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Minefinders Closes $50 Million Revolving Credit Facility with Scotia Capital

Thursday, December 20th, 2007

Minefinders Corporation Ltd. has reached an agreement for a US$50 million revolving three year term credit facility provided by Scotia Capital, a subsidiary of The Bank of Nova Scotia, one of Canada’s largest chartered banks.
Mark Bailey, President and CEO, said, “The ability to access additional working capital will help to accelerate the future growth of the Company. In combination with our existing treasury, we are well funded through the commissioning of our Dolores Mine and to proceed with future development plans at Dolores shortly thereafter. We are pleased to have secured access to this capital at competitive rates without hedging requirements or shareholder dilution.”
Under the terms of the credit facility, US$17.5 million was immediately available at closing with an increase to US$35 million on the submittal for registration of certain security documents in Mexico. The available credit will further increase from US$35 million to US$50 million subject to, among other items, the completion of an updated reserve statement and mine plan for the Dolores Mine, expected by early January.
The credit facility supplements the Company’s cash and cash equivalents, which totalled US$32.1 million as of November 8, 2007.
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