February 27, 2008 - VANCOUVER, BRITISH COLUMBIA - Minefinders Corporation Ltd. (the "Company") (TSX: MFL / AMEX: MFN) is pleased to report results from recent drilling of the Dolores East Dike satellite target, located approximately 200 meters from the eastern edge of the Dolores open pit mine.� Highlights of the drilling results include:
- Confirmation of a significant new high-grade gold and silver deposit adjacent to the current reserve at the Dolores Mine.
- High-grade intercepts include 41.2 meters containing 4.07 grams per tonne ("gpt") gold and 148.1 gpt silver or 6.57 gpt gold-equivalent(1) and 83.8 meters containing 2.01 gpt gold with 76.4 gpt silver or 3.29 gpt gold-equivalent(1).�
- 10 individual intervals exceed the 10 gpt gold-equivalent(1) threshold with assay values that ranged up to 73.64 gpt gold and 723.7 gpt silver over 1.52 meters.
- The new data, in combination with results from previous drilling, will be used to estimate the new Dolores East Dike resource and evaluate conversion of this resource into additional reserves.
(1) �"gold-equivalent" is gold plus gold-equivalent silver reported at a 60:1 silver to gold value ratio.
Drilling in late 2007 was directed towards delineation of the Dolores East Dike satellite deposit with the addition of 20 infill holes along the 350 meter strike length of this northwest-trending mineralized zone.� This drilling, in combination with the 11 previously drilled holes, provides the density of drill data necessary to model and estimate a new resource for potential inclusion in the Dolores Mine reserves and economics. The drilled Dolores East Dike deposit dips moderately westward sub parallel to, and along, the slope of the East Dike ridge.� This geometry suggests that the resource could be readily mined by side-hill strip with a low strip ratio.
"Although previous drilling on the Dolores East Dike target encountered encouraging results, follow-up drilling was deferred while the primary Dolores deposit was drilled out" noted Mark Bailey, Minefinders' President and CEO. "As is common with districts of this size, the Dolores resource base continues to grow significantly and these results further confirm the expansion potential at the mine." ���
The Dolores East Dike deposit consists of near surface mineralization characterized by high-grade structures surrounded by lower-grade disseminated gold and silver mineralization extending outward over widths of 20 to 50 meters.� Mineralization drilled to date extends from section 1850 N through 2200 N for more than 350 meters of strike-length.� Additional extension of the Dolores East Dike zone to the north is indicated by core hole D-451 that was drilled in 2006, located more than 50 meters further to the north and somewhat offset to the east, that encountered mineralization including individual intercepts of up to 15.98 gpt gold and 26.0 gpt silver over two meters of width.� Consequently, mineralization related to the Dolores East Dike remains open in several directions.
The following is a summary of the material 2007 Dolores East Dike deposit drill intercepts in relation to their grades and widths:
Dolores East Dike 2007 Significant Intercepts
Drill Hole No. |
Section (m) |
Intercept (m) |
Width in
m(1) |
Width in ft |
Gold
gpt |
Silver
gpt |
Aueq(2)
gpt |
R-365 |
2075 |
results pending |
|
|
|
|
|
|
|
|
|
|
|
|
|
R-364 |
2175 |
47.2-74.7 |
27.4 |
90 |
.488 |
40.0 |
1.155 |
|
|
and 138.7-140.2 |
1.5 |
5 |
17.660 |
61 |
18.677 |
|
|
|
|
|
|
|
|
R-363 |
2175 |
0-83.8� |
83.8 |
275 |
2.013 |
76.4 |
3.286 |
|
|
includes: |
30.5 |
100 |
4.921 |
139.4 |
7.244 |
|
|
includes: |
9.1 |
30 |
13.966 |
283.3 |
18.687 |
|
|
|
|
|
|
|
|
R-362 |
2100 |
42.7 |
62.5 |
65 |
.870 |
41.7 |
1.565 |
|
|
|
|
|
|
|
|
R-361 |
2075 |
89.9-117.4 |
27.4 |
90 |
.327 |
16.5 |
.603 |
|
|
|
|
|
|
|
|
R-360 |
1975 |
22.9-64.0 |
41.2 |
135 |
.743 |
62.6 |
1.786 |
|
|
|
|
|
|
|
|
R-359 |
1950 |
0-41.1 |
41.2 |
135 |
4.066 |
148.1 |
6.534 |
|
|
includes: |
9.1 |
30 |
14.020 |
319.2 |
19.34 |
|
|
|
|
|
|
|
|
R-358 |
1900 |
15.2-22.9 |
7.6 |
25 |
.712 |
48.3 |
1.517 |
|
|
|
|
|
|
|
|
R-355 |
2000 |
77.7-89.9 |
12.2 |
40 |
1.264 |
65.7 |
2.359 |
|
|
includes: |
1.5 |
5 |
6.120 |
355.1 |
12.038 |
|
|
|
|
|
|
|
|
R-354 |
1950 |
1.5-6.1 |
4.6 |
15 |
.364 |
41.9 |
1.063 |
|
|
36.6-48.8 |
12.2 |
40 |
.488 |
62.0 |
1.521 |
|
|
|
|
|
|
|
|
R-353 |
2050 |
38.1-41.2 |
3.1 |
10 |
.474 |
33.0 |
1.023 |
|
|
and 68.6-73.2 |
4.6 |
15 |
.258 |
27.5 |
.717 |
|
|
and 146.3-152.4(3) |
6.1 |
20 |
.773 |
17.2 |
1.06 |
|
|
|
|
|
|
|
|
R-351 |
1950 |
126.5-131.1 |
4.6 |
15 |
.695 |
5.2 |
.782 |
|
|
|
|
|
|
|
|
R-349 |
2075 |
15.2-19.8 |
4.6 |
15 |
.823 |
