER THE </B></P>
<P style="margin:0px; padding-left:96px" align=center><B>SECURITIES EXCHANGE ACT OF 1934</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px">For the Month of &nbsp;&nbsp;<U>March 2012</U> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px">File No. &nbsp;&nbsp;<U>001-35297</U></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px; font-size:16pt" align=center><B><U>Fortuna Silver Mines Inc.</U></B></P>
<P style="margin:0px; padding-left:96px" align=center>(Name of Registrant)</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px; padding-left:96px" align=center><U>355 Burrard Street, Suite 840, Vancouver, British Columbia, Canada V6C 2G8</U></P>
<P style="margin:0px; padding-left:96px" align=center>(Address of principal executive offices)</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px" align=justify>Indicate by check mark whether the Registrant files or will file annual reports under cover of Form 20-F or Form 40-F.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:96px; width:318px; float:left">FORM 20-F <U>_____</U></P>
<P style="margin:0px; padding-left:96px; text-indent:-2px">FORM 40-F &nbsp;<B><U>X</U></B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px; padding-left:96px">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): &nbsp;___</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): &nbsp;___</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px" align=center><B>SIGNATURE</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px" align=justify>Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this Form 6-K to be signed on its behalf by the undersigned, thereunto duly authorized.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px"><U>Fortuna Silver Mines Inc.</U></P>
<P style="margin:0px; padding-left:96px">(Registrant)</P>
<P style="margin:0px"><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=392 /><TD width=295.2 /></TR>
<TR><TD style="margin-top:0px" valign=top width=392><P style="margin:0px; padding-left:96.8px; font-size:9.5pt">Dated: &nbsp;<U>March 28, 2012</U> </P>
</TD><TD style="margin-top:0px" valign=top width=295.2><P style="margin:0px; font-size:9.5pt">By: &nbsp;<U>/s/ &nbsp;&quot;</U><I><U>Jorge Ganoza Durant</U></I><U>&quot;</U></P>
<P style="margin:0px; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Jorge Ganoza Durant </P>
<P style="margin:0px; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;President and CEO</P>
<P style="margin:0px; font-size:9.5pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P>
</TD></TR>
</TABLE>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:96px; font-size:11pt"><B>Exhibits:</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:144px; width:192px; font-size:11pt; float:left"><B>99.1</B></P>
<P style="margin:0px; padding-left:192px; text-indent:-2px; font-size:11pt"><B>Material Change Report dated March 23, 2012</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:144px; width:192px; font-size:11pt; float:left"><B>99.2</B></P>
<P style="margin:0px; padding-left:192px; text-indent:-2px; font-size:11pt"><B>Material Change Report dated March 27, 2012</B></P>
<P style="margin:0px; clear:left"><BR></P>
<P style="margin:0px"><BR>
<BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
</DIV></BODY>
<!-- EDGAR Validation Code: 6D91DED3 -->
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>fortunamcrmar2312.htm
<DESCRIPTION>MATERIAL CHANGE REPORT DATED MARCH 23, 2012
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>MATERIAL CHANGE REPORT</TITLE>
<META NAME="author" CONTENT="Jones, McCloy, Peterson">
<META NAME="date" CONTENT="03/30/2012">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:875.533px"><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>MATERIAL CHANGE REPORT</B></P>
<P style="margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>FORM 51-102F3</B></P>
<P style="margin-top:0px; margin-bottom:16px; font-size:12pt" align=center><B>National Instrument 51-102</B></P>
<P style="margin:0px; font-size:12pt">This is a Material Change Report Under Section 7.1 of National Instrument 51-102.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:12pt; float:left"><B>ITEM 1:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt" align=justify><B>NAME AND ADDRESS OF COMPANY</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; padding-left:-12px; text-indent:12px; font-size:12pt" align=justify>Fortuna Silver Mines Inc.</P>
<P style="margin:0px; padding-left:-12px; text-indent:12px; font-size:12pt" align=justify>200 Burrard Street, Suite 650</P>
<P style="margin:0px; padding-left:-12px; text-indent:12px; font-size:12pt" align=justify>Vancouver, BC &nbsp;V6C 3L6</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:12pt; float:left"><B>ITEM 2:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt" align=justify><B>DATE OF MATERIAL CHANGE</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; padding-left:-12px; text-indent:12px; font-size:12pt" align=justify>March 23, 2012</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:12pt; float:left"><B>ITEM 3:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt" align=justify><B>NEWS RELEASE</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; padding-left:-12px; text-indent:12px; font-size:12pt" align=justify>March 23, 2012, via CNW.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:12pt; float:left"><B>ITEM 4:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt" align=justify><B>SUMMARY OF MATERIAL CHANGE</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="line-height:12.15pt; margin-top:0px; margin-bottom:16.133px; font-size:12pt" align=justify>The Company announced its 2011 year end financial results.