VANCOUVER, BRITISH COLUMBIA
-- (MARKET WIRE)
-- 06/28/11
Minefinders Corporation Ltd. (TSX: MFL)(NYSE Amex: MFN) is pleased to report drill results from the 2011 exploration program on the Company's La Virginia Project in Sonora State, Mexico.
Exploratory drilling began in 2010 in the Con Virginia Zone (central area of the La Virginia District) and then moved to additional targets in the El Campo Santo Zone (located to the north) and the Las Huatas Zone (located to the south). The main focus of the drilling program in 2011 has been at the Las Huatas Zone. A map showing the location of these zones can be found on the Company's website and all potentially significant intercept results received to date are categorized by zone in the tables included at the end of this news release.
In the Las Huatas Zone, located 1,200 metres to the south of the Con Virginia Zone, high grades of gold and silver mineralization have been intercepted at elevations ranging from approximately 1,810 metres (near surface) down to the lowest tested portion of the system at 1,470 metres. This represents a minimum of 340 metres of vertical extent of high-grade gold and silver mineralization. Step-out drill holes are targeting this mineralized system on 40 to 50 metre centres to establish continuity and extent of grades. Grades of mineralization greater than 3.0 grams per tonne (gpt) gold-equivalent (AuEq) in this area are carried within multiple mineralized structures.
Gold assays in hole LV11-36C range up to 2.0 metres averaging 13.0 gpt of gold with five separate assay intervals exceeding 3.0 gpt of gold. Silver assays range up to 1,042 gpt of silver over 2 metres, with five assay intervals exceeding 500 gpt. These high-grade intercepts are contained within an overall mineralized interval of 67.0 metres averaging 6.46 gpt AuEq (2.33 gpt gold and 247.5 gpt silver). The high-grade zones in the Las Huatas Zone remain open to depth and laterally along strike.
"We are encouraged by the success of our initial exploration program on the La Virginia property, but with multiple targets remaining to be tested we have a lot of work to complete before we will know the true significance of this discovery," commented Tench Page, Vice President, Exploration.
Highlights of assay results from recently completed holes in the Las Huatas zone include:
-- LV11-28C: 12.1 metres of 2.46 gpt AuEq(1) including 3.0 metres of 3.34
gpt AuEq
-- LV11-28C: 1.0 metre of 11.22 gpt AuEq
-- LV11-30C: 29.0 metres of 3.68 gpt AuEq, including 3.1 metres of 15.68
gpt AuEq and 6.0 metres of 5.53 gpt AuEq
-- LV11-30C: 2.0 metres of 6.27 gpt AuEq
-- LV11-30C: 1.5 metres of 5.92 gpt AuEq
-- LV11-33C: 3.0 metres of 5.86 gpt AuEq
-- LV11-33C: 4.95 metres of 5.11 gpt AuEq
-- LV11-33C: 2.95 metres of 4.13 gpt AuEq
-- LV11-33C: 1.0 metre of 7.14 gpt AuEq
-- LV11-33C: 4.0 metres of 6.16 gpt AuEq
-- LV11-35C: 17.35 metres of 3.65 gpt AuEq, including 3.0 metres of 9.55
gpt AuEq
-- LV11-35C: 1.5 metres of 5.01 gpt AuEq
-- LV11-36C: 67.0 metres of 6.46 gpt AuEq, including 7.9 metres of 11.43
gpt, 4.8 metres of 17.06 AuEq, and 5.0 metres of 20.79 AuEq
-- LV11-40C: 3.0 metres of 7.14 gpt AuEq
-- LV11-40C: 1.1 metres of 6.95 gpt AuEq
(1) AuEq has been calculated using a silver to gold ratio of 60 to one.
Drilling within the Con Virginia Zone resulted in discovery of high-grade gold and silver mineralization in 2010. As previously mentioned, drilling in this zone has been limited in 2011 as priority has been given to the Las Huatas Zone. Highlights of assay results from recently completed holes in this area include:
-- LV11-29C: 2.2 metres of 6.52 gpt AuEq, including 1.2 metres of 10.49 gpt
AuEq
-- LV11-34C: 1 metre of 3.53 gpt AuEq
The higher grade intercepts generally occur between 1,500 metres and 1,700 metres of elevation but mineralization potentials have yet to be evaluated along strike and at greater depths in this zone.
