029 Group SE

Regulatory Filings • Jul 13, 2006

News Details

Corporate | 13 July 2006 11:39

Minefinders Corporation Ltd.: Exploration Expands Planchas de Plata Target Area

Corporate news transmitted by DGAP – a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. —————————————————————————— Minefinders Corporation Ltd.: Exploration Expands Planchas de Plata Target Area Vancouver, British Columbia, Canada. July 11, 2006. Minefinders Corporation Ltd. (the ‘Company’) (Frankfurt WKN: 859435; TSX: MFL; AMEX: MFN) reports that preliminary results from 8.9 line kilometres of induced polarization/resistivity (‘IP/R’) survey on the Company’s 100% owned Planchas de Plata silver project have identified significant anomalies that suggest the extension of previously-drilled, main-zone mineralization an additional 600 metres to the east and 500 metres to the south. The geophysical anomalies are very similar to those that the survey has determined coincide with areas of historical mining of high-grade silver. In order to secure the extended geologic and mineralized trends identified by its ongoing exploration, the Company has expanded its mineral concessions in its Northern Sonora Project area by an additional 9,360 hectares. The two new mineral concessions are located (i) adjacent to Planchas de Plata, and (ii) surrounding the La Plomosa silver mine (previously held by Industrias Penoles, SA de CV), adjacent to the Company’s El Durazno gold project. Planchas de Plata Silver Project Current exploration at Planchas de Plata has been focused on expanding the mineralized trends identified by 2005 drilling and on developing additional drill targets for a second-phase drill program. Zonge Engineering of Tucson, Arizona is currently performing a ground geophysical survey across the property involving induced polarization and resistivity. To date, 8.9 line kilometres have been completed with an additional six to ten line kilometres slated for completion before the end of the program. Preliminary results have identified a significant and extensive IP anomaly beginning coincident with historic mine workings at surface and drilled mineralization in the subsurface. Newly-completed lines 10,000 N and 10,500 N indicate that the anomaly extends an additional 600 metres along strike to the east, and 500 metres to the south, of the known mineralization, in what appears to be a sub-horizontal orientation (visit the Company’s website to view map and IP sections). Geophysical testing for the extension of this anomaly up to 2,000 metres further east along strike is currently underway. In conjunction with the geophysics, extensive alteration mapping and geochemical grid sampling is being completed. Results of all three studies will be combined to develop drill targets. Previous Drilling Drilling in 2005 on the original, 500 hectare, Planchas de Plata claim intercepted significant near- surface, high-grade silver mineralization (7.34 metres averaging 858.2 grams per tonne (‘gpt’) silver) as well as a second, deeper, well-mineralized silver horizon (28.95 metres averaging 194.4 gpt silver) that extends a minimum of 80 metres in width, 300 metres in length, and 15 to 20 metres in thickness (see news release dated February 8, 2006 or visit Company website to view cross section). Recent geologic mapping in conjunction with interpretation of data from the 2005 drill program has identified prospective trends and stratigraphy that were found to occur over an area four kilometres wide and up to ten kilometres long, extending to the south and east of Planchas de Plata. Preliminary reconnaissance across the area of the expanded mineral concession also identified numerous old mine workings and prospects, with mineralization analogous to Planchas de Plata. Ongoing Exploration With the newly-staked mineral concession, the Planchas de Plata project has been increased from 500 hectares to approximately 7,340 hectares, to cover the expanded target area identified by the IP survey. The expansion of the project area significantly increases its exploration potential and gives the Company control of the entire district. Drilling at Planchas de Plata is scheduled to begin in late July or early August. An initial program of 5,000 metres of drilling is planned for Planchas de Plata, as well as five to eight follow-up holes at the Company’s 100% owned Real Viejo silver project, located ten kilometres from Planchas de Plata. El Durazno – La Plomosa Gold and Silver Project Separately, the Company has acquired the 2,115 hectare El Durazno 2 mineral concession via the Mexican government sponsored lottery process. The concession, which is located approximately 10 kilometres to the west of the Planchas de Plata project, surrounds the Company’s El Durazno gold project and brings the La Plomosa historic silver mine into the Company’s exploration portfolio. The La Plomosa silver mine had been held by Mexican mining giant Penoles and consists of several areas of historic workings with silver and base metal mineralization similar to the Real Viejo and Planchas de Plata prospects. Initial review of the project indicates the strong potential for the discovery of additional silver and/or gold resources in the area. The new concession is adjacent to the Company’s El Durazno gold property, which contains a series of high-grade quartz veins that have yielded gold assays from surface outcrop greater than 44 gpt (1.3 ounces per ton) over one metre. The new concession secures the eastern extension of these veins and consolidates mineral rights in the area. Exploration of the El Durazno and Las Plomosas prospects planned for this fall will include detailed geologic mapping and geochemical sampling to advance the prospects to the drill stage. About Minefinders Minefinders Corporation Ltd. is a successful mineral exploration company with several projects in Mexico and the United States. The Company is presently building an open pit mine at its advanced-stage Dolores gold and silver project. Commencing in 2007, Dolores is expected to produce annually more than 200,000 ounces gold-equivalent (based on a 60:1, silver to gold ratio) for a mine life of 12 years. Quality Control and Assurance Mark Bailey MSc., P.Geo. is the ‘qualified person’ with overall responsibility for the Dolores project and is responsible for the contents of this news release. All analyses reported are fire assay analyses for gold and multi-acid digestion with AA analyses or fire assay analyses for silver, and completed by either Chemex Labs of Vancouver, Canada, or Inspectorate Labs of Sparks, Nevada. Technical reports summarizing the Dolores Project feasibility studies are available for inspection online at www.sedar.com. MINEFINDERS CORPORATION LTD. Mark H. Bailey, President and Chief Executive Officer Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statements in this release that are forward-looking, including statements relating to the size, and potential growth in size, of the Company’s mineral reserves and resources, the economic feasibility of, commencement of mine construction and mining operations at, and annual production from, the Company’s Dolores Project, and the timing of the further exploration and development of the Company’s mineral projects, are subject to various risks and uncertainties concerning the specific factors identified above and in the Company’s periodic filings with the Ontario Securities Commission and the U.S. Securities Exchange Commission (‘SEC’). Such information contained herein represents management’s best judgment as of the date hereof based on information currently available. The Company does not intend to update this information and disclaims any legal liability to the contrary. For further information please contact: Minefinders Corporation Ltd. Mark H. Bailey President and Chief Executive Officer Suite 2288-1177 West Hastings St. Vancouver, B.C. V6E 2K3, Canada Tel. +1 (604) 687-6263 Tel. +1 (866) 687-6263 Fax +1 (604) 687-6267 www.minefinders.com AXINO AG Silberburgstrasse 112 D-70176 Stuttgart Tel. +49 (711) 25 35 92-30 Fax +49 (711) 25 35 92-33 info@axino.de www.axino.de (c)DGAP 13.07.2006 ————————————————————————— Language: English Issuer: Minefinders Corporation Ltd. 2288-1177 W Hastings St V6E 2K3 Vancouver, BC Kanada Phone: +1 (604) 687-6263 Fax: +1 (604) 687-6267 E-mail: info@minefinders.com WWW: www.minefinders.com ISIN: CA6029001022 WKN: 859435 Indices: Listed: Freiverkehr in Berlin-Bremen, München; Open Market in Frankfurt; Foreign Exchange(s) Toronto End of News DGAP News-Service —————————————————————————