Finlay Minerals Ltd. - $240,000 Private Placement with the MineralFields
Group and $25,000 Private Placement Closes

VANCOUVER, June 7 /CNW/ - The Board of Directors of Finlay Minerals Ltd. ("The Company") is pleased to announce the closing of a non-brokered private placement of $240,000 (the "Financing") through the sale of 2 million flow-through units ("FT Units") at $0.12 each to the MineralFields Group. Each FT Unit will consist of 1 common share, and one-half of one non-flow-through share purchase warrant exercisable until June 7, 2012 at an exercise price of $0.25.

Finder's fees will be paid on the private placement to Limited Market Dealer Inc. consisting of a cash payment of $14,400 and 160,000 Agent's Options exercisable @ $0.12 into units consisting of one non-flow-through common share and one-half (1/2) of one non-flow-through warrant, each whole warrant exercisable into a common share @ $0.25 until June 7, 2012.

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 October 4, 2010.

The Company is also pleased to announce the closing of a non-brokered private placement of $25,000 through the sale of 250,000 Units at $0.10 each. Each Unit will consist of 1 common share, and one-half of one share purchase warrant (with a term of 24 months, and an exercise price of $0.20 per share for each whole warrant).

Finder's fees will be paid on the 250,000 Units private placement to Raymond James Ltd. consisting of a cash payment of $2,000 and 10,000 Agent's Warrant exercisable @ $0.20 per common share until June 4, 2012.

Funds will be used to conduct CEE eligible exploration on two new zones on the Silver Hope project, in B.C.

"We are very pleased to be entering into this relationship with the MineralFields Group", said Robert Brown, President and CEO. "This is an important milestone in the growth of Finlay Minerals Ltd. and we look forward to working with MineralFields Group as we develop our Silver Hope Project."

MineralFields Group (a division of Pathway Asset Management), based in Toronto, Vancouver Montreal 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 (R) (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 (R).

The Company is still working on its Financing announced April 15, 2010 which will consist of (i) 3.0 million units of common shares and common share purchase warrants ("Non-Flow Through Units"); each Non-Flow Through Unit shall be offered at $0.10 and shall consist of one common share and one half warrant; one warrant entitles the holder to acquire one share of the Company at a price equal to $0.20 for a period of two years from the closing date of the Financing; and, (ii) 2,833,333 units of flow-through shares and common share purchase warrants ("Flow Through Units"); each Flow Through Unit shall be offered at $0.12 and shall consist of one flow-through share and one half warrant; one warrant entitles the holder to acquire one share of the Company at a price equal to $0.25 for a period of two years from the closing date of the Financing.

Finlay Minerals Ltd. trades under the symbol "FYL" on the TSX Venture Exchange. Warner Gruenwald, a Qualified Person as defined by National Instrument 43-101, is supervising the exploration program.

On behalf of the Board of Directors,

Robert Brown, Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or the accuracy of this release.

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