Minefinders PR
N E W S R E L E A S E
January 28, 2003
Dolores Drilling Continues to Deepen Main Zone Gold and Silver Deposit
VANCOUVER, BRITISH COLUMBIA – Minefinders Corporation Ltd. (the “Company”) (TSX: MFL / AMEX: MFN), Mark H. Bailey, President and CEO, is pleased to report additional, significant results from drilling on its 100% owned Dolores gold and silver property, located in northern Chihuahua State, Mexico.
Continued geologic modeling and compilation of geochemical data has resulted in increased understanding of the geologic controls and origin of mineralizing fluids that formed the Dolores gold and silver deposit. A well mineralized, near vertical phreatomagmatic breccia, containing consistent high-grade gold and silver mineralization has been defined by drilling completed in 2002. This breccia, one of the primary feeders for the Dolores deposit, outcrops at the surface and has now been traced by drilling more than 200 meters (656 feet) laterally, with true widths that range from 15 meters (49 feet) to more than 60 meters (197 feet) and to a vertical depth of 460 meters
(1525 feet). Drill hole D02-186, the deepest test of this breccia to date, suggest that gold grades are increasing and the silver grade is decreasing with increased depth. Additional drilling now underway will continue to test this breccia beneath the currently known resource.
Diamond core hole D02-186, located on section 2625, in the southern portion of the Main Zone deposit, was drilled at an angle of –60 degrees to the northeast and encountered several high grade zones, beginning at 151 meters down the hole. The first intercept, on the western side on the main zone deposit averaged 5.5 g/t (0.16 oz/t) gold and 285.1 g/t (2.83 oz/t) silver over 24 meters (78.7 feet). Included in this intercept were 6 meters (19.7 feet) averaging 22.4 g/t (0.65 oz/t) gold and 952.4 g/t (27.8 oz/t) silver. A second, broader breccia zone, intersected across 66 meters (216.5 feet) beginning at 371 meters down hole, averaged 2.3 g/t (0.067 oz/t) gold and 23.9 g/t (0.7 oz/t) silver. Within this interval were several higher-grade intercepts, including: 16 meters (52.5 feet) averaging 3.76 g/t (0.11 oz/t) gold and 40.9 g/t (1.19 oz/t) silver; 4 meters (13.1 feet) averaging 3.95 g/t (0.115 oz/t) gold and 32.8 g/t (0.96 oz/t) silver; and 4 meters (13.1 feet) averaging 5.68 g/t (0.166 oz/t) gold and 37.1 g/t (1.1 oz/t) silver.
Diamond core hole D02-166, located on section 2600, approximately 25 meters to the north-west of hole D02-186, was drilled to the northeast at–70 degrees, angled to cross the mineralized deposit from west to east. D02-166 encountered multiple zones of mineralization over a wide interval, beginning down hole at 78 meters and ending at 371 meters, with the hole terminated at 417 meters in length. The more significant intercepts within this broad mineralized zone include: 12 meters (39.4 feet) from 188 to 200 meters down hole, averaging 1.13 g/t (0.033oz/t) gold and 36 g/t (1.05 oz/t) silver. The phreatic breccia was intersected across 64 meters (210 feet) from 307 to 371 meters down hole averaging 2.743 g/t (0.080 oz/t) gold and 85 g/t (2.48 oz/t) silver, including, 16 meters (52.5 feet)
averaging 5.685 g/t (0.166 oz/t) gold and 150.4 g/t (4.39 oz/t) silver. Within these intervals, individual 2 meter intercepts graded up to 11.5 g/t (0.33 oz/t ) gold and 379.3 g/t (11 oz/t) silver.
Drilling has recommenced, following the 2002 year-end break, and will focus primarily on step out drilling to test new targets on the Dolores property. In addition, final infill drilling and deeper drilling in selected areas to extend mineralization below the current resource model is expected to be completed in the coming month.
A revised resource model will be prepared from the results of the infill drilling program as soon as all holes and assays have been completed. This revised and upgraded resource model will provide the basis for final mine modeling and engineering studies. All drill samples, weighing between 10 kg and 20 kg each, were collected and transported from the site for assay by ALS-Chemex Labs of Vancouver, B.C. and Inspectorate Labs of Reno, Nevada. Blanks and standards are inserted into the sample stream for quality control and a second sample split is maintained on site for check assay and metallurgical testing. Diamond drilling is being conducted by Major Drilling and the reverse-circulation drilling is by Dateline Drilling. Mark H. Bailey, MSc., P.Geo., a Qualified Person as defined by National Instrument 43-101, supervised the preparation of the technical information in this release.
On Behalf of the Board of Directors
MINEFINDERS CORPORATION LTD.
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