VANCOUVER, B.C. -- JANUARY 23, 2012, MARIFIL MINES LTD. (MFM: TSX-V) ("Marifil" or "the Company") announces that it has signed a Letter of Intent ("LOI") to acquire the Filo Morado potash property in Neuquen Province, Argentina.
Filo Morado (now re-named K-5 by Marifil) comprises 14 claims totalling 30,100 hectares. Marifil has been granted a 60 day period to carry out due diligence; a title report is in progress. The terms of the LOI call for a $25,000 payment on signing (which has been paid); a $125,000 payment at the end of the due diligence period; a $150,000 payment in six months; $175,000 in 24 months; $200,000 in 30 months; and $2,400,000 in 48 months. The owner retains a 2% Net Smelter Royalty but Marifil has the right to purchase 1.5% for $1,500,000.
The K-5 claims are bordered on the east by Vale's claims which host the +2 billion tonne Potasio Rio Colorado potash deposit and bordered on the north by claims owned by K+S Group (a giant German fertilizer corporation) and which host the large El Porton potash deposit. The K-5 prospect is possibly an extension of the El Porton deposit.
Marifil geologists have identified significant sylvite (KCl) intervals in drill logs from 27 holes drilled for oil. Eight additional drill logs are still being analyzed. Potash mineralization has been identified in up to 7 separate horizons. Most of these horizons range in depth from about 1000 to 1100 meters but significant potash has been identified as deep as 1500 meters.
Table 1 below summarizes some of the more significant intervals:
|Drill Hole||Thickness (meters)||Grade (%KCl)|
All of the holes analyzed to date are shown in Table 2 and at the end of this report.
The potash horizons occur in a large north-striking anticlinal or monoclinal fold. Mineralization occurs over a width of 5 kilometers and a strike length of about 20 kilometers.
Mr. John Hite reports, "This acquisition may be a real game changer for Marifil and is one we worked for nearly one year to acquire. We have identified multiple high grade sylvite (KCl) horizons with mineable thicknesses over an area of 80 to 100 square kilometers. These horizons should be extremely amenable to solution mining. By adding the K-5 we have become the second largest potash claim owner in the Neuquen Basin."
"Marifil is actively seeking a partner to develop our K-2, K-3, and K-4 properties. K-5 is a stellar addition to this portfolio."
|Teléfono||702-562-4880 / 509 999-7952|
|Dirección||605 - 475 Howe Street Vancouver, BC Canada V6C 2B3|
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