The Gold Report

Minefinders Corp. TICKER: MFL:TSX; MFN:NYSE Visit Company Website Minefinders Corp. is a precious metals mining and exploration company operating the multimillion ounce Dolores gold and silver mine in northern Mexico. Minefinders' goal is to increase its annual gold and silver production through increased efficiency and focused exploration. Read an aritcle about Minefinders' Dolores Mine in Business in Vancouver (4/6/11) Minefinders ranks in Top-6 silver stocks for 2011 (TheStreet, 1/6/11)

The information provided below is from analysts, newsletters and other contributors. Please contact the company and visit its website before making an investment decision.

Expert Analysis

Trevor Turnbull, Scotia Capital (1/26/12) "Minefinders Corporation Ltd. entered into a definitive agreement with Pan American Silver to be acquired in a plan of arrangement. . .we believe Pan American is getting excellent value with its bid of 0.55 shares of itself for each Minefinders' share and CA$1.84 in cash. . . we continue to find Minefinders' shares attractive and we feel Pan American's offer at a 13% discount to our net asset value 3% opens up the potential for competing offers. . .we think investors should have more confidence than ever in a mill scenario given Pan American's experience as a mine builder."

Steven Green, TD Securities (1/24/12) "Minefinders Corp. Ltd. has entered into a friendly agreement to be acquired by Pan American Silver. . .we believe that this offer, which is effectively in line with our previous target price of $14.50, represents a full and fair price for Minefinders, and recommend shareholders support the transaction. . .in our view, it makes sense for shareholders to have an experienced miner build a much-needed mill at Dolores, particularly in this environment with rising capital costs."

The Gold Report Interview with Mike Niehuser (1/11/12) "Minefinders Corp. [has an] operating mine in a stable jurisdiction and profitable operations with good potential for increasing or extending production, as well as significant 'blue sky' potential. Minefinders is currently operating a low-cost heap leach gold-silver Dolores mine near Chihuahua. It is on schedule to meet guidance of about 65–70 Koz gold and 3.3–3.5 Moz silver in 2011. It is working on expanding with a mill operation to increase recoveries of higher grade ore from underground. This may add production in 2014; in the meanwhile it could bring its La Bolsa heap-leach gold project into production. This could add another 40 Koz gold starting in 2013. In addition, Minefinders is accelerating exploration of its La Virginia project with potential of generating a resource. Profitable operations should fund these activities, reducing the need to go to the market and risk diluting shareholders." More >

Trevor Turnbull, Scotia Capital (1/10/12) "Minefinders Corp. beat its 2011 guidance with a strong Q411 finish. . .the company announced Q411 gold production of 20,531 oz and silver production of 918,737 oz. Au eq sales totaled 37 Koz for revenue of $62M. . .they were about 7% higher than our estimate of 34,500 oz. . . it was nearly a record quarter for gold production. . .we rate Minefinders 1-Sector Outperform with a $20/share one-year target price."

Mike Parkin, Merrill Lynch (1/9/12) "Minefinders Corp. reported strong Q411 production and sales figures for the Dolores mine in Mexico; Dolores produced 20,531 oz gold and 918,737 oz silver in Q411, +9.9% and +4.6% above our estimates, respectively. This brings fiscal year (FY) production to 74,193 oz gold and 3.572 Moz silver above the FY guidance of 65–70 Koz gold and 3.3–3.5 Moz silver. . .these results continue to demonstrate the Dolores mine is operating very well and supports our Buy rating."

• Corporate Presentation (1/13/12)
• Corporate Fact Sheet (11/1/11)

(11/18/11) MFL Q311 Update

(10/12/11) Gold Value Stocks

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