2.5 |
.865 |
|
|
|
|
|
|
|
|
R-348 |
2150 |
53.3-56.4 |
3.1 |
10 |
1.485 |
8.8 |
1.631 |
|
|
and 38.1-48.8 |
10.7 |
35 |
1.725 |
32.1 |
2.260 |
|
|
includes: |
1.5 |
5 |
9.300 |
136.0 |
11.567 |
|
|
|
|
|
|
|
|
R-347 |
2150 |
16.8-21.3 |
4.6 |
15 |
.827 |
36.2 |
1.431 |
|
|
and 45.7-57.9 |
12.2 |
40 |
2.195 |
109.1 |
4.013 |
|
|
includes 53.3-54.9 |
1.5 |
5 |
11.245 |
544.8 |
20.325 |
|
|
|
|
|
|
|
|
R-346 |
2000 |
45.7-50.3 |
4.6 |
15 |
.813 |
51.6 |
1.672 |
|
|
and 97.5-100.6 |
3.1 |
10 |
1.421 |
12.2 |
1.624 |
|
|
|
|
|
|
|
|
R-345 |
1925 |
100.6-103.6 |
3.1 |
10 |
1.772 |
10.6 |
1.948 |
(1) intercept widths are not true width
(2) "Aueq" is gold and gold equivalent silver. Aueq grades are based on a 60:1 silver to gold ratio
(3) bottom of drill hole
Dolores Mine Resources and Reserves
The current Dolores Mine independently audited measured and indicated resource, reported by news release dated June 12, 2007, totals 3.14 million ounces of gold and 148.7 million ounces of silver or 5.6 million gold-equivalent ounces at a 0.4 gpt gold-equivalent cut-off grade.�� Additional inferred resources are estimated to contain 661,000 ounces of gold and 27.5 million ounces of silver for an additional 1.12 million gold-equivalent ounces. The audited June 12, 2007 resource estimate does not contain results from the more than 19,000 meters of drilling completed at Dolores during the 2007 drill program.
The independent Dolores Mine in-pit reserve estimate, reported by news release dated February 14, 2008, includes the mining of 99.3 million tonnes of proven and probable ore at an average gold-equivalent grade of 1.43 gpt and a strip ratio of 3.7:1.� Over the life of the mine, 2.44 million ounces of gold and 126.7 million ounces of silver will be placed on the heap leach pad with recovery of 1.77 million ounces of gold and 64.4 million ounces of silver at an estimated gold-equivalent cash cost of $297 per ounce or $32 per gold ounce, net of silver by-product credit.
Efforts continue to incorporate additional resources such as the Dolores East Dike and mineralization beneath, and peripheral to, the open-pit mine into fully engineered mine plans that allow these resources to be included in future reserve and economic estimates.
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 these intervals were comprised of HQ or NQ core, all representatively split prior to analysis and transported by the labs to sample preparatory facilities in Hermosillo, Mexico (Chemex) or Durango, Mexico (Inspectorate).
Mark Bailey MSc., P.Geo. is the "qualified person" with overall responsibility for the Dolores Project and is responsible for the contents of this news release.
About Minefinders
Minefinders is a precious metals mining and exploration company. The Company is in the final stages of building the multi-million ounce Dolores gold and silver mine in Mexico. The mine is expected to have a 15-year life as an open pit mine with additional potential as a high-grade underground mine in the future. The Company continues its exploration efforts on several other prospective projects in Mexico to build a quality pipeline of precious metals projects for future growth.
MINEFINDERS CORPORATION LTD.
"Mark H. Bailey"
Mark H. Bailey
President and Chief Executive Officer
Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statements in this release that are forward-looking, including statements relating to the timing of the commencement and completion of the construction of, and the commencement of production from, the Dolores mine, the anticipated costs related to the Dolores mine, the adequacy of the capital and anticipated expenditures for working capital and exploration, and other statements that are based on the estimates, projections and expectations of management are subject to various risks and uncertainties concerning the specific factors identified above and in the Company's periodic filings with the securities regulatory authorities in Canada and the United States.� Such information contained herein represents management's best judgment as of the date hereof based on information currently available.� The Company does not intend to update this information and disclaims any legal liability to the contrary.
Cautionary Note to U.S. Investors: The SEC permits mining companies to disclose only those mineral deposits that can be extracted or produced economically in their filings with the SEC. This news release uses the term "inferred resource" that the SEC guidelines prohibit from inclusion in filings with the SEC.
Investor contact:
Mike Wills
Minefinders Corporation Ltd.
(604) 687-6263
mike@minefinders.com
www.minefinders.com