Drilling Set to Commence On Minefinders' El Malacate Project in Mexico.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--Feb. 14, 2002

Minefinders Corporation Ltd. (the "Company") (TSE:MFL) (OTCBB:MNEFF), Mark H. Bailey, President and CEO is pleased to report that Placer Dome has completed its due diligence as per the recently signed option agreement on the Company's 100% owned El Malacate Project located in Sonora, Mexico. All environmental notifications and permitting for the next several phases of planned exploration have been completed and first phase drilling will commence in early March. The joint area of interest under the option agreement covers 35 square kilometers within the area of Minefinders' 400 square kilometer northern Sonora mining concessions.

El Malacate was discovered by Minefinders during a grassroots stream sediment and regional rock chip sampling campaign in 1999. Seven separate areas of alteration and gold mineralization have been mapped, sampled, and more fully delineated since the initial discovery (visit the Company's website; www.minefinders.com for complete information on these prospects). The current exploration program includes additional detailed geologic mapping, geochemical sampling and first phase drilling to test portions of the Bordo Blanco, Ahumada South, and the Ahumada North mineralized zones.

Access road cleanup began on February 1st and new drill roads and pads are presently being constructed at Ahumada North. Additional areas of altered and mineralized outcrop exposed in the new drill roads and pad sites will be sampled and mapped prior to start-up of drilling. Minera Minefinders, S.A. de C.V., a wholly owned Mexican subsidiary of Minefinders Corporation has engaged the drilling company, Dateline Internacional, S.A. de C.V., for an initial 2,000 meter drill contract. The Company is planning to drill approximately 12-15 test holes that will range from 80 to 200 meters in length during this first phase of drill testing.

Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statements in this release that are forward-looking are subject to various risks and uncertainties concerning the specific factors identified above and in the corporation's periodic filings with the Ontario Securities Commission and the U.S. Securities Exchange Commission. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The corporation does not intend to update this information and disclaims any legal liability to the contrary.