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Minefinders intersects 13.69 g/t gold equivalent on Las Huatas zone

Minefinders (TSE:MFL)(AMEX:MFN) announced Monday it intersected 13.69 grams per tonne (g/t) gold equivalent on the Las Huatas zone, located at the southern end of its La Virginia project in Sonora, Mexico.

Hole LV11-47C intersected 23.5 metres grading 7.63 g/t gold, and 363.2 g/t silver, or 13.69 g/t gold equivalent, including nine metres at 19.43 g/t gold, and 904.5 g/t silver, or 34.51 g/t gold equivalent, and four metres of 41.01 g/t gold, and 1,817.9 g/t silver, or 71.31 g/t gold equivalent.

Also on the Las Huatas zone, hole LV11-48C found 7.8 metres grading 1.11 g/t gold, and 55.3 g/t silver, or 2.04 g/t gold equivalent, including one metre at 9.45 g/t gold equivalent.

These results are from step-out drill holes, designed to expand on previously reported intercepts. Drill sites are in place to test another 450 metres of strike length, Minefinders said.

Other notable results on the Las Huatas zone include two metres grading 3.51 g/t gold, and 278.7 g/t silver, or 8.16 g/t gold equivalent in hole LV11-49C. Meanwhile, hole LV11-50C intersected 15 metres grading 3.04 g/t gold, and 185.9 g/t silver, or 6.14 g/t gold equivalent, including 4.5 metres at 9.01 g/t gold, and 544.3 g/t silver, or 18.09 g/t gold equivalent, and 1.5 metres grading 21.58 g/t gold, and 1,172.7 g/t silver, or 41.13 g/t gold equivalent.

The Vancouver, B.C.-based company said it is currently conducting geological mapping and sampling in an area where the Las Huatas mineralized zone is known to extend for at least two to three kilometres.

Minefinders also completed two test drill holes on the El Campo Santo zone, located in the northern portion of La Virginia. Intended to test the down-dip extension of previously drilled shallow intercepts, hole LV11-38C found two metres grading 4.36 g/t gold, and 15.5 g/t silver, or 4.62 g/t gold equivalent. Hole LV11-44C intersected two metres grading 6.39 g/t gold, and 8.5 g/t silver, or 6.53 g/t gold equivalent.

Additional drilling along the El Campo Santo zone is planned for the fourth quarter, Minefinders said.

Located 220 kilometres east-northeast of Hermosillo, Mexico, and 100 kilometres north-northwest of Minefinders' Dolores mine, the La Virginia property encompasses over 34,000 hectares. To date, the company has drilled nearly 11,000 metres of its planned 12,750-metre drill program for 2011.

Due to the company's positive results, its board of directors has approved a budget increase to $3.7 million, from $2.7 million, for the project, where continued drilling will focus on following up on encouraging intercepts.

Minefinders said it will add a third core drill rig by the year's end.

Minefinders' shares in Toronto were down 1.98 percent at 11:24 am EDT, to $14.39 per share.