Minefinders Corporation Ltd. ("Minefinders" or 'the Company")
(TSX:MFL)(NYSE Amex:MFN) is pleased to provide updated results from
drilling completed at the Company's La Virginia Project in Sonora
State, Mexico.
Following encouraging results earlier in the year, drilling
remains focused on the Las Huatas Zone. Drill intercepts reported
in this news release are from step-out holes designed to expand on
previously reported intercepts by targeting the mineralized
structure on 40 to 60 metre centres. A map showing the location of
all the zones where drilling has taken place can be found on the
Company's website (www.minefinders.com) and recent potentially
significant intercept results are categorized by zone in the tables
included at the end of this news release.
High-grade intercepts from within the Las Huatas Zone include
4.0 metres averaging 71.31 grams per tonne (gpt) gold-equivalent(1)
(AuEq) (41.01 gpt gold and 1,817.9 gpt silver) contained within
23.5 metres averaging 13.69 gpt AuEq (7.63 gpt gold and 363.2 gpt
silver). Gold-equivalents are based solely on the contained gold
and silver and no base metals have been observed to occur. To date,
the Las Huatas zone has been systematically tested over an area of
approximately 250 metres laterally and 250 metres vertically. Drill
sites are currently in place to test an additional 450 metres of
strike length as well as target mineralization at depth.
Highlights of assay results from recently completed holes in the
Las Huatas Zone include:
-- LV11-47C: 23.5 metres of 13.69 gpt AuEq including 9.0 metres of 34.51
gpt AuEq and 4.0 metres of 71.31 gpt AuEq
-- LV11-48C: 7.8 metres of 2.04 gpt AuEq including 1.0 metre of 9.45 gpt
AuEq
-- LV11-49C: 2.0 metres of 8.16 gpt AuEq
-- LV11-50C: 15.0 metres of 6.14 gpt AuEq including 4.5 metres of 18.09 gpt
AuEq and 1.5 metres of 41.13 gpt AuEq
All intervals are reported as down-hole lengths and are not
corrected to true widths for the mineralized intervals as drill
holes typically cut mineralization at variable angles and
geometries of mineralized zones remain speculative until further
drilling is completed.
(1) Gold-equivilent has been calculated using a silver to gold
ratio of 60 to one.
Geologic mapping and sampling is currently being conducted on
the south end of the project where the Las Huatas mineralized zone
is known to extend for at least two to three kilometres to the
south of current drilling. This expands the total strike length
along mineralized structures to more than 10 kilometers of length.
Once this work is completed, an application to expand the existing
environmental permit to include this area for drilling will be
filed.
Two test drill holes within the El Campo Santo Zone, located in
the northern half of the project, were also completed. These drill
holes were designed to test down-dip of previously drilled shallow
intercepts. Results include 4.62 gpt AuEq over 2.0 metres in hole
LV11-38C and 6.53 gpt AuEq over 2.0 metres in hole LV11-44C
indicating that grades are increasing with depth. Additional
drilling along the El Campo Santo Zone is planned for the fourth
quarter of this year.
In the Con Virginia Zone (the central portion of the property),
the focus has been the development of additional infrastructure
such as access roads and new drill pads, the construction of which
are both complete. The new drill pads will allow for additional
targeting of the zone where mineralization remains open along
strike and up dip.
During the course of 2011, the Company has constructed an
additional 3 kilometres of road and 15 additional drill pads at La
Virginia. Two core rigs are currently dedicated to the project and
the Company plans to add a third core rig before the end of the
year. Thus far, the Company has drilled nearly 11,000 metres in
2011 of its planned 12,750 metre program at La Virginia. Total
drilling for the project now exceeds 17,000 metres in 55 completed
core holes.
Due to the positive progress made year-to-date, the Board of
Directors has approved an increase of US$1 million in the 2011
budget for La Virginia from US$2.7 million to US$3.7 million.
Drilling will continue to follow up on encouraging intercepts
located in the three main zones, totaling seven kilometres of
mineralized strike length, and will also be extended to cover an
area to the south of the Las Huatas 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.
Initial drill targets were developed through geologic mapping
and geochemical sampling, but were limited by the rugged
topography, available surface exposures, and preliminary access
requirements. Gold to silver ratios, geochemical zonation patterns,
and their elevational and lateral relations are being studied from
currently available data in order to continue to target areas of
highest potential.
Quality Control and Assurance
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 predominantly HQ but also NQ 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 La Virginia Project and is responsible for
the contents of this news release.
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 quarter
ended June 30, 2011, 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.
