Minefinders Corporation Ltd.
TSX : MFL
NYSE Amex : MFN

Minefinders Corporation Ltd.

February 14, 2011 08:42 ET

Minefinders Reports Additional 2010 Drill Results From the Dolores Mine and La Virginia Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2011) - Minefinders Corporation Ltd. (TSX:MFL)(NYSE Amex:MFN) is pleased to report additional drill results from the 2010 exploration programs at the Company's Dolores Mine and La Virginia Project. 

"We are very pleased with the results of the 2010 drill program at the Dolores Mine and at La Virginia," commented Mark Bailey, President and Chief Executive Officer. "Drilling at Dolores continues to confirm potential to increase the size of the open pit, particularly to the south, and also significant underground mineralization. Step-out drilling at our recent La Virginia discovery continues to intersect high-grade gold and silver and we will work toward establishing an initial resource at La Virginia."

Dolores Mine Exploration Results

The 2010 drill program at the Dolores Mine focused in part on expansion of mineralization to the south end of the Dolores open-pit mine as well as the extension of deeper high-grade mineralization indicative of underground mine potential. Highlights from drill holes completed subsequent to those reported in the October 12, 2010 news release include hole D10-562C that intercepted 42.0 metres averaging 12.44 grams per tonne ("gpt") gold with 75.3 gpt silver (13.69 gpt gold-equivalent ("AuEq")) from 178 metres to 220 metres of depth. This intercept, which is located approximately 50 metres beneath the current life of mine open pit included an internal interval of 12 metres assaying 40.2 gpt gold and 163.9 gpt silver (42.9 gpt AuEq). Extension of this high grade mineralization an additional 120 metres down-dip is indicated by drill hole 551C that intercepted 6.0 metres in the same structure averaging 8.46 gpt gold and 86.5 gpt silver (9.9 gpt AuEq) including 2.0 metres of 24.24 gpt gold with 6.7 gpt silver. 

Other high-grade intercepts include holes D010-546 with 4.0 metres averaging 13.75 gpt gold and 612.1 gpt silver (23.95 gpt AuEq), D010-551 with 2.0 metres assaying 24.24 gpt gold and 6.7 gpt silver (24.35 gpt AuEq), D010-552 with 2 metres assaying 8.23 gpt gold and 30 gpt silver (8.73 gpt AuEq) and D010-563 with 4.0 metres averaging 4.9 gpt gold and 21 gpt silver (5.25 gpt AuEq). Numerous holes encountered anomalous gold with elevated silver values, such as D010-541 which intercepted 16 metres averaging 52.75 gpt silver with 0.82 gpt gold. Additional drilling in these areas is planned to test for higher gold grades below the high-grade silver zone. Mineralization remains open at depth and to the south of the present Dolores open pit mine. Additional selected drill results are highlighted in Appendix 1 to this release. 

Exploration drilling results at Dolores to date will be incorporated into an updated resource which is expected to be completed during the first quarter of 2011.

La Virginia Exploration Results

During the fourth quarter of 2010, exploration drilling at the La Virginia property focused in part on expansion drilling within the central structural zone of high-grade intercepts previously reported in a news release dated September 20, 2010. Notable intercepts from this step-out drilling include 9.6 metres of 3.16 gpt gold with 195.0 gpt silver (6.41 gpt AuEq) from 175.1 to 184.7 metres of depth in hole LV10-25C including 0.7 metres of 14.06 gpt gold and 1,194.7 gpt silver (33.97 gpt AuEq) and 0.9 metres of 14.16 gpt gold and 606.0 gpt silver (24.26 gpt AuEq). 

