Marifil Announces Termination of Potash Agreement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/04/11 -- MARIFIL MINES LTD. (TSX VENTURE: MFM) ('Marifil' or 'the Company') announces that the Company and Saccharum Energy Inc. (Saccharum) have mutually agreed to terminate our Joint Venture agreements and the purchase of Oxbow Holdings Corp. in relation to the Company's K-2, K-3, and K-4 potash projects.
Saccharum has cited its inability to obtain regulatory approval as the principal reason for its withdrawal and emphasizes that such withdrawal was in no way a reflection on the quality of the properties. Saccharum management remains a large shareholder of the Company.
Marifil intends to move forward aggressively in advancing these properties. The Board of Directors has approved the purchase of the minority shares of Oxbow Holdings Corp., these shares would have been purchased by Saccharum as part of their agreement with the Company; Marifil will then own 100% of the K-2 project.
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. Walters is a Qualified Person as defined by National Instrument 43-101.
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Contacts:
Marifil Mines Ltd.
John Hite
President
(702) 562-4880
Marifil Mines Ltd.
Hugh Oswald
Investor Relations
(604) 684-4743 ext. 243
hugh@ascentacapital.com
http://www.marifilmines.com