VANCOUVER, B.C. -- August 10, 2011, MARIFIL MINES LTD. (MFM: TSX-V) ("Marifil" or "the Company") announces it has signed agreements to acquire two separate but contiguous claim groups called Cerro Samenta Norte and Cerro Samenta Sur, located in Salta Province, Argentina.
The north and south projects have been explored by Mansfield Minerals and their JV partner, Teck Corporation, during the period 1995-2001. They carried out a geologic mapping and sampling program followed by Induced Polarization (IP) and ground magnetics geophysical programs, 15 trenches totalling 3,413 meters, and drilling 16 holes totalling 2,212 meters.
Cerro Samenta Norte is the site of a hydrothermal breccia plug and a leached capping over a porphyritic intrusive rock. The size and metal content of the breccia plug has not been delineated. A 1998 report by Codelco Chile concluded that "Samenta Norte has the potential to host a copper oxide deposit of about 40 million tons grading about 0.5% copper." This is not a NI 43-101 compliant resource, and it is only an estimate of target size and grade. This target estimate is based on geological mapping and geochemical rock sampling and two trenches; one of which cut 93 meters grading 0.47% copper and the second cut 87 meters grading 0.62% copper.
Cerro Samenta Sur is centered on a copper-in-soil anomaly measuring 400 meters by 1,400 meters covering a porphyritic intrusive with a leached cap and cut by numerous siliceous pebble dikes.
Marifil is planning a program to explore this shallow oxide copper resource and to also evaluate other prospective but undrilled zones associated with these two mineralized centers.
Cerro Samenta Norte comprises 3,508 hectares. The terms of this agreement call for annual payments totalling $480,000 over six years followed by a final payment of $3,000,000. The vendors retain a 1% Net Smelter Royalty but Marifil can purchase this royalty for $1,000,000. In the event Marifil sells the property the vendors shall be paid 5% of the sales price in addition to the payments described above.
Cerro Samenta Sur comprises 1,800 hectares. The terms of this agreement call for annual payments totalling $828,000 over six years followed by a final payment of $3,300,000. The vendors retain a 1% Net Smelter Royalty but Marifil can purchase this royalty for $1,000,000. In the event Marifil sells the property the vendors shall be paid 5% of the sales price in addition to the payments described above.
Mr. Richard Walters comments, "Marifil has acquired a prime land position in what we think to be a fertile and under-explored region for porphyry copper deposits similar to those in nearby Northern Chile. Pediment deposits conceal much of our property, and previous exploration determined the site has a complex intrusive and hydrothermal alteration and mineralization history indicative of porphyry coppers. We believe a re-evaluation of the Cerro Samenta property is timely in light of the dramatic rise in commodity prices."
This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. and by Richard Walters, Vice President under whose directions the exploration program is being carried out. Mr. Walters is a Qualified Person as defined by National Instrument 43-101.
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Marifil Mines Ltd. "Marifil" has taken all reasonable care in producing and publishing information contained in this news release, and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Marifil assumes no responsibility. Marifil does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Marifil be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.
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For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR (Http://www.sedar.com) or at Marifil's Website (Http://www.marifilmines.com.)
Contacts: John Hite, President (702) 562-4880
Hugh Oswald, Investor Relations, firstname.lastname@example.org Vancouver, B.C. (604) 684-4743 ext. 243
|Teléfono||702-562-4880 / 509 999-7952|
|Dirección||605 - 475 Howe Street Vancouver, BC Canada V6C 2B3|
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