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:12pt; float:left"><B>ITEM 5:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt" align=justify><B>FULL DESCRIPTION OF MATERIAL CHANGE</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify><B>2011 Financial Statements and MD&amp;A Highlights:</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Net income of US$19.53 million, compared to US$16.00 million in 2010; increase of 22%</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Earnings per share of &nbsp;US$0.16, compared to US$0.15 in 2010; increase of 7%</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Sales of US$110.00 million compared to US$74.06 million in 2010; increase of 49% </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Net cash from operating activities of US$35.51 million, compared to US$21.73 million in 2010; &nbsp;increase of &nbsp;63%</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">The Company&#146;s cash position (including short term investments) and working capital as at year end were US$55.73 million and US$63.90 million respectively</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Record silver production: 2,486,655 ounces, up 30% over 2010 (only includes commercial production)</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Silver accounted for 65% of revenue</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Cash cost per silver ounce, net of by-product credits, was US$0.37 &nbsp;</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify><B>Financial Results</B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=378.2 /><TD width=149.667 /><TD width=142.667 /></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=378.2><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify><I>Expressed in US$000's</I></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=149.667><P style="margin:0px; font-size:11pt" align=center><B>Year ended</B></P>
<P style="margin:0px; font-size:11pt" align=center><B>December 31, 2011</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" valign=top width=142.667><P style="margin:0px; font-size:11pt" align=center>Year ended</P>
<P style="margin:0px; font-size:11pt" align=center>December 31, 2010</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=378.2><P style="margin:0px; font-size:11pt" align=justify><B>Sales</B></P>
</TD><TD style="margin-top:0px" valign=top width=149.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>110,004</B></P>
</TD><TD style="margin-top:0px" valign=top width=142.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>74,056</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=378.2><P style="margin:0px; font-size:11pt" align=justify><B>Operating income</B></P>
</TD><TD style="margin-top:0px" valign=top width=149.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>38,065</B></P>
</TD><TD style="margin-top:0px" valign=top width=142.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>27,728</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=378.2><P style="margin:0px; font-size:11pt" align=justify><B>Net Income (loss)</B></P>
</TD><TD style="margin-top:0px" valign=top width=149.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>19,533</B></P>
</TD><TD style="margin-top:0px" valign=top width=142.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>16,003</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=378.2><P style="margin:0px; font-size:11pt" align=justify><B>Cash flow from operations</B></P>
</TD><TD style="margin-top:0px" valign=top width=149.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>35,508</B></P>
</TD><TD style="margin-top:0px" valign=top width=142.667><P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right>21,713</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=top width=378.2><P style="margin:0px; font-size:11pt" align=justify><B>Cash cost per Ag oz net of by-product credits</B></P>
<P style="margin:0px; font-size:11pt" align=justify><B>(US$/oz)</B></P>
</TD><TD style="margin-top:0px" valign=top width=149.667><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:4.8px; font-size:11pt" align=right><B>0.37</B></P>
</TD><TD style="margin-top:0px" valign=top width=142.667><P style="margin:0px" align=right><BR></P>
<P style="margin:0px; padding-right:0.933px; font-size:11pt" align=right>(5.99)</P>
</TD></TR>
</TABLE>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>During the year ended December 31, 2011 the Company generated net income of US$19.53 million (2010: US$16.00 million) on operating income of US$38.07 million (2010: US$27.73 million). &nbsp;The increase in net income is mainly attributable to higher mine operating income of US$60.97 million (2010: US$39.21 million) driven by higher sales at Caylloma and the contribution of the San Jose mine, offset by higher selling, general and administrative expenses of US$19.84 million (2010: US$10.98 million), income taxes of US$18.80 million (2010: US$11.51 million), impairment of mineral properties, property, plant and equipment of US$1.89 million (2010: $nil), exploration and evaluation costs of US$1.72 million (2010: US$0.55 million), and lower gain on commodity contracts of US$0.48 million (2010: US$0.74 million).</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify><B>Operating Results</B></P>
<P style="margin:0px" align=justify><BR></P>
<TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=318 /><TD width=145 /><TD width=136.533 /><TD width=138.667 /><TD width=134.4 /></TR>
<TR><TD style="margin-top:0px" valign=top width=318 rowspan=3><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=281.533 colspan=2><P style="margin:0px; padding-left:61.267px"><B>QUARTERLY RESULTS</B></P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-bottom:1px solid #000000" width=273.067 colspan=2><P style="margin:0px" align=center><B>YEAR TO DATE RESULTS</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=281.533 colspan=2><P style="margin:0px; padding-right:8px" align=center><B>Three months ended December 31,</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=273.067 colspan=2><P style="margin:0px" align=center><B>Years ended December 31,</B></P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=145><P style="margin:0px; padding-left:12px" align=center><B>2011</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=136.533><P style="margin:0px; padding-left:12px" align=center>2010</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=138.667><P style="margin:0px; padding-left:12px" align=center><B>2011</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=134.4><P style="margin:0px; padding-left:12px" align=center>2010</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-bottom:1px solid #000000" width=318><P style="margin:0px; padding-left:6.667px"><B>Consolidated Metal Production</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=145><P style="margin:0px; padding-right:12.467px" align=right><B>Consolidated &nbsp;</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=136.533><P style="margin:0px; padding-right:12.467px" align=right>Consolidated</P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=138.667><P style="margin:0px; padding-right:12.467px" align=right><B>Consolidated</B></P>
