Minefinders Corporation Ltd.
Minefinders Corporation Ltd.: Resource Expansion Drilling at Dolores Cuts 104 Metres Averaging 2.92 gpt Gold and 52.9 gpt Silver
Corporate news transmitted by DGAP – a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Minefinders Corporation Ltd.: Resource Expansion Drilling at Dolores Cuts
104 Metres Averaging 2.92 gpt Gold and 52.9 gpt Silver
Vancouver, British Columbia, Canada. June 27, 2006. Minefinders Corporation
Ltd. (the ‘Company’) (Frankfurt WKN: 859435; TSX: MFL; AMEX: MFN) reports
that exploration drilling at its development-stage Dolores gold/silver
project in Chihuahua, Mexico continues to encounter wide, bulk-minable
intercepts surrounding narrower, high-grade feeder zones, beyond the limits
of the current feasibility-designed open-pit.
The drilling is part of an ongoing, comprehensive resource expansion
program at Dolores. The latest results are from holes marginal to the
planned Dolores open-pit mine, designed to test the potential expansion of
the pit and future underground minable mineralization.
Drill holes D06-436, D06-437, D06-443, and D06-449 are typical of
mineralization encountered within the mineralized south breccia pipe with
multiple intercepts occurring over a wide area. Significant intersections
beyond the current mine plan, include:
– D06-443 – 104 metres grading 2.92 grams per tonne (‘gpt’) gold and 52.9
gpt silver or 3.81 gpt gold equivalent(i) (‘Aueq’), including 25 metres
grading 6.42 gpt gold and 117.5 gpt silver. This hole also cut 1 metre
assaying 17.69 gpt gold and 2095.5 gpt silver. Intercepts occurring between
352 to 530 metres down hole in D06-443 are located 20 to 40 metres west of
the currently designed pit wall with the deeper intercepts occurring from
34 metres to 110 metres below the planned pit bottom.
– D06-449 – 81 metres grading 3.12 gpt gold and 39.6 gpt silver, with 6
metres assaying 19.62 gpt gold and 294.1 gpt silver extending high-grade
mineralization from 50 to 120 metres below the planned pit bottom.
In addition, drill hole D06-430, previously reported on January 23, 2006,
extended high-grade south breccia pipe mineralization (16 metres averaging
29.8 g/t gold) 60 metres below, and 25 metres south, of the present pit
design.
Also included among the new results, drill holes D06-435, D06-437, D06-441
and D06-445 are north of the Central Dome and 500 to 1,000 metres north of
the south breccia pipe. Drill holes D06-438, 439, and 440 were engineering
holes for the reservoir site. Holes D06-446, 447 and 448 were condemnation
holes in the leach pad area.
Table 1 – Recent Significant Drill Results –
2006 Dolores Exploration Program
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Intercept
Width Aueq extends
DDH Section Intercept (met- Width Au Ag (i) mineral-
No. (metres) (metres) res) feet (g/t) (g/t) (g/t) ization:
———————————————————————
D06- 2775 84.0-98.0 14.0 45.9 .651 41.4 1.34
430
———————————————————————
282.0-432.0 150.0 492.2 3.62 8.9 3.76 25 m south
of pit
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Inc. 357.0-373.0 16.0 52.5 29.8 14.7 30.10 60m below
pit
———————————————————————
———————————————————————
D06- 1875 79.0-179.0 100.0 328.1 1.07 17.6 1.36
434
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Inc. 145.0-151.0 6.0 19.7 3.32 22.3 3.69
———————————————————————
and 159.0-160.5 1.5 4.92 4.46 103.0 6.17
———————————————————————
and 169.0-173.0 4.0 13.1 6.93 53.5 7.82
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———————————————————————
D06- 1875 38.0-136.0 98.0 321.5 .80 27.4 1.26 Infill
435 hole
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Inc. 66.0-89.0 23.0 75.5 1.56 47.5 2.35 East edge
of pit
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173.0-215.0 42.0 137.8 .67 34.3 1.25
