Minefinders Corporation Ltd.

Minefinder’s Corporation Ltd. (AMEX: MFN) reported production of 74,193 ounces of gold and 3,572,357 ounces of silver in 2011.  This exceeds their guidance for 2011 of gold production ranging from 65,000 to 70,000 ounces of gold and 3.3 to 3.5 million ounces of silver.  (This is also well above production in 2010 of 56,110 ounces of gold and 1,218,664 ounces of silver.  Total revenues for 2011 were $241.2 million.)  They have not yet offered guidance for 2012.

Minefinders is producing gold and silver from its low-cost heap-leach Dolores mine in Chihuahua, Mexico.  The company has an excellent growth profile.  They have a goal of commencing production at their La Bolsa heap-leach gold project on the Arizona-Mexico border.  This could produce up to 40,000 ounces of gold over a period of five to six years starting in 2013.  They are also advancing an initiative to mine underground at Dolores, and completing a 6,500 to 8,000 tpd mill, to increase recoveries of higher grade gold and silver ore, beginning in 2014.  Minefinders is profitable and has approximately $250 million in cash and $50 million in an untapped credit facility.

Minefinders Corporation Ltd. (NYSE Amex: MFN, TSX: MFL) reported July 7, 2010, completion of a Pre-Feasibility study for its La Bolsa gold and silver project, located south of the Arizona-Mexico border, about 30 kilometers west of Nogales, Mexico.  The La Bolsa is estimated to produce 227,600 ounces of gold and 315,100 ounces of silver over a six-year mine life.  The project is anticipated to process 8,500 tpd, with an initial capital cost of $31.4 million, resulting in an estimated NPV (0% discount – pre-tax) of $132.2 million at spot prices.  We visited the La Bolsa project in June of 2009 and believed it to have very good potential to become a profitable, low-cost, low-risk, heap leach gold operation.

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.

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MFN.Special.10.07.05.pdf

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Minefinders is rapidly advancing development of its La Bolsa deposit in Sonora, Mexico (west of Nogales) adjacent to the US-Mexico border. The deposit took a back seat to Minefinders Dolores Mine, but with production stabilizing at Dolores, they have resumed their focus on La Bolsa with good results. La Bolsa appears to be a low-cost heap leachable gold operation that is near surface and open to expansion to the east. The video includes a panorama of the project with the potential location for the leach pad, satellite deposits, the main La Bolsa deposit, plus perspective on the area open to expansion at La Bolsa and the deposits proximity to the US-Mexico border.

We recently met with Minefinders Corporation Ltd.’s (AMEX: MFN) management at the Denver Gold Forum and discussed their Dolores project which is expected to move into production in October of 2008.

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Report File: 

MFN.Update.08.09.16.pdf

We visited Minefinders Corporation’s (AMEX: MFN) Dolores mine in Chihuahua, Mexico. It was an exciting opportunity and a privilege to visit such a significant project at a time when the very first ore was being placed on the leach pad (picture on left).See full report.

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Report File: 

MFN.Update.08.05.08.pdf

Minefinders Corporation’s (AMEX: MFN) Dolores mine near Chihuahua, Mexico is rapidly approaching production. Management recently announced an update that increased the reserve estimate for the project and released drill results on the adjacent high-grade East Dike satellite target.See full report.

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Report File: 

MFN.Update.08.03.07.pdf

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Minefinders Corporation Ltd.Minefinders Corporation Ltd. (AMEX: MFN) is also rapidly approaching mid-tier production status, scheduling full commercial production at its Dolores project near...