</TD><TD style="margin-top:0px; border-bottom:1px solid #000000" width=134.4><P style="margin:0px; padding-right:12.467px" align=right>Consolidated</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=318><P style="margin-top:10px; margin-bottom:0px; padding-left:6.667px"><B>Silver (oz)*</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=145><P style="margin-top:10px; margin-bottom:0px; padding-right:14px" align=right><B>913,803</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=136.533><P style="margin-top:10px; margin-bottom:0px; padding-right:7.4px" align=right>481,802</P>
</TD><TD style="margin-top:0px" valign=bottom width=138.667><P style="margin-top:10px; margin-bottom:0px; padding-right:13.533px" align=right><B>2,486,655</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=134.4><P style="margin-top:10px; margin-bottom:0px; padding-right:4.667px" align=right>1,906,423</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318><P style="margin:0px; padding-left:6.667px"><B>Gold (oz)*</B></P>
</TD><TD style="margin-top:0px" width=145><P style="margin:0px; padding-right:14px" align=right><B>4,153</B></P>
</TD><TD style="margin-top:0px" width=136.533><P style="margin:0px; padding-right:7.4px" align=right>1,822</P>
</TD><TD style="margin-top:0px" width=138.667><P style="margin:0px; padding-right:13.533px" align=right><B>6,843</B></P>
</TD><TD style="margin-top:0px" width=134.4><P style="margin:0px; padding-right:4.667px" align=right>2,556</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318><P style="margin:0px; padding-left:6.667px"><B>Lead (000's lb)</B></P>
</TD><TD style="margin-top:0px" width=145><P style="margin:0px; padding-right:14px" align=right><B>4,396</B></P>
</TD><TD style="margin-top:0px" width=136.533><P style="margin:0px; padding-right:7.4px" align=right>5,338</P>
</TD><TD style="margin-top:0px" width=138.667><P style="margin:0px; padding-right:13.533px" align=right><B>19,678</B></P>
</TD><TD style="margin-top:0px" width=134.4><P style="margin:0px; padding-right:4.667px" align=right>21,373</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318><P style="margin:0px; padding-left:6.667px"><B>Zinc (000's lb)</B></P>
</TD><TD style="margin-top:0px" width=145><P style="margin:0px; padding-right:14px" align=right><B>5,688</B></P>
</TD><TD style="margin-top:0px" width=136.533><P style="margin:0px; padding-right:7.4px" align=right>6,158</P>
</TD><TD style="margin-top:0px" width=138.667><P style="margin:0px; padding-right:13.533px" align=right><B>23,425</B></P>
</TD><TD style="margin-top:0px" width=134.4><P style="margin:0px; padding-right:4.667px" align=right>26,137</P>
</TD></TR>
<TR><TD style="margin-top:0px" width=318><P style="margin:0px; padding-left:6.667px"><B>Copper (000's lb)</B></P>
</TD><TD style="margin-top:0px" width=145><P style="margin:0px; padding-right:14px" align=right><B>0</B></P>
</TD><TD style="margin-top:0px" width=136.533><P style="margin:0px; padding-right:7.4px" align=right>987</P>
</TD><TD style="margin-top:0px" width=138.667><P style="margin:0px; padding-right:13.533px" align=right><B>36</B></P>
</TD><TD style="margin-top:0px" width=134.4><P style="margin:0px; padding-right:4.667px" align=right>4,596</P>
</TD></TR>
</TABLE>
<P style="margin:0px; padding-left:6px; font-size:9pt">* Caylloma: Silver in lead and copper concentrates; San Jose: Silver in silver-gold concentrates from commercial production</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>The Company&#146;s silver production in Q4 of 2011 was 90% higher than Q4 2010 as a result of higher silver production from Caylloma of 11% and the contribution from San Jose for its first full quarter under commercial operations. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>The Company&#146;s silver production in 2011 was 30% higher than in 2010 as a result of higher silver production from Caylloma of 5% and the contribution from San Jose for the second half of the year. &nbsp;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify><I>Consolidated Production Highlights for Q4 2011:</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Silver production of 913,803 ounces; 90% increase over Q4 2010</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Gold production of 4,153 ounces; 128% increase over Q4 2010</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Lead production of 4,396 (000&#146;s) pounds; 18% decrease over Q4 2010</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Zinc production of 5,688 (000&#146;s) pounds; 8% decrease over Q4 2010</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify><I>Consolidated Production Highlights for 2011:</I></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Silver production of 2.49 million ounces; 30% increase over 2010</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Gold production of 6,843 ounces; 168% increase over 2010</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Lead production of 19,678,000 pounds; 8% decrease over 2010</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:12pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:12pt">Zinc production of 23,425,000 pounds; 10% decrease over 2010</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px"><BR></P>
<P style=margin-top:6.667px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:12pt; float:left"><B>ITEM 6:</B></P>
<P style="margin-top:0px; margin-bottom:6.667px; text-indent:-2px; font-size:12pt"><B>RELIANCE OF SUBSECTION 7.1(2) of NATIONAL INSTRUMENT 51-102</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>Not applicable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:12pt; float:left"><B>ITEM 7:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt" align=justify><B>OMITTED INFORMATION</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>Not applicable.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:12pt; float:left"><B>ITEM 8:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt" align=justify><B>EXECUTIVE OFFICER</B></P>
