Argentina Mining's Blog I Latest news on Mining in Argentina

Este blog fue creado para publicar novedades sobre la mineria en Argentina, complementando así nuestro web y presencia en redes sociales. Como todas nuestras actividades, apunta a conectar a la comunidad minera argentina y establecer un ámbito de promoción de la actividad en el mundo, generando oportunidades de negocios.
---
This blog was created to publish news on argentinean mining, thus complementing our website and presence in social networks. As all of our activities, it intends to connect the mining community in Argentina and provide a place to promote the activity in the world, developing business opportunities.

26 feb 2011

Malbex Q1 Update


TORONTO, ONTARIO--(Marketwire - Feb. 24, 2011) - Malbex Resources Inc. (TSX VENTURE:MBG) has filed its interim financial statements and MD&A for the three months ended December 31, 2010 on SEDAR (www.sedar.com).

"We are currently half-way through our 2010/2011 drill campaign at the Del Carmen project and we are pleased with the results to date, particularly the higher grade intercepts in holes 35 and 42," said Tim Warman, President and CEO. "Our major focus has been proving up the near-surface gold-silver discovery at Rojo Grande, which has grown to 500 metres in strike length and remains open at depth and along strike. In addition, preliminary metallurgy has confirmed the potential for low-cost heap leach processing of the Del Carmen Norte mineralization. Elsewhere at Del Carmen Norte, a second rig has been testing the first of several large geophysical targets."

Mr. Warman added, "We are exploring a number of options to accelerate our drilling in order to achieve our 10,000-metre goal at Del Carmen, including extending our work season by a few weeks and/or securing a third drill rig. Drill results should continue to flow regularly over the next few months as assays are received from the lab."

Q1 and recent highlights:

Drilling at the flagship Del Carmen project for the 2010/2011 field season began in November 2010, with assays reported for nine holes (1,601 m) to date. Significant results include:

hole 33 with 70 m grading 0.46 grams per tonne (g/t) Au and 12.8 g/t Ag (0.67 g/t Au-EQ)
hole 34 with 73 m grading 0.74 g/t Au and 17.4 g/t Ag (1.03 g/t Au-EQ)
including 16 m grading 0.97 g/t Au and 20.0 g/t Ag (1.30 g/t Au-EQ)
hole 35 with 49 m grading 1.41 g/t gold and 3.2 g/t silver (1.46 g/t Au-EQ)
including 8 m grading 7.08 g/t gold and 11.6 g/t silver (7.27 g/t Au-EQ)
hole 38 with 24 m grading 0.90 g/t gold and 13.25 g/t silver (1.12 g/t Au-EQ)
hole 39 with 86 m grading 0.77 g/t gold and 9.3 g/t silver (0.92 g/t Au-EQ)
hole 42 with 103 m grading 2.84 g/t gold and 6.4 g/t silver (2.94 Au-EQ)
including 5 m grading 48.34 g/t gold and 15.4 g/t silver (48.60 Au-EQ)

Encouraging preliminary metallurgical results for five samples from Del Carmen Norte indicate the mineralization is strongly oxidized with an average gold recovery of 76.5% that appears to be amenable to low-cost heap leach processing

Working capital of $8.4 million and cash-on-hand of $9.0 million at December 31, 2010 compared with working capital of $11.3 million and cash-on-hand of $11.6 million at September 30, 2010

Access further information on Del Carmen at www.malbex.ca/Projects/Del_Carmen.

Peter Stewart, PhD, Vice-President Exploration of Malbex Resources Inc., is a Professional Geoscientist in the Province of Ontario, and is the Qualified Person as defined by NI 43-101 responsible for the technical information presented in this news release.

About Malbex

Malbex Resources Inc. is a gold exploration company led by experienced management and directors. Malbex holds an indirect 100% interest in three exploration projects in Argentina's El Indio Gold Belt, which hosts over 35 million ounces of gold in past production and current reserves. Two of the projects are in close proximity to Barrick's Veladero and Pascua-Lama gold deposits. For more information, please visit www.malbex.ca.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's annual information form under the heading "Risk Factors". There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact

Malbex Resources Inc.
Tim Warman
President and Chief Executive Officer
(416) 628-0215
or
Malbex Resources Inc.
Marla Gale
VP Investor Relations
(416) 628-0215
ir@malbex.ca
www.malbex.ca



Kestrel Gold Announces Definitive Agreement and Technical Report for Huachi Gold Property in Argentina

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAWS.

Kestrel Gold Inc.(the "Corporation") (TSX VENTURE:KGC) is pleased to announce that the Corporation has entered into a definitive share purchase agreement (the "Agreement") to acquire all of the issued and outstanding shares (the "Acquisition") of Rio Diablillos (S.R.L.) ("Rio") in consideration of the issuance of 2,000,000 common shares of the Corporation over a period of 18 months. (See news release dated September 15, 2010). Rio is a private corporation, incorporated under the laws of Argentina. The Agreement is subject to both the satisfactory meeting of certain closing conditions customary to transactions of the nature of the Acquisition, and applicable regulatory body approvals, including the approval of the TSX Venture Exchange. The Corporation anticipates closing of the Acquisition in the near future.

As stated in the news release of September 15, 2010, Rio holds an option and right to acquire one hundred (100%) percent interest in 32 mining claims located in the Andean Pre-Cordillera of San Juan Province, Argentina (the "Huachi Mining Property"). The Corporation has obtained a National Instrument 43-101 compliant technical report with respect to the Huachi Mining Property (the "Technical Report"), which will be filed with the applicable regulatory authorities and on SEDAR (at www.sedar.com) upon the closing of the Acquisition.

Pursuant to a loan agreement between the Corporation and Rio, the Corporation has agreed to loan up to US$3,000,000 to Rio for the exclusive purpose of performing mining exploration activities in Argentina, acquiring mining concession rights in Argentina, mining exploration and prospecting costs, purchasing mining exploitation rights in Argentina or costs related to those mining activities (the "Loan"). As of the date of this news release, the Corporation has loaned US$350,000 to Rio. The Loan is to be repaid over a 30 month period commencing in August 2012, with interest at a rate of 2% per annum, and is secured against all of the issued and outstanding shares of Rio.

Highlights of the Technical Report

Stephen de Wit, P.Geo and William Gilmour, P.Geo of Discovery Consultants ("Discovery Consultants"), an independent, geosciences and exploration consulting firm, were retained by Kestrel to prepare an independent technical report on the Huachi Mining Property. As part of the Technical Report, twenty-five rock samples were collected by Mr. de Wit in October 2010. The samples consisted of outcrop and float material and grab samples. All 25 rock samples returned with gold values, ranging from 0.03g/t to 52.3g/t Au, with notable quantities of silver and lead.

About the Huachi Mining Properties

The Huachi Mining Property is located within the Huachi mining district in northern San Juan Province, Argentina, about 135 km due north of the city of San Juan, and 40 km northwest of the small town of San Jose de Jachal. The Huachi Mining Property is comprised of 32 mining tenures that cover 462 hectares. Mining in the Huachi valley extends back to pre-Columbian times indicated by the presence of ancient Incan mining tools in the region. Throughout this history there has been gold mining activity, ranging from small artisanal miners to small-scale mechanized operations in the 1960s. The Huachi Mining Property contains copper gold sulphide mineralization that was deposited in an environment that transitions from the basal roots of a low to intermediate sulphidation epithermal to a subvolcanic copper porphyry environment at depth.

About Kestrel Gold Inc.

Kestrel Gold Inc. is a gold exploration company headquartered in Canada. Its principal projects are King Solomon Dome and the Toe properties in Canada's Yukon Territory and, upon completion of the Acquisition, will include the Huachi Mining Property in Argentina. Kestrel Gold (KGC) is listed on the TSX Venture exchange.

Technical aspects of this news release have been reviewed and approved by T.J. Termuende, P.Geo., hereby designated as a qualified person under National Instrument 43-101.

Cautionary Statements

This news release contains "forward-looking statements" within the meaning of applicable securities laws relating to the acquisition of an option in certain exploration properties in Argentina through the acquisition of all the issued and outstanding shares of an Argentina corporation. Readers are cautioned to not place undue reliance on forward-looking statements. Forward-looking statements are based on certain key assumptions made by the Corporation, including assumptions regarding the satisfaction of conditions to the completion of the transaction and the receipt of all regulatory and stock exchange approvals. Actual results and developments may differ materially from those contemplated by these statements depending on, among other things, the risks that the transaction will not be successfully completed for any reason, including the failure to obtain the required approvals or clearances from regulatory authorities or the failure by any party to complete the conditions to the completion of the Acquisition. The forward-looking statements in this press release are made as of the date of this release and the Corporation undertakes no obligation to update publicly or revise any forward looking statements whether as a result of new information or otherwise, except as required by applicable securities laws. The Corporation undertakes no obligation to comment on analyses, expectations or statements made by third-parties in respect of the Corporation or its financial or operating results or (as applicable) their securities.


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.

For more information, please contact

Kestrel Gold Inc.
Kevin Nephin
604-824-6056 or 604-799-2456
kvnephin@telus.net
kestrelgold.com


Artha Resources Corporation: Argentina-New Rare Earth Property Staked


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2011) - Artha Resources Corporation (TSX VENTURE:AHC) is pleased to announce that the company has continued to add to its large and strategic rare earth property portfolio in northern Argentina (Map 1) through the recent staking of 60,000 hectares of ground in Jasimampa area in the Sierra Norte de Córdoba of Argentina Santiago del Estero Province. The new property lies directly east of a number of known small rare earth deposits. This new project is considered highly prospective for rare earth mineralization related to carbonatites, plus hydrothermal precious and base metal mineralization. Target generation work is planned to begin as soon as possible.

Artha now controls over 1,500 km2 of properties in northern Argentina prospective for a variety of styles of rare earth mineralization, plus over 500 km2 of properties highly prospective for gold, silver and base metals. Very little modern exploration has ever been done in this new area, with historical records suggesting that the last serious exploration completed dates back to 1968. The project is well located in the province with good road access to the east of the properties (Map 2).