A second core rig was added to the project late in the fourth quarter of 2010 and is drilling in an area 1.2 kilometres south of the central zone. High-grade mineralization was intercepted in hole LV10-13C including 3.0 metres averaging 5.25 gpt gold and 329.7 gpt silver (10.74 gpt AuEq) within a larger 23.0 metre interval averaging 1.14 gpt gold with 78.9 gpt silver (2.45 gpt AuEq) from a depth of 278.5 metres to 301.5 metres. Drill hole 13C is a step-out from previously reported hole LV10-4C. Exploration efforts also included completion of 7 drill holes 1 to 3 kilometres north of the central target area that intercepted low-levels of gold and silver higher in the system. Deeper drilling is planned in this area to test for higher-grade mineralization similar to the gold and silver intercepts being investigated to the south.

Exploration to date within the overall La Virginia area has defined several mineralized trends that extend for a total strike length of over 20 kilometres. Seven target areas have been defined to date and the central La Virginia zone is the only one that has been drill tested. The drilling program, the first ever conducted on this zone, commenced in April 2010 and has focused on testing the potential depth extent of high-grade mineralization exposed within several structures over a strike length of 7 kilometres within the main La Virginia district. As of December 31, 2010, the Company had completed 26 core holes totalling 6,695 metres on mineralized structures of the central La Virginia Zone. 

The La Virginia project is located approximately 220 kilometres east-northeast of Hermosillo, Sonora, Mexico and is 100 kilometres north-northwest of the Company's Dolores mine. The land package encompasses more than 34,000 hectares within a geologic environment similar to that of the Dolores gold and silver deposit. Additional drill results and location maps can be found on the Company's website.

Quality Control and Assurance

Gold-equivalent values are estimated using a 60 to 1 silver to gold ratio. All intervals are reported as down-hole lengths and are not corrected to true widths for the mineralized intervals. 

All analyses reported are fire assay analyses for gold and multi-acid digestion with AA analyses or fire assay analyses for silver, and completed by either Chemex Labs of Vancouver, Canada, or Inspectorate Labs of Sparks, Nevada. Samples from the reported intervals were comprised of HQ core all representatively split prior to analysis and transported by the labs to sample preparatory facilities in Hermosillo, Mexico (Chemex or Inspectorate) or Durango, Mexico (Inspectorate).

Mark Bailey MSc., P.Geo. is the "qualified person" with overall responsibility for the Dolores and La Virginia projects and is responsible for the contents of this news release.

Timing for Release of Full 2010 Financial and Operating Results

After market close on Thursday, February 24, 2011 Minefinders will release its full 2010 financial and operating results. An investor conference call will be held on Friday, February 25, 2011 at 8 a.m. Pacific Time (11 a.m. Eastern Time) to discuss the results. Participants may join the call by dialing toll-free 1-877-240-9772 or 1-416-340-8527 for calls outside Canada and the U.S. Simultaneously, an audio webcast of the conference call will also be available on the home page of the Company's website, www.minefinders.com.

An audio replay will be available until March 4, 2011 by calling toll-free 1-800-408-3053 or 1-416-695-5800 for calls outside Canada and the U.S and entering pass code 6506584.

About Minefinders

Minefinders is a precious metals mining and exploration company and operates the multi-million ounce Dolores gold and silver mine in Mexico. For more information, please visit our website at www.minefinders.com.

Forward Looking Statements

This release contains certain "forward-looking statements" and "forward-looking information" as defined under applicable Canadian and U.S. securities laws. Forward-looking statements generally can be identified by the use of forward-looking terminology such as "may", "will", "expect", "intend", "estimate", "anticipate", "believe", "continue" or similar terminology. Forward-looking statements are based on forecasts of future results, estimates of amounts not yet determinable and assumptions that, while believed by management to be reasonable, are inherently subject to significant business, economic and competitive uncertainties and contingencies. Certain of the statements made herein by Minefinders are forward-looking and subject to important risk factors and uncertainties, both known and unknown, many of which are beyond the Company's ability to control or predict. Known and unknown factors could cause actual results to differ materially from those projected in the forward-looking statements. Those factors are described or referred to under the heading "Risk Factors" in Minefinders' Annual Information Form for the year ended December 31, 2009 and under the heading "Risks and Uncertainties" in Minefinders' Management's Discussion and Analysis for the quarter ended September 30, 2010, both of which are incorporated by reference herein and are available on SEDAR at www.sedar.com. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Minefinders does not undertake to update any forward looking statements that are incorporated by reference, except in accordance with applicable securities laws.

