VANCOUVER, BRITISH COLUMBIA--(Marketwired - May 7, 2013) - MARIFIL MINES LTD. (News - Market indicators) ("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:
- Locate and acquire high potential properties in Argentina.
- Preform early stage exploration to increase property value.
- 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.
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