———————————————————————
Inc. 199.0-205.0 6.0 19.7 2.17 176.9 5.11
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D06- 2650 137.0-172.0 35.0 112.4 .46 37.3 1.08
436
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Inc. 143.0-149.0 6.0 19.7 1.60 100.7 3.28
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288.0-411.0 123.0 403.6 1.03 23.0 1.41 Breccia
pipe
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Inc. 338.0-340.0 2.0 6.6 5.73 28.0 6.19
———————————————————————
Inc. 363.0-408.0 45.0 147.6 1.86 22.0 2.22 Below pit
———————————————————————
with 382.0-389.0 7.0 23.0 3.90 22.0 4.27
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with 401.0-407.0 6.0 19.7 3.52 30.9 4.03
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D06- 1825 25.0-76.0 51.0 167.3 .79 40.3 1.46 Infill
437 hole
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94.0-96.0 2.0 6.6 3.98 127.0 6.09
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122.0-202.0 80.0 262.5 1.01 15.7 1.27 East edge
of pit &
outside of
pit
———————————————————————
Inc. 172.0-196.0 24.0 78.8 2.10 34.3 2.67
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with 174.0-176.0 2.0 6.6 8.63 6.5 8.74
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D06- 2100 102.0-106.0 4.0 13.1 .59 56.5 1.53
441
———————————————————————
126.0-180.0 54.0 177.2 .56 35.1 1.14 East edge
of pit
———————————————————————
Inc. 154.0-164.0 10.0 32.8 1.15 80.6 2.49
———————————————————————
Inc. 176.0-180.0 4.0 13.1 1.63 103.5 3.35
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———————————————————————
D06- 2600 250.0-275.0 25.0 82.0 1.28 80.6 2.63 West
443 structure
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Inc. 268.0-275.0 7.0 22.97 3.73 111.4 5.59
———————————————————————
352.0-353.0 1.0 3.3 17.69 2095.5 52.62 Outside
pit wall
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388.0-390.0 2.0 6.6 7.27 1104.5 25.68
———————————————————————
426.0-530.0 104.0 341.2 2.92 52.9 3.81 Below pit
———————————————————————
Inc. 460.0-485.0 25.0 82.0 6.42 117.5 8.38
———————————————————————
Inc. 501.0-522.0 21.0 68.9 3.70 29.6 4.20
———————————————————————
with 514.0-519.0 5.0 16.4 6.98 31.4 7.50
———————————————————————
———————————————————————
D06- 2200 79.0-81.0 2.0 6.6 0.06 650.0 10.9 East edge
445 of pit
———————————————————————
83.0-85.0 2.0 6.6 0.31 287.0 5.09
———————————————————————
91.0-99.0 8.0 26.2 0.47 138.0 2.77
———————————————————————
105.0-111.0 6.0 19.7 0.47 48.4 1.26
———————————————————————
138.0-153.0 15.0 49.2 0.22 47.9 1.01
———————————————————————
———————————————————————
D06- 2600 242.0-279.0 37.0 121.4 0.37 52.1 1.24
449
———————————————————————
Inc. 259.0-264.0 5.0 16.4 0.92 144.2 3.32
———————————————————————
277.0-279.0 2.0 6.6 2.81 105.5 4.56
———————————————————————
446.0-527.0 81.0 265.8 3.12 39.6 3.78 50-120
metres
below pit
bottom
———————————————————————
Inc. 446.0-452.0 6.0 19.7 19.62 294.1 24.52
———————————————————————
and 483.0-492.0 9.0 29.5 6.24 43.6 6.97
———————————————————————
and 496.0-498.0 2.0 6.6 5.38 9.8 5.54
———————————————————————
and 502.0-504.0 2.0 6.6 7.49 15.6 7.75
———————————————————————
(i) Gold equivalent grade based on 60:1, silver:gold ratio, without
reference to recovery. Drill intercepts are core intervals and
true thickness has not been determined.
Exploration drilling continues with three drill rigs currently on the
property. Additional deep drilling is targeted to extend high-grade
mineralization 100 to 150 meters beyond the deepest hole completed to date.
Assay results are pending for holes D06-450 through D06-460.
In total, 70 additional core and reverse-circulation drill holes have now
been completed on the property over the past year, for condemnation,
engineering, and water well test work.