Appendix 1: Dolores Selected Drill Results 

Drill Hole From
(metres)
To
(metres)
Length (metres) AU gpt AG gpt AuEq(1)gpt Consolidated Intervals
Average AuEq(1) gpt Length (metres)
                 
D010-541 215 430 432 2 0.974 26 1.41 1.71 6
D010-541 216 432 434 2 1.36 95 2.94    
D010-541 217 434 436 2 0.542 14 0.78    
                 
D010-541 225 450 452 2 0.471 37.5 1.10 1.695 16
D010-541 226 452 454 2 1.136 70 2.30    
D010-541 227 454 456 2 1.307 84.5 2.72    
D010-541 228 456 458 2 1.194 76.5 2.47    
D010-541 229 458 460 2 0.401 20 0.73    
D010-541 230 460 462 2 0.321 20 0.65    
D010-541 231 462 464 2 0.9 51 1.75    
D010-541 232 464 466 2 0.793 62.5 1.84    
                 
D010-542 176 352 354 2 0.742 20.5 1.08    
D010-542 177 354 356 2 1.464 8.9 1.61    
                 
D010-542 181 362 364 2 1.196 39 1.85    
                 
D010-543 180 376 378 2 0.796 11.1 0.98 1.3 6
D010-543 181 378 380 2 1.524 35.6 2.12    
D010-543 182 380 382 2 0.386 25 0.80    
                 
D010-544 78 156 158 2 0.192 202.5 3.57    
                 
D010-544 85 170 172 2 0.026 62.1 1.06    
                 
D010-544 127 254 256 2 0.288 14.1 0.52    
D010-544 128 256 258 2 0.225 29.7 0.72    
                 
D010-544 133 266 268 2 0.455 18.8 0.77    
D010-544 134 268 270 2 0.284 15 0.53    
                 
D010-544 149 298 300 2 2.547 68.8 3.69    
                 
D010-544 199 398 400 2 0.653 27.1 1.10    
                 
D010-544 230 460 462 2 1.893 53.6 2.79 1.72 4
D010-544 231 462 464 2 0.431 13.5 0.66    
                 
D010-546 95 190 192 2 1.055 407.5 7.85 2.63 8
D010-546 96 192 194 2 0.122 11.5 0.31    
D010-546 97 194 196 2 0.266 52 1.13    
D010-546 98 196 198 2 0.57 38.9 1.22    
                 
D010-546 164 258 260 2 1.762 28.4 2.24 2.2 4
D010-546 165 260 262 2 1.86 18.5 2.17    
                 
D010-546 210 420 422 2 1.578 163.2 4.30 2.64 4
D010-546 211 422 424 2 0.74 15 0.99    
                 
D010-546 218 436 438 2 25.201 1103.7 43.60 23.95 4
D010-546 219 438 440 2 2.301 120.4 4.31    
                 
D010-548 121 242 244 2 1.44 61.5 2.47    
                 
D010-548 123 246 248 2 0.81 20 1.14 1.15 6
D010-548 124 248 250 2 1.066 34.5 1.64    
D010-548 125 250 252 2 0.404 16.8 0.68    
                 
D010-550 92 184 186 2 0.923 30 1.42    
D010-550 93 186 188 2 0.427 11 0.61    
                 
D010-551 122 244 246 2 0.891 243.2 4.94 9.9 6
D010-551 123 246 248 2 0.235 9.6 0.40    
D010-551 124 248 250 2 24.241 6.7 24.35    
D010-551 125 250 252 2 0.611 6 0.71    
                 
