The following is excerpted from the question-and-answer section of the transcript.

Question: Wayne Atwell - Kasmia Capital - Analyst: Good afternoon, and congratulations on becoming commercial.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Wayne Atwell - Kasmia Capital - Analyst: Can you -- a couple quick questions, can you give me your projected recovery rates for gold and silver?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Wayne Atwell - Kasmia Capital - Analyst: Okay, and you're -- I was reading you were thinking about constructing a mill and going after some of your higher grade ore to step-up your recoveries -- can you talk about that a little bit?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Wayne Atwell - Kasmia Capital - Analyst: Yes, two questions. What kind of grade do you think you'd be putting through and would this be different ore, i.e., would you go underground to grab this, or would this be from the open pit?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Wayne Atwell - Kasmia Capital - Analyst: And do you have an earlier estimate of capital cost of putting that in place? www.streetevents.com Contact Us 6 ¬ 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Wayne Atwell - Kasmia Capital - Analyst: Great. Thank you.

Question: Haytham Hodaly - Salman Partners - Analyst: Thanks, Operator. Mark, how are you?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Haytham Hodaly - Salman Partners - Analyst: Good. Just a couple questions, just on the interest expense, it looked like your interest expense this quarter was tracking a little high with regard to what we were expecting. Are you actually, I know the convertible interest gets paid twice a year, are you through accruing over that over four quarters?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Haytham Hodaly - Salman Partners - Analyst: Okay, that would answer that. Thank you. With regards to recoveries, Mark, you talked about getting the 72% and 100 to 120-day leach cycle, what in terms of I guess what date did you start loading or what date would you consider that you're working from to get to that 120 days? www.streetevents.com Contact Us 7 ¬ 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Haytham Hodaly - Salman Partners - Analyst: Okay, so given the lifts on the pad, sometime throughout the second quarter we should be -- we should see us at that maximum level there?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Haytham Hodaly - Salman Partners - Analyst: Okay, and just on the silver, for the first quarter what were the silver grades, roughly?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Haytham Hodaly - Salman Partners - Analyst: And the gold, again, what was that, the first part?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Haytham Hodaly - Salman Partners - Analyst: Okay, no, that's perfect. Thank you.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Haytham Hodaly - Salman Partners - Analyst: Thanks, Mark.

Question: David Meloluv - Geologic Resource Partners - Analyst: Good afternoon, Mr. Bailey.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: A question is a follow-up from Haytham's, and this is somewhat of a strange question. When you quote was is mined and what goes onto the leach pads, you've obviously, as explained to Haytham, it takes sometimes a little while to get on the pad and leach and sometimes you pull the drippers off so it's not under leach constantly. What would you recommend we include in our models for what you mine and then how many days you'd actually leach the stuff? I've learned recently that 90 days doesn't necessarily mean 90 days of what is being mined as being leached?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: David Meloluv - Geologic Resource Partners - Analyst: Well, I mean up until recently I assumed whatever is mined in the heap leach operation goes on the pad, and is put under leach very quickly, that's not the case sometimes. And in your case, sometimes you have to take the drip lines off, and so it's not being www.streetevents.com Contact Us 9 ¬ 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial. leached and it moves up over into another area. So as opposed to leaching, mining and leaching it for 90 days, would you say you're on average leaching stuff for 80 days or something like that?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Right.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay, perfect. Now --

