News Column

Marifil Exploration Update

May 7 2013 12:00AM

Marketwire

Tracker

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 05/07/13 -- MARIFIL MINES LTD. (TSX VENTURE: MFM) ("Marifil" or "the Company") announces that it is carrying out field exploration programs and seeking partnerships for its numerous mineral tenures in Argentina.

Finding Joint Venture Partners

Four major mining companies and three junior companies have signed confidentiality agreements to review a number of Marifil's gold-silver and base metal properties, and Marifil anticipates near term completion of a deal on one of its porphyry copper projects. The Company is also continuing its active marketing program to find a joint venture partner for its potash, sulfur, and phosphate properties.

Exploration Programs

A contractor recently completed a satellite imagery program in Patagonia for the Company. More than 50 discrete alteration and/or mineralization targets were identified. Marifil is planning field examinations of these targets; this work is expected to start this month. Also in Patagonia the Company completed a reconnaissance sampling program for phosphate targets; a report on the results is in preparation.

In other new developments the Company is awaiting final governmental approval of its environmental impact report on the planned drilling of the Punta Colorado cement-grade limestone project. A contract for 40 short holes has been awarded to a Buenos Aires based drilling company. The Company expects to define a 43-101 qualifying resource with this work.

The Punta Colorado project (see Marifil News Release of October 21, 2008) is a very large cement-grade limestone deposit located on the Atlantic Coast in Rio Negro Province, Argentina, 950 kilometers southwest of Buenos Aires. The deposit surrounds a duty free port and the largest bulk ship loading facility in Argentina. The Company believes this deposit could become one of the principal sources of cement-grade limestone for the Buenos Aires market, as traditional mining sources near the city will be decommissioned due to urban sprawl.

President's Comments

Mr. John Hite remarks, "We are seeing a renewed interest from mining companies in acquiring mineral assets in Argentina. As a consequence, they are coming to us to look at our various projects. Management has been highly focused on securing funding partners for our San Roque gold-silver-base metal project, for our two porphyry copper projects, for our numerous epithermal gold and silver projects and for our fertilizer projects as well."

Staying Focused

The Company would like to thank you, our loyal shareholders, for your support over the years and in these hard times, which we have seen before and have lived through. Cycles come and go and holding the course, staying focused and sticking to a game plan is the key to getting through these times and being rewarded.

Our Game Plan is simple: We plan to build a Royalty Company using the project generator model:

1. Locate and acquire high potential properties in Argentina.2. Preform early stage exploration to increase property value.3. JV, Spin out or Sell these properties to earn an income stream during the exploration and retain a royalty from production.



We are all working hard to increase shareholder value and believe our efforts will produce results, even though the market does not reflect this at this time.

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.

WE SEEK SAFE HARBOR.

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
702.562.4880
info@marifilmines.com

Marifil Mines Ltd. - Investor Relations:
Hugh Oswald
604.838.2855
hoswald@marifilmines.com
www.marifilmines.com





Source: Marketwire


Story Tools






HispanicBusiness.com Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters