The Board of Directors of Finlay Minerals Ltd. (“The Company”) is pleased to announce the closing of a non-brokered private placement of $1,000,000 with the MineralFields Group. (the “FT Financing”). The FT Financing consists of 2,857,142 units. Each flow-through unit consists of 1 common share at $0.35 and one-half of one non-flow-through share purchase warrant (with a term of 24 months, and an exercise price of $0.45); warrant term will reduce to 30 days on notice that FYL has closed at not less than $0.65 cents for at least 20 consecutive trading days. The FT Financing closed on December 31, 2010.

First Canadian Securities® obtained a cash finder’s fee of 6% (no HST payable) on $1,000,000 of the FT Financing, and finder’s fee options equal to 8% of the number of units subscribed for at the unit price of $0.35, for a term of 24 months (with each unit consisting of a common share and a half warrant on the same terms as the unit half warrant).

The flow-through shares would entitle holders to a 100 % CEE deduction, as well as 15 % federal tax credit and BC 20 % for grass roots exploration.

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Montreal, Vancouver and Calgary, is a mining fund with significant assets under administration that offers its tax-advantaged super flow-through limited partnerships to investors throughout Canada as well as hard-dollar resource limited partnerships to investors throughout the world. Pathway Asset Management also specializes in the manufacturing and distribution of structured products and mutual funds (including the Pathway Multi Series Funds Inc. corporate-class mutual fund series). Information about MineralFields Group is available at www.mineralfields.com. First Canadian Securities® (a division of Limited Market Dealer Inc.) is active in leading resource financings (both flow-through and hard dollar PIPE financings) on competitive, effective and service-friendly terms, and offers investment banking, mergers and acquisitions, and mining industry consulting, services to resource companies. MineralFields and Pathway have financed several hundred mining and oil and gas exploration companies to date through First Canadian Securities®.

“We are very pleased to be renewing its relationship with MineralFields Group”, said Robert Brown, President and CEO. “This is an important milestone in the growth of Finlay Minerals and we look forward to working with MineralFields Group as we develop our holdings on the Silver Hope project.”

The Company has also closed an additional private placement of 594,286 flow-through units. Each flow-through unit consists of 1 common share at $0.35 and one-half of one non-flow-through share purchase warrant (with a term of 24 months, and an exercise price of $0.45); warrant term will reduce to 30 days on notice that FYL has closed at not less than $0.65 cents for at least 20 consecutive trading days. A finder’s fee of $1,260 has been paid on this flow-through financing and 3,600 warrants (with a term of 24 months, and an exercise price of $0.45); warrant term will reduce to 30 days on notice that FYL has closed at not less than $0.65 cents for at least 20 consecutive trading days.

The Company has also closed a private placement of 410,370 non-flow-through units. Each non-flow-through unit consists of 1 common share at $0.27 and one-half of one non-flow-through share purchase warrant (with a term of 24 months, and an exercise price of $0.45).

First Canadian Securities® obtained a cash finder’s fee of 6% (no HST payable) on $100,000 of the non-flow-through financing, and finder’s fee options equal to 8% of the number of units subscribed for at the unit price of $0.27, for a term of 24 months (with each unit consisting of a common share and a half warrant on the same terms as the unit half warrant).

The private placement shares, any shares acquired upon exercise of the warrants and any securities issued in payment of finder’s fees will be subject to a four-month hold period expiring April 30, 2011.

The Company is still working on the $292,000 balance of the $1,500,000 FT Financing and the $389,200 balance of the $500,000 HD Financing announced December 20, 2010.

Finlay Minerals Ltd. trades under the symbol “FYL” on the TSX Venture Exchange.

For further information and details please visit the Company website at www.finlayminerals.com

On behalf of the Board of Directors,

Robert Brown, Director

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