<P style="margin:0px; clear:left" align=center><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>Jorge Ganoza, President &amp; CEO</P>
<P style="margin:0px; font-size:12pt" align=justify>Telephone: 604-484-4085</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:12pt; float:left"><B>ITEM 9:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:12pt" align=justify><B>DATE OF REPORT</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:12pt" align=justify>March 23, 2012</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>
</DIV></BODY>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>fortunamcrmar2712.htm
<DESCRIPTION>MATERIAL CHANGE REPORT DATED MARCH 27, 2012
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>MATERIAL CHANGE REPORT</TITLE>
<META NAME="author" CONTENT="Jones, McCloy, Peterson">
<META NAME="date" CONTENT="03/30/2012">
</HEAD>
<BODY style="margin-top:0;font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:875.533px"><P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>MATERIAL CHANGE REPORT</B></P>
<P style="margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>FORM 51-102F3</B></P>
<P style="margin-top:0px; margin-bottom:14.667px; font-size:11pt" align=center><B>National Instrument 51-102</B></P>
<P style="margin:0px; font-size:11pt">This is a Material Change Report Under Section 7.1 of National Instrument 51-102.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:11pt; float:left"><B>ITEM 1:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify><B>NAME AND ADDRESS OF COMPANY</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; padding-left:-12px; text-indent:12px; font-size:11pt" align=justify>Fortuna Silver Mines Inc.</P>
<P style="margin:0px; padding-left:-12px; text-indent:12px; font-size:11pt" align=justify>200 Burrard Street, Suite 650</P>
<P style="margin:0px; padding-left:-12px; text-indent:12px; font-size:11pt" align=justify>Vancouver, BC &nbsp;V6C 3L6</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:11pt; float:left"><B>ITEM 2:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify><B>DATE OF MATERIAL CHANGE</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; padding-left:-12px; text-indent:12px; font-size:11pt" align=justify>March 27, 2012</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:11pt; float:left"><B>ITEM 3:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify><B>NEWS RELEASE</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; padding-left:-12px; text-indent:12px; font-size:11pt" align=justify>March 27, 2012, via CNW.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:11pt; float:left"><B>ITEM 4:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify><B>SUMMARY OF MATERIAL CHANGE</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="line-height:12.15pt; margin-top:0px; margin-bottom:14.8px; font-size:11pt" align=justify>The Company reported updated reserves and resources for its properties.</P>
<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:11pt; float:left"><B>ITEM 5:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify><B>FULL DESCRIPTION OF MATERIAL CHANGE</B></P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company issued the following news release:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>The Company is pleased to announce updated Mineral Reserve and Mineral Resource estimates for the Caylloma Mine located in southern Peru and for the San Jose Mine located in southern Mexico.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Highlights of Reserve and Resource Update</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Proven and Probable Reserves of the silver-rich veins at Caylloma increased by 51.7% to 781,000 tonnes. Contained silver increased by 40.3% to 9.4 million ounces. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Combined Proven and Probable Reserves for the silver-rich and polymetallic veins at Caylloma increased by 12.2% to 4.6 million tonnes after replacement of 674,010 tonnes consumed through production. Contained silver decreased by 1.9% to 20.2 million ounces. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Measured and Indicated Resources at Caylloma increased by 19.7% to 2.3 million tonnes and contained silver increased by 20.3% to 8.9 million ounces. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Inferred Resources at Caylloma decreased by 2.3% to 3.3 million tonnes while contained silver decreased by 7.8% to 11.8 million ounces.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Proven and Probable Reserves at San Jose decreased marginally by 4.5% to 3.6 million tonnes, all related to extraction of 171,000 tonnes following mine start-up in August 2011. Contained silver decreased by 3.7% to 23.6 million ounces. There were no material changes in the Indicated or Inferred Resources at San Jose.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Combined Proven and Probable Reserves for the Caylloma and San Jose mines increased by 4.2% to 8.2 million tonnes containing 43.8 million ounces of silver and 233,200 ounces of gold. </P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Combined Measured and Indicated Resources for the Caylloma and San Jose mines increased by 16.4% to 2.6 million tonnes containing 11.9 million ounces of silver and 47,400 ounces of gold.</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Symbol; font-size:11pt; clear:left; float:left">&#183;</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-size:11pt" align=justify>Combined Inferred Resources for the Caylloma and San Jose mines decreased marginally by 1.2% to 6.3 million tonnes containing 33.8 million ounces of silver and 216,000 ounces of gold.</P>
<P style="margin:0px; clear:left" align=justify><BR></P>
<A NAME="RANGE!B1:J39"></A></DIV><TABLE style="margin-top:0px; font-size:10pt" cellpadding=0 cellspacing=0><TR height=0 style="font-size:0"><TD width=180.267 /><TD width=186.733 /><TD width=87.733 /><TD width=73 /><TD width=73.867 /><TD width=64.4 /><TD width=63.733 /><TD width=83.133 /><TD width=77.067 /></TR>
