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.

10 ago. 2011

Marifil Acquires Porphyry Copper Property

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 10, 2011) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces it has signed agreements to acquire two separate but contiguous claim groups called Cerro Samenta Norte and Cerro Samenta Sur, located in Salta Province, Argentina.

The north and south projects have been explored by Mansfield Minerals and their JV partner, Teck Corporation, during the period 1995-2001. They carried out a geologic mapping and sampling program followed by Induced Polarization (IP) and ground magnetics geophysical programs, 15 trenches totalling 3,413 meters, and drilling 16 holes totalling 2,212 meters.

Cerro Samenta Norte is the site of a hydrothermal breccia plug and a leached capping over a porphyritic intrusive rock. The size and metal content of the breccia plug has not been delineated. A 1998 report by Codelco Chile concluded that "Samenta Norte has the potential to host a copper oxide deposit of about 40 million tons grading about 0.5% copper." This is not a NI 43-101 compliant resource, and it is only an estimate of target size and grade. This target estimate is based on geological mapping and geochemical rock sampling and two trenches; one of which cut 93 meters grading 0.47% copper and the second cut 87 meters grading 0.62% copper.

Cerro Samenta Sur is centered on a copper-in-soil anomaly measuring 400 meters by 1,400 meters covering a porphyritic intrusive with a leached cap and cut by numerous siliceous pebble dikes.

Marifil is planning a program to explore this shallow oxide copper resource and to also evaluate other prospective but undrilled zones associated with these two mineralized centers.

Cerro Samenta Norte comprises 3,508 hectares. The terms of this agreement call for annual payments totalling $480,000 over six years followed by a final payment of $3,000,000. The vendors retain a 1% Net Smelter Royalty but Marifil can purchase this royalty for $1,000,000. In the event Marifil sells the property the vendors shall be paid 5% of the sales price in addition to the payments described above.

Cerro Samenta Sur comprises 1,800 hectares. The terms of this agreement call for annual payments totalling $828,000 over six years followed by a final payment of $3,300,000. The vendors retain a 1% Net Smelter Royalty but Marifil can purchase this royalty for $1,000,000. In the event Marifil sells the property the vendors shall be paid 5% of the sales price in addition to the payments described above.

Mr. Richard Walters comments, "Marifil has acquired a prime land position in what we think to be a fertile and under-explored region for porphyry copper deposits similar to those in nearby Northern Chile. Pediment deposits conceal much of our property, and previous exploration determined the site has a complex intrusive and hydrothermal alteration and mineralization history indicative of porphyry coppers. We believe a re-evaluation of the Cerro Samenta property is timely in light of the dramatic rise in commodity prices."

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. Walters is a Qualified Person 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.


Contact Information



Marifil Mines Ltd.
John Hite
President
(702) 562-4880
www.marifilmines.com

Ascenta Capital Partners Inc.
Hugh Oswald
Investor Relations
(604) 684-4743 ext. 243
hugh@ascentacapital.com


No hay comentarios:

Publicar un comentario en la entrada

Thanks for your interest on Argentina Mining's Blog. Please leave your comment on this article in spanish or english. / Gracias por su interés en el Blog de Argentina Mining. Por favor deje su comentario sobre este artículo en español o inglés.