Minefinders Announces First Quarter 2011 Production and Sales Results
06 Abril 2011 - 8:22AM
Marketwired
(All figures are in United States dollars unless otherwise stated)
Minefinders Corporation Ltd. (TSX: MFL)(NYSE Amex: MFN) today
reported its production and sales results for the quarter ended
March 31, 2011. Full financial and operating results for the
quarter will be released after market close on May 4.
"The positive trend established in the fourth quarter 2010 has
continued in the first quarter 2011, with our best ever quarterly
production and sales performance from the Dolores Mine thus far,"
commented Mark Bailey, President and Chief Executive Officer.
"Following two quarters of improving production and sales results,
we are focused on ensuring this trend continues and on successfully
executing our development and exploration plans for 2011."
First Quarter 2011 Production and Sales Results
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Q1 2011 Q1 2010
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Gold ounces produced 17,812 18,778
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Silver ounces produced 956,760 245,086
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Gold ounces sold 16,991 19,684
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Silver ounces sold 883,760 260,668
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Gold equivalent ounces sold(1) 37,698 23,650
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Sales proceeds (millions) $52.3 $26.4
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(1) Using a ratio of 42.7 ounces of silver to one ounce of gold in Q1, 2011
and 66 ounces of silver to one ounce of gold in Q1, 2010, which are based on
the ratio of actual sales proceeds during the quarter.
First quarter metal production totaled 17,812 ounces of gold and
956,760 ounces of silver. Quarterly production is in line with the
Company's 2011 annual production forecast of 65,000 to 70,000
ounces of gold and 3.3 million to 3.5 million ounces of silver.
First quarter sales proceeds totaled $52.3 million, on the sale of
16,991 ounces of gold and 883,760 ounces of silver, or 37,698
gold-equivalent ounces. The calculation of operating and total cash
costs for the first quarter 2011 has not yet been completed.
Production in January totaled 5,275 ounces of gold and 290,011
ounces of silver and production in February totaled 5,062 ounces of
gold and 267,728 ounces of silver. Production increased in March
with 7,475 ounces of gold and 399,021 ounces of silver
produced.
The Company plans to provide an updated reserve and resource
estimate for the Dolores Mine by the end of April 2011.
Timing for Release of First Quarter 2011 Financial and Operating
Results
After market close on Wednesday, May 4, 2011 Minefinders will
release its first quarter 2011 financial and operating results. An
investor conference call will be held on Thursday, May 5, 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 be
available on the home page of the Company's website,
www.minefinders.com.
An audio replay will be available until May 12, 2011 by calling
toll-free 1-800-408-3053 or 1-905-694-9451 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, 2010 and under the heading "Risks and Uncertainties" in
Minefinders' Management's Discussion and Analysis for the year
ended December 31, 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.
Contacts: Minefinders Corporation Ltd. Jonathan Hackshaw
Director of Corporate Communications Toll Free: (866) 687-6263
Minefinders Corporation Ltd. Mike Wills Investors Relations
Representative Toll Free: (866) 687-6263 www.minefinders.com
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