A research paper1 dated 2005 which focussed on the rare earth mineralization in the immediate vicintity, describes the area as follows;

The Jasimampa area in the Sierra Norte de Córdoba of Argentina contains light rare earth element (LREE:Th-Nb) mineralization associated with several stages of carbonates and widespread fenitization of marble, granite (496 ± 2.9 Ma), and alkaline and siliceous igneous comendite dikes (U/Pb zircon age of 390 Ma) derived from fractionation of oceanic island basalts. This is the third discovery of LREE mineralization in Argentina and marks a new alkaline intracontinental magmatic event of Devonian age.

... Subsequent hydrothermal stages with carbonates, hematite, pyrolusite monazite, and subordinate celestine and barite caused alteration of marble that was accompanied by an increase in absolute REE abundance, up to 15.45 wt percent, and high Sr (10.5 wt %), Th (4,390 ppm), and Ba (1.8 wt %).

Alteration and mineralization at Jasimampa are the result of late-stage carbonatitic magma fractionation and fluid exsolution. This is indicated by the strongly alkaline character of early alteration, the composition of the hydrothermal carbonates, apatite, and LREE-Sr- and Ba-rich minerals, the chondrite-normalized REE patterns showing strong LREE enrichment without an Eu anomaly, and the replacement of marble by assemblages with very high Ba, Th, LREE, and Sr, and strong K, Zr, and Ti depletions. The alteration style and mineralization at Jasimampa are similar to the giant Fe-LREE-Nb deposit Bayan Obo (the world's largest deposit and producer of rare earth elements, located in Inner Mongolia) and other hydrothermal LREE deposits hosted in carbonatites of China.

The Bayan Obo Fe-REE-Nb deposit is the world's largest rare earth element (REE) resource with estimated reserves of up to 1500 Mt of iron ore (35% wt Fe), 48 Mt REE (6% wt RE 2 O 3 ) and 1 Mt Nb (0.13% Nb). The Bayan Obo Mine produced 55,300 tons of RE 2 O 3 in 2005, accounting for 47% of the total rare earth production of China and 45% of that of the world (in 2006)2.

Artha will provide a detailed update on its exploration programs in the coming week.

1Franchini. M. et al , 200. Na-Fe-Ca Alteration and LREE (Th-Nb) Mineralization in Marble and Granitoids of Sierra de Sumampa, Santiago del Estero, Argentina. ECONOMIC GEOLOGY, v. 100, p. 733-764.
2Chengyu Wu, Bayan Obo Controversy: Carbonatites versus Iron Oxide-Cu-Au-(REE-U). RESOURCE GEOLOGY Vol. 58, No. 4: 348 – 354.

Charles Straw, B.Sc., is the qualified person under NI 43-101 responsible for the technical information in this news release.

About Artha

Artha Resources is a mineral exploration company lead by a team of mining industry professionals with a proven track record in project generation, exploration, mining and finance. One of the Company's principle exploration projects adjoins Silver Standard's Pirquitas Mine, one of the largest primary silver mines in the world. Artha is one of the largest mineral explorers in the region with over 1,500 square km of properties highly prospective for silver, gold, base metals and rare earths.

On Behalf of the Board of Directors,

Todd McMurray

To view Map 1 please visit the following link: http://media3.marketwire.com/docs/Arthamap1.pdf
To view Map 2 please visit the following link: http://media3.marketwire.com/docs/Arthamap2.pdf


Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact

Artha Resources Corporation
Todd McMurray
President, Director
1 604 648 1530
todd@artharesources.com
www.artharesources.com



Peregrine Metals Drills 164 Metres of 1.15 Grams Per Tonne Gold at Quebrada de la Mina, A New Porphyry Gold-Copper Discovery at the Altar Project, Arg


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2011) - Peregrine Metals Ltd. (TSX:PGM) ("Peregrine Metals" or "the Company") is pleased to report the results of the first two core holes, drilled 140 metres apart, into the Quebrada de la Mina ("QDM") porphyry gold-copper discovery located two kilometres northwest of the Company's large Altar porphyry copper-gold deposit ("Altar") in San Juan Province, Argentina. Intersections from these two holes include 164 metres averaging 1.150 g/t gold ("Au") and 141 metres averaging 0.699 g/t Au.

A summary of the assay results from these two drill holes, QDM-01 and QDM-02, is provided in the table below. The Company recently completed four core holes at QDM for a total of 1,005 metres. Assay results for holes QDM-03 and QDM-04 are pending and are expected to be received this quarter. A map showing the locations of the four holes drilled at QDM can be viewed at www.pmet.com/i/pdf/altar689.pdf.




The QDM porphyry gold-copper target was the subject of a preliminary rock chip sampling programme in 2010. A total of 52 rock chip grab samples was collected from a 150 metre by 300 metre area of abundant porphyry outcrop. These samples averaged 0.7 g/t Au, with the highest value being 3.9 g/t Au. This outcrop area is coincident with the centre of an induced polarization ("IP") geophysical anomaly that measures 400 metres by 900 metres and remains open to the north and south. Drill holes QDM-01 and QDM-02 were situated to test the area of the anomalous rock chip sampling and the IP anomaly at depth.

The gold and copper mineralization intersected in holes QDM-01 and QDM-02 is hosted by dacite porphyry that is strongly fractured with intense sericitic, tourmaline and silica alteration. The host rocks are intensely oxidized within a leached capping at surface and to a vertical depth of 64 metres in the drill holes. Below the leached capping, mineralization occurs as intensely developed sulphides (estimated 3% to 8% by volume) in the form of disseminations and veinlets of pyrite, chalcocite, covellite and bornite. Significant gold values occur in both the oxidized zone and the underlying sulphide mineralization.

Mr. Jeff Toohey, Peregrine Metal's Vice President, Exploration, said, "We are very pleased with the initial drilling results from Quebrada de la Mina. The distribution of gold grades in these holes is remarkably continuous and homogeneous, suggesting that QDM has potential to host a bulk-tonnage gold-copper deposit. Many areas of the three square kilometre alteration zone associated with the mineralized system have yet to be sampled at surface and the overall size potential of the QDM system currently remains undefined. The discovery of a gold-enriched porphyry system only two kilometres from our large Altar porphyry copper deposit, currently undergoing a preliminary economic assessment, could have very positive implications for the overall project economics."

The excellent results to date at QDM have prompted the Company to extend the field season until at least the end of March to conduct further IP geophysical surveys and a comprehensive surface rock chip and talus fines sampling campaign of approximately 1,000 samples. In addition, the Company is currently excavating a five tonne sample of mineralized material from QDM for future metallurgical testwork.

All QDM drill core is sampled in continuous two metre intervals. One half of the core is submitted for assay and the other half is archived in the Company's secure storage facility in Mendoza, Argentina. Drill core samples are prepared and assayed by the project's primary laboratory, Acme Analytical Laboratories, at their facilities in Mendoza, Argentina and Santiago, Chile. Copper values are determined by multi-element ICP and atomic absorption methods. Gold values are determined by fire assay.

Peregrine Metals has a comprehensive and rigorous quality assurance/quality control ("QA/QC") programme in place that employs certified assay standards, blanks and core duplicates, as well as routine check assays at a separate secondary laboratory. This QA/QC programme was designed by Dr. Barry Smee of Smee and Associates Consulting Ltd.

Mr. Jeff Toohey, M.Sc., P.Eng., Vice President Exploration for the Company, is a Qualified Person as defined by NI 43-101 and is responsible for the design and implementation of the exploration work being carried out by the Company at the Altar Project. Mr. Toohey is responsible for, and has reviewed and approved of, the information contained in this news release.

Cautionary Note Regarding Forward-Looking Statements

This news release contains "forward-looking statements" within the meaning of applicable Canadian securities legislation. Such forward-looking statements concern the Company's anticipated results and developments in the Company's operations in future periods, planned exploration and development of its properties, planned expenditures and plans related to its business, mineral resource estimates and other matters that may occur in the future. These statements relate to analyses and other information that are based on expectations of future performance and planned work programmes.

The Company has made a number of assumptions with respect to, among other things, the price of copper and other metals, economic and political conditions, and continuity of operations. Although the Company believes that the assumptions made and the expectations represented by such statements or information are reasonable, there can be no assurance that forward-looking statements will prove to be accurate.

Forward-looking statements are subject to a variety of known and unknown risks, uncertainties and other factors which could cause actual events or results to differ materially from those expressed or implied by the forward-looking statements, including, without limitation, risks related to the following: fluctuations in mineral prices; the Company's dependence on one mineral project; the nature of mineral exploration and mining and the uncertain commercial viability of certain mineral deposits; the reallocation of the proposed uses of the net proceeds of the offering and the private placement; the Company's lack of operating revenues; uncertainty in the Company's ability to obtain necessary financing to fund the development of its mineral properties or the completion of further exploration programmes; the Company's principal property being located in Argentina, including political, economic, and regulatory instability; governmental regulations and obtaining necessary licenses and permits; the Company's mineral properties being subject to prior unregistered agreements, transfers, or claims and other defects in title; fluctuations in the currency markets (particularly the Argentina peso, Canadian dollar and United States dollar); the business being subject to environmental laws and regulations which may increase costs of doing business and restrict the Company's operations; and the Company's dependence on key personnel.

Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in the forward-looking statements. The Company's forward-looking statements are based on beliefs, expectations and opinions of management on the date the statements are made. For the reasons set forth above, investors should not place undue reliance on forward-looking statements.


For more information, please contact

Peregrine Metals Ltd.
Mr. Eric Friedland
President
(604) 669-8800
or
Peregrine Metals Ltd.
Mr. Michael Westerlund
Vice President Investor Relations & Corporate Communications
(604) 669-8800
info@pmet.com
www.pmet.com



Marifil Grants Extension of Letter of Intent for the K-2 Potash Property


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 23, 2011) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that it has granted Saccharum Energy Corp. (TSX VENTURE:SHM) of Calgary, AB, an extension until March 31, 2011 to complete the financing and closing for Marifil's K-2 Potash property in Neuquen Province, Argentina (see News Release dated December 21, 2010).

