Marifil Receives Property Payment for Toruel
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 10/19/11 -- MARIFIL MINES LTD. (TSX VENTURE: MFM) ('Marifil' or 'the Company') announces it has received the second payment of $25,000 from Netco Silver Inc. (Netco) for the Company's Toruel project, Rio Negro Province, Argentina. The second payment also includes 250,000 Netco common shares. Netco is arranging delivery of those shares.
Netco has been reviewing the historical information on the property and reports that it recalculated some of the higher drill intercepts. These results include intercepts of significantly higher grade for Drill Hole 32 than previously reported in Netco's technical report on the Toruel property dated June 15, 2011 as follows:
------------------------------------------------------------------
From To Interval Silver Copper
Drill Hole (m) (m) (m) (g/t) (%)
------------------------------------------------------------------
DH 32 34.5 41.2 6.70 1998 5.34
------------------------------------------------------------------
Including 35.8 37.6 2.40 4283 10.38
------------------------------------------------------------------
Mr. John Hite comments that, 'We are encouraged by the work done to date by Netco and look forward to their future drill program. When Marifil originally drilled Hole 32 in 2005 silver prices ranged from $6.50 to $8.50 per ounce. Today the price is nearly four times higher at $31 per ounce.'
This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. and by Richard Walters, Vice President. 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.
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
http://www.marifilmines.com
Ascenta Capital Partners Inc.
Hugh Oswald
Investor Relations
(604) 684-4743 ext. 243
hugh@ascentacapital.com