Minefinders Reports Positive La Bolsa Drill Results and Provides Update on La Bolsa Pre-Feasibility Study
Wednesday March 31, 3:26 pm ET
ca.us.biz.yahoo.com
VANCOUVER, BRITISH COLUMBIA--(Marketwire - 03/31/10) - Minefinders Corporation Ltd. ("Minefinders") (TSX:MFL - News)(AMEX:MFN - News) is pleased to report recent drill results from core drilling at their La Bolsa Property in Sonora, Mexico.
The drill results are positive and will be incorporated into the existing resource for La Bolsa. This updated resource will be used for the construction of the reserve block model used in the pre-feasibility study being conducted with regard to the economic viability of an open pit heap leach mine. Inclusion of these recent drill results is expected to increase the La Bolsa resource and reduce the prospective operating strip ratio compared with what we had been anticipating.
"We expect these drilling results to have a positive effect on the pre-feasibility work currently underway," commented Mark Bailey, President and Chief Executive Officer. "La Bolsa is advancing as we had hoped and we plan to complete feasibility work as promptly as possible. The pre-feasibility study is expected to be in hand during the second quarter of 2010."
Both wide intercepts of low-grade gold and silver and shorter intercepts of high-grade gold and silver were encountered as indicated in Table I. Significant intercepts include 12.5 metres (41.0 ft) containing 2.375 grams per tonne (gpt) gold (Au) with 57.3 gpt silver (Ag), to intermediate widths of 28.4 metres (93.2 ft) containing 1.354 gpt Au with 17.4 gpt Ag, to wide low-grade intervals of 48.2 metres (158.1 ft) containing 0.532 gpt Au with 5.3 gpt Ag. Individual high-grade intercepts of up to 10.765 gpt Au over 1 meter and up to 202.9 gpt Ag over 1.5 metres were also encountered. All drill holes are core holes and intercept lengths represent assayed values from half-splits of HQ (63.5 mm diameter) core taken from along the length of the hole. Intercept lengths and depth to intercepts may not represent true distance or thickness as some drill holes are not perpendicular to mineralization.
As previously reported, the gold-silver mineralization occurs within a shallowly dipping continuously mineralized oxidized blanket that is sub parallel to topography and approximately 900 metres (3,000 feet) in length and 365 metres (1,200 feet) in width with thicknesses that range from 10 to 50 metres (30 to 165 feet). The recent drill holes as reported below are definition drill holes from within the east-half or down-dip portion of the resource area.
Table I: Summary of La Bolsa Recent Drill Intercepts:
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Width
DH No. Intercept (m) Au gpt Ag gpt Width (m) in ft Section (m)
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107C 125.0-140.0 0.455 3.7 15.00 49.2 780N
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108C 140.0-188.2 0.532 5.3 48.20 158.1 780N
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Include 140.0-143.0 3.321 17.5 3.00 9.8 780N
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109C 138.0-159.0 0.759 24.8 21.00 68.9 435N
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Include 157.5-159.0 6.994 202.9 1.50 4.9 435N
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110C 77.5-105.9 1.354 17.4 28.40 93.2 780N
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Include 85.0-88.0 5.059 55.9 3.00 9.8 780N
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Include 102.5-105.9 3.264 47.5 3.40 11.2 780N
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115C 54.8-65.0 1.091 33 10.20 33.5 810N
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Include 54.8-67.1 1.618 48 6.30 20.7 810N
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116C 50.6-77.5 0.269 9.2 27.00 88.6 690N
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117C 101.0-116.5 1.591 38.6 15.50 50.9 690N
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Include 110.1-112.1 6.651 143.5 2.00 6.6 690N
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118C 103.5-129.0 0.292 3.5 25.50 83.7 600N
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119C 58.8-70.1 0.740 12.4 11.60 38.1 675N
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And 123.0-152.4 0.521 1.9 29.40 96.5 675N
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Include 126.0-129.0 2.364 4.1 3.00 9.8 675N
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120C 90.0-95.1 0.960 22.9 5.10 16.7 600N
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121C 70.5-107.5 0.287 4.7 37.00 121.4 750N
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122C 91.5-104.0 2.375 57.3 12.50 41.0 600N
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Include 97.4-99.5 7.533 128.9 2.10 6.9 600N
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124C 67.5-97.5 0.300 7.1 30.00 98.4 675N
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126C 62.3-88.0 0.461 9.3 25.80 84.7 690N
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127C 84.0-91.5 2.729 62.9 7.50 24.6 885N
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128C 109.0-129.0 0.514 11.4 20.00 65.6 705N
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And 143.5-150.0 0.509 6.8 6.50 21.3 705N
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129C 113.0-141.5 0.265 2.5 28.70 94.2 645N
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130C 158.5-169.0 0.380 5.5 10.50 34.5 585N
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131C 139.0-155.5 0.534 5 16.50 54.1 810N
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And 121.3-131.5 0.909 11.7 10.20 33.5 810N
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132C 69.0-82.5 1.004 10.3 13.50 44.3 810N
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133C 86.0-92.0 0.690 12.5 60.00 196.9 630N
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134C 113.6-122.7 1.620 24.5 9.10 29.9 810N
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Include 118.8-122.7 2.594 29.6 3.90 12.8 810N
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Quality Control and Assurance
All analyses reported are fire assay analyses for gold and multi-acid digestion with AA (Atomic Absorption) 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 core all representatively split prior to analysis and transported by the labs to sample preparatory facilities in Hermosillo, Mexico (Chemex) or Durango, Mexico (Inspectorate).
Qualified Person
Mark Bailey M.Sc., P.Geo. is the "qualified person" with overall responsibility for the La Bolsa Property 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.
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" in Minefinders' Annual Information Form for the year ended December 31, 2009 and under the heading "Risks and Uncertainties" in Minefinders' Management's Discussion and Analysis for the year ended December 31, 2009, 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. Accordingly, readers should not place undue reliance on forward-looking statements. Minefinders does not undertake to update any forward looking statements that are incorporated by reference, except in accordance with applicable securities laws.
Contact:
Contacts:
Minefinders Corporation Ltd.
Mike Wills
Investor Contact
(604) 687-6263 or Toll Free: (866) 687-6263
mike@minefinders.com
www.minefinders.com
Source: Minefinders Corporation Ltd. |
