Marifil Receives $100,000 Property Payment for San Roque & Completes Purchase of San Roque Claims
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 06/24/11 -- MARIFIL MINES LTD. (TSX VENTURE: MFM) ('Marifil' or 'the Company') announces that the Company has received a $100,000 property payment from NovaGold Resources Inc. ('NovaGold') for the San Roque project, Rio Negro Province, Argentina.
Pursuant to the Marifil-NovaGold agreement signed on June 22, 2010, NovaGold has made the second annual payment as part of its option agreement with Marifil to earn an interest in the San Roque project.
Marifil has also sent a notification to MIM Argentina Exploraciones S.A. ('MIM') (a wholly-owned subsidiary of XSTRATA plc) that it wishes to complete the purchase of three claims comprising part of the San Roque project, Rio Negro Province, Argentina.
Under the agreement between Marifil and MIM, Marifil agreed to spend a minimum of $200,000 on exploration over four years and make a single payment of $400,000 to purchase the claims. The work expenditures have all been met.
NovaGold had placed the $400,000 payment in an escrow account as per our June 22, 2010 agreement and is now releasing the funds to Marifil so the Company can make the payment to MIM. The $400,000 payment will count as part of NovaGold's San Roque earn-in obligation.
Mr. John Hite reports, 'We are encouraged by the receipt of this payment acknowledging that NovaGold intends to continue its exploration program at San Roque.'
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
(702) 562-4880
www.marifilmines.com
Hugh Oswald
Investor Relations
Vancouver, B.C.
(604) 684-4743 ext. 243
hugh@ascentacapital.com