<TR><TD style="margin-top:0px" valign=bottom width=666 colspan=6><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><B>Mineral Reserves - Proven and Probable</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border:1px solid #000000" valign=bottom width=160.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>Contained Metal</P>
</TD></TR>
<TR><TD style="margin-top:0px; border:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Property</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Classification</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Tonnes (000)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Ag (g/t)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Au (g/t)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Pb (%)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Zn (%)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Ag (Moz)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Au (koz)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Caylloma, Peru</P>
</TD><TD style="margin-top:0px" valign=bottom width=186.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;&nbsp;&nbsp;Silver Veins</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Proven</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>26</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>687</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.28</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.32</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.32</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.6</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.2</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Probable</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>755</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>365</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.42</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.06</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.06</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>8.9</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>10.3</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Proven + Probable</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>781</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>376</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.42</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.07</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.07</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>9.4</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>10.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;&nbsp;&nbsp;Polymetallic Veins</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Proven</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,318</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>87</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.32</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.59</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2.39</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3.7</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>13.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Probable</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,543</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>86</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.31</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.58</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2.27</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7.1</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>25.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Proven + Probable</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,861</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>86</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.31</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.59</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2.31</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>10.7</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>39.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;&nbsp;&nbsp;Combined-All Veins</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Proven</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,344</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>98</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.32</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.57</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2.35</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>4.2</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>13.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Probable</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,297</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>150</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.34</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.23</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.76</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>15.9</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>35.8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Proven + Probable</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>4,642</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>135</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.33</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.33</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.93</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>20.2</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>49.5</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>San Jose, Mexico</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Probable</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,600</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>204</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.59</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>23.6</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>183.7</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Total </P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Proven + Probable</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>8,241</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>165</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.88</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>43.8</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>233.2</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=180.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=186.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=454.733 colspan=3><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><B>Mineral Resources - Measured and Indicated</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=73><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border:1px solid #000000" valign=bottom width=160.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>Contained Metal</P>
