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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (40877)	7/31/2009 6:05:45 PM
From: LoneClone	Read Replies (1) of 193834

Minefinders shares rise on exploration results Fri Jul 31, 2009 11:47am EDT reuters.com * Announces gold and silver mineralization zone * Shares up 3.85 percent at C$9.44 TORONTO, July 31 (Reuters) - Shares of Minefinders Corp Ltd (MFL.TO) rose more than 4 percent on Friday morning after the company announced drilling near its La Bolsa property in Mexico found new a zone of high-grade gold and silver mineralization. The discovery was made about 200 metres from the small Canadian miner's La Bolsa exploration project in Sonora, Mexico. "It was certainly positive news. It's good for Minefinders," said Dundee Securities analysts Ron Stewart. "It's an exploration project that they are getting good progress on but it's a long way from being a significant find to the company." Vancouver-based Minefinders said six of the 19 drill holes completed during the current exploration 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," the company said in a release. The company's shares were up 35 Canadian cents, or 3.85 percent, at C$9.44 on the Toronto Stock Exchange late Friday morning. The stock was up as much as 42 cents, or 4.6 percent, earlier in the day. Minefinders' properties are located in Mexico and the United States. Its principal project is the Dolores mine in Chihuahua, Mexico. ($1=$1.08 Canadian) (Reporting by Nina Lex; editing by Rob Wilson)

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