Saccharum has agreed to pay $20,000 for the exclusive extension. Saccharum has informed the Company that it has signed an Engagement Letter with a major investment bank and that this institution has requested the extension to allow time to complete a financing on behalf of Saccharum.

Under the terms of the existing agreement Saccharum will pay Marifil US$500,000 in cash plus 2,000,000 Saccharum common shares over three years. The first year's payment to Marifil will be US$150,000 in cash and 1,000,000 shares upon Saccharum's completion of a financing.

Saccharum further agrees to spend US$4,500,000 in work over the next four years as follows: US$1,000,000 per year for the first three years and US$1,500,000 during the fourth year.

Saccharum will also pay Marifil performance bonuses of 1,500,000 shares upon completion of a positive NI 43-101 compliant ore resource and a further 1,500,000 shares following completion of a Feasibility Study. Upon completion of Saccharum's earn-in all further expenditures shall be shared 75:25. If a partner fails to pay its share that partner shall be diluted to a 1.5% Net Smelter Royalty. Saccharum shall have the right to purchase Marifil's royalty for US$15,000,000.

Saccharum is also required to restructure its Board by effecting the appointment of Messrs. Todd Montgomery and Brent Walter as directors.

Marifil also agreed to give Saccharum Right of First Offer for the Company's K-3 potash project located in neighbouring Mendoza Province.

This agreement is subject to approval by the Boards of Directors of Saccharum, Marifil, and Oxbow and the TSX. A small finder's fee is payable to a third party.

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).

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 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
(702) 562-4880
www.marifilmines.com
or
Ascenta Capital Partners Inc.
Hugh Oswald
Investor Relations
(604) 684-4743 ext. 242
hugh@ascentacapital.com


New Discovery by Extorre in Santa Cruz Province, Argentina


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - Extorre Gold Mines Limited (TSX:XG)(FRANKFURT:E1R)(OTCQX:EXGMF) ("Extorre" or the "Company") is pleased to announce the discovery drill results from reconnaissance drilling on the Falcon property, located 80 kilometres to the northwest of Cerro Moro, and 6 kilometres to the northeast of Mariana Resources' Dos Calandrias project. Four of five initial holes have intercepted broad zones of gold - silver mineralization.

Highlights include:

Hole FD004 intersected 53 metres ("m") at 1.12 grams per tonne ("g/t") gold + 30 g/t silver (1.62 g/t gold equivalent*).

Significant drilling results from the Falcon reconnaissance program (at a 0.5 g/t gold equivalent* cut-off grade):




* Gold equivalent grade is calculated by dividing the silver assay result by 60, adding it to the gold value and assuming 100% metallurgical recovery.

Click here for the drill plan and section: http://www.extorre.com/pdf/release/diagram_10.pdf.

The Falcon project tenements cover an area of 13,986 hectares. Drilling to date has focused on the Crest target where initial reconnaissance rock chip sampling of outcropping alteration returned anomalous gold and silver assays. To assist with defining drill targets grid based surface sampling and a resistivity geophysical survey were conducted. A broad zone of mineralization with a 400 metre strike length has been delineated by this initial drilling program. Mineralization remains open in all directions and follow-up drilling is proposed for next month. Mineralization comprises zones of silica-sulphide matrix breccia within a broader disseminated mineralized halo associated with silica flooding.

A number of structural targets are yet to be tested for potential high grade vein style mineralization. These targets have been defined by combined surface mapping and rock chip sampling along with detailed ground magnetic imagery. Further drilling on the Crest prospect will be aimed at assessing the continuity of higher grade zones as well as extending the limits of the broader lower grade mineralized system. Deeper drilling at Crest will aim at testing for blind high grade vein style mineralization.

Extorre's Chief Geologist Glen Van Kerkvoort commented "While four rigs remain dedicated to expanding the high grade resource at Cerro Moro we have expanded the regional exploration team in order to intensify regional exploration, whilst enabling the successful Cerro Moro team to remain focussed on exploration and development there. Falcon is an exciting new project with some analogies to a lithological controlled system such as deposits in the Ivanhoe mining district of northern Nevada.

"Both Mariana's Dos Calandrias and Extorre's Falcon projects have opened the Deseado Massif to potential for large disseminated epithermal deposits. A second drill rig has been contracted in order to enable the simultaneous drilling of both the Puntudo and the Falcon properties.

"We have commenced metallurgical testwork of Falcon drillcore to ascertain if the gold is likely to be recoverable by conventional extraction and leaching techniques. We look forward to results from the next drilling program at Falcon whereby we expect to gain better information on the size and continuity of the gold mineralized zone."

Extorre also completed a drilling program on the Verde project located in the western part of the Deseado Massif and its FDB project located 8 kilometres south of Falcon, with no significant results. Falcon was optioned from Cerro Vanguardia S.A. (CVSA) along with the Puntudo, Verde and Azul properties and all of these are subject to a once only back-in right, whereby CVSA has the right to earn up to a 70% interest in the properties by paying Extorre a multiple of expenditure to date and financing Extorre's share of development costs. Contractual requirements which require CVSA to determine whether or not to exercise their back-in right were triggered early this month, and CVSA is now required to make that decision next month. In the event that CVSA does not back-in, Extorre will retain a 100% ownership and CVSA will retain a 2% NSR.

Quality Control and Assurance

Drill widths presented above are drill intersection widths and may not represent the true widths of mineralization.

Gold assay results presented above are preliminary with no cutting of high grades. All diamond drill core samples are split on regular metre intervals or on geological contacts and represent sawn half HQ-size core. Reverse circulation drill samples are collected using a cyclone in one metre intervals. Samples were prepared at the ALS Laboratory ("ALS") preparation facility in Mendoza, Argentina and assayed by fire assay (50 gram charge) at the ALS laboratory in Chile.

Check assaying of all samples assaying greater than 1.0 g/t gold is completed by ALS. Samples returning greater than 10 g/t gold and/or greater than 100 g/t silver are assayed using gravimetric analyses. Standard and blank samples are used throughout the sample sequence as checks for the diamond drilling reported in this release.

Glen Van Kerkvoort, Extorre's Chief Geologist and a "qualified person" within the definition of that term in National Instrument 43-101, Standards of Disclosure for Mineral Projects, has supervised the preparation of the technical information contained in this news release.

About Extorre

Extorre is a Canadian public company listed on the Toronto Stock Exchange (symbol XG) and on the OTCQX (symbol EXGMF). Extorre's assets comprise approximately $40 million in cash, the Cerro Morro and Don Sixto projects, and other mineral exploration properties in Argentina.

On April 19, 2010, Extorre announced a National Instrument 43-101 compliant mineral resource estimate for Cerro Moro:

Indicated Category: 357,000 oz. gold + 15.3 million oz. silver (612,000 oz. gold equivalent*), plus Inferred Category: 190,000 oz. gold + 12.0 million oz. silver (390,000 oz. gold equivalent*)

The 612,000 ounce gold equivalent* indicated resource, has an average grade of 32.3 g/t gold equivalent*, a grade considered exceptional by industry standards. The silver contribution is high, accounting for over 40% of the metal value. Additional inferred resources of 390,000 ounces gold equivalent* are also reported from Cerro Moro.

Extorre released the results of a preliminary economic assessment ("PEA") of the Cerro Moro Project on October 19, 2010. The PEA highlighted the robust economics of a future mine expected to produce an average of 133,500 gold equivalent* ounces annually during the first 5 years of operations. The cash cost per ounce (gold equivalent*) is estimated to be US$ 201 per ounce. Project CAPEX has been estimated at US$ 131 million (of which 21% is a VAT that is refundable after production commences). The project economics were calculated using gold and silver prices of US$ 950/ounce and US$ 16/ounce, respectively.

Extorre submitted an Environmental Impact Assessment for the Cerro Moro mine development to Santa Cruz Authorities on September 16, 2010. Mining permits and approvals for the mine are expected to be received by the end of Q1-2011.

You are invited to visit the Extorre web site at www.extorre.com.

EXTORRE GOLD MINES LIMITED

Eric Roth, President and CEO

Safe Harbour Statement – This news release contains "forward-looking information" and "forward-looking statements" (together, the "forward-looking statements") within the meaning of applicable securities laws and the United States Private Securities Litigation Reform Act of 1995, including our belief as to the extent and timing of its drilling programs, various studies including the PFS, and the Environmental Impact Assessment, and exploration results, the potential tonnage, grades and content of deposits, timing, establishment and extent of resources estimates, potential production from and viability of its properties, production costs and permitting submission and timing. These forward-looking statements are made as of the date of this news release. Readers are cautioned not to place undue reliance on forward-looking statements, as there can be no assurance that the future circumstances, outcomes or results anticipated in or implied by such forward-looking statements will occur or that plans, intentions or expectations upon which the forward-looking statements are based will occur. While we have based these forward-looking statements on our expectations about future events as at the date that such statements were prepared, the statements are not a guarantee that such future events will occur and are subject to risks, uncertainties, assumptions and other factors which could cause events or outcomes to differ materially from those expressed or implied by such forward-looking statements. Such factors and assumptions include, among others, the effects of general economic conditions, the price of gold and silver, changing foreign exchange rates and actions by government authorities, uncertainties associated with legal proceedings and negotiations and misjudgments in the course of preparing forward-looking information. In addition, there are known and unknown risk factors which could cause our actual results, performance or achievements to differ materially from any future results, performance or achievements expressed or implied by the forward-looking statements.
Known risk factors include risks associated with project development; the need for additional financing; operational risks associated with mining and mineral processing; fluctuations in metal prices; title matters; uncertainties and risks related to carrying on business in foreign countries; environmental liability claims and insurance; reliance on key personnel; the potential for conflicts of interest among certain of our officers, directors or promoters of with certain other projects; the absence of dividends; currency fluctuations; competition; dilution; the volatility of the our common share price and volume; tax consequences to U.S. investors; and other risks and uncertainties, including those relating to the Cerro Moro project and general risks associated with the mineral exploration and development industry described in our interim financial statements and MD&A for the fiscal period ended March 31, 2010 filed with the Canadian Securities Administrators and available at www.sedar.com. Although we have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. We are under no obligation to update or alter any forward-looking statements except as required under applicable securities laws.

