Minefinder’s Corporation Ltd. (AMEX: MFN) reported production of 74,193 ounces of gold and 3,572,357 ounces of silver in 2011. This exceeds their guidance for 2011 of gold production ranging from 65,000 to 70,000 ounces of gold and 3.3 to 3.5 million ounces of silver. (This is also well above production in 2010 of 56,110 ounces of gold and 1,218,664 ounces of silver.) Total revenues for 2011 were $241.2 million. They have not yet offered guidance for 2012.
Minefinders is producing gold and silver from its low-cost heap-leach Dolores mine in Chihuahua, Mexico. The company has an excellent growth profile. They have a goal of commencing production at their La Bolsa heap-leach gold project on the Arizona-Mexico border. This could produce up to 40,000 ounces of gold over a period of five to six years starting in 2013. They are also advancing an initiative to mine underground at Dolores, and completing a 6,500 to 8,000 tpd mill, to increase recoveries of higher grade gold and silver ore, beginning in 2014. Minefinders is profitable and has approximately $250 million in cash and $50 million in an untapped credit facility.