MINEFINDERS PROVIDES FOURTH QUARTER 2008 DOLORES PRODUCTION UPDATE
January 13, 2009
Vancouver, British Columbia � January 13, 2009 � Minefinders Corporation Ltd. announced today that metal production totaled approximately 3,093 ounces of gold and 57,378 ounces of silver in the fourth quarter of 2008. As previously reported, the first pour of gold and silver dor� from the Company�s flagship Dolores Mine in Chihuahua, Mexico took place in mid-November, 2008. Shipments to the refiner commenced in early December.
The Company sold 2,440 ounces of gold and 42,800 ounces of silver in the 2008 fourth quarter, all in December. The average realized price was approximately US$843 per ounce of gold and approximately US$10.69 per ounce of silver. Pre-commercial production operating costs, net of sales revenue, are capitalized to mine development costs until the commencement of commercial production which is expected in the second quarter of 2009. Management expects to disclose complete fourth quarter and fiscal 2008 financial results in March 2009.
�Minefinders enters 2009 with a strengthened balance sheet and anticipates positive operating cash flow by the end of the first quarter as a result of steadily growing low-cost gold and silver production,� commented Mark Bailey, President and Chief Executive Officer. �Our top priorities are achieving commercial production at Dolores in the second quarter, optimizing operational efficiencies and costs, and executing on growth opportunities for the company.�
Previously reported production targets for 2009 and 2010 remain unchanged and these projections will be refined as actual recoveries and leach cycles become available. Grades in ore stacked to the leach pad and solution grade to the pond continue to increase and mining and processing operations at Dolores are proceeding well toward commercial production.
The three stage crushing and stacking rates are at sustained levels of 15,000 tonnes per day and crushing and stacking rates are expected to reach design capacity of 18,000 tonnes per day this month. As more tonnes come under leach, gold and silver production will continue to escalate to commercial production levels with life of mine production expected to exceed 1.7 million ounces of gold and 64 million ounces of silver over a 15-year mine life. To date over one million ore tonnes have been stacked to the leach pad and 950 thousand ore tonnes are currently under leach.
Recent photos of operations at Dolores can be viewed at www.minefinders.com in the Dolores Gallery.
Qualified Person
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 and operates the multi-million ounce Dolores gold and silver mine in Mexico. The Company continues its exploration efforts on 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
Investor contact: Mike Wills Minefinders Corporation Ltd. (604) 687-6263 mike@minefinders.com www.minefinders.com
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 of management 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" of Minefinders' Annual Information Form for the year ended December 31, 2007 and under the heading "Risks and Uncertainties" of Minefinders' Management�s Discussion and Analysis for the year ended December 31, 2007, 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. |