December 12, 2003

News Release: Minefinders Completes CDN$44,000,000 Equity Financing

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.

Minefinders Corporation Ltd. (the 'Company') (TSX: MFL / AMEX: MFN), Mark H. Bailey, President and CEO, is pleased to report the completion of its previously announced bought deal offering of common shares at CDN$ 11.00 a share. The financing was oversubscribed and realized gross proceeds of CDN$44,000,000.

A total of 4,000,000 shares were sold, which included the exercise in full of the underwriters'over-allotment option. The offering was placed by an underwriting syndicate led by BMO Nesbitt Burns and including Griffiths McBurney &Partners, Salman Partners Inc. and Orion Securities Inc., in consideration of which a cash commission equal to 5.5% of the gross proceeds of the financing was paid. Subject to completion of a positive bankable feasibility study, the Company intends to apply approximately $30,000,000 of the net proceeds of the offering to commence mine construction at its 100% owned Dolores gold and silver project in Chihuahua State, Mexico.

On Behalf of the Board of Directors

MINEFINDERS CORPORATION LTD.

Mark H. Bailey, President and Chief Executive Officer

The common shares issued under this offering have not and will not be registered under the U.S. Securities Act of 1933, as amended, or the securities laws of any state, and have not been offered or sold within the United States or to or for the account or benefit of U.S. persons absent U.S. registration or an applicable exemption from the U.S. registration requirements. This press release does not constitute an offer to sell or the solicitation of an offer to purchase securities in the United States.

Safe Harbor Statement under the United States Private Securities Litigation Act of 1995: Statements in this release relating to the use of proceeds and the operation of the Company after the completion of this transaction 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.

Minefinders Corporation Ltd. Mark H. Bailey President and Chief Executive Officer (604) 687-6263 (604) 687-6267 (FAX) Website: www.minefinders.com

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