Minefinders Corporation Ltd.

Minefinders Corporation Ltd.

October 12, 2005 09:00 ET

Minefinders Corporation Ltd.: Drilling at Planchas de Plata Intersects 24 Feet of 22 oz per Tonne Silver

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Oct. 12, 2005) - Minefinders Corporation Ltd. (the "Company") (TSX:MFL)(AMEX:MFN), Mark H. Bailey, President and CEO, reports results from ongoing drilling at the Company's 100% owned Planchas de Plata project, located in northern Sonora, Mexico.

A total of 6,369 metres in 44 holes has now been completed utilizing a core rig. Drilling was initiated in April 2005, and, except for a delay in July due to a lack of water, has proceeded smoothly. Assays have now been received for the first 38 holes of this program.

The most significant intercepts encountered in this program to date include hole PP05-28C which intersected 756.6 grams per tonne ("g/t") silver over a downhole width of 7.2 metres (22.09 ounces per tonne ("opt") silver over 24 feet) within a larger downhole intersection of 18.6 metres averaging 299 g/t silver from 81.4 to 100 metres (8.73 opt silver over 61 feet).

Additional material intercepts are summarized in the table, below:

Planchas de Plata Drill Results (Main Zone)
Drill Hole From To Width(i) Silver
metres metres metres feet g/t opt
PP05-2C 35.46 37 1.54 5 368.0 10.75
PP05-5C 136.5 138.5 2 7 37.5 1.10
PP05-8C 50.6 52.1 1.5 5 31.2 0.91
PP05-10C 74.5 88.5 14 46 35.0 1.02
PP05-19C 12.3 14.3 2 7 31.8 0.93
PP05-28C 81.4 100 18.6 61 299.0 8.73
including 83.4 90.6 7.2 24 756.6 22.09
and 147 149 2 7 124.0 3.62
PP05-31C 6.5 18.4 11.9 39 82.6 2.41
PP05-32C 8 29.57 21.57 71 103.9 3.04
and 47 55 8 26 32.9 0.96
and 80.9 94.5 13.6 45 93.7 2.74
PP05-33C 103 121 18 59 94.0 2.75
and 172.87 192 19.1 63 173.7 5.07
PP05-34C 168 172 4 13 109.1 3.18
PP05-36C 29 33 4 13 80.4 2.35
and 79 100 21 69 240.8 7.03
including 86.8 94.1 7.3 24 534.1 15.59
PP05-37C 192 196 4.0 13 91.7 2.68
PP05-38C 175.5 179.3 3.8 12 46.4 1.35
(i) All widths are downhole widths and may not be true widths.

Details of Current Drilling

To date, the current drill program has consisted of two phases. The first phase targeted three distal prospect areas of the property where limited historical mining, but no previous drilling, had been identified. These previously-untested prospects were located 800 and 1,500 meters to the north and east of the main historical workings at Planchas de Plata, where the Company had earlier completed an initial, reverse-circulation drill program (reported February 28, 2005). Drill results from these distal areas were spotty, and locally indicate increasing grade with depth. Additional drilling is slated to follow up and test for higher-grade mineralization utilizing the geologic understanding being gained from drilling during the second phase of the current program.

The second phase of the current program targeted extensions of mineralization that was defined by the earlier reverse-circulation drill program. Starting with hole PP05-28C, drilling encountered concealed mineralization approximately 100 metres to the southeast of the largest area of historic mining. Subsequent drilling has now succeeded in extending this mineralization over an area greater than 100 by 200 metres and in connecting the zone with mineralization found in the area of historic workings.

Mineralization in this area occurs as several stacked, sub-horizontal to gently north-dipping zones found at or within 50 meters of the upper contact of rhyodacite rocks with overlying conglomerates. The deeper intercepts within the rhyodacite are higher grade, probably due to less dissemination than in the porous conglomerates. To the northwest, the zones are exposed at the surface and were the target of historic mining and drilling. To the south and east, the zones trend under topography and remained unexplored.

Ongoing drilling continues to target and define the mineralized zones, which remain open to the north, east, and southwest. Drilling has helped to characterize the geologic controls to mineralization and to identify the higher grade portions. Sufficient drill roads and pads exist to adequately explore the zone without the need for additional permitting.

Real Viejo and El Malacate Exploration

Upon completion of drilling at Planchas de Plata, the drill rig will be moved to follow up mineralization encountered on the El Malacate and Real Viejo projects - both located within 10 kilometers of Planchas de Plata. Previous drilling at El Malacate defined mineralized zones greater than 20 metres in width and extending over 1500 metres in strike with single 1.5 metre intercepts ranging up to 2.0 g/t gold. The best hole at Real Viejo averaged 211.4 g/t silver over 91.5 metres (6.17 opt silver over 300 feet) with high grade 1.5 metre intercepts up to 2,640 g/t silver, as reported on February 28, 2005. The proposed holes will attempt to extend the highest grade mineralization previously drilled at each project. Results from the additional drilling will be reported as they become available.

Quality Control and Assurance

Drill samples, weighing between 5 kg and 10 kg each, were collected and transported from the Planchas de Plata site for assay by ALS-Chemex Labs of Vancouver, B.C. Standards are inserted into the sample stream for quality control and a duplicate sample is maintained at the project site for check assay and metallurgical testing. Diamond core drilling is being conducted by Britton International based in Hermosillo, Sonora.

Mark H. Bailey, MSc., P.Geo., a Qualified Person as defined by National Instrument 43-101, has overall responsibility for the Company's mineral exploration programs and supervised the preparation of the technical information in this news release.


Mark H. Bailey, President and Chief Executive Officer

Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statements in this release that are forward-looking, including statements relating to the size, and growth in size, of Minefinders' mineral resources and the timing of the further exploration and development of its exploration projects, are subject to various risks and uncertainties concerning the specific factors identified above and in the company's periodic filings with the Ontario Securities Commission and the U. S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. Minefinders does not intend to update this information and disclaims any legal liability to the contrary.

Contact Information

  • Minefinders Corporation Ltd.
    Mark H. Bailey
    President and Chief Executive Officer
    1-866-687-6263 or (604) 687-6263
    (604) 687-6267 (FAX)