D010-551 138 276 278 2 0.913 10 1.08    
                 
D010-552 33 66 68 2 0.63 26 1.06    
                 
D010-552 57 114 116 2 8.234 30 8.73 4.67 4
D010-552 58 116 118 2 0.301 18.5 0.61    
                 
D010-552 84 168 170 2 0.176 65.5 1.27    
                 
D010-552 95 190 192 2 0.282 140.1 2.62    
                 
D010-552 115 230 232 2 0.316 56.5 1.26    
                 
D010-552 120 240 242 2 0.528 36 1.13    
                 
D010-552 126 252 254 2 0.938 8.5 1.08    
                 
D010-553 48 96 98 2 0.11 28.5 0.59    
D010-553 49 98 100 2 0.303 29.2 0.79    
D010-553 50 100 102 2 0.102 30.8 0.62    
D010-553 51 102 104 2 0.151 26.9 0.60    
D010-553 52 104 106 2 0.871 42.3 1.58    
D010-553 53 106 108 2 0.697 10.1 0.87    
                 
D010-553 70 140 142 2 0.128 69.5 1.29    
D010-553 71 142 144 2 0.18 14.4 0.42    
D010-553 72 144 146 2 0.073 19 0.39    
D010-553 73 146 148 2 0.255 15 0.51    
D010-553 74 148 150 2 0.121 23.1 0.51    
D010-553 75 150 152 2 0.051 19.2 0.37    
D010-553 76 152 154 2 0.116 18 0.42    
D010-553 77 154 156 2 0.121 29.5 0.61    
D010-553 78 156 158 2 0.095 34 0.66    
                 
D010-554 28 56 58 2 0.164 28.5 0.64    
D010-554 29 58 60 2 0.064 27.5 0.52    
D010-554 30 60 62 2 0.027 19.5 0.35    
D010-554 31 62 64 2 0.265 19.5 0.59    
D010-554 32 64 66 2 0.09 16.5 0.37    
D010-554 33 66 68 2 0.078 13.5 0.30    
                 
D010-555 01 2 4 2 0.592 36.5 1.20    
D010-555 02 4 6 2 0.328 29 0.81    
D010-555 03 6 8 2 0.436 14 0.67    
                 
D010-555 08 16 18 2 0.121 19.5 0.45    
D010-555 09 18 20 2 0.256 17 0.54    
D010-555 10 20 22 2 0.305 29 0.79    
D010-555 11 22 24 2 0.258 34.5 0.83    
D010-555 12 24 26 2 0.277 25.5 0.70    
D010-555 13 26 28 2 0.099 28 0.57    
D010-555 14 28 30 2 0.291 21 0.64    
D010-555 15 30 32 2 0.169 29 0.65    
                 
D010-555 156 312 314 2 0.129 14.5 0.37    
D010-555 157 314 316 2 0.177 14 0.41    
D010-555 158 316 318 2 0.424 55 1.34    
D010-555 159 318 320 2 0.097 19 0.41    
D010-555 160 320 322 2 0.192 51.5 1.05    
                 
D010-556 115 230 232 2 0.22 53 1.10    
                 
D010-556 124 248 250 2 0.821 11 1.00    
D010-556 125 250 252 2 0.198 32.5 0.74    
                 
D010-556 214 428 430 2 0.335 47 1.12    
D010-556 215 430 432 2 0.239 79.5 1.56    
                 
D010-556 220 440 442 2 0.849 211.5 4.37    
                 
D010-557 156 312 314 2 0.927 5 1.01    
D010-557 157 314 316 2 0.541 9.5 0.70    
D010-557 158 316 318 2 0.479 30 0.98    
D010-557 159 318 320 2 0.454 23 0.84    
D010-557 160 320 322 2 0.469 20 0.80    
D010-557 161 322 324 2 0.253 59.1 1.24    
D010-557 162 324 326 2 0.38 27.5 0.84    
D010-557 163 326 328 2 0.208 10.5 0.38    
D010-557 164 328 330 2 0.255 25.5 0.68    
                 
