Minefinders advances Dolores gold-silver project

Vancouver — Minefinders (MFL-T) has moved its Dolores gold-silver project in Mexico’s Chihuahua state a step closer to the final-feasibility stage.

The company announced a new resource estimate, which places 94-98% of the in-pit resource into the measured and indicated category.

The in-pit measured and indicated resource is now pegged at 68 million tonnes grading 0.877 gram gold and 46.3 grams silver per tonne, equivalent to 1.9 million oz. gold and 101.7 million oz. silver. The estimate is based on a cutoff grade of 0.3 gram gold per tonne.

Recent infill drilling increased the global measured and indicated resources by 10% to 93 million tonnes containing 2.6 million oz. gold and 123 million oz. silver, again at a 0.3-gram cutoff. An additional 700,000 oz. gold and 24.3 million oz. silver are still classified as an inferred.

Condemnation drilling is targeting several peripheral zones of surface mineralization.

Meanwhile, the engineering team is considering a mine design based on gold and silver prices of US$300-350 per oz. and US$5-5.50 per oz.

Plans call for a final feasibility study of Dolores to be completed in the fourth quarter, in time to finance the mine and begin construction in 2005.

Minefinders believes combined flotation and heap leaching will increase the overall recovery of silver while maintaining gold recovery at favourable levels. High-grade and sulphide ores containing most of the gold and silver will be directed to the mill and flotation plant, whereas low-grade ore will report directly to the leach pad.

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