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Gold/Mining/Energy : Minefinders, MFL -- Ignore unavailable to you. Want to Upgrade?

To: Bat Man who wrote (340)	1/9/2002 9:41:53 AM
From: I_C_Deadpeople	Read Replies (1) \| Respond to of 578

Minefinders offers Placer Dome interest in El Malacate Minefinders Corp Ltd MFL Shares issued 18,681,170 Jan 8 close $2.15 Wed 9 Jan 2002 News Release Mr. Mark Bailey reports PLACER DOME SIGNS AGREEMENT ON EL MALACATE PROJECT Minefinders Corporation has reached agreement with Placer Dome Exploration for the further exploration and development of the El Malacate project (the property), a 35-square-kilometre portion of the company's 400-square-kilometre Northern Sonora property. Under the agreement, subject to a continuing 30-day due diligence period, Placer has the right to earn an undivided 51-per-cent beneficial interest in the property by making cash payments of $500,000 (U.S.) and spending $4.5-million (U.S.) in exploration over a four-year period. Placer would have the right to earn an additional 9-per-cent interest by completing, at its cost, a bankable feasibility study within six years from the date of the agreement. Placer may acquire a further 10 per cent, bringing its total to 70-per-cent beneficial interest in the property upon a production decision and initiation of construction to build a commercial mine on the property. Minefinders will be the operator for the first year and thereafter Placer may become the operator at its election. Permitting is underway for an initial 2,000-metre drill program, expected to begin within the next 45 days. Minefinders has defined six large areas of hydrothermal alteration, brecciation, stockwork veining, and gold mineralization on the El Malacate project (see news in Stockwatch dated April 18 and Sept. 21, 2001). Detailed geological mapping and systematic sampling (2,400 samples) have advanced several of these prospects to first phase drilling. The company looks forward to its association with Placer Dome in the successful exploration and future development of the El Malacate project. In addition, Minefinders will continue to explore and advance its 100-per-cent-owned Dolores deposit to a final feasibility study and pursue exploration opportunities on the remaining Northern Sonora property in 2002.