Table 1 - Las Huatas Zone Intercepts(1):
-----------------------------------------------------------------------
Drill Hole No. Length Length Au Ag AuEq(2)
Intercepts (m) (ft) gpt gpt gpt
-----------------------------------------------------------------------
From(m): To (m):
-----------------------------------------------------------------------
LV11-40C 78 93.5 15.5 50.9 1.278 69.2 2.43
-----------------------------------------------------------------------
Includes: 84 87 3 9.8 3.840 202.2 7.21
-----------------------------------------------------------------------
LV11-40C 120.4 122 1.6 5.2 0.527 28.5 1.00
-----------------------------------------------------------------------
LV11-40C 170.5 171.6 1.1 3.6 3.524 205.0 6.94
-----------------------------------------------------------------------
LV11-41C 69.9 95 25.1 82.3 0.735 46.2 1.50
-----------------------------------------------------------------------
Includes: 72 75 3 9.8 2.342 138.3 4.65
-----------------------------------------------------------------------
And: 87 89 2 6.6 2.216 141.3 4.57
-----------------------------------------------------------------------
LV11-43C 60.7 63.05 2.35 7.7 0.464 47.1 1.25
-----------------------------------------------------------------------
LV11-43C 72 75 3 9.8 0.412 28.8 0.89
-----------------------------------------------------------------------
LV11-46C 74 80 6 19.7 0.693 18.8 1.01
-----------------------------------------------------------------------
LV11-46C 89 95 6 19.7 0.722 83.5 2.11
-----------------------------------------------------------------------
Includes: 92 93 1 3.3 2.228 310.2 7.40
-----------------------------------------------------------------------
LV11-47C 96 98 2 6.6 2.426 123.3 4.48
-----------------------------------------------------------------------
LV11-47C 115 138.5 23.5 77.1 7.634 363.2 13.69
-----------------------------------------------------------------------
Includes: 118 127 9 29.5 19.432 904.5 34.51
-----------------------------------------------------------------------
Includes: 121 125 4 13.1 41.011 1817.9 71.31
-----------------------------------------------------------------------
LV11-47C 159.5 174.5 15 49.2 0.291 29.4 0.78
-----------------------------------------------------------------------
LV11-47C 191.3 195 3.7 12.1 0.365 40.9 1.05
-----------------------------------------------------------------------
LV11-47C 211.5 212 0.5 1.6 0.643 81.5 2.00
-----------------------------------------------------------------------
LV11-47C 249 249.5 0.5 1.6 5.593 523.9 14.32
-----------------------------------------------------------------------
LV11-48C 396 403.8 7.8 25.6 1.114 55.3 2.04
-----------------------------------------------------------------------
Includes: 397 398 1 3.3 4.969 268.8 9.45
-----------------------------------------------------------------------
LV11-49C 74 75.5 1.5 4.9 1.382 57.5 2.34
-----------------------------------------------------------------------
LV11-49C 172 174 2 6.6 3.513 278.7 8.16
-----------------------------------------------------------------------
LV11-49C 191.5 315 123.5 405.2 0.670 44.1 1.40
-----------------------------------------------------------------------
Includes: 195.8 196.8 1 3.3 2.693 195.3 5.95
-----------------------------------------------------------------------
And: 203.75 204.5 0.75 2.5 2.915 255.2 7.17
-----------------------------------------------------------------------
And: 226.5 233.2 6.7 22.0 2.744 157.6 5.37
-----------------------------------------------------------------------
And: 269.5 276.5 7 23.0 1.763 139.8 4.09
-----------------------------------------------------------------------
And: 313 315 2 6.6 1.831 131.4 4.02
-----------------------------------------------------------------------
LV11-49C 342 343.55 1.55 5.1 0.659 87.5 2.12
-----------------------------------------------------------------------
LV11-50C 201.2 203.2 2 6.6 0.382 42.0 1.08
-----------------------------------------------------------------------
LV11-50C 227.8 231.3 3.5 11.5 1.186 115.4 3.11
-----------------------------------------------------------------------
LV11-50C 234.3 237.3 3 9.8 0.795 41.3 1.48
-----------------------------------------------------------------------
LV11-50C 243.3 244.8 1.5 4.9 3.503 398.6 10.15
-----------------------------------------------------------------------
LV11-50C 247.8 262.8 15 49.2 3.040 185.9 6.14
-----------------------------------------------------------------------
Includes: 250.8 255.3 4.5 14.8 9.014 544.3 18.09
-----------------------------------------------------------------------
Includes: 252.3 253.8 1.5 4.9 21.580 1172.7 41.13
-----------------------------------------------------------------------
LV11-50C 269.4 273.9 4.5 14.8 0.386 25.7 0.81
-----------------------------------------------------------------------
LV11-50C 292.8 314.5 21.7 71.2 0.326 17.2 0.61
-----------------------------------------------------------------------
(1) All intervals are reported as down-hole lengths and are not corrected
to true widths for the mineralized intervals as drill holes typically cut
mineralization at variable angles and geometries of mineralized zones remain
speculative until further drilling is completed.
(2) AuEq has been calculated using a silver to gold ratio of 60 to one.
Table 2 - El Campo Santo Zone Intercepts(1):
-----------------------------------------------------------------------
Drill Hole No. Length Length Au Ag AuEq(2)
Intercepts (m) (ft) gpt gpt gpt
-----------------------------------------------------------------------
From (m): To (m):
-----------------------------------------------------------------------
LV11-37C 131 133 2 6.6 1.185 10.0 1.35
-----------------------------------------------------------------------
LV11-37C 147 153 6 19.7 1.141 6.0 1.24
-----------------------------------------------------------------------
LV11-37C 181 183 2 6.6 1.405 32.5 1.95
-----------------------------------------------------------------------
LV11-38C 12 13 1 3.3 1.203 35.5 1.79
-----------------------------------------------------------------------
LV11-38C 160 164 4 13.1 2.321 13.5 2.55
-----------------------------------------------------------------------
Includes: 162 164 2 6.6 4.361 15.5 4.62
-----------------------------------------------------------------------
LV11-42C 12 13.1 1.1 3.6 0.502 63.0 1.55
-----------------------------------------------------------------------
LV11-44C 153 155 2 6.6 6.393 8.5 6.53
-----------------------------------------------------------------------
(1) All intervals are reported as down-hole lengths and are not corrected
to true widths for the mineralized intervals as drill holes typically cut
mineralization at variable angles and geometries of mineralized zones remain
speculative until further drilling is completed.
(2) AuEq has been calculated using a silver to gold ratio of 60 to one.
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) 687-6263www.minefinders.com
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