Minefinders Corporation Ltd.(financial analysis)

Publication: Buyside

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COPYRIGHT 2003 Adams Business Media

2288-1177 W Hastings St.

Vancouver, BC Canada V6E 2K3

TSX: MFL

Amex: MFN

www.minefinders.com

phone (604) 687-6263

fax (604) 687-6267

Dolores Project Operations Overview:

Minefinders 100% controlled Dolores Project is one of the largest undeveloped gold-silver resources in North America, with over 2.7 million ounces of gold and 161 million ounces of silver outlined to date. The Company executed several phases of work at the property over the last year, all directed at upgrading and expanding the resource base and advancing the project to final feasibility.

Resource Audit:

Minefinders engaged Pincock, Allen, and Holt (PAH) in early 2002 to conduct an audit of the Dolores resource, PAH reviewed and approved the resource calculation and classification.

2002-2003 Drill Program:

The Company launched an aggressive drill campaign at Dolores in June, which quickly expanded to three core...

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