Minefinders boosts Dolores (April 15, 2002)

Vancouver – The latest work by Minefinders (MFL-T) has successfully increased the gold and silver content on the Dolores project in Mexico’s Chihuahua state.

The junior compiled all the previous data, plus incorporated 8,880 new silver assays and adding a 300 metre extension of the Main zone to come up with an updated resource calculation for its wholly owned project.

Using a 0.3 gram gold equivalent cut off, the Dolores resource now stands at 115.6 million tonnes grading 0.75 gram gold and 43.3 grams silver per tonne. This marks a 15.5% increase in tonnage, a 13.1% jump in contained gold and a 24.2% increase in total silver content when compared to the 2000 resource calculation. The gold equivalent was determined using a US$300 per oz gold price and a US$4.60 per oz silver price.

Using a 0.5 gram gold equivalent cut-off, overall tonnage jumped by 16.6%, with increases in overall contained silver and gold of 23.7% and 14.0%, respectively. In the measured category is 26.5 million tonnes grading 1.07 grams gold and 58.8 grams silver. The indicated and inferred portions come in at 25.3 million tonnes averaging 0.97 gram gold and 61.5 grams silver, and 26.3 million tonnes grading 0.95 gram gold and 53.8 grams silver, respectively.

Increasing the cut-off to 1 gram gold equivalent, the measured category falls to 13.5 million tonnes grading 1.72 grams gold and 93.3 grams silver. The indicated and inferred sections drop to 12.3 million tonnes averaging 1.61 grams gold and 101.5 grams silver and 15 million tonnes grading 1.38 grams gold and 76.9 grams silver, respectively.

Helping to increase the resource was the re-analysis of core samples from the Norte, North Dome, East Dike and Southwest zones. The boosted assay results are based on total digestion analysis of samples taken from mineralized drill intercepts, compared to the previously reported aqua-regia digestion analytical results. The revised assay data results in an overall higher silver grade for satellite targets around the Main zone. The increase in reported silver grades resulted in 6.5 million tonnes of material moving from waste into resource. The impact of this us a lower strip ratio for the deposit and an increase in contained gold.

Armed with a newly completed $10.1 million financing, Minefinders is planning to complete a new pit optimization based on the new resource as part of the process to move the project through feasibility.