Minefinders Makes the Grade

STEVEN GREEN, TD Newcrest (01/14/2011)
"Q4 production was above our expectations (and slightly above guidance) as the Phase II leach pad got off to a quick start. Production: 16,102 oz. gold and 511,544 oz. silver, or approximately 26,406 oz. Aueq, above guidance of approximately 23,000 oz. Aueq and our estimate of 17,775 oz. Aueq. The higher production was driven by improved grades, and stacking to a fresh leach pad, as well as the higher silver price. . .All production came from Phase II of the leach pad (initial leaching began September 2010) which benefited from the stacking of highest Aueq grades to date at Dolores. This is similar to what we saw with the initial stacking on the Phase I pad (the company's record quarter was the second full quarter of production in Q209."

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