Dolores Resources and Reserves
The Company is presently assessing the impact on the Dolores reserves of
the increase in the resource base that was reported in its news release
dated April 25, 2006. The impact on the Dolores reserve base of the results
of the current drilling will be assessed as engineering studies progress.
As shown in Table 2, at present, the total measured and indicated resources
at Dolores (which include the proven and probable reserves currently being
developed at the Dolores mine, shown in Table 3) are estimated at 3.06
million ounces of gold and 149 million ounces of silver, contained in 118.4
million tonnes (as reported on April 25, 2006).
Table 2 – Dolores Measured, Indicated Resources
——————————————————————–
Gold
Equivalent
Tonnes Gold Silver Gold Silver (ii)
Category (000s) (g/t) (g/t) (ounces) (ounces) (ounces)
——————————————————————–
Measured 61,660 0.86 42.1 1,702,000 83,361,000 3,025,200
——————————————————————–
Indicated 56,750 0.75 35.9 1,360,000 65,479,000 2,399,300
——————————————————————–
M&I Total 118,410 0.80 39.1 3,062,000 148,840,000 5,425,500
——————————————————————–
(ii) Gold Equivalent ounces calculated using 63:1, silver to gold,
ratio ($475 gold and $7.50 silver price).
An additional 667,000 ounces of gold and 27.7 million ounces of silver, in
33.8 million tonnes (at an average grade of .61 gpt gold and 25.5 gpt
silver), are classified as inferred resources.
Table 3 – Dolores Proven and Probable Reserves
——————————————————————–
Gold
Equivalent
Tonnes Gold Silver Gold Silver (ii)
Category (000s) (g/t) (g/t) (ounces) (ounces) (ounces)
——————————————————————–
Proven 43,678 0.88 45.44 1,235,738 63,809,015 2,248,580
——————————————————————–
Probable 28,795 0.78 42.96 722,092 39,770,617 1,353,372
——————————————————————–
Proven
& Probable 72,473 0.839 44.46 1,957,830 103,579,632 3,601,952
——————————————————————–
As reported February 27, 2006. Some numbers may not match due to
rounding.
(ii) Gold Equivalent ounces based on 63:1, silver to gold, ratio.
Dolores Mine Development Update
Development of the Dolores mine continues with construction started on the
man camp and temporary office complex. Earth works are expected to start
shortly in the leach pad and crusher areas with the finalization of
construction contracts. Down payments have been made on all critical mine
components, including crushers and mining equipment, to maintain delivery
dates. Several pieces of ancillary equipment have been purchased and will
be imported as soon as storage area is completed. Further updates on mine
construction will be provided, as milestones are met.
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.
MINEFINDERS CORPORATION LTD.
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 size, and potential growth in size, of the
Company’s mineral reserves and resources, the economic feasibility of, and
commencement of mine construction and mining operations at, the Company’s
Dolores Project and the timing of the further exploration and development
of the Company’s mineral projects, are subject to various risks and
uncertainties concerning the specific factors identified above and in the
Company’s periodic filings with the Ontario Securities Commission and the
U.S. Securities Exchange Commission (‘SEC’). 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.
For further information, please contact:
Minefinders Corporation Ltd.
Mark H. Bailey
President and Chief Executive Officer
Suite 2288-1177 West Hastings St.
Vancouver, B.C. V6E 2K3, Canada
Tel. +1 (604) 687-6263
Tel. +1 (866) 687-6263
Fax +1 (604) 687-6267
www.minefinders.com
AXINO AG
Silberburgstrasse 112
D-70176 Stuttgart
Tel. +49 (711) 25 35 92-30
Fax +49 (711) 25 35 92-33
info@axino.de
www.axino.de
(c)DGAP 28.06.2006
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Language: English
Issuer: Minefinders Corporation Ltd.
2288-1177 W Hastings St
V6E 2K3 Vancouver, BC Kanada
Phone: +1 (604) 687-6263
Fax: +1 (604) 687-6267
E-mail: info@minefinders.com
WWW: www.minefinders.com
ISIN: CA6029001022
WKN: 859435
Indices:
Listed: Freiverkehr in Berlin-Bremen, München; Open Market in
Frankfurt; Foreign Exchange(s) Toronto
End of News DGAP News-Service
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