Commodities	Silver, Gold
Location	Taviche Mining District, Oaxaca, México (Latitude: 16°41"N; Longitude: 96°42"W)
Ownership	100%
Deposit Type	High-grade, low-sulfidation Ag-Au epithermal deposit
Status	- Pre-feasibility study completed - Construction of a 1,500 tpd underground mine initiated in Q2   2010 - Exploration of property holdings in progress

The 100% owned San Jose Project is a high-grade silver and gold bearing epithermal vein system located in the state of Oaxaca in southern Mexico. In January of 2009, a 33,000 meter in-fill drill program was completed in the Trinidad Area of the San Jose Project. The Company released a new 43 - 101 compliant resource on October 26th 2009 incorporating over 40km of new drilling into the geological model. Also in October, the Company received approval for the Environmental Impact Study for the proposed San Jose Mine, and in early December 2009 the final permit for the construction and operation of the Project. Construction of the San Jose mine can now proceed at Fortuna's sole discretion.

Fortuna is also advancing with engineering studies for the development of the San Jose deposit including mine and processing plant design, tailings dam engineering as well as evaluating power and water supply alternatives. The Company has already secured all the land required for the project and is in the advanced stages of negotiation of a collaborative agreement with the community. Management anticipate that some of the permits required to build San Jose should be granted towards the end of 2009.


The San Jose Project is located in the southern portion of the state of Oaxaca, approximately 47 road kilometers or 1 hour driving time to the south of the city of Oaxaca. Access to the property is excellent and local infrastructure is good.

(see Resource Tables)

Indicated Mineral Resources
Ag Eq Cutoff (g/t)	Tonnes (000)	Ag Eq. (g/t)	Ag (g/t)	Au (g/t)	Contained Metal
					Ag Eq Ozs (000)	Ag Ozs (000)	Au Ozs (000)
50	4,636	292	196	1.56	43,465	29,163	232
75	4,018	327	220	1.74	42,231	28,422	224
100	3,478	364	246	1.92	40,725	27,486	215
125	3,043	400	271	2.10	39,153	26,497	205
150	2,690	435	295	2.27	37,596	25,504	196
175	2,370	471	321	2.45	35,930	24,429	187
200	2,102	508	346	2.63	34,314	23,382	177
225	1,883	542	370	2.79	32,823	22,416	169
250	1,685	578	396	2.96	31,315	21,433	160
Inferred Mineral Resources
Ag Eq Cutoff (g/t)	Tonnes (000)	Ag Eq. (g/t)	Ag (g/t)	Au (g/t)	Contained Metal
					Ag Eq Ozs (000)	Ag Ozs (000)	Au Ozs (000)
50	4,020	272	181	1.48	35,199	23,389	192
75	3,497	304	202	1.65	34,151	22,735	185
100	3,074	334	222	1.80	32,963	21,988	178
125	2,681	366	244	1.97	31,545	21,061	170
150	2,411	392	262	2.11	30,357	20,293	164
175	2,137	421	282	2.26	28,922	19,351	155
200	1,883	452	304	2.41	27,393	18,379	146
225	1,696	479	321	2.56	26,113	17,522	140
250	1,545	503	337	2.69	24,958	16,747	133

* Cutoff Grade of 150 g/t Silver Equivalent

At a 150g/t Ag Eq cut off grade, the Indicated Resources are estimated to contain 37.6 million silver equivalent ounces and the Inferred Resources are estimated to contain 30.4 million silver equivalent ounces.

Silver equivalency estimates were derived using metal prices of US$13.75/oz for silver and US$856.16/oz for gold (36-month average + 24 month future metal prices as of July 31, 2009). Metallurgical recoveries were estimated at 92.5% for silver and 91.5% for gold based on metallurgical testing completed by Metcon Research of Tucson, Arizona.

The updated mineral resource estimate for San Jose was prepared by Michael J. Lechner of Resource Modeling Inc. and by Donald F. Earnest of Resource Evaluation Inc. Mr. Lechner and Mr. Earnest have acted as independent qualified persons as defined by the Canadian National Instrument 43-101. The Mineral Resources reported herein were estimated using the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Standards on Mineral Resources and Reserves. This resource estimate is based on all data available through June 30, 2009.

San Jose Project NI 43 - 101 report, December 10, 2009.


The San Jose deposit is a low sulfidation epithermal vein system characterized by mineralized multiphase quartz-carbonate-sulfide veins, hydrothermal breccias and stockwork veining. The mineralized system is hosted within a sequence of Tertiary andesitic volcanic and volcaniclastic rocks.


Exploration to-date has focused on the Trinidad zone and to a lesser extent on the San Ignacio zone, located approximately 800 meters to the south on the same vein system. In the Trinidad zone, high-grade silver / gold bearing ore shoots have been identified and defined in association with the Trinidad and Bonanza vein systems. Mineralization is present in high-grade shoots with estimated true widths ranging from less than 2 meters to greater than 20 meters. Locally, mineralized stockwork veining is present between the Trinidad and Bonanza veins, including continuously mineralized widths estimated at over 80 meters locally.

Selected highlights of 2005 thru 2009 drill programs in Trinidad Zone (reported at lower cut-off grade of 100 g/t silver equivalent).

