Marifil Mines (TSXV:MFM) Reports Significant Gold-Silver-Indium-Lead-Zinc Drill Intercepts in Argentina - Video Summary Posted on www.investmentpitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, July 20, 2011 - Marifil Mines (TSXV:MFM) reports
significant gold-silver-indium-lead-zinc drill intercepts in Argentina, a
country that possesses some the world's largest new gold and silver discoveries.
Investmentpitch.com has produced a "video news alert" covering Marifil Mines. If
this link is not enabled, please visit www.investmentpitch.com and enter
"Marifil" in the search box.
Marifil has amassed an impressive portfolio of more than 20 precious and base
metals properties, along with various industrial mineral properties such as
sulfur, potash, and lithium as well as oil and gas.
One of these properties, the 70,046 thousand hectare San Roque project in Rio
Negro, was joint ventured to NovaGold in June 2010. NovaGold, for those of you
unfamiliar with the company, is capitalized at close to a quarter of a billion
dollars, and claims to have one of the industry's best exploration teams, making
them a pretty impressive partner.
Today, Marifil announced drill results from NovaGold's Phase One drill program
at the San Roque project.
Highlights included 120 metres grading 3.06 grams per tonne gold equivalent from
drill hole #9, and 144.5 metres grading 1.73 grams per tonne gold equivalent
from drill hole #13. A map showing the drilling to date on the property is
available, along with full details of today's drill results, on Marifil's
website.
Based on results to date, NovaGold is planning a Phase 2 program. This program
will include a 3,500 to 5,000 metre HQ-size drill program, which is planned for
the period between September 1(st) and November 15(th) this year. During Phase
1, NovaGold must spend $3 million over 2 years and then Phase 2 an additional $6
million over the next 3 years and pay Marifil $100,000 per year to earn up to a
total of 70% of the project.
John Hite, Marifil's president stated, "Dick Walters and I, and our 2 senior
geologists in Argentina, Pedro Vera and Daniel Duffone, have all along believed
that we have discovered a major gold-silver-lead-zinc-indium deposit. This
belief has been strengthened by these drill results."
Mr. Dick Walters reports, "Its commercial development possibilities are greatly
enhanced by its ideal location very close to all needed infrastructure. And we
believe this early phase of drilling has just opened up greater possibilities
for expansion of good results with the progression of the planned exploration."
The infrastructure is especially favourable at the San Roque project in
Argentina. The climate is mild and work can be carried out year round; the
terrain is relatively flat, with elevations generally only 200 to 300 metres
above sea level, and abundant water is nearby. The property is located in a
region with a large, skilled workforce and is accessible by a paved highway. A
railroad crosses the south boundary of the claims, cheap hydroelectric power is
available, and a deep water ocean port lies just 65 kilometres to the east.
Marifil has established a pattern of successfully completing joint ventures on
its properties and expects to take in more than $1 million in cash and more than
$1 million in marketable securities during 2011. In addition, over the next few
years Marifil's partners will be spending almost $20 million in direct property
costs, with some partners also providing pre-feasibility and feasibility
reports.
Marifil currently trades at $0.42 per share, and with only 61 million shares
outstanding, is capitalized at less than $26 million dollars.
For a more information on Marifil Mines please visit their website at
www.marifilmines.com, phone 604-684-4743 ext 243 or email Hugh Oswald at
hugh(at)ascentacapital.com.
CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan(at)investmentpitch.com
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Source: InvestmentPitch via Thomson Reuters ONE
[HUG#1532376]
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Datum: 20.07.2011 - 17:02 Uhr
Sprache: Deutsch
News-ID 56567
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