Cautionary Note to United States Investors - The information contained herein and incorporated by reference herein has been prepared in accordance with the requirements of Canadian securities laws, which differ from the requirements of United States securities laws. In particular, the term "resource" does not equate to the term "reserve". The Securities Exchange Commission's (the "SEC") disclosure standards normally do not permit the inclusion of information concerning "measured mineral resources", "indicated mineral resources" or "inferred mineral resources" or other descriptions of the amount of mineralization in mineral deposits that do not constitute "reserves" by SEC standards, unless such information is required to be disclosed by the law of the Company's jurisdiction of incorporation or of a jurisdiction in which its securities are traded. U.S. investors should also understand that "inferred mineral resources" have a great amount of uncertainty as to their existence and great uncertainty as to their economic and legal feasibility. Disclosure of "contained ounces" is permitted disclosure under Canadian regulations; however, the SEC normally only permits issuers to report mineralization that does not constitute "reserves" by SEC standards as in place tonnage and grade without reference to unit measures.


NEITHER THE TSX NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS NEWS RELEASE.

For more information, please contact

Extorre Gold Mines Limited
Rob Grey
VP Corporate Communications
604.681.9512 or Toll-free: 1.888.688.9512
604.688.9532 (FAX)
extorre@extorre.com
www.extorre.com



23 feb 2011

Marifil Expands K-3 and K-4 Potash Properties


Company Discovers New Sulfur Target


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that it has staked two additional cateos (claims), totalling 17,456 hectares, on its K-3 potash project and four additional cateos, totalling 30,000 hectares, on its K-4 potash project, both in Mendoza Province, Argentina.

The K-3 project now covers 64,606 hectares and the K-4 project now covers 56,083 hectares; both in the northern portion of the Neuquen Sedimentary Basin. The Neuquen Basin is Argentina's most prolific oil producing basin, and also hosts the country's only producing potash mine – Potassio Rio Colorado owned by RTZ.

The K-3 and K-4 properties have been acquired on the basis of regional geologic studies to determine which parts of the basin are prospective for potash. A few small blocks remain unstaked but those are either underlain by later intrusives which have destroyed the favourable beds or the favourable horizons lie too deep to be economically mined. The Company is now reviewing drill log data of abandoned oil wells. This highly technical work is focused on the identification of potassium bearing salt beds.

In addition, Company geologists identified a significant, previously unrecognized sulphur prospect located largely in the K-4 claim block. The new sulphur prospect, called S-2, exhibits sediment dissolution collapse breccias extending over an area of about 4,000 hectares. The target is open-ended to the north. Solution breccias developed over a know gypsum horizon is a geologic characteristic of all biogenic sulphur deposits. S-2 is similar to Marifil's Codihue sulphur prospect located to the south on the Company's K-2 property in that portion of the basin within Neuquen Province (see News Release dated February 25, 2009).

Mr. Hite reports, "Marifil is now the largest potash play in Argentina aside from the assets of Vale's Rio Potasio deposit, and has now covered all of the prospective ground in the northern half of the Neuquen Sedimentary Basin. We are highly encouraged by the discovery of a second biogenic sulphur prospect. Last year sulphur prices hit a low of $30 per ton but now prices are approaching $200 per ton. We expect to begin an aggressive exploration program, including drilling on both the Codihue and S-2 prospects in the coming months."

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.

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.

For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR (www.sedar.com) or at Marifil's Website (www.marifilmines.com).


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
(702) 562-4880
or
Investor Relations
Hugh Oswald
(604) 684-4743 ext. 242
hugh@ascentacapital.com



Malbex Reports 5 Metres at 48.34 g/t Gold Within 103 Metres Averaging 2.84 g/t Gold at Del Carmen Norte


TORONTO, ONTARIO--(Marketwire - Feb. 22, 2011) - Malbex Resources Inc. (TSX VENTURE:MBG) announced results today from two holes at the Rojo Grande target on the Company's Del Carmen gold-silver project in San Juan province, Argentina. Highlights for the near-surface gold-silver mineralization include:

• DDHC-10-042: 103 m grading 2.84 g/t gold and 6.4 g/t silver
• including 29 m grading 9.61 g/t gold and 10.1 g/t silver
• with 5 m grading 48.34 g/t gold and 15.4 g/t silver
• DDHC-10-040: 19 m grading 0.70 g/t gold and 4.1 g/t silver
• including 10 m grading 1.14 g/t gold and 5.1 g/t silver

The Rojo Grande target consists of reddish, iron oxide-stained silicified rocks outcropping on the north side of the massif that cores the Del Carmen Norte hydrothermal alteration system. Gold-silver mineralization at Rojo Grande occurs over a minimum strike length of approximately 500 metres (m) and remains open along strike and at depth. Holes DDHC-10-040 and -042 were collared between sections containing previously reported intercepts that include those about 100 m to the south:

• DDHC-10-035: 49 m grading 1.41 g/t gold and 3.2 g/t silver
• including 8 m grading 7.08 g/t gold and 11.6 g/t silver
• DDHC-10-020: 124.5 m grading 0.57 g/t gold and 8.8 g/t silver

and previously reported intercept about 80 metres to the north:

• DDHC-10-039: 86 m grading 0.77 g/t gold and 9.3 g/t silver

"Today's results confirm the presence of high-grade zones within Rojo Grande," said Tim Warman, President and CEO. "Such high-grade areas bring us closer to our goal of defining a potentially economic, near-surface, oxidized mineral resource at Rojo Grande in the current drill campaign. We're currently planning a scissor hole through the high grade zone discovered in hole 42 in order to better understand its geometry."

With today's release, nine holes totalling 1,601 m have been reported from the 10,000 m program budgeted for the 2010/2011 field season at Del Carmen Norte (Figure 1). While one drill rig is delineating the Rojo Grande mineralization, the second rig is testing the controlled source audio-magneto-telluric (CSAMT) anomalies that appear to extend from Rojo Grande over a kilometre to the southwest under steam-heated alteration at Cerro Amarillo.

Despoblados results

Malbex also reports today that 1,368 metres of diamond drilling were completed in six holes at its Despoblados project. Targets tested at Despoblados consisted of a CSAMT resistivity anomaly associated with a pull-apart basin (two holes) and outcropping low-sulphidation epithermal veins (four holes). No significant mineralization was encountered, with best assays of 0.66 g/t gold and 22.0 g/t silver (separate samples, 1.0 m core lengths). Malbex is currently reviewing all data from Despoblados to determine the future of the project.

Del Carmen results

DDHC-10-040 (azimuth 330°, dip 60°) and DDHC-10-042 (vertical) were drilled from the same platform (Figures 1 and 2). Both holes passed through less than 10 m of overburden and quartz-alunite alteration before entering typical Rojo Grande vuggy silica and silicification. Hole 040 intersected over 140 m of strongly silicified dacitic tuffs, volcanic breccia and probable hydrothermal breccias. Vuggy silica textures and variable degrees of goethite and jarosite coating fractures are observed in the silicified zone. The silicified rocks are succeeded below by strong clay alteration and significantly less competent core. Hole 042 passed through mainly vuggy silica with variable goethite and jarosite coating fractures and as disseminations until about 94 m before entering clay-rich and incompetent rock similar to that at the bottom of hole 040. Hole 042 was abandoned at 139.5 m due to drilling problems, and hole 040 was stopped at 204.5 m due to the challenging conditions of incompetent rocks and strong clay alteration.

Significant mineralized intercepts in the most recent holes are tabulated below.





There has been insufficient drilling to date to reliably calculate true widths for the mineralized intercepts tabulated above.

About Del Carmen Norte and Rojo Grande

Rojo Grande consists of prominent reddish weathering silicified outcrops on the northern flank of the massif of high sulphidation hydrothermal alteration at Del Carmen Norte. Silicified outcrops and geophysical data identify a shallow-dipping northeast-southwest striking, near-surface silicified ledge at Rojo Grande measuring approximately 800 m long by up to 300 m wide. Six diamond holes at Rojo Grande in the previous campaign intersected near-surface gold-silver mineralization in silicified rocks over an area about 200 m by 150 m (Figure 2). Previous significant intersections at Rojo Grande include:

• DDHC-10-017: 41 m grading 1.18 g/t gold and 31.2 g/t silver
• DDHC-10-018: 15 m grading 1.07 g/t gold and 27.3 g/t silver
• DDHC-10-020: 124.5 m grading 0.57 g/t gold and 8.8 g/t silver
• DDHC-10-031: 35 m grading 0.94 g/t gold and 13 g/t silver
• DDHC-10-032: 142.15 m grading 0.88 g/t gold and 13.7 g/t silver
o including 40.15 m grading 1.45 g/t gold and 19.6 g/t silver

Mineralization at Rojo Grande is generally hosted by vuggy silica and massive silicification with red-brown staining due to disseminations of fine-grained hematite, goethite and jarosite and as veinlets. Selective chip sampling of northeast-striking zones of hydrothermal breccias cemented by chalcedony and very fine-grained quartz that cut pre-existing silicification yielded samples with up to 10 g/t gold.

The silicified reddish outcrops at Rojo Grande are interpreted to be part of a sub-horizontal ledge (sheet) formed by preferential silicification and quartz-alunite alteration of volcanic breccias within the strongly argillic (illite) to advanced argillic (kaolinite) altered tuffs and fine-grained flows that dominate the andesitic volcanic sequence. The alteration is cut by northeast-, north-northwest- and east-striking fault zones. The mineralized intersections are bounded by changes in style of alteration, by faults or both. While some faults abruptly truncate silicification and thereby clearly post-date the hydrothermal events, hydrothermal feeder structures that controlled alteration and mineralization are inferred to preferentially coincide with one or more of these directions.

