Minefinders Corporation Reports Summary of Activities and Financial Results for 2003.

Business Editors

VANCOUVER, British Columbia--(BUSINESS WIRE)--April 22, 2004

Minefinders Corporation Ltd. (the "Company") (AMEX:MFN) (TSX:MFL) reports its financial results for the year ended December 31, 2003.

Summary of 2003 Activities

During 2003, the Company spent $9.8 million in exploration and development costs, primarily directed to its 100% owned Dolores gold and silver project, located in Chihuahua, Mexico. Ongoing drilling at Dolores included an additional 110 holes, totaling 59,000 meters, for resource definition and new exploration adjacent to, and beneath, the main zone deposit. In addition, the Company and its outside consulting engineers continued work on the Dolores feasibility studies and mine development permitting, including resource modeling, metallurgical testing, geotechnical engineering, mine engineering and scheduling, process engineering and environmental studies.

On June 5, 2003, the Company reported revisions to resource estimates at the Dolores project, incorporating results through the first quarter of 2003. Measured and indicated resources increased by 18.6% from previous estimates. Using a cutoff grade of 0.3 grams of gold and gold-equivalent silver mineralization per tonne, the total measured and indicated resource, as at June 5, 2003, amounted to 84.8 million tonnes of material containing 2.33 million ounces of gold and 116.2 million ounces of silver. These resource estimates were prepared in compliance with the requirements of National Instrument 43-101 of the Canadian Securities Administrators, which may differ in material respects from the requirements of the United States Securities and Exchange Commission. An updated resource estimation model, incorporating definition drill results through the first quarter of 2004, is in progress and will be incorporated into the final mine plan and feasibility study, which will determine the portion of this resource that can be economically mined.

In 2003, the Company also conducted extensive drilling and field-work on its Northern Sonora, Mexico projects, at a cost of $1.1 million. Results of a 20-hole drill program at La Bolsa included higher-grade mineralization than that generally found within the previously-known resource. Drill results on other targets produced some encouraging results and follow-up work is planned for 2004.

On February 5, 2003, the Company's shares commenced trading on the American Stock Exchange, under the symbol "MFN". The Company's shares continue to trade on the Toronto Stock Exchange under the symbol "MFL".

2003 Financial Highlights

At December 31, 2003, the Company had cash and cash equivalents of $59.2 million, compared with $9.4 million at December 31, 2002. The increase in liquidity is primarily attributable to two securities placements - 2.6 million shares at $7.00 in February 2003, and 4 million shares at $11.00 in December 2003. The Company is well-funded to carry on its 2004 exploration and development plans at Dolores and at its mineral properties in Northern Sonora, Mexico and in Nevada.

For the year ended December 31, 2003, the Company had a net loss of $4.8 million ($0.15 per share), compared with a net loss of $2.8 million ($0.11 per share) for 2002. The increase in net loss reflects increased administrative costs incurred in 2003, associated with increased corporate relations activities and compliance costs following the Company's AMEX listing, and an increase in overall corporate support for the Dolores project, as development continued towards completion of a bankable feasibility study. The loss included a writedown in property and deferred development amounts of $1.5 million, relating to certain properties in Mexico and the United States, compared with $0.8 million the prior year, and also included a non-cash charge of $0.9 million in respect of stock-based compensation. The Company's total exploration and development costs in 2003 were $9.8 million, compared with $7.1 million for 2002. Expenditures in 2003 also included a non-cash charge for stock based compensation of $1.5 million, compared with $1.7 million in 2002. The Company adopted the policy of recognizing stock-based compensation, in accordance with Canadian generally accepted accounting principles, effective January 1, 2002.

This summary of financial highlights should be read in conjunction with the Company's 2003 audited consolidated financial statements and Management's Discussion and Analysis of Financial Condition and Results of Operations, both of which are available on www.sedar.com.

Annual General Meeting

The Annual General Meeting of Minefinders Corporation Ltd. will be held at 2:00 pm Thursday June 10, 2004 in the Ambleside Room, Vancouver Marriott Pinnacle Hotel, 1128 West Hastings Street, Vancouver, B.C. V6E 4R5.

On Behalf of the Board of Directors

MINEFINDERS CORPORATION LTD.

Mark H. Bailey, President and Chief Executive Officer

Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statements in this release relating to the exploration and development of the Company's mineral properties are forward-looking statements within the meaning of the United States Private Securities Litigation Act of 1995. These forward looking statements are subject to a variety of risks and uncertainties which could cause actual events to differ materially from those reflected in the forward-looking statements, including the uncertainties related to estimated costs of exploration activities on the Company's Dolores Project, risks related to exploration programs on the Company's Dolores Project, uncertainty that the Dolores Project can be commercially exploited, and other 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. The Company does not intend to update this information and disclaims any legal liability to the contrary.