D010-557 170 340 342 2 0.934 179.2 3.92 3.23 4
D010-557 171 342 344 2 0.872 100 2.54    
                 
D010-557 172 346 348 2 0.117 39.5 0.78    
                 
D010-559 158 316 318 2 0.511 47.5 1.30    
                 
D010-559 167 334 336 2 1.068 2.5 1.11    
D010-559 168 336 338 2 1.736 1.5 1.76    
D010-559 169 338 340 2 0.493 3.5 0.55    
                 
D010-559 192 384 386 2 0.441 26.5 0.88 4.72 6
D010-559 193 386 388 2 0.608 103.7 2.34    
D010-559 194 388 390 2 2.736 491.7 10.93    
                 
D010-559 197 394 396 2 0.329 106.2 2.10    
                 
D010-559 205 410 412 2 0.373 57.5 1.33 2.32 4
D010-559 206 412 414 2 0.723 153 3.27    
                 
D010-559 224 448 450 2 1.133 82 2.50 1.87 4
D010-559 225 450 452 2 0.43 48.5 1.24    
                 
D010-559 230 460 462 2 0.206 37 0.82    
D010-559 231 462 464 2 0.108 29.5 0.60    
D010-559 232 464 466 2 0.107 32 0.64    
                 
D010-560 152 304 306 2 0.382 23.5 0.77    
                 
D010-560 156 312 314 2 1.113 5 1.20    
                 
D010-560 160 320 322 2 0.943 4.5 1.02    
                 
D010-560 162 324 326 2 5.625 9 5.78    
D010-560 163 326 328 2 0.63 6.5 0.74    
D010-560 164 328 330 2 0.161 29.5 0.65    
D010-560 165 330 332 2 0.14 31 0.66    
                 
D010-561 99 198 200 2 0.344 17 0.63    
D010-561 100 200 202 2 0.246 20.5 0.59    
D010-561 101 202 204 2 0.529 15.5 0.79    
D010-561 102 204 206 2 0.484 14.5 0.73    
D010-561 103 206 208 2 0.352 10.5 0.53    
                 
D010-561 104 208 210 2 1.399 12.5 1.61 1.44 6
D010-561 105 210 212 2 1.171 16 1.44    
D010-561 106 212 214 2 1.068 12.5 1.28    
                 
D010-561 107 214 216 2 0.267 20 0.60    
D010-561 108 216 218 2 0.446 37 1.06    
D010-561 109 218 220 2 0.52 22.5 0.90    
D010-561 110 220 222 2 0.599 11 0.78    
                 
D010-561 129 258 260 2 0.507 22.5 0.88 1.72 4
D010-561 130 260 262 2 1.386 70 2.55    
                 
D010-562 63 128 130 2 0.068 32.5 0.61    
                 
D010-562 66 134 136 2 0.103 34.5 0.68    
                 
D010-562 72 146 148 2 0.099 61.5 1.12    
                 
D010-562 76 154 156 2 0.972 4.5 1.05    
                 
D010-562 81 164 166 2 0.799 13 1.02    
D010-562 82 166 168 2 0.771 13.5 1.00    
D010-562 83 168 170 2 0.973 26 1.41    
D010-562 84 170 172 2 0.065 25.5 0.49    
D010-562 85 172 174 2 0.158 27.5 0.62    
D010-562 86 174 176 2 0.176 35.5 0.77    
D010-562 87 176 178 2 0.374 37.5 1.00    
D010-562 88 178 180 2 1.297 48 2.10 13.69 42
D010-562 89 180 182 2 2.073 40.5 2.75    
D010-562 90 182 184 2 2.895 30.5 3.40    
D010-562 91 184 186 2 3.914 49.5 4.74    
D010-562 92 186 188 2 0.542 36 1.14    
                 
D010-562 93 188 190 2 5.897 65.5 6.99 42.92 12
D010-562 94 190 192 2 2.892 63 3.94    
D010-562 95 192 194 2 23.863 137.3 26.15    
D010-562 96 194 196 2 1.862 39 2.51    
D010-562 97 196 198 2 174.45 491.3 182.64    
D010-562 98 198 200 2 32.161 187 35.28    
                 