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Oh.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Right.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Right.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay. Now, when you did the site tour in January, the vinyl was being put down, up the side of one of the, ultimately it will be the leach pad. I assume those are all down, and how long are you good for until you have to do another expansion? www.streetevents.com Contact Us 11 ¬ 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Right.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay, so what -- if you can help us out here, what are you looking for for capital expenditures for 2010 and 2011, given that's already been scheduled?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay, that's great. Now, one question which I think you've gotten many times, but might as well go public with it, is Q2 and Q3 when your peers have had challenges, with regards to weather, et cetera, how are you set-up with regard to leach pad capacity, [pregnant] solution pond capacity, surge capacity, and just general getting ready for the weather capacity?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Right.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: And last question is with regards to the high angle conveyor which is one impressive piece of machinery, what's the plans for that when it starts to rain?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: So the conclusion is you're pretty confident that you're going to come through Q2 and Q3 with flying colors?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay, well, thank you very much.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Louis Kahan - Specific Financial - Analyst: Mark, congratulations to all.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Louis Kahan - Specific Financial - Analyst: My question actually over engineering, I was wondering what ever happened to the arbitration case?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Louis Kahan - Specific Financial - Analyst: Very good. All the other questions I had, you've already answered, and thank you.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: John Doody - - Gold Stock Analyst: Congrats to Mark and all on the startup, and actually earlier in the quarter than I was expecting. A couple of questions. David did a very good job of cleaning up all the questions, but I've still got a few. What's the current status of the road blockage issue? Was that totally resolved?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: John Doody - - Gold Stock Analyst: Great, so your reaction of not paying them probably was the right one, good.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: John Doody - - Gold Stock Analyst: Okay, great. Second, what was the actual benchmark that you got over that caused you to cause -- to declare the commercial production?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: John Doody - - Gold Stock Analyst: Okay, would you want to venture say a percentage number as to what you thought April was as your ongoing 14,000 notes on to a month rate?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: John Doody - - Gold Stock Analyst: Okay, so April was maybe 65%, 70%, something like that?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: John Doody - - Gold Stock Analyst: Okay, and then two other easy ones. And going forward are you going to use the actual gold, silver ratio for calculating gold equivalents?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: John Doody - - Gold Stock Analyst: Yes, for production?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: John Doody - - Gold Stock Analyst: Okay, great. And the last one has to do with the line of credit, when is that actually due?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: John Doody - - Gold Stock Analyst: Okay, great. And, again, congratulations.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Stephen Green - TD Newcrest - Analyst: Yes, good afternoon, gentlemen.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Stephen Green - TD Newcrest - Analyst: A question on grades, what do you expect for the rest of 2009, both gold and silver?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Stephen Green - TD Newcrest - Analyst: Right, and I have significantly higher silver grades going in 2010, is that what you're expecting?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Stephen Green - TD Newcrest - Analyst: Okay, great. And in terms of '09, have you updated your guidance in terms of expectations for the year?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Stephen Green - TD Newcrest - Analyst: Yes, fair enough. And in terms of unit cost, how are they tracking in terms of mining costs and processing costs?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Stephen Green - TD Newcrest - Analyst: Okay. www.streetevents.com Contact Us 18 ¬ 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Stephen Green - TD Newcrest - Analyst: Yes.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Stephen Green - TD Newcrest - Analyst: $9.44.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Stephen Green - TD Newcrest - Analyst: Okay, very helpful. Thanks a lot.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Mike Niehuser - Beacon Rock Research - Analyst: Well, congratulations on both realizing grades and handling the blockade and all the criticism and naysayers of the past several years. I'm sure this is quite a milestone.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Mike Niehuser - Beacon Rock Research - Analyst: Well, do you feel like you're -- it sounds like you're getting a pretty good feel for how the pad is leaching, is there anything that's keeping you up at night or giving you any concerns over the next six to eight months?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Mike Niehuser - Beacon Rock Research - Analyst: Well, they always love you when you're good. The other, the question I wanted to ask is you paid down the operating line $2 million, just along those lines do you see cash flow being directed toward paying down the operating lines or is that going to be directed toward an exploration budget, or how do you see that spending out over the year as far as investing and moving forward and building the Company, or whether acquisitions are a possibility?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Mike Niehuser - Beacon Rock Research - Analyst: Well, what does that say about your budget for exploration? A lot of companies aren't seeing value in doing that now. Do you hold that opinion, or do you want to continue and develop your [ponches da plata] and La Bolsa and other projects?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Mike Niehuser - Beacon Rock Research - Analyst: And what's the timing on a study for the mill at Dolores?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Mike Niehuser - Beacon Rock Research - Analyst: And are all the contractors off the site now, or pretty much?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Mike Niehuser - Beacon Rock Research - Analyst: All right, thanks for taking my call.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Edwin Frontemichael - - Private Investor: Yes, hello. I have a question about the loss due to decreasing value of the Canadian dollar, the peso, the foreign exchange loss. Are all of your dollars figures quoted in U.S. dollars or Canadian dollars?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Edwin Frontemichael - - Private Investor: I see, but your actual costs in pesos have, has gone down due to that?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Edwin Frontemichael - - Private Investor: Sure. Okay, so it's just your cash holdings that --

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Edwin Frontemichael - - Private Investor: Thank you.

