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Marifil Completes Purchase of Key San Roque Claims

14.09.2011  |  Marketwire

VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/13/11 -- MARIFIL MINES LTD. (TSX VENTURE: MFM) ('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.


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.


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.


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).


The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

Contacts:

Marifil Mines Ltd.

John Hite

President

(702) 562-4880
www.marifilmines.com


Ascenta Capital Partners Inc.

Hugh Oswald

Investor Relations

(604) 684-4743 ext. 243
hugh@ascentacapital.com



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