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Minefinders Reports First Quarter Production Results
08:32 EDT Tuesday, April 07, 2009
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 7, 2009) -Minefinders Corporation Ltd. (TSX:MFL)(NYSE Alternext US:MFN) todayannounced first quarter and March 2009 production results.
The Company produced approximately 14,169 ounces of gold and 282,429ounces of silver in the first quarter of 2009, its first full quarterof pre-commercial operations. Pre-commercial production of gold andsilver at the Company's Dolores Mine in Mexico commenced in November2008.
Metal production has continued to escalate as the Dolores Mineprogresses to commercial production. Gold production increased toapproximately 6,426 ounces in March 2009 from 5,089 ounces in February.Silver production increased to approximately 121,091 ounces in March2009 from 111,010 ounces in February. With more than five months sincethe start of leaching operations, gold and silver recovery rates areexceeding expectations. Metal production is expected to continue toincrease through the course of the second quarter as the volume of oreunder leach and time under leach increases.
"The Dolores Mine remains on target to commence commercialoperations in the second quarter with production of gold and silverincreasing and two consecutive months of positive cash flow frompre-commercial operations," said Mark Bailey, President and ChiefExecutive Officer. "Also in March, as part of the broader marketrecognition that comes with mineral production, Standard & Poor'sadded Minefinders to the S&P/TSX Composite index, the headlineindex and the principal broad market measure for the Toronto StockExchange. Being added to the index reflects Minefinders' improvedmarket capitalization and trading liquidity relative to other Canadiansecurities."
Recent photos of operations at Dolores can be viewed at www.minefinders.com in the Dolores Gallery.
About Minefinders
Minefinders is a precious metals mining and exploration company andoperates the multi-million ounce Dolores gold and silver mine inMexico. The Company continues its exploration efforts on otherprospective projects in Mexico to build a quality pipeline of preciousmetals projects for future growth.
This release contains certain "forward-looking statements" and"forward-looking information" as defined under applicable Canadian andU.S. securities laws. Forward-looking statements generally can beidentified by the use of forward-looking terminology such as "may","will", "expect", "intend", "estimate", "anticipate", "believe","continue" or similar terminology. Forward-looking statements are basedon forecasts of future results, estimates of amounts not yetdeterminable and assumptions of management that, while believed bymanagement to be reasonable, are inherently subject to significantbusiness, economic and competitive uncertainties and contingencies.Certain of the statements made herein by Minefinders areforward-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, 2008 and under the heading "Risksand Uncertainties" of Minefinders' Management's Discussion and Analysisfor the year ended December 31, 2008, 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.
FOR FURTHER INFORMATION PLEASE CONTACT:
Minefinders Corporation Ltd.
Mike Wills
Investor contact
(604) 687-6263
(604) 687-6267 (FAX)
Email: mike@minefinders.com
Website: www.minefinders.com