MARIFIL MINES LTD. (MFM: TSX-V) ("Marifil" or "the Company") announces it has reached an agreement with Prophecy Platinum Corp. ("Prophecy") to amend the terms of our agreement on the Las Aguilas platinum-nickel-copper-cobalt deposit, San Luis Province, Argentina.
Prophecy notified the Company that they would be unable to complete the $500,000 work obligations due on or before April 1, 2012 and requested a similar extension of the next work obligation. Marifil has agreed to the extensions, but in return requested an extra $50,000 payment. The next payment, due on or before April 1, 2012, has been increased to $125,000. The 250,000 share payment (pre-consolidation) remains unchanged; the post-consolidation payment will be 25,000 shares of Prophecy common stock.
Marifil has received the $125,000 cash payment and the 25,000 share stock certificate.
"We now look forward to having Prophecy commence exploration and begin to increase the current resource," comments John Hite, President of Marifil. "One of the principal targets should be the East zone, which seems to be increasing in size and grade with depth."
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. Hite and Mr. Walters are Qualified Persons as defined by National Instrument 43-101.
WE SEEK SAFE HARBOR.
Contacts: John Hite, President (702) 562-4880
Hugh Oswald, Investor Relations, email@example.com 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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