IPO CompleteMarifil Mines completes IPO; acquires Marifil
2005-02-03 07:45 MT - News Release
Mr. Clive Massey reports
MARIFIL MINES LTD. ANNOUNCES CLOSING OF $2.1 MILLION INITIAL PUBLIC OFFERING
Marifil Mines Ltd. has completed its initial public offering of units through its agent, Haywood Securities Inc., on Jan. 31, 2005. The company issued 4,599,930 units for net proceeds of $2,149,293. Each unit consists of one common share and one-half of one warrant. The shares and warrants of the company were posted for trading on Tier 2 of the TSX Venture Exchange under the symbols MFM and MFM.WT on Feb. 3, 2005.
Concurrently with completion of its IPO, the company completed the acquisition of Marifil SA, by issuing a total of 5.5 million common shares to the shareholders of Marifil SA. Marifil SA is an Argentina company with interests in numerous mineral exploration properties in Argentina.
Marifil is an aggressive Canadian exploration company focused on exploring for precious metals and base metals in Argentina. It currently has 21 properties totalling approximately 220,000 hectares.
The company has begun a detailed mapping, sampling and trenching program on its Paquita and Toruel prospects, and has opened a field office in Mendoza. This is a preparatory program aimed at the first drill testing of large epithermal precious metals vein systems.
The Paquita project comprises an orthogonal set of epithermal gold-bearing veins, each with known strike lengths in excess of 2,000 metres and each open ended on both ends. Gold values range up to 31 grams per tonne (g/t) and the veins have widths of three to 10 metres.
The Toruel project, located in the highly prospective Los Menucos district, comprises a major east-striking vein system over 2.5 kilometres in length with several branching veins. Sampling along one 1,000-metre section of this vein reveals a large number of highly anomalous silver values ranging from 100 to over 800 g/t silver.
This press release has been reviewed and approved by John B. Hite, PGeo, president of Marifil Mines Ltd. and a qualified person as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.