VANCOUVER, July 7, 2011 /CNW/ - Finlay Minerals Ltd. (TSXV:FYL) (the "Company") announces the commencement of a summer drill program at the Silver Hope project, near Houston, B.C. The program will consist of up to 4,000 meters of core drilling split between the recently discovered West Horizon porphyry copper-molybdenite zone and the Main Horizon copper-silver zone. An additional 15 kilometers of deep induced polarization geophysical survey along 3 lines is planned.

The drill program will continue to delineate the extent of the West Horizon porphyry Cu-Mo discovery. As well, drilling will test for potential high-grade related breccias with copper-molybdenite-gold-silver mineralization such as the 5.0 meters averaging 0.12% copper, 1.162% molybdenum, 1.88g/t gold, and 65.4g/t silver (6.92% CuEq) discovered in drill hole SH11-05 (News Release 06-11 from June 2, 2011).

The program will also test the deep extent of the Main Horizon copper-silver mineralization into the area where the Main and West Horizons merge. Drilling will extend deep below the previous work on the Hope and Superstition Zones - both zones with known significant copper-silver mineralization.

All permits are in place for this summer exploration work program.

Finlay employs a rigorous quality assurance/quality control (QA/QC) program for the Silver Hope project that includes the regular insertion of certified reference standards and blanks along with the collection of duplicate samples. Warner Gruenwald, P. Geo and Vice President, Exploration for Finlay Minerals Ltd. is the Qualified person as defined by National Instrument 43-101, and is supervising the work program. Sample analysis will be conducted by Acme Labs in Vancouver.

Pursuant to the Company's 10% Rolling Stock Option Plan, which has received shareholder and regulatory approval, the Company has granted stock options aggregating 1,700,000 shares exercisable at $0.20 per share for five years, expiring July 7th, 2016.

About Finlay Minerals Ltd.

Finlay Minerals is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in north-central British Columbia. In addition to the company's flagship property, Silver Hope, the Pil and Atty projects are situated in the Toodoggone region, a mineral-rich area that is host to several copper-gold porphyry and epithermal gold-silver deposits. New discoveries on the Pil property include the Northwest Zone copper-molybdenum porphyry mineralization and the Atlas East/Pillar East epithermal gold-silver zones.

The Company has disclosed all material news to date.

On behalf of the Board of Directors,
Robert Brown, P. Eng.
President & C.E.O.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This release includes certain statements that may be deemed "forward-looking statements". All statements in this release, other than statements of historical facts, that address exploration drilling and other activities and events or developments that Finlay Minerals Ltd. ("Finlay") expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the placements and future exploration plans and expenditures. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay's proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.