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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.
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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

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


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