Intercepts in the El Campo Santo Zone, located one kilometre north of the Con Virginia Zone, are similar to those observed above the 1,800 metre elevation in the Las Huatas Zone but this part of the drill program is still in the early stages. New drilling in this zone will test the potential of deeper levels of the system throughout.
Total drilling for the project now exceeds 13,000 metres in 42 completed core holes and the Company currently has two core rigs operating at the site. Thus far, the Company has drilled nearly 6,000 metres in 2011 of its planned 12,750 metre program at La Virginia. Drilling continues to follow up on encouraging intercepts located in the three main areas along the seven kilometres of mineralized strike-length found within the main project area. As the Company's understanding of this property continues to advance, it will consider increasing the intensity of its drill program at La Virginia to allow for the development of a National Instrument 43-101 compliant resource.
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. 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. Gold to silver ratios, geochemical zonation patterns, and their elevational and lateral relations are being studied from all current available data in order to continue to target areas of highest potential.
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.
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.
Table 1 - Con Virginia Zone Intercepts:
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Intercepts: Length Length Au Ag AuEq(ii)
Drill Hole No. From (m): To (m): (m) (ft) gpt gpt gpt
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LV10-1C(i) 346 347.5 1.5 4.9 0.338 43.5 1.06
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LV10-7C(i) 120.5 147.5 27 88.6 1.011 89.9 2.51
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Includes: 131.5 147.5 16 52.5 1.452 124.9 3.53
---------------------------------------------------------------------------
Includes: 136 138.5 2.5 8.2 1.98 252.4 6.18
---------------------------------------------------------------------------
And: 146 147.5 1.5 4.9 3.133 224.5 6.87
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LV10-8C(i) 39 40.5 1.5 4.9 0.831 64.5 1.91
---------------------------------------------------------------------------
LV 10-8C(i) 138 139.25 1.25 4.1 0.648 29.5 1.14
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LV10-8C(i) 181.9 186.2 4.3 14.1 2.092 136.3 4.36
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Includes: 181.9 183 1.1 3.6 5.753 434.3 12.99
---------------------------------------------------------------------------
LV10-9C(i) 182.5 183.5 1 3.3 1.430 104.8 3.18
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LV10-21C 113.5 118 4.5 14.8 0.774 63.5 1.83
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LV10-21C 124.4 141 16.5 54.1 0.520 34.6 1.10
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LV10-21C 151.5 156 4.5 14.8 0.846 74.2 2.08
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Includes: 154.5 156 1.5 4.9 2.046 186.6 5.16
---------------------------------------------------------------------------
LV10-23C 176.5 178 1.5 4.9 0.616 33.5 1.17
---------------------------------------------------------------------------
LV10-25C 150 151.5 1.5 4.9 0.662 75.5 1.92
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LV10-25C(i) 175.1 184.7 9.6 31.5 3.16 195.0 6.41
---------------------------------------------------------------------------
Includes: 179.3 180.2 0.9 3.0 14.160 606.0 24.26
---------------------------------------------------------------------------
And: 184 184.7 0.7 2.3 14.057 1194.7 33.97
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LV10-26C 287.5 291.1 3.6 11.8 0.539 29.2 1.03
---------------------------------------------------------------------------
LV10-27C 357.5 362 4.5 14.8 0.798 42.0 1.16
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LV11-29C 84 86 2 6.6 1.148 5.5 1.24
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LV11-29C 231.8 234 2.2 7.2 2.764 225.4 6.52
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Includes: 232.8 234 1.2 3.9 4.437 363.3 10.49
---------------------------------------------------------------------------
LV11-32C 151 153 2 6.6 1.12 2.5 1.16
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LV11-32C 318 319 1 3.3 1.192 45 1.94
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LV11-34C 203.5 205 3 9.8 1.328 50.8 2.17
---------------------------------------------------------------------------
LV11-34C 214 215.5 1.5 4.9 1.387 83.5 2.78
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LV11-34C 235.5 236.5 1 3.3 1.557 118.6 3.53
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(i) Previously reported.
(ii) Gold-equivalent (AuEq) has been calculated using a silver to gold
ratio of 60 to one.