About the Del Carmen work program

The 147 km2 Del Carmen concession package is located near the southern end of the El Indio Gold Belt, and hosts the Del Carmen Norte and Del Carmen Sur high sulphidation epithermal gold-silver systems. The Del Carmen Norte hydrothermal alteration system covers approximately 9 km2. A second, less exposed, high sulphidation epithermal system occurs at Del Carmen Sur some 5 km to the south of Del Carmen Norte.

Del Carmen Norte consists of a strongly altered, sub-horizontal sequence of andesitic volcanic rocks that is cut by numerous faults. Volcanic breccias appear to be selectively silicified with silicification hosting mineralization sandwiched between less favourable argillic altered volcanic layers. Steep faults have strongly influenced hydrothermal fluid flow within the volcanic sequence. High-sulphidation alteration is therefore zoned outward from the combination of both lithological and structural controls on silicification. Controlled source audio-magneto-telluric surveying (CSAMT) in the previous field campaign identified elevated resistivity coincident with silicified rocks at Rojo Grande. Other larger CSAMT resistivity anomalies to the southwest are directly associated with steam-heated siliceous alteration at high elevations at Cerro Amarillo but continue to the depth limits of detection of the survey (roughly 500 m vertically).

In addition to Rojo Grande, other zones of vuggy silica and other styles of silicification, and enargite-bearing quartz veins on surface were drill tested in the 2009-2010 field campaign. The current drilling campaign at Del Carmen Norte is focused on defining the extent of gold-silver mineralization at Rojo Grande, testing CSAMT resistivity anomalies (including the large anomaly between Rojo Grande and Cerro Amarillo), and following up on encouraging initial drill results from Naciente Quebrada Pedregosa south of Cerro Amarillo.

Technical information

Diamond drill hole samples consist of core that is sawn in half by electric saw on site. Core samples are sealed in new plastic bags, which are inserted into rice sacks for transport by Malbex personal or commercial trucking service to ALS Global prep lab in Mendoza. All samples are crushed and pulped and powders sent by ALS to one of their laboratories (typically La Serena, Chile or North Vancouver, BC). Fire assay for gold is conducted on 30 gram (g) pulps with atomic absorption finish. Over limits (>10 g/t gold) are fire assayed with gravimetric finish. In addition, all samples receive multi-element analysis including silver by ICP after aqua regia digestion and mercury by cold vapour atomic absorption.

Malbex's quality assurance-quality control (QA-QC) program consists of the insertion in every 20 samples of at least one certified standard of known gold content, one blank (sample known to consist of very low levels of gold to ensure adequate cleaning of the sample preparation equipment between samples) and one field duplicate. Samples of significant drill intercepts will be sent to two additional independent laboratories to verify gold and silver analyses when necessary. Metallic screen fire analyses for gold will also be run regularly on discovered mineralization as an additional QA-QC check. The half core remaining after sampling is stored in a Malbex-run facility in San Juan for verification and reference purposes.

Peter Stewart, PhD, Vice-President Exploration of Malbex Resources Inc., is a Professional Geoscientist in the Province of Ontario, and is the Qualified Person as defined by NI 43-101 responsible for the technical information presented in this news release.

About Malbex

Malbex Resources Inc. is a gold exploration company led by experienced management and directors. Malbex holds an indirect 100% interest in three exploration projects in Argentina's El Indio Gold Belt, which hosts over 40 million ounces of gold in past production and current reserves. Two of the projects are in close proximity to Barrick's Veladero and Pascua-Lama gold deposits. For more information, please visit www.malbex.ca.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION: This news release includes certain information that may constitute "forward-looking information" under applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements about strategic plans, spending commitments, future operations, results of exploration, anticipated financial results, future work programs, capital expenditures and objectives. Forward-looking information is necessarily based upon a number of estimates and assumptions that, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking information, including the risks identified in the Company's annual information form under the heading "Risk Factors". There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. All forward-looking information contained in this press release is given as of the date hereof and is based upon the opinions and estimates of management and information available to management as at the date hereof. The Company disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact

Malbex Resources Inc.
Tim Warman
President and Chief Executive Officer
(416) 628-0215
or
Malbex Resources Inc.
Marla Gale
VP Investor Relations
(416) 628-0215
ir@malbex.ca
www.malbex.ca




Minera IRL Announces Scout Drilling Results, Pan de Azucar Prospect, Argentina


LONDON, UNITED KINGDOM and TORONTO, ONTARIO--(Marketwire - Feb. 22, 2011) - Minera IRL Limited ("Minera IRL" or the "Company"), (TSX:IRL) (AIM:MIRL) (BVLAC:MIRL) the Latin American focused gold mining, development and exploration company, announces the results of scout drilling at the Pan de Azucar prospect in Patagonia, Argentina.

Highlights:

Twenty seven scout holes drilled over a strike length of 950 meters

Best holes into the vein structure include PDA-D10-005 with 3.25 meters grading 5.81g/t gold and 5.55g/t silver, including 0.7 meters of 15.5g/t gold and 21.4g/t silver, PDA-D10-021 with 5.0 meters grading 3.48g/t gold and 7.98g/t silver, and PDA-10-019 with 1.98 meters grading 3.51g/t gold and 8.28g/t silver

Splays and associated mineralization included PDA-D10-001 with 1.1 meters of 5.10g/t gold and 650g/t silver and PDA-10-19 with 15.66 meters grading 3.37g/t gold and 11.2g/t silver

Pan de Azucar is only one prospect within the Chispas Vein Field where more than 8 kilometres of outcropping epithermal veins remain to be explored

Assay results have been received from the first pass diamond drilling program at Pan de Azucar, one of many prospects within Minera IRL's 2,700 square kilometres of exploration licences in the Deseado Massif in Patagonia. Twenty seven holes were drilled for a total of 3,976 meters. This program probed a 950 meter strike length with staggered holes which targeted the vein structure between 30 and 160 meters below surface. This drilling was the first step in a much larger program to explore more than 8 kilometres of other outcropping epithermal veins within the Chispas Vein Field.

"Drilling at Pan de Azucar has been the first step of a major program to explore the Chispas Vein Field and we have learned a great deal." said Courtney Chamberlain, Executive Chairman of Minera IRL. "It is now quite clear from the geochemistry and vein textures observed in the drill samples, that the Pan de Azucar vein has been more deeply eroded than the other Chispas area veins which outcrop within a few kilometres. These veins have many occurrences of lattice bladed textures characteristic of the upper zones of a low sulphidation epithermal system. As a result, there is every indication that these veins are largely preserved and, supported by many elevated gold values from surface sampling, up to 22g/t, provide excellent targets for drilling during 2011."

The Minera IRL Patagonia project area was visited by an international authority on epithermal deposits, Dr Noel White, at the end of January 2011. In his report, Dr White states "With only two exceptions, the many prospects and veins that I visited showed clear evidence for exposure at shallow level. Whilst the vein is largely preserved, gold grades this high in the system are typically depressed. The implication is that drilling below outcrop has a good chance of finding better results."

Selected intercepts for the Pan de Azucar drilling are shown in the table below.





Additional information on Pan de Azucar, including cross and long sections, as well as overall impressions by Dr White, can be found on the Minera IRL website.

A second round of scout drilling was also carried out on the Escondido project in December and these results will be reported in early March. Drilling is scheduled to recommence on 1 March and will progress through a range of targets.

Competent Persons Statement

The preparation of the technical information contained herein was supervised by Donald McIver, VP Exploration of the Company, MSc Exploration and Economic Geology, a Fellow of the Australian Institute of Mining and Metallurgy (AUSIMM), who is recognized as a Qualified Person for the purposes of National Instrument 43-101, and who has reviewed and approved the technical information in this press release.

Minera IRL Limited is the AIM traded and TSX and BVL listed holding company of precious metals mining and exploration companies focused in Latin America. Minera IRL is led by an experienced senior management team with extensive industry experience, particularly in operating in South America. The Group operates the Corihuarmi Gold Mine and the emerging Ollachea Gold Project in Peru as well as the advanced Don Nicolas Project in Argentina. For more information, please visit www.minera-irl.com.

Some of the statements contained in this release are forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition or result to occur. Since forward-looking statements address future events and conditions, by their very nature, they involve inherent risks and uncertainties.

While these forward-looking statements, and any assumptions upon which they are based, are made in good faith and reflect our current judgment regarding the direction of our business, actual results will almost always vary, sometimes materially, from any estimates, predictions, projections, assumptions or other future performance suggestions herein. Except as required by applicable law or regulation, Minera IRL Limited does not intend to update any forward-looking statements to conform these statements to actual results.

Quality Assurance and Quality Control Procedures Disclosure

The Company has implemented and maintains a Minera IRL quality assurance/quality control (QA/QC) protocol on its projects to ensure best industry practice in sampling and analysis of exploration and resource definition samples. The insertion of field duplicates, certified standards and blank samples into the sample stream form part of the MIRL procedure (these act as an independent check on contamination, precision and accuracy in the analytical laboratory).

Assay results are reported once rigorous QA/QC procedures have been approved.

Independent Audit Programs

Towards maintaining compliancy with international standards as they pertain to the minerals industry resource evaluation and estimation procedure, MIRL regularly contracts the services of industry experts to conduct detailed audits of established QA/QC procedures.


The Toronto Stock Exchange neither approves nor disapproves the information contained in this News Release.