Question: Wayne Atwell - Kasmia Capital - Analyst: Thank you. In modeling, can you give us help in terms of what we should assume for depreciation (inaudible)?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Wayne Atwell - Kasmia Capital - Analyst: Okay, that would be the depreciation?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Wayne Atwell - Kasmia Capital - Analyst: Okay, and for modeling purposes, for the rest of the year should we sort of take what you've told us for the year, subtract the first quarter and divide by three, or will your second quarter be below the average of the third and fourth quarters in terms of volume?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Wayne Atwell - Kasmia Capital - Analyst: For production?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Wayne Atwell - Kasmia Capital - Analyst: Right, so you'll be a rising slope in terms of production? www.streetevents.com Contact Us 23 ¬ 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Wayne Atwell - Kasmia Capital - Analyst: Now, I assume these are permanent pads, you're not going to move the ore off the pad?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Wayne Atwell - Kasmia Capital - Analyst: And your most attractive exploration property is La Bolsa?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Wayne Atwell - Kasmia Capital - Analyst: And are your exploration properties close to your existing property or are they somewhat distant?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Wayne Atwell - Kasmia Capital - Analyst: Thank you.

Question: Andy Schopick - Nutmeg Securities - Analyst: Thank you, I have several I'd like to ask. I did come on the call late, so I apologize if I'm repeating anything. Have you given any estimate of what you expect cash flow from operations and free cash flow to be from Dolores?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Andy Schopick - Nutmeg Securities - Analyst: 2009, yes.

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Andy Schopick - Nutmeg Securities - Analyst: Well, I think that's a conservative assumption for both metals.

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Andy Schopick - Nutmeg Securities - Analyst: Okay, I want to come back to a couple of other things, if I may? On the gold equivalent ratio I am a little confused here because in the press release you've got total cash cost of ounces sold using a ratio of 71 ounces and the MD&A on the SEDAR you've got totalaveragecashcostperounceofgold,goldequivalent,silverbasedonaratioofsilvertogoldof52to1.Andinapresentation that you gave just a month ago, European Gold Conference, I think you were using 60. Is the context the same in which we're talking about this? www.streetevents.com Contact Us 25 ¬ 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Andy Schopick - Nutmeg Securities - Analyst: Well, I thought it was 60 to 1 that you were using in the Gold Conference, but that's okay.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Andy Schopick - Nutmeg Securities - Analyst: Okay, all right, yes.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Andy Schopick - Nutmeg Securities - Analyst: Okay.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Andy Schopick - Nutmeg Securities - Analyst: Okay, and, Greg, also I want to ask you a question with respect to the capitalization of certain costs. You've capitalized operating costs and proceeds from the sale of gold and silver to mineral property, plant and equipment -- what was the total amount that was capitalized in this quarter, and can you break it down for me between the operating costs and the sale of gold and silver?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Andy Schopick - Nutmeg Securities - Analyst: Which were? www.streetevents.com Contact Us 26 ¬ 2009 Thomson Financial. Republished with permission. No part of this publication may be reproduced or transmitted in any form or by any means without the prior written consent of Thomson Financial.

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Andy Schopick - Nutmeg Securities - Analyst: Okay.

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Andy Schopick - Nutmeg Securities - Analyst: Yes.

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Andy Schopick - Nutmeg Securities - Analyst: And you will amortize the $16.1 million for gold and silver over what period?

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: Andy Schopick - Nutmeg Securities - Analyst: Okay, that answers that. Thank you.

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: David Meloluv - Geologic Resource Partners - Analyst: Thanks. Most question have been answered, but just a quick question about foreign exchange again. The -- you've been blessed with a declining peso, so that's great for you. Mining costs and G&A are predominantly peso denominated, is that correct?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Right.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Right, so but would it be inappropriate for me to put mining cost, just the mining, not the heap leaching or the processing, but mining and the G&A in pesos?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Yes.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay.

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay, all right, I'm going to put you on the spot here -- in 2010 what do you think the exchange rate is going to be?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: David Meloluv - Geologic Resource Partners - Analyst: Okay, that works out perfectly. Okay, thanks a lot.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Answer By: Greg Smith - Minefinders Corporation Limited - CFO

Question: David Meloluv - Geologic Resource Partners - Analyst: Bye.

Question: Haytham Hodaly - Salman Partners - Analyst: Hey, Mark, I just wanted to follow-up on one of David's question earlier with regards to the $7 million that you were talking about -- that was capex to expand?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Haytham Hodaly - Salman Partners - Analyst: Well, I think you said $7 million for each of the years.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Haytham Hodaly - Salman Partners - Analyst: Are you sure that's not built into your cost per ton?

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Question: Haytham Hodaly - Salman Partners - Analyst: Okay, no, that's good. I just meant to say it was in the cash cost (inaudible). That's fine, that's perfect. Thanks, Mark.

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO

Answer By: Mark Bailey - Minefinders Corporation Limited - President and CEO