</TD></TR>
<TR><TD style="margin-top:0px; border:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Property</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Classification</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Tonnes (000)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Ag (g/t)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Au (g/t)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Pb (%)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Zn (%)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Ag (Moz)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Au (koz)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Caylloma, Peru</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Measured</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>574</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>100</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.31</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.17</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.75</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.8</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>5.8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Indicated</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1,684</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>131</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.30</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.74</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.11</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>7.1</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>16.0</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>&nbsp;</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Measured + Indicated</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,258</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>123</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.30</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.85</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.28</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>8.9</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>21.8</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>San Jose, Mexico</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Indicated</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>376</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>243</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2.12</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2.9</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>25.6</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Total </P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Measured + Indicated</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>2,634</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>140</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.56</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>11.9</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>47.4</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=180.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=186.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=367 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify><B>Mineral Resources - Inferred</B></P>
</TD><TD style="margin-top:0px" valign=bottom width=87.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px; border:1px solid #000000" valign=bottom width=160.2 colspan=2><P style="margin:0px; font-family:Calibri,Times New Roman" align=center>Contained Metal</P>
</TD></TR>
<TR><TD style="margin-top:0px; border:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Property</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Classification</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Tonnes (000)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Ag (g/t)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Au (g/t)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Pb (%)</P>
</TD><TD style="margin-top:0px; border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Zn (%)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Ag (Moz)</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>Au (koz)</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Caylloma, Peru</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Inferred</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,258</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>112</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.36</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>0.99</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.50</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>11.8</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>37.9</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>San Jose, Mexico</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Inferred</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>3,072</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>223</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.80</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>22.0</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>178.1</P>
</TD></TR>