Table 2 - Las Huatas Zone Intercepts:
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Intercepts: Length Length Au Ag AuEq(ii)
Drill Hole No. From (m): To (m): (m) (ft) gpt gpt gpt
---------------------------------------------------------------------------
LV10-2C(i) 42.65 56 13.35 65 0.61 9.5 0.77
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LV10-4C(i) 113 115 2 6.6 12.165 51.5 13.02
---------------------------------------------------------------------------
LV10-5C(i) 69.8 81.5 11.7 38.4 0.343 13.6 0.57
---------------------------------------------------------------------------
LV10-12C(i) 195.5 197 1.5 4.9 0.597 59.1 1.58
---------------------------------------------------------------------------
LV10-13C 185 187 2 6.6 0.373 42.5 1.08
---------------------------------------------------------------------------
LV10-13C 244 245.5 1.5 4.9 1.248 38.0 1.88
---------------------------------------------------------------------------
LV10-13C 250.9 252 1.1 3.6 0.715 60.5 1.72
---------------------------------------------------------------------------
LV10-13C(i) 278.5 301.5 23 75.5 1.137 78.9 2.45
---------------------------------------------------------------------------
Includes: 291.3 294.3 3 9.8 5.246 329.7 10.74
---------------------------------------------------------------------------
LV11-28C 82 84 2 6.6 1.044 20.5 1.72
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LV11-28C 93.9 106 12.1 39.7 1.273 71.4 2.46
---------------------------------------------------------------------------
Includes: 97 100 3 9.8 1.520 108.9 3.34
---------------------------------------------------------------------------
LV11-28C 115 120 5 16.4 0.846 19.3 1.17
---------------------------------------------------------------------------
LV11-28C 130 139 9 29.5 0.668 29.4 1.16
---------------------------------------------------------------------------
LV11-28C 145 146 1 3.3 0.480 37.5 1.11
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LV11-28C 186 187 1 3.3 0.716 34.0 1.28
---------------------------------------------------------------------------
LV11-28C 192 193 1 3.3 5.067 369.3 11.22
---------------------------------------------------------------------------
LV11-28C 268.5 270 1.5 4.9 0.487 44.0 1.22
---------------------------------------------------------------------------
LV11-30C 121 150 29 95.1 1.674 120.6 3.68
---------------------------------------------------------------------------
Includes: 122.5 125.6 3.1 10.2 7.766 474.9 15.68
---------------------------------------------------------------------------
Includes: 122.5 124 1.5 4.9 11.833 758.7 24.48
---------------------------------------------------------------------------
And: 132.5 138.5 6 19.7 2.140 191.5 5.33
---------------------------------------------------------------------------
LV11-30C 182.5 185.5 3 9.8 0.464 31.5 1.00
---------------------------------------------------------------------------
LV11-30C 210 212 2 6.6 0.510 45.5 1.27
---------------------------------------------------------------------------
LV11-30C 228 234 6 19.7 0.698 39.7 1.36
---------------------------------------------------------------------------
LV11-30C 270 272 2 6.6 2.686 215.1 6.27
---------------------------------------------------------------------------
LV11-30C 321.5 323 1.5 4.9 2.386 212.3 5.92
---------------------------------------------------------------------------
LV11-33C 211.5 217.5 6 19.7 0.750 77.0 2.03
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Includes: 211.5 214.5 3 9.8 1.207 132.7 3.42
---------------------------------------------------------------------------
LV11-33C 222.5 225.5 3 9.8 4.209 99.1 5.86
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LV11-33C 240.5 242 1.5 4.9 0.889 22.0 1.26
---------------------------------------------------------------------------
LV11-33C 251.5 256.45 4.95 16.2 1.956 189.5 5.11
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Includes: 253.5 256.45 2.95 9.7 2.855 273.9 7.42
---------------------------------------------------------------------------
LV11-33C 264 265.5 1.5 4.9 1.086 25.0 1.50
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LV11-33C 273 274.5 1.5 4.9 0.892 72.0 2.09
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LV11-33C 295 300 5 16.4 1.068 80.2 2.40
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Includes: 295 296 1 3.3 2.977 249.8 7.14
---------------------------------------------------------------------------
LV11-33C 365.5 368.45 2.95 9.7 3.075 63.3 4.13
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Includes: 366.8 368.45 1.65 5.4 4.580 103.4 6.30
---------------------------------------------------------------------------
LV11-33C 410.5 412.1 1.6 5.2 1.069 59.0 2.05
