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MARIFIL COMPLETES PURCHASE OF KEY SAN ROQUE CLAIMS
VANCOUVER, B.C. - SEPTEMBER 13, 2011, MARIFIL MINES LTD. (MFM: TSX-V) ("Marifil" or "the Company") announces that it has completed the purchase of three key cateos (mining claims) on its San Roque property and now owns 100% of the mineral title free and clear of any royalties. The Company's joint venture partner, NovaGold, advanced the Company US $400,000 for Marifil to consummate an accelerated exercise of its property purchase agreement with MIM Argentina Exploraciones S.A.'s (MIM) (a wholly-owned subsidiary of XSTRATA plc) for the three mining claims which form the central part of the San Roque project, Rio Negro Province, Argentina.
The ownership of the mining claims is now being transferred to Marifil S.A., a wholly-owned subsidiary of the Company. This cost applies to NovaGold's joint venture earn-in expenditures commitment.
NovaGold can achieve an initial 49% equity interest in the San Roque project with Phase I aggregate expenditures of US $3,000,000, and then up to 70% with further expenditures of Phase II aggregating US $6,000,000 over the next three years. The total of US$9,000,000 of expenditures includes an aggregate of $400,000 in annual property payments to Marifil.
Mr. John Hite is quoted, "We believe that making this payment a year ahead of schedule at NovaGold's request is a powerful statement affirming NovaGold's belief that San Roque is a valuable property with great discovery potential. This potential is evidenced by Drill Hole MSR-0009 which intercepted 150 meters of 1.00 g/t Au, 9.50 g/t Ag, 32.70 g/t In, 0.41% Pb, and 1.74% Zn."
Geologically, drilling at San Roque has discovered a blind epithermal base and precious metals sulphide system that is several square kilometres in extent. Mineralization is hydrothermally introduced. Late stage mineralization fills fractures and occurs mainly as cross-cutting sheeted veinlets and disseminated sulfides.
On Behalf of the Board,
John Hite, President and CEO
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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 NovaGold San Roque exploration program is being monitored. Mr. Walters is Qualified Persons as defined by National Instrument 43-101.
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