Marifil Mines Announces Renegotiation to Sale of Lithium Properties
SPOKANE, WASHINGTON -- (Marketwire) -- 09/14/10 -- MARIFIL MINES LTD. (TSX VENTURE: MFM) ('Marifil' or 'the Company') announced on August 12, 2010 that the Company had entered into an agreement with Renholn International for the sale of its two lithium claims in Salta Province and seven lithium claims in Catamarca Province.
The Province of Salta recently notified the Company that the two claims that comprise the Salta Project are invalid. The claims were originally staked in 2007 as part of a porphyry copper program. The Company later moved to drop the claims but when the lithium boom started, the Company used a clause in the Mining Code to cancel the letter dropping the claims. This letter was sent in 2009 and the Company was under the assumption that the claims were still valid. Subsequently this area has been restaked by a third party.
The Company is currently working with Renholn to renegotiate the sale or replace the Salta Property with additional claims.
'It is unfortunate that we've run into this difficulty with our Salta project,' stated John Hite, President of Marifil Mines. 'This unforeseen issue has taken all of us by surprise but we are working with Renholn to potentially renegotiate the sale by replacing the claims with new ones. It is important to both Marifil and Renholn that we find a solution that is mutually beneficial for both of the companies and our shareholders. Marifil is also reviewing our processes to ensure that this issue does not occur again. I would like to emphasize that all of the claims in Catamarca Province are in good standing and further emphasize that we believe these are the most prospective lithium claims in the package.'
Due to this issue, the Company has reviewed all of its claims. All of the Company's other properties are in good standing, including the Catamarca Property.
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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Contacts:
Marifil Mines Ltd.
John Hite
President
(208) 443-3198
www.marifilmines.com
Marifil Mines Ltd.
Hugh Oswald
Investor Relations
(604) 684-4743
hugh@ascentacapital.com