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LV11-33C 444 446 2 6.6 2.432 147.7 4.89
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LV11-33C 480 484 4 13.1 3.881 136.9 6.16
---------------------------------------------------------------------------
Includes: 480 482 2 6.6 6.514 226.2 10.28
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LV11-35C 142.6 177 34.4 112.9 0.863 73.5 2.09
---------------------------------------------------------------------------
Includes: 159.65 177 17.35 56.9 1.497 129.4 3.65
---------------------------------------------------------------------------
Includes: 162 165 3 9.8 4.015 331.9 9.55
---------------------------------------------------------------------------
LV11-35C 188.5 190 1.5 4.9 0.754 39.5 1.41
---------------------------------------------------------------------------
LV11-35C 194.5 196 1.5 4.9 0.588 65.5 1.68
---------------------------------------------------------------------------
LV11-35C 231.5 234.5 3 9.8 0.543 53.5 1.43
---------------------------------------------------------------------------
LV11-35C 267 268.5 1.5 4.9 0.665 29.0 1.15
---------------------------------------------------------------------------
LV11-35C 276 285 9 29.5 0.755 55.0 1.67
---------------------------------------------------------------------------
Includes: 279 280.5 1.5 4.9 2.286 163.4 5.01
---------------------------------------------------------------------------
LV11-35C 331 333 2 6.6 0.860 34.5 1.44
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LV11-36C 46 48 2 6.6 0.778 18.5 1.09
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LV11-36C 96 98 2 6.6 2.393 63.0 3.44
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LV11-36C 165 166.5 1.5 4.9 0.731 59.6 1.72
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LV11-36C 180 247 67 219.8 2.332 247.5 6.46
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Includes: 193.65 201.55 7.9 30.0 2.693 524.0 11.43
---------------------------------------------------------------------------
Includes: 196.6 200.1 3.5 11.5 4.2631,042.4 21.64
---------------------------------------------------------------------------
And: 219.2 224 4.8 15.8 7.940 547.1 17.06
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And: 232 237 5.0 16.5 8.624 730.1 20.79
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Includes: 232 234 2 6.6 13.174 1042.3 30.55
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LV11-36C 254.5 256 1.5 4.9 .479 33.0 1.03
---------------------------------------------------------------------------
LV11-36C 265 266.5 1.5 4.9 .374 46.5 1.15
---------------------------------------------------------------------------
LV11-36C 343 344.4 1.4 4.6 .671 29.0 1.15
---------------------------------------------------------------------------
LV11-36C 359 360.5 1.5 4.9 .567 50.0 1.40
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LV11-36C 405 406.5 1.5 4.9 .992 11.5 1.18
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LV11-40C 80 93.5 13.5 44.4 1.410 78.0 2.71
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Includes: 84 87 3 9.9 3.774 202.2 7.14
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LV11-40C 170.5 171.6 1.1 3.6 3.530 205.0 6.95
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(i) Previously reported.
(ii) Gold-equivalent (AuEq) has been calculated using a silver to gold
ratio of 60 to one.
Table 3 - El Campo Santo Zone Intercepts:
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Intercepts: Length Length Au Ag AuEq
Drill Hole No. From (m): To (m): (m) (ft) gpt gpt gpt(ii)
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LV10-14C 46 47.5 1.5 4.9 2.137 1.4 2.16
---------------------------------------------------------------------------
LV10-14C 55.15 56.25 1.1 3.6 0.351 38.0 1.00
---------------------------------------------------------------------------
LV10-15C 51 52.5 1.5 4.9 2.074 4.7 2.15
---------------------------------------------------------------------------
LV10-15C 80 82 2 6.6 0.596 36.5 1.20
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LV10-18C 83 85 2 6.6 1.124 7.5 1.25
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LV11-37C 131 133 2 6.6 1.185 10.0 1.35
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LV11-37C 147 153 6 19.7 1.141 6.0 1.24
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LV11-37C 181 183 2 6.6 1.405 32.5 1.95
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(ii) Gold-equivalent (AuEq) has been calculated using a silver to gold
ratio of 60 to one.
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 March 31, 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.
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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