<TR><TD style="margin-top:0px; border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=180.267><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Total</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=186.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=justify>Inferred</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=87.733><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>6,330</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>166</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=73.867><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>1.06</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=64.4><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=63.733><P style="margin:0px; font-family:Calibri,Times New Roman; font-size:9pt" align=right>N/A</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=83.133><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>33.8</P>
</TD><TD style="margin-top:0px; border-right:1px solid #000000; border-bottom:1px solid #000000" valign=bottom width=77.067><P style="margin:0px; font-family:Calibri,Times New Roman" align=right>216.0</P>
</TD></TR>
<TR><TD style="margin-top:0px" valign=bottom width=180.267><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=186.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=87.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=73.867><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=64.4><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=63.733><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=83.133><P style="margin:0px; padding:0px">&nbsp;</P></TD><TD style="margin-top:0px" valign=bottom width=77.067><P style="margin:0px; padding:0px">&nbsp;</P></TD></TR>
</TABLE>
<DIV style="width:875.533px"><P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Calibri,Times New Roman; float:left">1.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify>Mineral Reserves and Mineral Resources are as defined by CIM Definition Standards on Mineral Resources and Mineral Reserves</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Calibri,Times New Roman; clear:left; float:left">2.</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify>Mineral Resources are exclusive of Mineral Reserves</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Calibri,Times New Roman; clear:left; float:left">3.</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify>Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Calibri,Times New Roman; clear:left; float:left">4.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify>Caylloma Mineral Resources and Mineral Reserves are estimated as of June 30, 2011 and reported as of December 31, 2011 taking into account production-related depletion for the period of July 1, 2011 through December 31, 2011</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Calibri,Times New Roman; clear:left; float:left">5.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify>Caylloma Mineral Reserves are estimated using break-even cut-off grades based on estimated NSR values using assumed metal prices of US$26.59/ oz Ag, US$1,279.31/oz Au, US$2,116/t Pb and US$2,028/t Zn; historical metallurgical recovery rates of 82% for Ag, 45% for Au, 93% for Pb and 88% for Zn; and historic operating costs adjusted for inflation. Caylloma Mineral Resources are reported based on estimated NSR values using the aforementioned assumed metal prices and metallurgical recovery rates and a cut-off value of US$30/t</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Calibri,Times New Roman; clear:left; float:left">6.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify>Caylloma Mineral Resources include oxide material that is not amenable to processing in the existing flotation plant. Measured and Indicated Oxide Resources are estimated at 1,077,000 tonnes averaging 197 g/t Ag, 0.39 g/t Au, 1.00% Pb and 1.28% Zn. Inferred Oxide Resources are estimated at 544,000 tonnes averaging 143 g/t Ag, 0.27 g/t Au, 0.55% Pb and 0.94% Zn</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Calibri,Times New Roman; clear:left; float:left">7.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify>San Jose Mineral Resources are estimated as of December 10, 2009 with Mineral Reserves estimated as of December 31, 2010 and actualized as of December 31, 2011 taking into account production-related depletion from start-up in August 2011 through December 31, 2011</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Calibri,Times New Roman; clear:left; float:left">8.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify>San Jose Mineral Reserves are estimated using break-even cut-off grades based on assumed metal prices of US$15.12/oz Ag and US$ 897.51/oz Au, estimated metallurgical recovery rates of 88% for Ag and 90% for Au and projected operating costs. San Jose Mineral Resources are estimated and reported at a Ag Equivalent cut-off grade of 100 g/t, with Ag Eq in g/t = Ag (g/t) + Au (g/t)*((US$856.16/US$13.75)*(91.5/92.5))</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Calibri,Times New Roman; clear:left; float:left">9.</P>
<P style="margin:0px; padding-left:48px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify>Totals may not add due to rounding procedures</P>
<P style="margin-top:0px; margin-bottom:-2px; text-indent:24px; width:48px; font-family:Calibri,Times New Roman; clear:left; float:left">10.</P>
<P style="margin:0px; padding-left:24px; text-indent:-2px; font-family:Calibri,Times New Roman" align=justify>N/A = Not Applicable</P>
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<P style="margin:0px; font-size:11pt" align=justify><B>Caylloma Mine</B></P>
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<P style="margin:0px; font-size:11pt" align=justify>Through exploration and development activities, the Mineral Reserves consumed through production at Caylloma were replaced and Proven and Probable Reserves increased by 12.2% to 4.6 million tonnes relative to the Mineral Reserves previously reported as of June 30, 2010. Contained silver decreased marginally by 1.9%. As of December 31, 2011, the Caylloma Mine had Proven and Probable Mineral Reserves containing 20.2 million ounces silver, Measured and Indicated Mineral Resources containing 8.9 million ounces silver and Inferred Mineral Resources containing 11.8 million ounces silver. Variations from the previously reported reserves and resources (see Fortuna news release dated April 12, 2011) are the result of exploration drilling, exploration advances, mine development and increases in metal prices, partially offset by the production of 674,010 tonnes for the period of July 1, 2010 through December 31, 2011. Of particular significance is the 51.7% increase in the Proven and Probable Mineral Reserves for the silver-rich veins accompanied by a 40.3% increase in the contained silver content. This increase in high-grade silver reserves will allow the Company to continue to expand silver production. </P>
