Minefinders Corporation Ltd.

Minefinders Corporation Ltd. (NYSE Amex: MFN, TSX: MFL) commenced commercial production at its Dolores gold-silver mine near Chihuahua, Mexico in May of 2009. At that time, the mine was forecast to produce over 1.7 million ounces of gold and 64.4 million ounces of silver from heap-leach operations over a 15.5 year mine life. Minefinders produced 77,264 and 1,318,245 ounces of gold and silver, respectively, in 2009 and reported its first profitable quarter in the fourth quarter of 2009. Corporate objectives include:

• Optimize production, thereby becoming a low cost producer.

• Expand gold-silver resource in peripheral and underground drilling at Dolores.

• Increase cash balances, reduce debt, and remain unhedged.

Minefinders is completing the Phase 2 leach pad which should provide for an additional three years of production. Management is also considering a 3,000 tpd mill to process higher grade gold-silver to achieve higher recoveries and increase profitability. The addition of a mill would allow for an increase in the reserve at Dolores and potentially extend mine life.

Minefinders is also developing a low-grade, low-cost heap leach gold operation at La Bolsa, south of the Arizona-Mexico border west of Nogales. In addition, Minefinders is exploring its La Virginia project.

Investment Thesis

Minefinders has near-, mid- and long-term opportunities to create value. In the near-term they will optimize mine production as they improve recoveries begin to mine higher grade areas of the pit. Minefinders is unhedged and fully exposed to higher metal prices. Exploration drilling at Dolores and La Virginia could lead to an increase in resources. In the mid-term, construction of a mill at Dolores and an operation at La Bolsa should increase their production profile. In the long-term, exploration at La Virginia may lead to development of a “Dolores look-alike” which may sustain production growth.