Finlay Minerals Ltd. (TSXV: FYL) (the “Company”) reports on the appointment of Peter F. Tegart as its second independent director and John J. Barakso as Chairman of the Board. Additionally, the Company will amend the term of warrants coming due on June 3rd and 4th, 2012; and thirdly, the Company provides an update on its exploration plans for 2012.

The Board of Directors is pleased to announce the appointment of Peter F. Tegart as its second independent director to the Board. Mr. Tegart is a well-known and well-respected geologist and mining executive with over 45 years of experience. He has served as Western Manager for Serem Ltd. and Vice President, Exploration for Cheni Gold Mines. Mr. Tegart was also in charge of exploration, feasibility and production of the Moris Mine in northern Mexico which is presently in operation by Hochschilds of Peru. Additionally he has been responsible for resource definition and feasibility studies of the Lawyers Gold Mine in B.C. and the acquisition of Manhattan Minerals Corporation’s Tambo Grande Project in Northern Peru. Mr. Tegart served as President and Chief Executive Officer for Frontier Pacific Mining Corporation which was acquired by Eldorado Gold in 2009 for $200 million USD.

The Board of Directors is also pleased to announce the appointment of John J. Barakso, a director and founder of the Company, as Chairman of the Board. Mr. Barakso has and will continue to bring his wealth of knowledge in both geochemistry and the Company’s individual properties to moving the Company forward.

The Company has accepted the resignation of David A. Schwartz as Director of the Company effective May 7, 2012 and has appointed him Corporate Secretary until the Company’s next annual general meeting on June 29, 2012 or until his successor is appointed. Mr. Schwartz will continue on in his role as legal counsel to the Company.

The Company reports on its decision to proceed with an amendment to the term of 1,125,000 warrants from its private placement announced on April 15, 2010: 1,000,000 warrants at an exercise price of $0.25 coming due on June 3, 2012 will have their term extended from 24 months to 36 months; the new expiry date of these warrants will be June 3, 2013. 125,000 warrants, also from its private placement announced on April 15, 2010, with an exercise price of $0.20 coming due on June 4, 2012 will have their term extended from 24 months to 36 months; the new expiry date of these warrants will be June 4, 2013. No amendment to the exercise price has been made to any of these warrants and all warrant amendments are subject to regulatory acceptance.

The Company reports that the integration of the ZTEM airborne geophysics on the Silver Hope Property is on-going. A summer exploration program including detailed geological and structural mapping will be undertaken based on the integrated geophysical data in order to vector in the next series of drill hole targets for all three horizons on the Silver Hope. Any proposed drilling will be subject to financing.

About Finlay Minerals Ltd.

Finlay Minerals is a TSX Venture Exchange company focused on exploration for base and precious metal deposits in northern British Columbia. The company’s flagship property, Silver Hope, includes porphyry copper-molybdenum mineralization discovered in 2010, along with three silver-copper mineralized zones in a contiguous trend with the mined out deposits of the former Equity Silver Mines (71 million oz. silver, 185 million lbs. copper and 508,000 oz. gold).

On behalf of the Board of Directors,
Robert Brown, P. Eng.
President & C.E.O.

For further information, contact:

Corporate Information
Finlay Minerals Ltd.
John Barakso, Chairman of the Board
Tel: 604-684-3099
info@finlayminerals.com

Investor Inquiries
Pointer IR
Justin Schroenn
Tel: 604-780-1371
justin@pointerir.com

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Forward-Looking Information: This release includes certain statements that may be deemed “forward-looking statements”. All statements in this release, other than statements of historical facts, that address exploration drilling and other activities and events or developments that Finlay Minerals Ltd. (“Finlay”) expects to occur, are forward-looking statements. Forward-looking statements in this news release include statements regarding the placements and future exploration plans and expenditures. Although Finlay believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements are not guarantees of future performance and actual results or developments may differ materially from those forward-looking statements. Factors that could cause actual results to differ materially from those in forward looking statements include market prices, exploration successes, and continued availability of capital and financing and general economic, market or business conditions. These statements are based on a number of assumptions including, among other things, assumptions regarding general business and economic conditions, the timing and receipt of regulatory and governmental approvals for the transactions described herein, the ability of Finlay and other parties to satisfy stock exchange and other regulatory requirements in a timely manner, the availability of financing for Finlay’s proposed transactions and programs on reasonable terms, and the ability of third party service providers to deliver services in a timely manner. Investors are cautioned that any such statements are not guarantees of future performance and actual results or developments may differ materially from those projected in the forward-looking statements. Finlay does not assume any obligation to update or revise its forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

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