Minefinders Reports Second Quarter Production

 

VANCOUVER - Minefinders Corporation Ltd. reported second quarter production and sales results. The Company also established timing to release its full second quarter financial and operating results and production outlook for the remainder of the year.

"Metal production has continued to escalate as the Dolores Mine progresses to steady-state production with over 9,000 ounces of gold and over 150,000 ounces of silver produced in June, 2009. This has enabled us to pay down an additional $2.5 million of debt and continue to strengthen our overall financial position," said Mark Bailey, President and Chief Executive Officer. "Our momentum has not been hampered by the rainy season, which began in June, and we see continued growth in the third and fourth quarters of 2009."

Despite a four day federally mandated shut down due to the swine flu outbreak in Mexico, gold production increased to approximately 23,336 ounces in the second quarter of 2009, up 65% from 14,169 ounces in the first quarter of 2009. Silver production was approximately 419,946 ounces in the second quarter of 2009, up 49% from 282,429 ounces in the first quarter. Metal production is expected to continue to increase through the third and fourth quarters of 2009 as the volume of ore and time under leach increases.

Second quarter sales proceeds were $26.0 million compared with $16.1 million in the first quarter of 2009. Second quarter sales volume totaled 22,108 ounces of gold at an average realized price of $937 per ounce and 369,532 ounces of silver at an average realized price of $14.19 per ounce. Minefinders sold 13,313 ounces of gold in the first quarter of 2009 at a realized price of $939 per ounce and 273,381 ounces of silver at a realized price of $13.18 per ounce.

The company’s address is 2288-1177 W Hastings St., Vancouver, BC V6E 2K3, (604) 687-6263, fax: (604) 687-6267.