For more information, please contact

Minera IRL Limited
Trish Kent
Vice President, Corporate Relations
+511 4181230
or
Collins Stewart (Nominated Adviser & Broker, London)
John Prior
+ 44 (0)20 7523 8350
or
Collins Stewart (Nominated Adviser & Broker, London)
Adam Miller
+ 44 (0)20 7523 8350
or
finnCap (Co-broker, London)
Geoff Nash (Corporate Finance)
+ 44 (0)20 7600 1658
or
finnCap (Co-broker, London)
Matthew Robinson (Corporate Finance)
+ 44 (0)20 7600 1658
or
finnCap (Co-broker, London)
Joanna Weaving (Corporate Broking)
+ 44 (0)20 7600 1658
or
TMX Equicom (Investor Relations, Canada)
Patrick Piette
+1 416 815 0700 ext 267
or
Bankside Consultants (Financial PR, London)
Simon Rothschild
+ 44 (0)20 7367 8888
or
Bankside Consultants (Financial PR, London)
Louise Mason
+ 44 (0)20 7367 8888



Lithium One Reports First Production of Lithium Carbonate at Sal de Vida Lithium-Potash Brine Project, Argentina


Highlights

- Milestone to Feasibility achieved: On-site testing underway to develop the commercial process for recovering lithium and potash from Sal de Vida brines

- Brine chemistry conforming to design expectations: Lithium and potassium already near commercial concentrations in test ponds

- Brine concentration sufficient to recover test-scale lithium carbonate and potash


VANCOUVER, CANADA--(Marketwire - Feb. 17, 2011) - Lithium One Inc. (the "Company") (TSX VENTURE:LI), is pleased to report the first recovery of lithium carbonate and potassium chloride from its on-site pilot-plant. The operating pilot facility represents a smaller scale simulation of a commercial evaporation process operation that has been designed to concentrate and recover lithium (for lithium carbonate production) and potassium (for muriate of potash production) from the Sal de Vida brines.

The pilot facility, including evaporation ponds and a lithium carbonate plant, commenced operation in early October 2010. This is a key step towards the feasibility study at Sal de Vida, which is targeted for early 2012. The pilot plant test work allows Lithium One to optimize the low-cost evaporation technology for the commercial production of lithium carbonate and muriate of potash (potassium chloride). Lithium carbonate in high purity forms is the preferred commercial product for the lithium battery industry. Production of battery-grade lithium carbonate and by-product potash is the objective of the Sal de Vida Project.

After only four months of evaporation processing, lithium concentrations of more than 1.25% have already been achieved in the test ponds. The potassium content of the brines at the potash recovery stage is at or above 4%. To date, four batches of lithium carbonate and two batches of potash have been recovered from the pilot facility. These interim results are on track to meet or exceed the 2% lithium and 4% potassium concentrations achieved in the laboratory scale evaporation tests on Sal de Vida brine which were completed in the third quarter of 2010. Realization of these concentrations would compare favourably to commercial lithium evaporation plants and have a significant positive impact on capital and operating costs for a future full-scale operation.

Lithium One President and CEO Patrick Highsmith commented, "We are very happy with the results we are seeing from the Sal de Vida evaporation tests and pilot plant. The results achieved in this short time frame confirm the quality of the brine chemistry and its performance in real-world testing conditions, which bodes well for the future economics of the process. This landmark in our process is analogous to taking a bulk sample from a gold deposit and confirming the gold is amenable to low-cost heap leach processing. With the pilot plant operating we have accelerated our pace towards feasibility at the end of the year, while simultaneously working to complete the first resource estimate on the project in the next few weeks."

Pilot Facility Details

The theoretical plant design (flowsheet) and the corresponding pilot test facility were designed by process engineering consultant, Jerome Lukes. Mr. Lukes has extensive experience with recovery of lithium from evaporation circuits, including a key role in development of the world's largest lithium and potassium solar evaporation recovery process at Salar de Atacama. The Sal de Vida pilot plant evaporation tests will run at least 12 months in order to simulate one full year of weather conditions at the salar.

The on-site test facility consists of two brine wells, two weather stations, six evaporation ponds, and containerized pilot plant, laboratory, and office. The operation consists of three stages:

Pre-treatment stage. Most magnesium is removed from the brines using lime in the pre-treatment phase. Results to date indicate that the Sal de Vida brines are low in magnesium, which should make removal at this stage effective and low-cost.

Evaporation stage. In the second stage, brine is naturally evaporated in a series of 6 ponds, simulating the evaporation process of a future full-scale, commercial operation. Ponds are of 6 and 3-metres diameter and 0.60m deep. The larger test ponds are made of reinforced fiberglass and the smaller ones are made of metal. The first four ponds concentrate the brine and are designed to remove excess halite (common salt), while the remaining two ponds further concentrate the brine and crystallize a halite/potash (potassium chloride) solid. This solid is further processed in a commercial plant to produce muriate of potash. Excess calcium, sulphate and boron are removed throughout the system.

Lithium recovery stage. In the third stage, the concentrated brine will be treated in the pilot plant to remove the remaining boron (a potentially valuable by-product) and trace magnesium and calcium, producing lithium carbonate (Li2CO3) in pilot plant quantities. The final boron and magnesium treatment hardware has not yet been installed, so the initial lithium carbonate products are of lower purity than the final test product will be.

Four batches of lithium carbonate have been recovered from the evaporation-concentrated brines, with several more to be completed before the yields are representative. Analysis of the brines from the evaporation pond system and pilot plant confirm that the chemistry is behaving generally as expected with respect to K, Na, Li and Cl.

Please refer to the Lithium One website (www.lithium1.com) for photos from the operation.

Review by Qualified Person

The contents of this news release, analytical data, and process testing details have been reviewed and approved by Mr. George C. Lukes. Mr. Lukes is a certified Professional Engineer in the state of Utah (P.E. #: 171939-2202) and a qualified person as defined by National Instrument 43-101. Both Mr. George Lukes and Mr. Jerome Lukes are completely independent of Lithium One, owning no securities of any kind in the Company.

About Lithium One:

Lithium One Inc. is a Canadian-based explorer and developer of mineral properties with a specific focus on lithium. The Company has two major lithium projects funded through feasibility by earn-in partners: the brownfields Sal de Vida lithium brine project in Argentina, in which KORES, LG International and GS Caltex are earning a maximum of 30% project equity; and the James Bay bulk tonnage spodumene project in Quebec, in which Galaxy Resources is earning up to 70% project equity. The Sal de Vida option agreement also includes a provision for a project completion guarantee in regards to debt financing and an off-take agreement for up to 50% of the lithium production. The Company's strategy is to draw upon its quality team and employ best-practice to develop its projects into leading suppliers of low-cost, high quality lithium products to the global battery market.

ON BEHALF OF THE BOARD OF DIRECTORS,

Patrick Highsmith, M.Sc., President and Chief Executive Officer

Lithium One Inc.
1238-200 Granville Street
Vancouver, BC V6C 1S4 Canada
Email: info@lithium1.com

Website: www.lithium1.com

Forward-Looking Statements

This document may contain "forward-looking information" within the meaning of Canadian securities legislation (hereinafter referred to as "forward-looking statements"). All statements, other than statements of historical fact, included herein including, without limitation statements relating to; the completion of a Feasibility Study, securing of debt for future project construction, purchase of future mine production, the timing for completion of an NI 43-101 compliant resource and other matters related to the exploration and development of the Project, are forward-looking statements. These forward-looking statements are made as of the date of this document and the Company does not intend, and does not assume any obligation, to update these forward-looking statements. Forward-looking statements relate to future events or future performance and reflect management's expectations or beliefs regarding future events. By their very nature forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include unsuccessful exploration results, changes in metals prices, changes in the availability of funding for mineral exploration, unanticipated changes in key management personnel and general economic conditions, title disputes as well as those factors detailed from time to time in the Company's interim and annual financial statements and management's discussion and analysis of those statements, all of which are filed and available for review on SEDAR at www.sedar.com. In certain cases, forward-looking statements can be identified by the use of words such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved" or the negative of these terms or comparable terminology. Although the Company has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward looking statements.


Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

For more information, please contact

Investor Inquiries:
Lithium One Inc.
Robert Orr
604-697-6259
604-408-4799 (FAX)
ro@lithium1.com



18 feb 2011

Pan American Silver Delivers New Records for Production, Income, and Cash Flow for 2010


Produced 24.3 Million Ounces of Silver, Completing our 15th Consecutive Year of Growth

(All amounts in US dollars unless otherwise stated and all production figures are approximate)


VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 15, 2011) - Pan American Silver Corp. (TSX:PAA)(NASDAQ:PAAS) (the "Company"), today reported on its 15th consecutive year of silver production growth and posted record financial results for the fourth quarter and fiscal year ended December 31, 2010. The Company also provided an update on its operations and development projects, as well as a forecast for production and costs for 2011.

Fourth Quarter 2010 Highlights (unaudited) 1

Silver production of 5.7 million ounces.
Gold production of 19,249 ounces.
Consolidated cash costs of $6.612 per ounce of silver, net of by-product credits.
Record mine operating earnings4 of $91.2 million, an increase of 59%.
Record net income of $46.4 million or $0.43 per share, an increase of 67%.
Record cash flow from operations (excluding changes in non-cash working capital)3 of $82.6 million or $0.77 per share, an increase 57%.
Record sales of $191.1 million, an increase of 24%.
2010 Year-End Highlights (unaudited) 1

Silver production increased 5% to a record 24.3 million ounces.
Gold production declined slightly to 89,555 ounces.
Cash costs rose 3% to $5.692 per ounce of silver, net of by-product credits.
Mine operating earnings4 rose 90% to a record $239.8 million.
Net income increased 82% to a record $112.6 million or $1.05 per share.
Cash flow from operations (excluding changes in non-cash working capital) 3 increased 44% to a record $218.3 million or $2.04 per share.
Sales increased 39% to a record $632 million.
Cash and short term investments increased $167.4 million to of $360.5 million at December 31, 2010.
Instituted quarterly cash dividend of $0.025 per share and distributed a total of $0.075 per share.
Completed and released a preliminary assessment for the world-class Navidad silver project in Argentina.
2011 Forecast and Plans

Silver production to decrease modestly to 23 to 24 million ounces, at a cash cost of $7.00 to $7.50 per ounce, net of by-product credits.
Produce final feasibility study for the Navidad silver project.
Complete preliminary assessment for the La Preciosa silver project, in Mexico.


