Marifil is Seeking a Partner to Develop this PropertyLAS VEGAS, NEVADA, May 12, 2010 (MARKETWIRE via COMTEX) -- Marifil Mines Ltd. /quotes/comstock/11v!e:mfm (CA:MFM 0.08, +0.01, +7.14%) ("Marifil" or "the Company") is pleased to announce the completion of an NI 41 43-101 report on the Codihue property. The company owns a 100% interest in this 18,000 hectare sulphur target in the Neuquen Sedimentary Basin, Neuquen Province, Argentina.
An independent consultant completed the NI 43-101 report on the Codihue property and recommends a $1,000,000, two-phase program. Phase 1, costing $270,000, will include detailed geologic mapping, geochemical sampling, and geophysics. Phase 2 will cost $730,000 and will include 3,800 m of drilling.
"The Codihue sulphur project is quite promising and the market for sulphur is extremely strong," stated Mr. John Hite, President of Marifil Mines. "Recently sulphur prices have nearly tripled from a low of under $50 per ton to about $145 per ton in late April. This rise in price is in line with those of many other commodities. We believe the important farming countries of Argentina and Brazil offer huge, growing markets for fertilizers. Argentina and Chile will also require large amounts of sulphur for acid to treat oxide copper deposits. For these reasons we believe that Codihue offers a lucrative target of opportunity for future development."
This acquisition is an outgrowth of Marifil's highly successful Neuquen Basin potash program and involves much the same sedimentary evaporite formations. Geologic features indicative of a very large subsurface, stratabound biogenic sulphur deposit were recognized in the Codihue area. Marifil's pioneering work found widespread sedimentary rock outcrops at Codihue that strongly resemble those of the Mishraq sulphur deposit in Iraq. Mishraq is the largest known biogenic sulphur deposit in the world, originally containing about 250 million tons of sulphur.
Table 1 below shows the similarities between Mishraq and Codihue:
An independent consultant completed the NI 43-101 report on the Codihue property and recommends a $1,000,000, two-phase program. Phase 1, costing $270,000, will include detailed geologic mapping, geochemical sampling, and geophysics. Phase 2 will cost $730,000 and will include 3,800 m of drilling.
"The Codihue sulphur project is quite promising and the market for sulphur is extremely strong," stated Mr. John Hite, President of Marifil Mines. "Recently sulphur prices have nearly tripled from a low of under $50 per ton to about $145 per ton in late April. This rise in price is in line with those of many other commodities. We believe the important farming countries of Argentina and Brazil offer huge, growing markets for fertilizers. Argentina and Chile will also require large amounts of sulphur for acid to treat oxide copper deposits. For these reasons we believe that Codihue offers a lucrative target of opportunity for future development."
This acquisition is an outgrowth of Marifil's highly successful Neuquen Basin potash program and involves much the same sedimentary evaporite formations. Geologic features indicative of a very large subsurface, stratabound biogenic sulphur deposit were recognized in the Codihue area. Marifil's pioneering work found widespread sedimentary rock outcrops at Codihue that strongly resemble those of the Mishraq sulphur deposit in Iraq. Mishraq is the largest known biogenic sulphur deposit in the world, originally containing about 250 million tons of sulphur.
Table 1 below shows the similarities between Mishraq and Codihue:
Surface evidence for an underlying sulphur deposit target at Codihue is very strong, and includes a gypsum horizon more than 200 meters thick projecting into the target area, a large collapsed anticlinal structure with karst-collapse features, deep-seated fractures, sulphurous springs, and outcrops of biogenetically altered evaporates resulting in porous beds of biocalcite. All evidence indicates that the gypsum is replaced by limestone, a by-product of sulphur formation.
About Sulphur
Biogenic sulphur deposits occur where hydrocarbons react with overlying gypsum deposits in the presence of anaerobic bacteria to reduce the sulphate ions of gypsum to polysulphides and/or hydrogen sulphide gas. The sulphides and hydrogen sulphide gas are oxidized to native sulphur in an anaerobic (oxygen free) environment.
This process results in a 40% volume reduction of the gypsum as it is transformed into beds of biocalcite, or bioepigenetic limestone. The resulting loss of volume creates karsting and collapse features.
Biogenic sulphur deposits are amenable to solvent extraction by the Frasch process whereby hot water plus compressed air are forced down a triple tubed well and molten sulphur is lifted to the surface. The liquid sulphur can be shipped directly to end users. Sulphur's largest use is in fertilizer but demand for sulphur to make sulphuric acid for leaching oxide copper deposits and uranium is a large and growing market. Argentina does not produce significant sulphur and Chile, Peru and Brazil are net importers.
For further information on the Company and its projects, please refer to Marifil's website: www.marifilmines.com.
This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. under whose directions the exploration program is being carried out. Mr. Hite is a Qualified Person 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 endeavour 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.
Contacts:
Marifil Mines Ltd.
Head Office:
John Hite, President
509.466.1505
info@marifilmines.com
www.marifilmines.comAbout Sulphur
Biogenic sulphur deposits occur where hydrocarbons react with overlying gypsum deposits in the presence of anaerobic bacteria to reduce the sulphate ions of gypsum to polysulphides and/or hydrogen sulphide gas. The sulphides and hydrogen sulphide gas are oxidized to native sulphur in an anaerobic (oxygen free) environment.
This process results in a 40% volume reduction of the gypsum as it is transformed into beds of biocalcite, or bioepigenetic limestone. The resulting loss of volume creates karsting and collapse features.
Biogenic sulphur deposits are amenable to solvent extraction by the Frasch process whereby hot water plus compressed air are forced down a triple tubed well and molten sulphur is lifted to the surface. The liquid sulphur can be shipped directly to end users. Sulphur's largest use is in fertilizer but demand for sulphur to make sulphuric acid for leaching oxide copper deposits and uranium is a large and growing market. Argentina does not produce significant sulphur and Chile, Peru and Brazil are net importers.
For further information on the Company and its projects, please refer to Marifil's website: www.marifilmines.com.
This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. under whose directions the exploration program is being carried out. Mr. Hite is a Qualified Person 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 endeavour 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.
Contacts:
Marifil Mines Ltd.
Head Office:
John Hite, President
509.466.1505
info@marifilmines.com
Investor Relations:
Ascenta Capital Partners Inc.
Hugh Oswald
604.684.4743 ext. 247
Toll Free: 1.866.684.4743 ext. 247
hugh@ascentacapital.com
SOURCE: Marifil Mines Ltd.
mailto:info@marifilmines.com
http://www.marifilmines.commailto:hugh@ascentacapital.com
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