Published: July 13, 2006

Fortuna Silver Mines Appoints Chief Financial Officer

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Fortuna Silver Mines Inc. (TSX VENTURE: FVI), Mr. Jorge Ganoza, President of the Company, is pleased to announce the appointment of Mr. Luis Ganoza Durant to the position of Chief Financial Officer with the Company.

Mr. Luis Ganoza has a BSc. in Mining Engineering from the Universidad Nacional de Ingenieria in Peru, an MBA from ESAN (a Tier 1 Latin American Business School), and an MSc in Accounting and Finance from The London School of Economics.

His operational experience of mining finance was gained in progressively more senior roles in the financial management team of one of Peru's largest public mining companies which generated US$100 million per year in revenues. After starting in an operational position as a shift boss in the mining operations, he progressed to the roles of Head of Costs and Budgeting Department, Treasurer, and Controller. His experience in these senior financial roles has given him significant exposure to Latin American capital markets.

Mr. Jorge Ganoza, the President of Fortuna, said: "On behalf of Management and the Board of Directors, I would like to welcome Luis to the Company. We look forward to having him on board as part of the Fortuna team. His financial experience comes from a solid background in managing the financial aspects of production operations. This will be particularly valuable to Fortuna as the Company moves towards production in the third quarter of 2006."

ON BEHALF OF THE BOARD

Jorge Ganoza Durant, President

The TSX Venture Exchange has not reviewed and does not take responsibility for the adequacy or accuracy of this release.