D010-562 99 200 202 2 0.598 157.3 3.22    
D010-562 100 202 204 2 0.463 43 1.18    
D010-562 101 204 206 2 0.958 69.5 2.12    
D010-562 102 206 208 2 0.379 30.5 0.89    
D010-562 103 208 210 2 0.499 12.5 0.71    
D010-562 104 210 212 2 1.527 15.5 1.79    
D010-562 105 212 214 2 1.935 11 2.12    
D010-562 106 214 216 2 0.38 16.5 0.66    
D010-562 107 216 218 2 1.979 10 2.15    
D010-562 108 218 220 2 0.607 28 1.07    
                 
D010-562 216 432 434 2 1.515 136.9 3.80    
                 
D010-563 69 138 140 2 0.803 20.5 1.14    
D010-563 70 140 142 2 0.537 14 0.77    
                 
D010-563 71 142 144 2 3.663 22.5 4.04 3.01 14
D010-563 72 144 146 2 1.106 22.5 1.48    
D010-563 73 146 148 2 9.921 18 10.22    
D010-563 74 148 150 2 1.015 37 1.63    
D010-563 75 150 152 2 1.108 38 1.74    
D010-563 76 152 154 2 0.673 14 0.91    
D010-563 77 154 156 2 0.599 28 1.07    
                 
D010-563 78 156 158 2 0.261 19 0.58    
                 
D010-563 91 182 184 2 0.375 32.5 0.92    
D010-563 92 184 186 2 0.191 21.5 0.55    
D010-563 93 186 188 2 0.529 18.5 0.84    
D010-563 94 188 190 2 0.216 16 0.48    
D010-563 95 190 192 2 0.391 13 0.61    
D010-563 96 192 194 2 0.089 15.5 0.35    
D010-563 97 194 196 2 0.573 23.5 0.96    
D010-563 98 196 198 2 0.528 30 1.03    
D010-563 99 198 200 2 0.087 13.5 0.31    
D010-563 100 200 202 2 0.162 72 1.36    
D010-563 101 202 204 2 0.028 66 1.13    
D010-563 102 204 206 2 0.185 49 1.00    
                 
D010-565 68 136 138 2 1.088 124.8 3.17    
                 
D010-565 112 224 226 2 0.803 139.7 3.13    
                 
D010-565 203 406 408 2 0.71 55.5 1.64 2.162 4
D010-565 204 408 410 2 0.968 103.2 2.69    
                 
D010-565 205 410 412 2 0.393 13.5 0.62    
                 
D010-565 208 416 418 2 0.713 45.5 1.47    
D010-565 209 418 420 2 0.388 14.5 0.63    
                 
D010-565 216 432 434 2 1.014 9.5 1.17 1.58 12
D010-565 217 434 436 2 1.5 9 1.65    
D010-565 218 436 438 2 0.635 11.5 0.83    
D010-565 219 438 440 2 0.869 4.5 0.94    
D010-565 220 440 442 2 1.226 10.5 1.40    
D010-565 221 442 444 2 2.641 52 3.51    
                 
D010-565 223 446 448 2 1.248 17 1.53    
D010-565 224 448 450 2 0.746 8.5 0.89    
D010-565 225 450 452 2 0.524 6.5 0.63    
                 
D010-565 238 476 478 2 1.744 3.5 1.80    
                 
D010-565 243 486 488 2 1.305 7 1.42    
                 
  1. Gold-Equivalent ounces were estimated using a 60 to 1 silver to gold ratio.

Contact Information

  • Minefinders Corporation Ltd.
    Jonathan Hackshaw
    Director of Corporate Communications
    Toll Free: (866) 687-6263 or (604) 687-6263
    or
    Minefinders Corporation Ltd.
    Mike Wills
    Investor Relations Representative
    Toll Free: (866) 687-6263 or (604) 687-6263
    (604) 687-6267 (FAX)
    www.minefinders.com