VANCOUVER, BRITISH COLUMBIA, Feb 23, 2009 (Marketwire via COMTEX News Network) --
MinefindersCorporation Ltd. (TSX:MFL)(NYSE Alternext US:MFN) announced today thatthe Company celebrated the official inauguration of its Dolores goldand silver mine in Chihuahua, Mexico on February 17 and 18. The Companyalso provided an update on production at the Dolores Mine and announcedthe receipt of a social responsibility award. The Dolores Mine isexpected to produce in excess of 1.7 million ounces of gold and 64million ounces of silver over a more than 15-year mine life.
"Thisinauguration represents the culmination of over 14 years of explorationand development by Minefinders at the Dolores site," commented MarkBailey, President and Chief Executive Officer. "I would like torecognize and thank our employees, shareholders, the Mexican federal,state and municipal governments, the residents of Dolores and othersfor their support and hard work to bring the Dolores Mine to fruition."
The inauguration events brought together representatives fromstate, federal and municipal governments, political and communityleaders, members of the Ejido Huizopa, key supporters, shareholders andemployees. Keynote speakers included the Canadian Ambassador to Mexico,Guillermo Rishchynski; the Mexican Federal Minister of Mining, MariaJimena Valverde Valdes; Chihuahua State Secretary, Sergio Granados; andPresident and Chief Executive Officer of Minefinders Corporation, MarkH. Bailey.
Minefinders also invited the community at large tocelebrate this milestone with a performance by the famous "BalletFolklorico de Mexico de Amalia Hernandez" at Chihuahua's Teatro de laCiudad. More than 600 guests attended.
Dolores Mine Update
The mine remains on target to achieve commercial production in the second quarter of 2009.
-Production totaled approximately 2,700 ounces of gold and 50,000 ouncesof silver in January 2009. By mid-month, production in February hadalready exceeded the total production in January. As the volume of oreunder leach and time under leach increase, Minefinders expects the rateof production of gold and silver to continue to escalate rapidly.
-Costs are continuing to decrease and the Company expects cash costs todecrease to the life of mine average in the second quarter.Pre-commercial production operating costs, net of sales revenue, arecapitalized to mine development costs until the commencement ofcommercial production.
- The crushing and stacking rate hasaveraged approximately 16,500 tonnes processed per day in February 2009to date, compared with approximately 13,000 tonnes per day in January2009. Overall crushing plant availability continues to improve alongwith operator experience levels. Recent production levels haveperiodically exceeded the planned rate of 18,000 tonnes per day with inexcess of 21,000 tonnes per day processed.
- Tonnes stacked andunder leach continue to increase with approximately 1,600,000 tonnes ofore stacked to the leach pad and over 1,200,000 tonnes under leach atFebruary 23, 2009.
- Grades in ore stacked to the leach pad andsolution grade to the pond continue to increase as mining progressesinto the mineral deposit and tonnes under leach increases. In addition,recovery rates of contained gold and silver are exceeding expectations.
Compania Minera Dolores, a wholly owned subsidiary ofMinefinders, was awarded in February the distinction as a "SociallyResponsible Company" by the Mexican Philanthropic Center, anon-governmental organization dedicated to the promotion of sociallyresponsible organizations. This award recognizes the Company's legalcompliance and ethical policies in addressing social and environmentalissues related to the development of the Dolores Mine.
"Thisaward recognizes and validates the Company's diligence in ensuring thehighest ethical standards in fulfilling its social and environmentalresponsibilities," commented Gregg Bush, Vice President, Operations."Minefinders is committed to sound environmental management practicesand social and economic development in the Dolores region and willcontinue to make this a high priority."
Recent photos ofoperations at Dolores and of the mine inauguration can be viewed atwww.minefinders.com in the Dolores Gallery.
Qualified Person
MarkBailey MSc., P.Geo., is the "qualified person" with overallresponsibility for the Dolores Project and is responsible for thecontents of this news release.
About Minefinders
Minefindersis a precious metals mining and exploration company and operates themulti-million ounce Dolores gold and silver mine in Mexico. The Companycontinues its exploration efforts on other prospective projects inMexico to build a quality pipeline of precious metals projects forfuture growth.
This release contains certain "forward-lookingstatements" and "forward-looking information" as defined underapplicable Canadian and U.S. securities laws. Forward-lookingstatements generally can be identified by the use of forward-lookingterminology 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 of managementthat, while believed by management to be reasonable, are inherentlysubject to significant business, economic and competitive uncertaintiesand contingencies. Certain of the statements made herein by Minefindersare forward-looking and subject to important risk factors anduncertainties, both known and unknown, many of which are beyond theCompany's ability to control or predict. Known and unknown factorscould cause actual results to differ materially from those projected inthe forward-looking statements. Those factors are described or referredto under the heading "Risk Factors" of Minefinders' Annual InformationForm for the year ended December 31, 2007 and under the heading "Risksand Uncertainties" of Minefinders' Management's Discussion and Analysisfor the year ended December 31, 2007, both of which are incorporated byreference herein and are available on SEDAR at www.sedar.com. Althoughthe Company has attempted to identify important factors that couldcause actual actions, events or results to differ materially from thosedescribed in forward-looking statements, there may be other factorsthat cause actions, events or results not to be as anticipated,estimated or intended. There can be no assurance that forward-lookingstatements will prove to be accurate, as actual results and futureevents could differ materially from those anticipated in suchstatements.
SOURCE: Minefinders Corporation Ltd.
MinefindersCorporation Ltd. Mike Wills Investor Contact (604) 687-6263 (604)687-6267 (FAX) Email: mike@minefinders.com Website: www.minefinders.com
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