Marifil Mines Ltd. (MFM.V) Summer Update Marifil Mines Ltd. (MFM.V) Summer Update: September 2012
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 11, 2012) - Marifil Mines Ltd. (TSX VENTURE:MFM) -
Dear Shareholders & Investors,
On behalf of Marifil Mines Ltd.("Marifil" or the "Company"), I am pleased to report on Marifil's activities for the end of summer 2012. During this time, the Company continued to develop and advance its extensive portfolio of projects in Argentina and made a key addition to its team.
The Company announced a consulting services agreement with Dr. Robert J. Rennie to assist in the planned spin-out of its potash, sulfur, and phosphate projects. Dr. Rennie has a PhD. in Soil Microbiology and has over 27-years of experience working with and managing fertilizer companies. For more information on this agreement please see Marifil's May 1, 2012 News Release: https://www.marifilmines.com/s/NewsReleases.asp?ReportID=522352&_Type=News-Releases&_Title=Marifil-Hires-Fertilizer-Executive-Dr.-Robert-Rennie. Following, the Company signed a purchase agreement for the K-5 and K-6 Potash Properties. Marifil plans on spinning these properties into Marifil Fertilizers Ltd., a Capital Pool Company (CPC) or a shell company. This recent purchase now makes us the 2nd largest potash exploration company in Argentina. For more information, please see Marifil's May 8, 2012 News Release: https://www.marifilmines.com/s/NewsReleases.asp?ReportID=523543&_Type=News-Releases&_Title=Marifil-Signs-Purchase-Agreement-For-K-5-and-K-6-Potash-Properties).
Additionally, Marifil along with their JV Partner Netco Silver Inc. (TSX VENTURE:NEI) ('Netco') announced the discovery of two new mineralized vein systems at the Toruel Property. The Toruel Property is located approximately 100 kilometers from one of the world's largest undeveloped silver deposits: Pan American Silver's Navidad Project. For more information on the discovery, please see Marifil's May 31, 2012 News Release: https://www.marifilmines.com/s/NewsReleases.asp?ReportID=528272&_Type=News-Releases&_Title=Partner-Announces-the-Discovery-of-Two-New-Mineralized-Vein-Systems-at-the-.
In June, Marifil resumed operatorship of the San Roque from JV partner NovaGold. The San Roque property contains 111,000 hectares of land and covers a large gold-silver-lead-zinc-indium mineral deposit. 108 holes have been drilled so far, all of with have hit mineralization. Of particular interest is hole 34 which hit 35 m of 2.27 g/t gold from surface down. Currently, NovaGold has earned a 49% interest in the property. Both companies will now work to complete a shareholder's agreement, which will allow Marifil to move forward with further exploration of the discovery. For more information, please see Marifil's June 29, 2012 News Release: https://www.marifilmines.com/s/NewsReleases.asp?ReportID=534943&_Type=News-Release&_Title=Marifil-Resumes-Operatorship-of-San-Roque.
During the past few months, Marifil's geologists have carried out a phosphate exploration program in the Neuquen Basin and a regional exploration program for base and precious metals in Patagonia. Meanwhile, management has vigorously pursued a program of seeking out partners for our various projects and for spinning out our fertilizer minerals into a new company.
The Company is looking forward to a productive fall and continuing to increase shareholder value on our diverse portfolio of properties in Argentina. The market conditions have been difficult for all junior exploration companies but we believe this is starting to turn around. We are confident in our project generator model and will continue to find & acquire quality assets and generate cash flow through strategic partnerships and sales.