Financial information in this news release is based on Canadian GAAP; results are unaudited; percentages compare period-on-period.
Cash costs per payable ounce of silver is a non-GAAP measure. The Company believes that, in addition to cost of sales, cash costs per ounce is a useful and complementary benchmark that investors use to evaluate the Company's performance and ability to generate cash flow and is well understood and widely reported in the silver mining industry. However, the term cash costs per ounce does not have a standardized meaning prescribed by Canadian GAAP. Investors are cautioned that cash costs per ounce should not be construed as an alternative to cost of sales determined in accordance with Canadian GAAP as an indicator of performance. The Company's method of calculating cash costs per ounce may differ from the methods used by other entities and, accordingly, the Company's cash costs per ounce may not be comparable to similarly titled measures used by other entities. See "Financial and Operating Highlights" below for a reconciliation of this measure to the Company's cost of sales.
Cash flow from operations (excluding changes in non-cash working capital) is a non-GAAP measure. This non-GAAP measure is used by the Company to manage and evaluate operating performance and the Company considers this measure to better reflect normalized cash flow generated by operations. Cash flow per share is a non-GAAP measure. Cash flow per share is used as a measure of return on capital and is calculated using cash flow from operations, before working capital changes, divided by basic weighted average shares outstanding. Investors are cautioned that this measure is not defined in current GAAP and there is no comparable measure defined in GAAP.
Mine operating earnings is a non-GAAP measure used by the Company to assess the performance of its silver mining operations. Mine operating earnings are equal to sales less cost of sales and depreciation and amortization, and is considered to be substantially the same as gross margin.
"By almost every measure, 2010 was the best year in Pan American's history," said Geoff Burns, President & CEO. "We recorded our 15th consecutive year of silver production growth. We completed the acquisition of the world class Navidad silver development project in January, and by the end of November had completed sufficient technical work to release our preliminary assessment. Riding the wave of increasing silver prices and production growth we delivered new records for net income and net cash flow, ending 2010 with over $360 million in the bank. We paid our first ever dividend in February and then doubled the frequency of distributions nine months later. In 2010, more than ever before, Pan American was able to realize on the hard work and investments in growth we had made over the previous 5 years. We are well positioned to continue to deliver superior financial results while we prepare to move forward with Navidad, the biggest growth project we've ever had."

Financial Results

During the fourth quarter of 2010, Pan American generated a new quarterly record for consolidated net income of $46.4 million or $0.43 per share, which was 67% higher than in the same period of 2009. The increase was directly attributable to higher realized prices for all metals produced by the Company, partially offset by the write-off of the carrying value of the Pyrite Stockpile inventory of $1.5 million. Consolidated net income for the year was $112.6 million or $1.05 per share, also a new company record and an increase of 82% compared to 2009. Net income for the full year was boosted by record silver production and significantly higher realized metals prices, partially offset by higher direct operating costs, increased exploration and project development expenses incurred for the advancement of the Navidad and La Preciosa projects and the write down of inventory and receivable balances of $4.8 million related to the closure of Doe Run's La Oroya smelter in Perú.

Sales during the fourth quarter rose to $191.1 million, an increase of 24% from sales recorded in the fourth quarter of 2009. The positive variance resulted from significantly higher metal prices, partially offset by reduced metal production. Pan American's consolidated revenues for the full year were a record $632 million or 39% more than in 2009, thanks to record silver production and higher realized prices for all metals produced by the Company.

During the fourth quarter of 2010, the Company generated record mine operating earnings of $91.2 million, or 59% more than in the last quarter of 2009. Annual consolidated mine operating earnings were also a record $239.8 million, 90% higher than a year ago.

Cash flow from operations, before changes in non-cash operating working capital, during the fourth quarter jumped 57% from a year ago to a record $82.6 million. Consolidated cash flow from operations, before changes in non-cash operating working capital, for 2010 was also a record $218.3 million or 44% higher than in 2009.

At December 31, 2010, Pan American had cash and short term investments of $360.5 million and the Company's working capital position had increased to $433.8 million. The Company is debt free, except for some minor capital leases for equipment, and has not drawn on its existing credit facility.

Production and Operations

During the fourth quarter of 2010, the Company produced 5.7 million ounces of silver and 19,249 ounces of gold, which represented a decrease of 5% and 28% respectively from the last quarter of 2009. Alamo Dorado was once again the Company's largest silver producer at 1.4 million ounces; however, silver production was negatively affected by a decrease in silver produced at the Company's Peruvian operations and at the San Vicente mine in Bolivia. Lower ore grades, and as a consequence lower recoveries, were the main reasons that silver production declined at these operations during the fourth quarter.

2010 was Pan American's 15th consecutive year of silver production growth, with consolidated production of 24.3 million ounces of silver, a 5% increase over 2009 and well ahead of our previously released annual forecast of 23.5 million ounces. As expected, gold production decreased to 89,555 or 11% less than in 2009. Annual silver production was driven by 6.7 million ounces produced at Alamo Dorado, where we mined more quantities of higher grade ore than anticipated. Annual gold production declined due to the expected decrease in gold grades at Manantial Espejo, where annual production declined 11% from 2009 levels to 62,843 ounces. Annual zinc, lead and copper production at 43,103 tonnes, 13,629 tonnes and 5,221 tonnes, respectively was basically in line with the Company's forecast.

Consolidated cash costs for the fourth quarter of 2010 rose to $6.61 per ounce of silver, net of by-product credits. The increase was directly attributable to less by-product credits from less gold and zinc production, the cost impact of processing more tonnes at Huaron at lower grades, and an increase in the Provincial Royalty at Manantial Espejo. 2010 consolidated cash costs were $5.69 per ounce of silver, net of by-product credits, a 3% increase from the $5.53 posted in 2009, but well below the Company's announced 2010 guidance of $5.90 per ounce for 2010.

Outlook

In 2011 the Company expects to produce 23 to 24 million ounces of silver, a decrease of approximately 3% from 2010 production levels. Management believes that forecasted silver production declines at Alamo Dorado (approximately 28%) and Quiruvilca (approximately 10%), will be partially offset by expected production gains at Huaron, San Vicente, La Colorada and Manantial Espejo. Forecasted silver production and cash costs for each operation are presented below:


As expected, the gold grade at Manantial Espejo will decline in the coming year and as a consequence the Company is forecasting approximately 13% lower consolidated gold production in 2011, at 76,000 to 78,000 ounces. Zinc and lead production should increase modestly from last year to between 44,000 to 46,000 tonnes and 14,000 tonnes respectively, while copper production is expected to remain flat at between 5,200 to 5,500 tonnes.

The Company expects upward-inflationary operating cost pressures to persist throughout 2011, particularly in respect of our labour costs and reduced gold production. Royalty increases, stronger local currencies (relative to the US$) and increased concentrate treatment charges are all likely to push our cash costs higher to $7.00 to $7.50 per ounce of silver, net of by-product credits. For purposes of forecasting 2011's cash costs, the Company has assumed lower by-product metal prices.

Growth Projects

During 2010, Pan American invested $37.5 million in the world-class Navidad silver development project. Activities were focused on diamond drilling to further define and raise confidence in the resources of the eight deposits that comprise the project, conduct basic engineering design works, and complete an Environmental Impact Assessment ("EIA") and ultimately a full feasibility report. The Company also launched a comprehensive community and government relations program, to improve the public's understanding of the mining activity and to initiate an open dialogue for the amendment of the current mining law, which bans open pit mining in the province of Chubut where Navidad is located.

On November 30, 2010, the Company released the results of Navidad's preliminary assessment, which defined a highly economic project which would recover the mineral resources through conventional surface mining methods. It is estimated that Navidad could produce an average of 19.8 million ounces of silver over the first 5 years of operation, have a mine life in excess of 17 years and generate an after-tax return of $1.2 billion at a 5% discount rate (assuming a $25 per ounce silver price). The construction of a 15,000 tonnes- per-day operation would require approximately $760 million in pre-production costs, excluding $133 million in recoverable VAT. The project would provide direct employment to approximately 1,500 individuals during the construction phase and to 500 individuals during the operations phase.

The preliminary assessment was subsequently filed with the applicable regulatory authorities on January 14, 2011 and is available on SEDAR at www.sedar.com. The Company expects to complete an EIA during the second quarter of 2011 and a full feasibility study early in the fourth quarter. In 2011, the Company plans to invest $44.7 million in Navidad's continued development, including $16 million for continued diamond drilling. The remainder will be directed towards preparation of the EIA, tailings site and geotechnical evaluation, metallurgical studies, basic engineering designs, the feasibility study and community and government relations activities. Pan American remains confident that an open and informed dialogue regarding open cut mining in the Central Meseta of Chubut will ultimately be resolved favourably and lead to the responsible development of Navidad. The Company intends to continue working with the local communities and provincial government to transform Navidad into a world-class silver mine.

During 2010 Pan American was also very active at the La Preciosa joint-venture, where the Company invested a total of $10 million in exploration and delineation drilling, metallurgical testing and engineering activities. The Company is currently completing additional work to evaluate alternative extraction and development scenarios to maximize the project's economics, in view of the improved metals price environment. During the first half of 2011, Pan American expects to invest $1 million at La Preciosa to complete a preliminary assessment by mid-year 2011.

Furthermore, in 2011 Pan American expects to invest $54 million in sustaining capital at its seven operating mines, including $11 million for brownfield exploration. In addition, the Company expects to spend approximately $12 million in greenfield exploration.

In closing, Geoff Burns said, "Throughout 15 years of uninterrupted production growth we have built our reputation as a solid operating company that delivers on our production, cost and growth targets. Over the same period, we've managed our balance sheet very conservatively. Together, these attributes, coupled with continued strong prices, should serve us well, as we prepare to embark on the largest development project in our Company's history."

About Pan American Silver

Pan American Silver's mission is to be the world's largest and lowest cost primary silver mining company by increasing its low cost silver production and silver reserves. The Company has seven operating mines in Mexico, Peru, Argentina and Bolivia. Pan American also owns the Navidad silver development project in Chubut, Argentina and is the operator of the La Preciosa joint-venture project in Durango, Mexico.

