SPOKANE, WASHINGTON--(Marketwire - Sept. 29, 2009) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that it has acquired seven lithium claims (cateos) in Catamarca Province and two lithium claims in neighboring Salta Province, Argentina.
The claims in Catamarca Province cover an area of about 19,200 hectares. Two of the claim groups cover portions of the Salar de Antofalla and Salar de Ratones which are known as lithium bearing salars. A third group of claims covers parts of the Cachari Pampa Salar; an area where salars border a modern volcano, a good prospective feature in the lithium brine exploration model.
The Company has also signed an agreement with a private individual to purchase a 100% interest in the Mina Rosa II and Mina Rosadita II lithium claims covering an alluvial fan bordering the Llullaillaco salar (dry lake bed) in Salta Province, Argentina.
The Llullaillaco salar is one of numerous salars marking the Puna Plateau which covers large portions of northwestern Argentina, northwestern Chile, and southern Bolivia. This plateau hosts the largest concentrations of lithium brines in the world.
Under the terms of the agreement Marifil agrees to pay $640,000 over six years to acquire a 100% interest in these claims. The seller retains a 1.5% royalty which the Company can purchase for $800,000.
Assays from a water well located three kilometres southeast of the claims and in the same alluvial fan contain, respectively, 103, 106, and 108 mg/l (milligrams per liter) (1mg/l equals 1 ppm equals 1g/t) lithium and published samples from other parts of the salar contain 180 to 280 mg/l lithium as well as important amounts of potash and boron. For reference, a lithium brine mine in the United States is producing from brines grading about 150 mg/l lithium.
Lithium is rapidly becoming a strategic metal and demand is expected to increase at an annual rate of 7%. The largest rate of growth will come from lithium used in batteries to power hybrid automobiles.
Company geologists have begun an exploration program to test this property and other salars on the Puna plateau. The Company has mobilized an exploration team to the project area and expects to produce an NI 43-101 report on these properties as soon as possible.
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.
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).
General Disclaimer
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.
Forward-Looking Statements
This news release may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Marifil Mines Ltd.
John Hite
President
(509) 467-5200
or
Marifil Mines Ltd.
Hugh Oswald
Investor Relations
(604) 684-4743 ext. 243
hugh@ascentacapital.com
www.marifilmines.com
The claims in Catamarca Province cover an area of about 19,200 hectares. Two of the claim groups cover portions of the Salar de Antofalla and Salar de Ratones which are known as lithium bearing salars. A third group of claims covers parts of the Cachari Pampa Salar; an area where salars border a modern volcano, a good prospective feature in the lithium brine exploration model.
The Company has also signed an agreement with a private individual to purchase a 100% interest in the Mina Rosa II and Mina Rosadita II lithium claims covering an alluvial fan bordering the Llullaillaco salar (dry lake bed) in Salta Province, Argentina.
The Llullaillaco salar is one of numerous salars marking the Puna Plateau which covers large portions of northwestern Argentina, northwestern Chile, and southern Bolivia. This plateau hosts the largest concentrations of lithium brines in the world.
Under the terms of the agreement Marifil agrees to pay $640,000 over six years to acquire a 100% interest in these claims. The seller retains a 1.5% royalty which the Company can purchase for $800,000.
Assays from a water well located three kilometres southeast of the claims and in the same alluvial fan contain, respectively, 103, 106, and 108 mg/l (milligrams per liter) (1mg/l equals 1 ppm equals 1g/t) lithium and published samples from other parts of the salar contain 180 to 280 mg/l lithium as well as important amounts of potash and boron. For reference, a lithium brine mine in the United States is producing from brines grading about 150 mg/l lithium.
Lithium is rapidly becoming a strategic metal and demand is expected to increase at an annual rate of 7%. The largest rate of growth will come from lithium used in batteries to power hybrid automobiles.
Company geologists have begun an exploration program to test this property and other salars on the Puna plateau. The Company has mobilized an exploration team to the project area and expects to produce an NI 43-101 report on these properties as soon as possible.
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.
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).
General Disclaimer
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.
Forward-Looking Statements
This news release may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
For more information, please contact
Marifil Mines Ltd.
John Hite
President
(509) 467-5200
or
Marifil Mines Ltd.
Hugh Oswald
Investor Relations
(604) 684-4743 ext. 243
hugh@ascentacapital.com
www.marifilmines.com
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