Minefinders Corporation announced its financial and operating results for the 2009 Q3 and nine months ended September 30, 2009. The company also updated its production guidance for 2009. Highlights for the quarter include; revenue of $24.1 million compared to none in 2008 Q3, loss of $0.7 million or $0.01 per share compared to a loss of $6.8 million or $0.14 per share in 2008 Q3 and sale of 24,689 gold-equivalent ounces compared to none in 2008 Q3. The compnay revised its previously reported 2009 production outlook to approximately 1.4 million ounces of silver and 80,000 ounces of gold at cash operating costs of between $520 and $530 per gold-equivalent ounce assuming a 71 to one silver to gold ratio.
Minefinders Corporation announced maiden NI 43-101 compliant resource estimation for the La Bolsa property located in northern Sonora, Mexico. At a nominal 0.25 g/t gold cutoff, the measured and indicated resource estimate includes 15.9 million tonnes grading 0.706 g/t gold and 9.4 g/t silver totaling 360,000 ounces of gold and 4.8 million ounces of silver. An additional 47,000 ounces of gold with 480,000 ounces of silver at the same cutoff are classified as inferred resources. The resource estimation is based on the results from 165 drill holes (81 reverse-circulation holes and 84 core holes) completed within the property.
Minefinders announced the results from the 2009 drill program at the La Bolsa property located in Sonora, Mexico. Step-out drilling has encountered a significant new zone of gold and silver mineralization approximately 200m east of the current La Bolsa resource. These initial drill results confirm the presence of highgrade gold and silver mineralization including 6.0m containing 12.063g/t Au and 109.8g/t Ag from Hole LB 78C, and 20.5m containing 2.099g/t Au with 35.4g/t Ag. Six of the 19 drill holes completed during the current drill campaign targeted this new area of mineralization.
