Minefinders Corporation Ltd.: Drilling to Commence at Historic Planchas de Plata Silver District.

VANCOUVER, British Columbia -- Minefinders Corporation Ltd. (TSX:MFL) (AMEX:MFN) reports that it has begun a comprehensive new exploration program on its 100% owned Planchas de Plata silver district, located in Sonora, Mexico. The program will include extensive drilling on targets determined from Minefinders' compilation and analysis of all available historical data (including results from drilling in the early 1970s) and the results of its 2004 surface and underground exploration work. The compiled data indicate excellent potential for the discovery of a large-tonnage, near-surface, silver and base metal system.

The 1970s drill program comprised 1,900 meters of percussion drilling in 37 holes, 27 of which had data available for review by Minefinders geologists. Drill samples were reportedly assayed in a lab in Magdalena, Sonora, Mexico; with check samples sent to Bow Geochemical Laboratories in Steamboat Springs, Colorado. Minefinders compiled the results from these 27 holes - which were drilled in two areas of the district to test an east-northeast trending zone of mineralized rock, as shown on the accompanying map (also available at www.minefinders.com).

The analysis of this drill data suggests the presence of a large mineralized system underlying at least two of the seven known areas of historical mining within the district. Sampling in 2004 by Minefinders' geologists at the underground workings in the mineralized area around several of the reported drill holes supported the reported grades of the drill results (see News Release dated October 28, 2004). Ongoing mapping and sampling of the larger Planchas de Plata silver district continues to identify areas of prospective mineralization with similar potential.

The earlier drill results are summarized in the following table. Although these results are consistent with Minefinders' recent surface and underground sampling, geologic mapping, and other observations, they must be verified by additional drilling.

Table 1. Drill Results 1970 Program
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Drill hole        From       To     Width             Silver
                meters   meters    meters     feet       g/t     oz/t
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DH 6                44       60(a)     16       52        62     1.81
DH 7                24       60(a)     35      115        51     1.49
DH 8                 1       89(a)     88      289        80     2.34
 including          23       42        19       62       203     5.93
 including          27       33         6       20       403    11.77
DH 9                36       73        37      121        69     2.01
 including          41       55        14       46       104     3.04
DH 10               15       19         4       13        58     1.69
 and                56       60(a)      4       13        66     1.93
DH 11                4       41        37      121       102     2.98
 including           7       25        18       59       170     4.96
DH 12                3       18        15       49        26     0.76
 and                49       60(a)     11       36        49     1.43
DH 13                0       16        16       52       226     6.60
 including           0        8         8       26       376    10.98
 and                26       30         4       13        86     2.51
 and                35       43(a)      8       26        54     1.58
DH 14                0       41        41      135        55     1.61
 including          14       23         9       30        91     2.66
DH 15                0       46(a)     46      151        47     1.37
DH 16               11       16         5       16        54     1.58
 and                22       25         3       10        81     2.37
DH 17              NSV
DH 18              NSV
DH 23               23       74(a)     51      167        40     1.17
DH 24               27       37        10       33        50     1.46
 and                42       50         8       26        29     0.85
 and                54       67        13       43        38     1.11
DH 25               20       28         8       26        49     1.43
 and                36       55        19       62        31     0.91
 and                61       74(a)     13       43        23     0.67
DH 26               20       30(a)     10       33        30     0.88
DH 27               28       43        15       49        84     2.45
 and                46       55(a)      9       30        74     2.16
DH 28               29       33         4       13        57     1.66
 and                35       52        17       56        21     0.61
 and                58       69        11       36        23     0.67
DH 29               12       41        29       95        42     1.23
DH 30(b)             1       28(a)     27       89        28     0.82
DH 31                1       10         9       30        21     0.61
 and                12       23(a)     11       36        29     0.85
DH 32(b)             4       36(a)     31      102        76     2.22
 including          25       30         5       16       126     3.68
DH 33               21       42(a)     21       69        64     1.87
 including          34       39         5       16       125     3.65
DH 34               24       36        12       39        86     2.51
DH 35               30       41        11       36        83     2.42
DH 36               21       41(a)     20       66        83     2.42
 including          22       30         8       26       126     3.68
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(a) interval extends to bottom of drill hole
(b) interval includes one meter of missing data

The drill data compilation and recent geologic mapping and sampling by Minefinders indicates that mineralization at Planchas de Plata occurs as multiple, stacked, sub-horizontal blankets. High-grade mineralization is found along near-vertical to moderately-dipping structures, especially at intersections with the sub-horizontal blankets. Mineralization initially ascended these structures and formed large disseminated zones within the surrounding porous conglomeratic host rocks. Subsequent leaching by surficial  waters remobilized the metals and precipitated them as blankets at the paleo-water table. A fluctuating water table most likely led to the formation of the multiple stacked blankets that are currently found at Planchas de Plata. The drill results indicate that these blankets can be as thick as 80 meters (262 ft) but typically range from 20 to 40 meters (65 to 131 ft) of thickness. The near surface occurrence of these blankets should be conducive to open pit mining, with a relatively low overall low strip ratio.

There remains excellent potential to expand the known mineralization at Planchas de Plata. All of the reported drill holes are vertical and were terminated when the water table was intersected. It is likely that vertical orientation of these holes did not adequately test the high-grade mineralization found along high-angle structures. Significant potential also remains below the level of previous drilling, as 17 of the 27 reported holes ended in mineralization grading 20 g/t silver or greater. In addition, the mineralized zones remain open in all lateral directions.

The necessary environmental permitting has now been completed and a first-phase drill program, including twinning of several of the previous drill holes, will start shortly. The initial drill program will utilize a reverse-circulation rig that is presently completing the final 3 holes of a 22 hole drill program on Minefinders' Real Viejo silver project, located 10 kilometers to the northwest of Planchas de Plata. Results from the first half of the Real Viejo drilling are expected this month.

Drill targets have also been established for the other five other areas of the Planchas de Plata district for which there is no historic drill data (visit www.minefinders.com to view district map). This drilling will attempt to expand the mineralized zones that demonstrate characteristics similar to those within the areas of historical production. These additional zones are covered by the current drilling permit application and will be available to drill as the exploration program expands. Minefinders will add a diamond core drill rig, as one becomes available, to assist in the exploration of both Planchas de Plata and Real Viejo.

Mark H. Bailey, MSc., P.Geo., a Qualified Person as defined by National Instrument 43-101, has overall responsibility for Minefinders' mineral exploration programs and supervised the preparation of the technical information in this news release.

MINEFINDERS CORPORATION LTD.

Mark H. Bailey

President and Chief Executive Officer

All resource estimates referred to in this disclosure are calculated in accordance with the Canadian National Instrument 43-101 and the Canadian Institute of Mining and Metallurgy Classification system. These standards differ significantly from the requirements of the United States Securities and Exchange Commission, and resource information reported in this disclosure may not be comparable to similar information reported by United States Companies. The terms "Resource(s)" does not equate to "reserves" and normally may not be included in documents filed with the Securities and Exchange Commission.

Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statements in this release that are forward-looking, including statements relating to the size, and growth in size, of Minefinders' mineral resources and the timing of the further exploration and development of its exploration projects, are subject to various risks and uncertainties concerning the specific factors identified above and in the company'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. Minefinders does not intend to update this information and disclaims any legal liability to the contrary.

NOTE: A map is available on CCNMatthews' website at http://www2.ccnmatthews.com/database/fax/2000/mfl0112.gif

Minefinders Corporation Ltd. (TSX:MFL) (AMEX:MFN)