VANCOUVER, BRITISH COLUMBIA--(Marketwire - May 11, 2011) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that it has received the results from a recently completed NI43-101 Resource Estimate for the Las Aguilas Nickel platinum project, in Argentina from its joint venture partner Pacific Coast Nickel Corp. (Pacific Coast). In summary, the resource estimate includes 3.264 MT indicated grading 0.67% NiEq* and 1.339 MT inferred grading 0.59% NiEq at a cut-off of 0.4% NiEq.
Table 1.1, "Las Quilas Resource Estimate Summary", and figures associated with this release can be found at the following link: http://media3.marketwire.com/docs/mfmi511.pdf.
*NiEq: Nickel equivalent = ([(Ni grade x $Ni)+(Cu grade x $Cu)+(Co grade x $Co)] x 20 + [(Au grade x$Au)+(Ag grade x $Ag)+(Pt grade x $Pt)+(Pd grade x $Pd)] x 0.0291667)/($Ni*20). As no metallurgical work has been completed on all the elements, the NiEq formula assumes 100% recovery based on the in situ material. This value is based on a long range pricing index updated quarterly. At the time the resource models were completed the following commodity prices were used: Ni - $9.02/lb; Cu - $2.66/lb; Co - $15.92/lb; Pt - $1842/oz; Pd $681/oz; Au - $1058/oz and Ag - $16.57/oz
The report is authored by Todd McCracken, P. Geo. and Callum Grant, P.Eng. of Wardrop Engineering Inc., a Tetra Tech Company, both considered independent Qualified Persons. The focus of this study was to complete an initial resource estimate and evaluate the potential of resource expansion on the Las Aguilas deposit, based on 79 historic and current diamond drill holes on the property. The study will be filed and available on SEDAR.
The Las Aguilas Mineral Resource was developed on two parallel nickel sulphide bearing zones. Two mineralized intrusions 300 m from each other, Las Aguilas East and Las Aguilas West, have been identified on the Property.
The report recommends additional exploration expenditures where extension of the known zones offers the potential for resource expansion; particularity along strike on the West Zone and down -dip on the East Zone. Pacific Coast intends to follow up on prior extensive geophysical data to identity new step out drill targets within the prospective 570 sq km optioned claim area. NI43-101 recommendations include a down-hole geophysical survey to aid in the step-out drilling.
The Phase I program is estimated to cost $750,000, which primarily involves drilling that will focus on following strike and down-dip extensions of known resource zones with the objective of expanding these resources to a mineable reserve. Phase II calls for expenditures of $1,250,000 in exploration with the goal of moving this resource into the measured and indicated categories as well as explore some of the many other excellent exploration targets on the property.
Richard Walters, V.P. of Exploration for the Company noted: "I am very pleased to announce the completion of the NI43-101 report on Las Aguilas. This is the only known nickel resource in Argentina, and I believe the planned exploration program has a good chance of substantially increasing the size of the resource. With the substantial rise in metal prices we are now looking at a significantly higher nickel equivalent grade and a great opportunity for our shareholders."
About Las Aguilas
The Las Aguilas project is located in the province of San Luis, Argentina approximately 800 km to the west of Buenos Aires. It is accessible by paved and dirt roads from the city of San Luis, the Provincial Capital, approximately 35 km to the northeast. The Project consists of 33 concessions totaling 57,597.8 hectares. Pacific Coast has the option to acquire up to 70% interest in the project by joint venture agreement with the Company.
The nickel-copper-platinum group (Ni-Cu-PGE) mineralization at Las Aguilas is hosted by differentiated mafic/ultramafic bodies intruding the Pringles metamorphic complex. The bulk of the mineralization is composed of pyrrhotite, chalcopyrite and pentlandite in a matrix-supported texture, with some fracture-controlled massive sulphide veins.
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 (http://www.sedar.com.) or at Marifil's Website (http://www.marifilmines.com.)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Table 1.1, "Las Quilas Resource Estimate Summary", and figures associated with this release can be found at the following link: http://media3.marketwire.com/docs/mfmi511.pdf.
*NiEq: Nickel equivalent = ([(Ni grade x $Ni)+(Cu grade x $Cu)+(Co grade x $Co)] x 20 + [(Au grade x$Au)+(Ag grade x $Ag)+(Pt grade x $Pt)+(Pd grade x $Pd)] x 0.0291667)/($Ni*20). As no metallurgical work has been completed on all the elements, the NiEq formula assumes 100% recovery based on the in situ material. This value is based on a long range pricing index updated quarterly. At the time the resource models were completed the following commodity prices were used: Ni - $9.02/lb; Cu - $2.66/lb; Co - $15.92/lb; Pt - $1842/oz; Pd $681/oz; Au - $1058/oz and Ag - $16.57/oz
The report is authored by Todd McCracken, P. Geo. and Callum Grant, P.Eng. of Wardrop Engineering Inc., a Tetra Tech Company, both considered independent Qualified Persons. The focus of this study was to complete an initial resource estimate and evaluate the potential of resource expansion on the Las Aguilas deposit, based on 79 historic and current diamond drill holes on the property. The study will be filed and available on SEDAR.
The Las Aguilas Mineral Resource was developed on two parallel nickel sulphide bearing zones. Two mineralized intrusions 300 m from each other, Las Aguilas East and Las Aguilas West, have been identified on the Property.
The report recommends additional exploration expenditures where extension of the known zones offers the potential for resource expansion; particularity along strike on the West Zone and down -dip on the East Zone. Pacific Coast intends to follow up on prior extensive geophysical data to identity new step out drill targets within the prospective 570 sq km optioned claim area. NI43-101 recommendations include a down-hole geophysical survey to aid in the step-out drilling.
The Phase I program is estimated to cost $750,000, which primarily involves drilling that will focus on following strike and down-dip extensions of known resource zones with the objective of expanding these resources to a mineable reserve. Phase II calls for expenditures of $1,250,000 in exploration with the goal of moving this resource into the measured and indicated categories as well as explore some of the many other excellent exploration targets on the property.
Richard Walters, V.P. of Exploration for the Company noted: "I am very pleased to announce the completion of the NI43-101 report on Las Aguilas. This is the only known nickel resource in Argentina, and I believe the planned exploration program has a good chance of substantially increasing the size of the resource. With the substantial rise in metal prices we are now looking at a significantly higher nickel equivalent grade and a great opportunity for our shareholders."
About Las Aguilas
The Las Aguilas project is located in the province of San Luis, Argentina approximately 800 km to the west of Buenos Aires. It is accessible by paved and dirt roads from the city of San Luis, the Provincial Capital, approximately 35 km to the northeast. The Project consists of 33 concessions totaling 57,597.8 hectares. Pacific Coast has the option to acquire up to 70% interest in the project by joint venture agreement with the Company.
The nickel-copper-platinum group (Ni-Cu-PGE) mineralization at Las Aguilas is hosted by differentiated mafic/ultramafic bodies intruding the Pringles metamorphic complex. The bulk of the mineralization is composed of pyrrhotite, chalcopyrite and pentlandite in a matrix-supported texture, with some fracture-controlled massive sulphide veins.
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 (http://www.sedar.com.) or at Marifil's Website (http://www.marifilmines.com.)
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
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