(All figures are in United States dollars unless otherwise
stated)
Minefinders Corporation Ltd. ("Minefinders" or the "Company")
(TSX:MFL)(NYSE Amex:MFN) is today reporting its production and
sales results for the quarter ended December 31, 2011 and for the
full 2011 year. Full 2011 financial and operating results will be
released after market close on Thursday, February 23, 2012.
"We are pleased with the production results for the fourth
quarter and to have exceeded our 2011 production forecast for gold
and silver." commented Mark Bailey, President and Chief Executive
Officer. "The Dolores Mine is performing as expected, the Company
is in a healthy financial position and we are moving forward with
the execution of our near-term growth strategies."
Fourth Quarter 2011 and Full Year 2011 Production and Sales
Results
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Three months ended Full year ended
December 31 December 31
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2011 2010 2011 2010
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Gold ounces produced 20,531 16,102 74,193 56,110
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Silver ounces produced 918,737 511,544 3,572,357 1,218,664
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Gold ounces sold 20,664 14,150 74,372 55,977
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Silver ounces sold 887,007 423,950 3,552,031 1,153,547
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Gold-equivalent ounces
sold(1) 37,000 22,690 155,498 75,767
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Sales proceeds (millions) $ 62.0 $ 31.2 $ 241.2 $ 92.9
----------------------------------------------------------------------------
(1)Gold equivalent ounces sold includes gold ounces sold and silver ounces
sold converted to a gold equivalent based on the ratio of actual realized
gold price to actual realized silver price. Gold equivalent ounces sold in
the fourth quarter and twelve-month period of 2011 were estimated using a 54
to one silver to gold ratio and a 44 to one silver to gold ratio,
respectively (2010 - 50 to one ratio and 58 to one ratio, respectively).
Fourth quarter metal production totaled 20,531 ounces of gold
and 918,737 ounces of silver. Metal production for the 2011 year
totaled 74,193 ounces of gold and 3,572,357 ounces of silver
compared to the production forecast of 65,500 to 70,000 ounces of
gold and 3.3 million to 3.5 million ounces of silver. Sales
proceeds for the quarter totaled $62.0 million on the sale of
20,664 ounces of gold and 887,007 ounces of silver, or 37,000 gold
equivalent ounces. For the 2011 year, sales proceeds totaled $241.2
million on the sale of 74,372 ounces of gold and 3,552,031 ounces
of silver, or 155,498 gold equivalent ounces.
The calculation of operating and total cash costs for the fourth
quarter 2011 and full year 2011 have not yet been completed. This
information, along with the production and cash costs forecast for
2012 will be included with the results to be released on February
23.
Warrant Exercises
Of the 4,158,650 warrants outstanding at September 30, 2011,
4,155,650 were exercised and the Company issued 4,155,650 shares
for cash proceeds of Can$20,778,250.
Timing for Release of 2011 Financial and Operating Results
After market close on Thursday, February 23, 2012 Minefinders
will release its full 2011 financial and operating results. An
investor conference call will be held on Friday, February 24, 2012
at 8 a.m. Pacific Time (11 a.m. Eastern Time) to discuss the
results. Participants may join the call by dialing 1-877-440-9795
toll-free or 1-416-340-8530 for calls outside Canada and the U.S.
Simultaneously, an audio webcast of the conference call will be
available on the home page of the Company's website,
www.minefinders.com.
An audio replay will be available until March 2, 2012 by calling
1-800-408-3053 toll-free or 1-905-694-9451 for calls outside Canada
and the U.S. and entering pass code 7762302.
About Minefinders
Minefinders is a precious metals mining and exploration company
and operates the multi-million ounce Dolores gold and silver mine
in Mexico. For more information, please visit our website at
www.minefinders.com.
Forward Looking Statements
This release contains certain "forward-looking statements" and
"forward-looking information" as defined under applicable Canadian
and U.S. securities laws. Forward-looking statements generally can
be identified by the use of forward-looking terminology such as
"may," "will," "expect," "intend," "estimate," "anticipate,"
"believe," "continue" or similar terminology. Forward-looking
statements are based on forecasts of future results, estimates of
amounts not yet determinable and assumptions that, while believed
by management to be reasonable, are inherently subject to
significant business, economic and competitive uncertainties and
contingencies. Certain of the statements made herein by Minefinders
are forward-looking and subject to important risk factors and
uncertainties, both known and unknown, many of which are beyond the
Company's ability to control or predict. Known and unknown factors
could cause actual results to differ materially from those
projected in the forward-looking statements. Those factors are
described or referred to under the heading "Risk Factors" in
Minefinders' Annual Information Form for the year ended December
31, 2010 and under the heading "Risks and Uncertainties" in
Minefinders' Management's Discussion and Analysis for the quarter
ended September 30, 2011, both of which are incorporated by
reference herein and are available on SEDAR at www.sedar.com.
Although the Company has attempted to identify important factors
that could cause actual actions, events or results to differ
materially from those described in forward-looking statements,
there may be other factors that cause actions, events or results
not to be as anticipated, estimated or intended. There can be no
assurance that forward-looking statements will prove to be
accurate, as actual results and future events could differ
materially from those anticipated in such statements. Accordingly,
readers should not place undue reliance on forward-looking
statements. Minefinders does not undertake to update any forward
looking statements that are incorporated by reference, except in
accordance with applicable securities laws.
Contacts: Investor contacts: Minefinders Corporation Ltd.
Jonathan Hackshaw Director of Corporate Communications Toll Free:
(866) 687-6263 Minefinders Corporation Ltd. Mike Wills Investors
Relations Representative Toll Free: (866)
687-6263www.minefinders.com
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