MINEFINDERS ANNOUNCES SECOND QUARTER 2010 FINANCIAL AND
OPERATING RESULTS AND MANAGEMENT APPOINTMENTS
(All figures are in United States dollars unless otherwise stated).
Vancouver, British Columbia – August 4, 2010 – Minefinders Corporation Ltd. today reported its financial and
operating results for the second quarter ended June 30, 2010 and the appointment of two seasoned mining
professionals to its management team.
Q2 2010 summary results include:
“Gold and silver production in the second quarter reflects the lower grade ore stacked to the leach pad during the
first quarter this year,” said Mark Bailey, President and CEO. “However, production from phases 2 and 3 of the
pit reached target levels during the second quarter, eliminating the need to supplement production by processing
low-grade stockpile material. The average gold and silver grades stacked to the leach pad in June of 0.51 grams
per tonne and 40.7 grams per tonne respectively reflect the higher grade ore that we are now starting to access.
With grades increasing, tertiary screen repairs complete, optimization efforts well underway and the phase 2 leach
pad ready for loading ore in August, production is expected to increase through the second half of this year.”
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· Second quarter revenue of $21.6 million.
· Income from operations of $2.4 million.
· Net loss of $0.9 million or $0.01 per share.
· Positive operating cash flow before changes in working capital of $6.3 million.
· Proceeds of $21.6 million from the sale of 14,073 ounces of gold and 266,129 ounces of silver at an
operating cash cost of $597 per gold equivalent ounce sold.
· Gold production of 13,783 ounces and silver production of 277,147 ounces.
· Receipt of a dr