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Minefinders reports strong production rise in second quarter

Published: 20:18 08 Jul 2009 BST

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Minefinders Corp Ltd (TSX: MFL) said production has continued to rise in the second quarter as the Dolores mine in Mexico progresses to steady-state production with over 9,000 ounces of gold and over 150,000 ounces of silver produced in June 2009.

Despite a four day federally mandated shut down due to the swine flu outbreak in Mexico, group gold production increased to approximately 23,336 ounces in the second quarter of 2009, up 65 percent from 14,169 ounces in the first quarter.

Silver production was up 49 percent at approximately 419,946 ounces in the second quarter. Metal production is expected to continue to increase through the third and fourth quarters of 2009 as the volume of ore and time under leach increases.

Second quarter sales proceeds rose to US$26.0 million from US$16.1 million in the first, and second quarter sales volume totaled 22,108 ounces of gold at an average realized price of US$937 per ounce and 369,532 ounces of silver at an average realized price of US$14.19 per ounce.

Minefinders sold 13,313 ounces of gold in the first quarter of 2009 at a realized price of US$939 per ounce and 273,381 ounces of silver at a realized price of US$13.18 per ounce.

As previously disclosed, the first gold pour took place in November 2008 and commercial production commenced on May 1 2009.

“(Increasing metal production) has enabled us to pay down an additional US$2.5 million of debt and we continue to strengthen our overall financial position," said Mark Bailey, president and chief executive officer. "Our momentum has not been hampered by the rainy season, which began in June, and we see continued growth in the third and fourth quarters of 2009."

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