VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 23, 2013) - MARIFIL MINES LTD. (News - Market indicators) ("Marifil" or "the Company") announces that it has sold its Cachari Pampa IV claim in Catamarca Province, Argentina.
The Cachari Pampa IV claim, measuring 2,569.3 hectares, was sold for $20,000 to a private party who intends to mine the claim for diatomaceous earth. Marifil retains a 1% royalty on all products produced from the claim. The new owner has a right to buy out the royalty for $500,000 during the first 18 months commencing on the date of the sale, or may buy out the royalty for $750,000 during the period between the 19th to 36th month of the contract. The buyout option expires at the end of the 36th month.
Diatomaceous earth is a soft, highly porous sedimentary rock composed of siliceous fossilized shells of diatoms. Diatoms are a minute form of algae. Diatomaceous earth has multiple industrial and food uses. It is used as a filler in plastics, rubber, and dynamite; an absorbent for liquids and cat litter; an insecticide; and as an abrasive powder.
John Hite says, "We are pleased to announce this sale as a continuing process in our plan to provide shareholder value by building a hybrid royalty company with income from royalties, working interests, and carried interests from our numerous properties.
"Marifil's game plan is simple: We plan to build a Royalty Company using the project generator model. In this model, we locate and acquire high potential properties in Argentina; we perform early stage exploration to increase property value; and we then joint-venture, spin or sell these properties to earn an income stream during the exploration, while retaining a royalty from production."
On Behalf of the Board of Directors,
John Hite, President
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.
WE SEEK SAFE HARBOR.
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.
"Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release."
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).