Technical information contained in this news release has been reviewed by Michael Steinmann, P.Geo., Executive VP Geology & Exploration, and Martin Wafforn, P.Eng., VP Technical Services, who are the Company's Qualified Persons for the purposes of NI 43-101.

Pan American will host a conference call to discuss the results on Wednesday, February 16, 2011 at 11:00 am ET (08:00 am PT). To access the conference, North American participants dial toll free 1-800-319-4610. International participants dial 1-604-638-5340. A live audio webcast can be accessed at https://services.choruscall.com/links/pan110216.html Listeners may also gain access by logging on at www.panamericansilver.com. The call will be available for replay for one week after the call by dialing 1-604- 638-9010 and entering code 6218 followed by # sign.

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

CERTAIN OF THE STATEMENTS AND INFORMATION IN THIS NEWS RELEASE CONSTITUTE "FORWARD-LOOKING STATEMENTS" WITHIN THE MEANING OF THE UNITED STATES PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 AND "FORWARD-LOOKING INFORMATION" WITHIN THE MEANING OF APPLICABLE CANADIAN PROVINCIAL SECURITIES LAWS RELATING TO THE COMPANY AND ITS OPERATIONS. ALL STATEMENTS, OTHER THAN STATEMENTS OF HISTORICAL FACT, ARE FORWARD-LOOKING STATEMENTS. WHEN USED IN THIS NEWS RELEASE THE WORDS, "BELIEVES", "EXPECTS", "INTENDS", "PLANS", "FORECAST", "OBJECTIVE", "OUTLOOK", "POSITIONING", "POTENTIAL", "ANTICIPATED", "BUDGET", AND OTHER SIMILAR WORDS AND EXPRESSIONS, IDENTIFY FORWARD-LOOKING STATEMENTS OR INFORMATION. THESE FORWARD-LOOKING STATEMENTS OR INFORMATION RELATE TO, AMONG OTHER THINGS: FUTURE PRODUCTION OF SILVER, GOLD AND OTHER METALS AND THE TIMING OF SUCH PRODUCTION; FUTURE CASH COSTS PER OUNCE OF SILVER; THE PRICE OF SILVER AND OTHER METALS; THE EFFECTS OF LAWS, REGULATIONS AND GOVERNMENT POLICIES AFFECTING PAN AMERICAN'S OPERATIONS OR POTENTIAL FUTURE OPERATIONS, INLCUDING BY NOT LIMITED TO, LAWS IN THE PROVINCE OF CHUBUT, ARGENTINA, WHICH, CURRENTLY HAVE SIGNIFICANT RESTRICTIONS ON MINING; FUTURE SUCCESSFUL DEVELOPMENT OF THE NAVIDAD PROJECT, THE LA PRECIOSA PROJECT, AND OTHER DEVELOPMENT PROJECTS OF THE COMPANY; THE SUFFICIENCY OF THE COMPANY'S CURRENT WORKING CAPITAL, ANTICIPATED OPERATING CASH FLOW OR ITS ABILITY TO RAISE NECESSARY FUNDS; TIMING OFRELEASE OF TECHNICAL OR OTHER REPORTS; ; THE ESTIMATES OF EXPECTED OR ANTICIPATED ECONOMIC RETURNS FROM THE COMPANY'S MINING PROJECTS; ESTIMATED EXPLORATION EXPENDITURES TO BE INCURRED ON THE COMPANY'S VARIOUS PROPERTIES; FORECAST CAPITAL AND NON-OPERATING SPENDING; FUTURE SALES OF THE METALS, CONCENTRATES OR OTHER PRODUCTS PRODUCED BY THE COMPANY; AND THE COMPANY'S PLANS AND EXPECTATIONS FOR ITS PROPERTIES AND OPERATIONS.

THESE STATEMENTS REFLECT THE COMPANY'S CURRENT VIEWS WITH RESPECT TO FUTURE EVENTS AND ARE NECESSARILY BASED UPON A NUMBER OF ASSUMPTIONS AND ESTIMATES THAT, WHILE CONSIDERED REASONABLE BY THE COMPANY, ARE INHERENTLY SUBJECT TO SIGNIFICANT BUSINESS, ECONOMIC, COMPETITIVE, POLITICAL AND SOCIAL UNCERTAINTIES AND CONTINGENCIES. MANY FACTORS, BOTH KNOWN AND UNKNOWN, COULD CAUSE ACTUAL RESULTS, PERFORMANCE OR ACHIEVEMENTS TO BE MATERIALLY DIFFERENT FROM THE RESULTS, PERFORMANCE OR ACHIEVEMENTS THAT ARE OR MAY BE EXPRESSED OR IMPLIED BY SUCH FORWARD-LOOKING STATEMENTS CONTAINED IN THIS NEWS RELEASE AND THE COMPANY HAS MADE ASSUMPTIONS AND ESTIMATES BASED ON OR RELATED TO MANY OF THESE FACTORS. SUCH FACTORS INCLUDE, WITHOUT LIMITATION: FLUCTUATIONS IN SPOT AND FORWARD MARKETS FOR SILVER, GOLD, BASE METALS AND CERTAIN OTHER COMMODITIES (SUCH AS NATURAL GAS, FUEL OIL AND ELECTRICITY); FLUCTUATIONS IN CURRENCY MARKETS (SUCH AS THE CANADIAN DOLLAR, PERUVIAN SOL, MEXICAN PESO, ARGENTINE PESO AND BOLIVIAN BOLIVIANO VERSUS THE U.S. DOLLAR); RISKS RELATED TO THE TECHNOLOGICAL AND OPERATIONAL NATURE OF THE COMPANY'S BUSINESS; CHANGES IN NATIONAL AND LOCAL GOVERNMENT, LEGISLATION, TAXATION, CONTROLS OR REGULATIONS AND POLITICAL OR ECONOMIC DEVELOPMENTS IN CANADA, THE UNITED STATES, MEXICO, PERU, ARGENTINA, BOLIVIA OR OTHER COUNTRIES WHERE THE COMPANY MAY CARRY ON BUSINESS IN THE FUTURE; RISKS AND HAZARDS ASSOCIATED WITH THE BUSINESS OF MINERAL EXPLORATION, DEVELOPMENT AND MINING (INCLUDING ENVIRONMENTAL HAZARDS, INDUSTRIAL ACCIDENTS, UNUSUAL OR UNEXPECTED GEOLOGICAL OR STRUCTURAL FORMATIONS, PRESSURES, CAVE-INS AND FLOODING); RISKS RELATING TO THE CREDIT WORTHINESS OR FINANCIAL CONDITION OF SUPPLIERS, REFINERS AND OTHER PARTIES WITH WHOM THE COMPANY DOES BUSINESS; INADEQUATE INSURANCE, OR INABILITY TO OBTAIN INSURANCE, TO COVER THESE RISKS AND HAZARDS; EMPLOYEE RELATIONS; RELATIONSHIPS WITH AND CLAIMS BY LOCAL COMMUNITIES AND INDIGENOUS POPULATIONS; AVAILABILITY AND INCREASING COSTS ASSOCIATED WITH MINING INPUTS AND LABOUR; THE SPECULATIVE NATURE OF MINERAL EXPLORATION AND DEVELOPMENT, INCLUDING THE RISKS OF OBTAINING NECESSARY LICENSES AND PERMITS AND THE PRESENCE OF LAWS AND REGULATIONS THAT MAY IMPOSE RESTRICTIONS ON MINING, INCLUDING THOSE CURRENTLY IN THE PROVINCE OF CHUBUT, ARGENTINA; DIMINISHING QUANTITIES OR GRADES OF MINERAL RESERVES AS PROPERTIES ARE MINED; GLOBAL FINANCIAL CONDITIONS; THE COMPANY'S ABILITY TO COMPLETE AND SUCCESSFULLY INTEGRATE ACQUISITIONS AND TO MITIGATE OTHER BUSINESS COMBINATION RISKS; CHALLENGES TO, OR DIFFICULTY IN MAINTAINING, THE COMPANY'S TITLE TO PROPERTIES AND CONTINUED OWNERSHIP THEREOF; THE ACTUAL RESULTS OF CURRENT EXPLORATION ACTIVITIES, CONCLUSIONS OF ECONOMIC EVALUATIONS, AND CHANGES IN PROJECT PARAMETERS TO DEAL WITH UNANTICIPATED ECONOMIC OR OTHER FACTORS; INCREASED COMPETITION IN THE MINING INDUSTRY FOR PROPERTIES, EQUIPMENT, QUALIFIED PERSONNEL, AND THEIR COSTS; AND THOSE FACTORS IDENTIFIED UNDER THE CAPTION "RISKS RELATED TO PAN AMERICAN'S BUSINESS" IN THE COMPANY'S MOST RECENT FORM 40-F AND ANNUAL INFORMATION FORM FILED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION AND CANADIAN PROVINCIAL SECURITIES REGULATORY AUTHORITIES. INVESTORS ARE CAUTIONED AGAINST ATTRIBUTING UNDUE CERTAINTY OR RELIANCE ON FORWARD-LOOKING STATEMENTS. ALTHOUGH THE COMPANY HAS ATTEMPTED TO IDENTIFY IMPORTANT FACTORS THAT COULD CAUSE ACTUAL RESULTS TO DIFFER MATERIALLY, THERE MAY BE OTHER FACTORS THAT CAUSE RESULTS NOT TO BE AS ANTICIPATED, ESTIMATED, DESCRIBED OR INTENDED. THE COMPANY DOES NOT INTEND, AND DOES NOT ASSUME ANY OBLIGATION, TO UPDATE THESE FORWARD- LOOKING STATEMENTS OR INFORMATION TO REFLECT CHANGES IN ASSUMPTIONS OR CHANGES IN CIRCUMSTANCES OR ANY OTHER EVENTS AFFECTING SUCH STATEMENTS OR INFORMATION, OTHER THAN AS REQUIRED BY APPLICABLE LAW.

For more information, please contact

Pan American Silver Corp.
Kettina Cordero
Coordinator, Investor Relations
(604) 684-1175
info@panamericansilver.com
www.panamericansilver.com