SPOKANE, WASHINGTON--(Marketwire - May 19, 2010) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that MIM Argentina Exploraciones S.A. (a wholly owned subsidiary of Xstrata) has granted the Company a two year extension on a $400,000 purchase price for the key claims of the San Roque project, Rio Negro Province, Argentina.
Under the original agreement Marifil agreed to spend a minimum of $200,000 on exploration over four years and make a single payment of $400,000 to purchase the claims. The work expenditures have all been met; however, owing to the world-wide financial turmoil over the past several years, Marifil requested a two year extension on the cash payment and MIM has graciously agreed.
About San Roque
The Company believes that San Roque is a giant sulfide system hosted within a caldera measuring at least 3 kilometers wide and up to 4.5 kilometers long. Marifil has drilled 51 holes and all contain significant amounts of gold, silver, indium, lead, and zinc. Notably, Hole 50 cut 122.6 metres (m) at 0.34 grams per ton (g/t) gold from 24.4 m to 147 m and Hole 51 cut 126 m of 0.74 g/t gold from 7.0 m to 133.0 m. Both holes also cut significant amounts of silver, indium, lead, and zinc.
These two drill holes are significant as they are located about 1,200 m southeast of the Del Indio breccia target and cut similar rocks. The significance is that the gap between is highly prospective; a theory bolstered by both Induced Polarization and soil geochemical anomalies.
"We continue to believe that San Roque is a huge discovery," stated Mr. John Hite, president of Marifil Mines. "Our initial two rounds of drilling focused on testing indium and gold-bearing epithermal veins. Mineralization is open-ended in every direction, including at depth."
MIM also granted the Company a similar two year payment extension for a claim peripheral to the Company's discovery claims at the Toruel project in Rio Negro Province. Drilling at Toruel has discovered bonanza grade copper-silver-indium in epithermal breccias.
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 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
509.466.1505Under the original agreement Marifil agreed to spend a minimum of $200,000 on exploration over four years and make a single payment of $400,000 to purchase the claims. The work expenditures have all been met; however, owing to the world-wide financial turmoil over the past several years, Marifil requested a two year extension on the cash payment and MIM has graciously agreed.
About San Roque
The Company believes that San Roque is a giant sulfide system hosted within a caldera measuring at least 3 kilometers wide and up to 4.5 kilometers long. Marifil has drilled 51 holes and all contain significant amounts of gold, silver, indium, lead, and zinc. Notably, Hole 50 cut 122.6 metres (m) at 0.34 grams per ton (g/t) gold from 24.4 m to 147 m and Hole 51 cut 126 m of 0.74 g/t gold from 7.0 m to 133.0 m. Both holes also cut significant amounts of silver, indium, lead, and zinc.
These two drill holes are significant as they are located about 1,200 m southeast of the Del Indio breccia target and cut similar rocks. The significance is that the gap between is highly prospective; a theory bolstered by both Induced Polarization and soil geochemical anomalies.
"We continue to believe that San Roque is a huge discovery," stated Mr. John Hite, president of Marifil Mines. "Our initial two rounds of drilling focused on testing indium and gold-bearing epithermal veins. Mineralization is open-ended in every direction, including at depth."
MIM also granted the Company a similar two year payment extension for a claim peripheral to the Company's discovery claims at the Toruel project in Rio Negro Province. Drilling at Toruel has discovered bonanza grade copper-silver-indium in epithermal breccias.
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 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
info@marifilmines.com
www.marifilmines.com
or
Ascenta Capital Partners Inc.
Hugh Oswald
Investor Relations
604.684.4743 ext. 247 or Toll Free: 1.866.684.4743 ext. 247
hugh@ascentacapital.com
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