VANCOUVER, BRITISH COLUMBIA--(Marketwire - 07/30/09) - Minefinders Corporation Ltd. (TSX:MFL - News)(AMEX:MFN - News) today announced positive results from the Company's 2009 drill program at their 100 percent owned La Bolsa property located in Sonora, Mexico.

Step-out drilling has encountered a significant new zone of gold and silver mineralization approximately 200 meters east of the current La Bolsa resource. These initial drill results confirm the presence of high-grade gold and silver mineralization including 6.0 meters containing 12.063 gpt Au and 109.8 gpt Ag (19.7 feet with 0.352 opt gold and 3.20 opt Ag), and 20.5 meters containing 2.099 gpt Au with 35.4 gpt Ag (67.3 ft with .061 opt Au and 1.03 opt Ag). Six of the 19 drill holes completed during the current drill campaign targeted this new area of mineralization. While these results represent a significant expansion of the mineralized zone at La Bolsa, additional drilling is required to assess the extent and full potential of this newly discovered mineralization. In addition to core drilling in progress, a reverse-circulation drill rig has been mobilized to site to accelerate resource definition and expansion efforts.

Assay results from the newly discovered zone are summarized in Table I. An additional 13 drill holes were drilled both interior and peripheral to the previously defined mineralized zone and the significant intercepts from this drilling are summarized in Table II. A map showing the La Bolsa resource area and the new zone of mineralization is being prepared and, when complete, will be available to view on the Company's website.

 

Table I: La Bolsa East Extension Discovery Zone

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Drill                                  Width   Width                   Aueq
Hole     Section           Intercept    in m   in ft      Au     Ag      (2)
No.           (m)                 (m)     (1)     (1)    gpt    gpt     gpt
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LB 68C       600          108 to 133      25    44.3   1.888   31.8   2.418
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                           includes:    7.25    23.8   4.847   62.4   5.887
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LB 78C       570      144.4 to 156.1    11.7    38.4   6.411   60.7   7.423
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                           Includes:     6.0    19.7  12.063  109.8  13.893
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                  And 181.0 to 193.2    12.2    40.0   0.732    5.5   0.824
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LB 79C       630      103.0 to 109.0     6.0    19.7   0.594   10.5   0.769
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                 and: 119.0 to 140.0    21.0    68.9   1.027    7.6   1.254
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                  And 157.0 to 166.5     9.5    31.2   0.309    1.8   0.339
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                  And 174.0 to 180.0     6.0    19.7   0.585    6.2   0.688
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LB 80C       615                32.0    32.0   105.0   0.430   8.25   0.568
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LB 82C       630      186.0 to 198.0    12.0    39.4   1.443   12.4   1.649
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                           Includes:    3.05    10.0   3.135   27.4   3.592
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                  And 205.5 to 217.5    12.0    39.4   0.756    5.0   0.839
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LB 83C       660      126.2 to 152.5    26.3    86.3   0.409    4.7   0.487
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                  And 172.0 to 178.0     6.0    19.7   0.837    2.6   0.880
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(1) Drill widths are down hole intercepts and may not be true widths
(2) "Aueq" is gold and gold equivalent silver. Aueq grades are based on
    a 60:1 silver to gold ratio.


Table II: 2008-2009 Additional Significant Intercepts:

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Drill                                  Width   Width                   Aueq
Hole     Section           Intercept    in m   in ft      Au     Ag      (2)
No.           (m)                 (m)     (1)     (1)    gpt    gpt     gpt
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LB 66C       510     79.5 to 93.0 mm    13.5    44.3   0.618   14.8   0.864
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LB 69C   480-495        15.0 to 34.5    19.5    64.0   0.667   8.74   0.813
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LB 70C       390        20.5 to 37.0    16.5    54.1   0.959    7.2   1.079
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LB 71C       330        23.5 to 39.5    16.0    52.5   0.926    5.2   1.012
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LB 72C   555-570       75.0 to 114.5    39.5   129.6   1.033   24.1   1.435
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                           Includes:    16.7    54.8   1.487   29.0   1.970
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LB 73C       630         6.5 to 24.8    18.3    60.0   0.524    4.5   0.599
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LB 81C   675-690     85.15 to 100.75    15.6    51.2   0.715    2.3   0.753
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LB 84C       495     112.4 to 121.85    9.45    31.0   0.935    8.3   1.073
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(1) Drill widths are down hole intercepts and may not be true widths
(2) "Aueq" is gold and gold equivalent silver. Aueq grades are based on
    a 60:1 silver to gold ratio.

Drilling results from the 162 drill holes (78 reverse-circulation holes and 84 core holes) completed to date at the La Bolsa property will be incorporated into an updated resource model and reported in a National Instrument 43-101 compliant technical report expected to be filed during the third quarter of this year. This will be the first NI 43-101 compliant resource for the La Bolsa property. The previous La Bolsa resource, reported by the Company on September 15, 1999 (prior to the establishment of Canada's mineral disclosure guidelines under NI 43-101), estimated 6.0 million tonnes grading 1.0 grams per tonne gold ("gpt") and 10 gpt silver in the inferred category, based on results from the initial 72 drill holes.

Gold mineralization at La Bolsa occurs within a shallow east-dipping oxidized blanket that is subparallel to topography and approximately 900 meters (3,000 feet) in length and 365 meters (1,200 feet) in width with thicknesses that range from 10 to 50 meters (30 to 165 feet). The recent drilling at La Bolsa has now extended that zone to nearly 600 meters (2,000 feet of width) and this mineralization remains open both down-dip and along strike.

Minefinders has also commenced a pre-feasibility study of the economic viability of a mine at the La Bolsa property and expects to have results available in another NI 43-101 compliant technical report by the end of this year. The updated resource will be used as the basis for construction of a reserve block model to be used in the study. The shallow dip of the majority of mineralization in close proximity to the surface and favorable metallurgical characteristics (see news release dated May 21, 2009) suggests a mine plan that will incorporate low-cost open-pit mining in combination with simple heap-leach recovery of gold and silver.

Quality Control and Assurance

All analyses used for resource assessment are fire assay analyses for gold and multi-acid digestion with AA analyses or fire assay analyses for silver, and have been completed by either Chemex Labs of Vancouver, Canada or Inspectorate Labs of Sparks, Nevada. Samples from drill intervals were comprised of either HQ or NQ core, or down-hole reverse circulation rock chips, 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 La Bolsa 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.

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" of Minefinders' Annual Information Form for the year ended December 31, 2008 and under the heading "Risks and Uncertainties" of Minefinders' Management's Discussion and Analysis for the year ended December 31, 2008 and quarter ended March 31, 2009, 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.

 
Contacts:
Minefinders Corporation Ltd.
Mike Wills
Investor Contact
(604) 687-6263
(604) 687-6267 (FAX)
mike@minefinders.com
www.minefinders.com