Minefinders Secures 100% Interest in 226 square kilometers of Northern Sonora.Business Editors VANCOUVER, B.C.--(BUSINESS WIRE)--March 22, 2001 Minefinders Corporation Ltd. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :MNEFF)(TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). :MFL MFL Minimum Flows and Levels (ground water) MFL Modern Foreign Language MFL Magnetic Flux Leakage MFL Medium Flood (stage lighting) MFL Manitoba Federation of Labour .): Mark H. Bailey, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. is pleased to announce that the company's 100% owned subsidiary Minera Minefinders, S.A. de C.V. ("Minera") has acquired all outstanding interests in the mining concessions El Correo (66.5 square kilometers) and La Reserva (159.53 square kilometers) located in Sonora, Mexico. These concessions were previously optioned under an agreement dated November 22, 1996, whereby Minera acquired a 70% interest in the concessions with a right to purchase the remaining 30% by paying US$5/ounce of proven and probable gold-equivalent reserves subject to a 3.25% NSR NSR abbr. normal sinus rhythm NSR Normal sinus rhythm, see there royalty. The acquisition by Minera terminates the previous option agreement and removes all attendant option payments, additional purchase costs (US$5/oz Au-eq) and the 3.25% NSR royalty. Properties affected include the Alcaparosso, Tio Flaco, San Geronimo, El Rodeo, and Agua Caliente base precious metals porphyry-related prospects, and the Canada Colorada and El Durazno gold-silver prospects. This acquisition substantially reduces holding costs for the concessions and future production liabilities, making the various prospects on the property more attractive for development through investment or possible joint venture by interested parties. These concessions are located immediately south of the Company's Northern Sonora Project area, which contains our La Bolsa gold deposit, the El Malacate volcanic-caldera hosted epithermal-gold system, and several other new discoveries presently being explored by Minefinders. 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 An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called 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 The Ontario Securities Commission (OSC) is a regulatory agency which administers and enforces securities legislation in the Canadian province of Ontario. The OSC is an Ontario Crown corporation which reports to the Ontario legislature through the Minister of Finance. 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. |
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