NovaGold Makes US$50,000 Payment to Marifil
LAS VEGAS, NEVADA--(Marketwire - July 28, 2010) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that NovaGold Resources Inc. ("NovaGold") has successfully completed its due diligence studies on Marifil's title to the San Roque project. NovaGold has delivered a check for US$50,000 to Marifil and is planning an exploration and drilling program. NovaGold now has the right to earn up to a 70% interest in Marifil's San Roque Project in Rio Negro Province, Argentina.
The San Roque project comprises eleven claims totalling 70,046 hectares. Three of the claims are owned by MIM Exploraciones SA ("MIM"). Marifil has the right to purchase a 100% interest in these claims for $400,000.
Under the terms of the Option Agreement ("Agreement") announced on June 23, 2010, NovaGold has an option to acquire a 49% interest by spending $3,000,000 during the first two years of the Agreement (including making the $400,000 payment to MIM) and paying Marifil $100,000 per year. After earning its 49% interest, NovaGold can earn an additional 2% interest by committing to a Phase 2 program. During the Phase 2 program NovaGold shall spend an additional $6,000,000 over the next three years and pay Marifil $100,000 per year to earn an additional 19% interest, bringing its total interest to 70%. All further expenditures shall be shared 70% NovaGold and 30% Marifil.
The San Roque property contains a large sulphide system defined by an induced polarization ("IP") survey and widespread drilling over an area measuring at least 3 kilometres by 4 kilometres. This area is the site of a coincident lead-zinc-gold-silver anomaly in soils and the IP geophysical anomaly. Marifil believes this mineralization lies within a collapsed caldera or diatreme structure. Widespread mineralization occurs throughout the volcanic rock types present within the postulated caldera/diatreme and mineralization also extends into the underlying basement schists.
The infrastructure is especially favourable at San Roque. The climate is mild and work can be carried out year round; the terrain is relatively flat, with elevations generally only 200 to 300 m above sea level, and abundant water is nearby. The property is located in a region with a large, skilled workforce and is accessible by a paved highway. A railroad crosses the south boundary of the claims, cheap hydroelectric power is available, and a deep water ocean port lies just 65 kilometres to the east.
Drilling by Marifil reveals significant disseminated and stockwork galena and sphalerite (ores of lead and zinc) mineralization containing gold, silver, and indium. Marifil believes mineralization at San Roque is analogous to the giant Penasquito deposit in Mexico, now being mined by Goldcorp, and the Camino Rojo and San Augustin deposits, also in Mexico. The Montana Tunnels deposit in western Montana is also a similar geologic model.
To learn more about Marifil Mines Ltd., please refer to the Company's filings available on SEDAR at www.sedar.com or at Marifil's website at www.marifilmines.com.
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.
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 in this news release. 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 in this news release, 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 geologic models and estimates of mineralization within the San Roque property and other 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
509.467.5200LAS VEGAS, NEVADA--(Marketwire - July 28, 2010) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that NovaGold Resources Inc. ("NovaGold") has successfully completed its due diligence studies on Marifil's title to the San Roque project. NovaGold has delivered a check for US$50,000 to Marifil and is planning an exploration and drilling program. NovaGold now has the right to earn up to a 70% interest in Marifil's San Roque Project in Rio Negro Province, Argentina.
The San Roque project comprises eleven claims totalling 70,046 hectares. Three of the claims are owned by MIM Exploraciones SA ("MIM"). Marifil has the right to purchase a 100% interest in these claims for $400,000.
Under the terms of the Option Agreement ("Agreement") announced on June 23, 2010, NovaGold has an option to acquire a 49% interest by spending $3,000,000 during the first two years of the Agreement (including making the $400,000 payment to MIM) and paying Marifil $100,000 per year. After earning its 49% interest, NovaGold can earn an additional 2% interest by committing to a Phase 2 program. During the Phase 2 program NovaGold shall spend an additional $6,000,000 over the next three years and pay Marifil $100,000 per year to earn an additional 19% interest, bringing its total interest to 70%. All further expenditures shall be shared 70% NovaGold and 30% Marifil.
The San Roque property contains a large sulphide system defined by an induced polarization ("IP") survey and widespread drilling over an area measuring at least 3 kilometres by 4 kilometres. This area is the site of a coincident lead-zinc-gold-silver anomaly in soils and the IP geophysical anomaly. Marifil believes this mineralization lies within a collapsed caldera or diatreme structure. Widespread mineralization occurs throughout the volcanic rock types present within the postulated caldera/diatreme and mineralization also extends into the underlying basement schists.
The infrastructure is especially favourable at San Roque. The climate is mild and work can be carried out year round; the terrain is relatively flat, with elevations generally only 200 to 300 m above sea level, and abundant water is nearby. The property is located in a region with a large, skilled workforce and is accessible by a paved highway. A railroad crosses the south boundary of the claims, cheap hydroelectric power is available, and a deep water ocean port lies just 65 kilometres to the east.
Drilling by Marifil reveals significant disseminated and stockwork galena and sphalerite (ores of lead and zinc) mineralization containing gold, silver, and indium. Marifil believes mineralization at San Roque is analogous to the giant Penasquito deposit in Mexico, now being mined by Goldcorp, and the Camino Rojo and San Augustin deposits, also in Mexico. The Montana Tunnels deposit in western Montana is also a similar geologic model.
To learn more about Marifil Mines Ltd., please refer to the Company's filings available on SEDAR at www.sedar.com or at Marifil's website at www.marifilmines.com.
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.
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 in this news release. 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 in this news release, 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 geologic models and estimates of mineralization within the San Roque property and other 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
www.marifilmines.com
or
Ascenta Capital Partners Inc.
Hugh Oswald
Investor Relations
604.684.4743 ext. 243
hugh@ascentacapital.com
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