$240,000 Private Placement announced with the MineralFields Group

FINLAY MINERALS LTD.

NEWS RELEASE

$240,000 Private Placement announced with the MineralFields Group News Release 03-10

May 20, 2010

The Board of Directors of Finlay Minerals Ltd. ("The Company") is pleased to announce a nonbrokered private placement of up to $240,000 (the “Financing”). The Financing will consist of 2 million units. Each flow-through unit would consist of 1 common share, and one-half of one nonflow-through share purchase warrant (with a term of 24 months, and an exercise price of $0.25).

Finder's fees will be paid on the private placement.

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.

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

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.

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

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.

912 – 510 WEST HASTINGS ST, VANCOUVER, B.C., CANADA, V6C 3B6.

TELEPHONE: 604-684-3099; FAX: 604-684-3098