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<P style="margin:0px; font-size:11pt" align=justify>The 2012 exploration program at Caylloma includes 24,000 meters of exploration drilling and 3,500 meters of underground exploration advances with the program being primarily focused on the exploration of silver-rich veins in the northern portion of the Caylloma District. </P>
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<P style="margin:0px; font-size:11pt" align=justify>A NI 43-101 technical report supporting the December 31, 2011 Mineral Reserve and Mineral Resource update at Caylloma will be released to the public upon finalization. </P>
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<P style="margin:0px; font-size:11pt" align=justify><B>San Jose Mine</B></P>
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<P style="margin:0px; font-size:11pt" align=justify>The San Jose Mine commenced commercial production on schedule in September of 2011. Mine production for the period from start-up in August 2011 through December 31, 2011 totaled 171,000 tonnes with approximately 46,000 tonnes remaining in the crushed ore stockpile at year-end. Mine development is continuing and is projected to reach the 1300 meter level prior to the end of 2012 at which time underground development drilling will be initiated for conversion of the Inferred Resources in the lower portion of the deposit to Measured and Indicated Resources and subsequently with the application of qualifying factors, to Mineral Reserves. </P>
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<P style="margin:0px; font-size:11pt" align=justify>As of December 31, 2011, the San Jose Mine had Proven and Probable Mineral Reserves of 3.6 million tonnes containing 23.6 million ounces of silver and 183,700 ounces of gold. Measured and Indicated Resources total 376,000 tonnes, containing 2.9 million ounces of silver and 25,600 ounces of gold. Inferred Resources total 3.1 million tonnes and contain an estimated 22 million ounces of silver and 178,100 ounces of gold. End-of-year mine-model reconciliation results indicate that the Mineral Resource and Mineral Reserve models are reliable indicators of the global metal content of the deposit. Variations from the previously reported reserves and resources (see Fortuna news release dated April 12, 2011) are the result of depletion through the development of the mine and extraction of ore between the start-up of the mine in August, 2011 and the end of 2011. </P>
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<P style="margin:0px; font-size:11pt" align=justify>The San Jose deposit remains open to the southeast and to-depth. The 2012 exploration program includes 15,000 meters of surface diamond drilling which will follow up on leads developed in the 2011 exploration program as well as the testing of new targets in the 58,000 hectare concession package controlled by the Company in the San Jose area. </P>
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<P style="margin:0px; font-size:11pt" align=justify><I>Qualified Persons</I></P>
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<P style="margin:0px; font-size:11pt" align=justify>The updated Mineral Resource estimate for the Caylloma Mine has been prepared under the supervision of E. Chapman of Fortuna Silver Mines Inc. The Mineral Reserve estimate and the Mineral Resource estimate exclusive of the Mineral Reserves for Caylloma were prepared under the supervision of E. Vilela of Fortuna Silver Mines Inc. The updated Mineral Reserve estimate and the Mineral Resource estimate exclusive of the Mineral Reserves for the San Jose Mine were prepared under the supervision of E. Vilela of Fortuna Silver Mines Inc. </P>
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<P style="margin:0px; font-size:11pt" align=justify>E. Chapman and E. Vilela are Qualified Persons as defined by the National Instrument 43-101. Thomas Vehrs, Vice President of Exploration, is the Qualified Person for Fortuna Silver Mines Inc. as defined by the National Instrument 43-101. Dr. Vehrs is a Founding Registered Member of the Society for Mining, Metallurgy, and Exploration, Inc. (SME Registered Member Number 3323430RM) and 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 Fortuna Silver Mines Inc. </P>
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<P style=margin-top:6.133px;margin-bottom:-1pt;font-size:1pt /><P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:11pt; float:left"><B>ITEM 6:</B></P>
<P style="margin-top:0px; margin-bottom:6.133px; text-indent:-2px; font-size:11pt"><B>RELIANCE OF SUBSECTION 7.1(2) of NATIONAL INSTRUMENT 51-102</B></P>
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<P style="margin:0px; font-size:11pt" align=justify>Not applicable.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:11pt; float:left"><B>ITEM 7:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify><B>OMITTED INFORMATION</B></P>
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<P style="margin:0px; font-size:11pt" align=justify>Not applicable.</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:11pt; float:left"><B>ITEM 8:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify><B>EXECUTIVE OFFICER</B></P>
<P style="margin:0px; clear:left" align=center><BR></P>
<P style="margin:0px; font-size:11pt" align=justify>Jorge Ganoza, President &amp; CEO</P>
<P style="margin:0px; font-size:11pt" align=justify>Telephone: 604-484-4085</P>
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<P style="margin-top:0px; margin-bottom:-2px; width:96px; font-size:11pt; float:left"><B>ITEM 9:</B></P>
<P style="margin:0px; text-indent:-2px; font-size:11pt" align=justify><B>DATE OF REPORT</B></P>
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<P style="margin:0px; font-size:11pt" align=justify>March 27, 2012</P>
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