	100 g/t Aqeq cutoff
Hole Id	From (m)	To (m)	Interval (m)	Au g/t	Ag g/t	Ag Eq. g/t
SJO-001	195.65	220.25	24.60	0.86	216	260
SJO-002	222.86	240.00	17.14	2.94	365	515
SJO-003	279.55	308.95	29.40	5.27	508	776
SJO-015	236.25	247.00	10.75	2.02	217	320
SJO-018	240.92	257.62	16.70	6.17	525	840
SJO-020	367.89	375.43	7.54	5.94	997	1300
SJO-021	246.50	255.90	9.40	2.70	479	617
SJO-039	42.75	47.65	4.90	5.90	843	1144
SJO-046	413.55	424.82	11.27	4.95	328	581
and	480.31	488.02	7.71	3.72	373	563
SJO-051	328.50	352.41	23.91	2.00	245	347
and	424.20	448.45	24.25	10.09	892	1407
SJO-054	360.70	367.00	6.30	7.00	510	867
and	406.20	417.60	11.40	2.94	434	584
and	425.30	465.55	40.25	3.79	438	631
SJO-055	173.60	176.10	2.50	11.86	1151	1756
SJO-057	149.90	161.45	11.55	6.06	588	897
SJO-059	131.70	144.90	13.20	1.62	222	305
SJO-060	129.70	154.80	25.10	10.85	588	1141
SJO-065	423.50	444.40	20.90	1.43	183	256
SJO-068A	299.55	307.18	7.63	3.66	395	581
and	364.83	371.61	6.78	3.91	563	763
SJO-075	397.97	419.83	21.86	1.60	183	265
SJO-079	441.50	475.75	34.25	1.41	143	215
SJO-084	503.35	511.30	7.95	9.37	487	965
SJO-108	428.80	435.65	6.85	6.28	391	711
and	459.90	478.10	18.20	4.89	503	752
SJO-111	439.50	445.25	5.75	2.77	323	464
SJO-119	227.00	235.40	8.40	2.03	229	332
SJO-121	298.60	315.40	16.80	2.23	304	418
and	428.25	448.80	20.55	8.89	752	1206
SJO-123	186.40	191.30	4.90	8.98	1182	1640
SJO-124	261.90	265.50	3.60	9.53	292	778
SJO-126	194.60	206.80	12.20	4.09	427	636
and	247.55	258.20	10.65	1.25	219	283
SJO-127	394.50	423.55	29.05	6.75	933	1278
SJO-128	212.90	216.10	3.20	9.41	603	1083
and	234.80	247.60	12.80	1.54	151	229
and	296.50	311.60	15.10	5.71	1022	1313
SJO-133	250.00	258.75	8.75	2.31	214	332
SJO-134	179.40	187.15	7.75	2.11	254	362
SJO-136	155.75	166.00	10.25	3.71	240	429
SJO-137	187.30	208.20	20.90	7.84	472	872
SJO-139	226.75	236.60	9.85	2.67	290	426
SJO-142	181.80	192.45	10.65	2.47	208	334
SJO-143	270.10	277.25	7.15	8.06	546	957
SJO-144	190.75	212.00	21.25	2.81	322	466
SJO-145	220.50	236.45	15.95	4.09	485	694
SJO-146	133.80	145.20	11.40	1.76	197	287
and	184.65	193.70	9.05	1.55	290	369
SJO-147	262.00	269.00	7.00	8.29	693	1115
SJO-150	208.00	218.50	10.50	2.08	258	365
SJO-152	101.60	106.40	4.80	3.55	509	690
SJO-157	472.05	486.85	14.80	1.89	194	291
SJO-160	193.75	201.70	7.95	1.49	351	427
SJO-163	247.00	259.85	12.85	1.70	215	302
SJO-166	210.15	213.75	3.60	8.11	548	961
and	229.15	246.60	17.45	2.78	285	427
and	282.75	297.10	14.35	1.88	284	380
SJO-169	256.40	267.55	11.15	3.10	419	576
and	275.20	280.30	5.10	4.99	863	1117
SJO-172	264.20	271.65	7.45	4.35	264	486
and	297.90	304.50	6.60	1.92	303	401
and	307.45	314.75	7.30	1.93	447	545
SJO-175	138.70	145.25	6.55	11.06	534	1098
SJO-177	212.00	222.25	10.25	5.96	256	560
and	292.00	300.85	8.85	1.74	414	502
SJO-183	186.60	187.60	1.00	28.40	5350	6798
SJO-185	126.10	139.15	13.05	3.17	175	336
SJO-186	215.30	230.50	15.20	1.99	360	462
SJO-187	184.90	190.10	5.20	6.82	628	976
and	204.15	225.55	21.40	5.96	453	758
SJO-193	242.45	273.00	30.55	1.34	113	181
and	314.70	327.40	12.70	5.99	973	1279
SJO-194	290.25	306.35	16.10	2.74	316	456
SJO-201	191.05	196.95	5.90	4.25	719	935
and	213.10	237.20	24.10	0.68	140	174
SJO-202	295.95	311.35	15.40	1.91	173	270
and	344.25	349.35	5.10	4.54	714	946
SJO-203	179.20	194.55	15.35	0.96	228	277
SJO-205	235.90	252.50	16.60	2.36	303	424
SJO-207	228.40	238.00	9.60	2.00	403	505
SJO-210	291.90	299.70	7.80	2.81	442	585
SJO-214	349.05	354.50	5.45	2.36	419	539
SJO-217	278.85	286.00	7.15	3.55	373	554
SJO-223	158.95	164.85	5.90	3.41	319	493
SJO-230	228.50	250.85	22.35	3.06	323	479
SJO-231	292.25	295.30	3.05	5.32	930	1201

Click here for DH Assay Results
 

Click here for the maps in PDF format (5.0mb)

	Stream Sediments Sampling
	Bonanza Vein Extension Exploration Target