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| | Mon Jun 16, 2008
Marifil Acquires 100,000 Hectares of Potash Lands
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| | Drill Hole Data Suggests Good Probability of High Grade Potash
SPOKANE, WASHINGTON -- June 16, 2008 -- Marifil Mines Ltd. (TSXV: MFM) ("Marifil" or "the Company") announces that an ongoing exploration program for potash in the Neuquen Basin in Argentina resulted in identification of two potash horizons from electric logs from an abandoned oil well drill hole.
Analysis of electric logs from this 1996 hole suggests that there are two potassium horizons as follows: an Upper Horizon from 1303 m to 1314 m followed by a Lower Horizon from 1314 m to1323 m. The Lower Horizon is of higher grade as in Rio Tinto's nearby Rio Colorado mine and can be estimated at 15-20% K2O; the grade of the Upper Horizon is estimated to run between 5 to 15% in K2O.
Rio Tinto's Rio Colorado mine has a geologic resource of two billion tons of KCl. KCl is the chemical composition of the mineral sylvite, which is highly soluble in water.
Based on this analysis the Company has staked 100,000 hectares and is now planning to conduct a NI 43-101 study of this exciting new prospect. The Company owns 100 percent of this new project.
Mr. John Hite reports, "The focus of this Company is to build value in Argentina. Recently we acquired some land with potash potential and quickly sold it to Latin American Potash, which in turn was acquired by Allana Resources. We immediately began a program to discover additional resources. This new discovery is just the second from an on going non-metallic program for coal, sulfur, potash, limestone, and phosphate. In keeping with our business plan, the Company intends to farm out or joint venture this property."
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. Hite and Mr. Walters are Qualified Persons as defined by National Instrument 43-101.
For further information regarding Marifil Mines Ltd., please refer to the Company's filings available on SEDAR www.sedar.com or at Marifil's Website www.marifilmines.com.
For more information, please contact:
Head Office:
John Hite, President
Phone: 509.466.1505
Email: info@marifilmines.com
Website: www.marifilmines.com
Investor Relations:
Anthony Srdanovic, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 242
Toll Free: 1.866.684.4743 ext. 242
Email: anthony@ascentacapital.com
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.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release. |
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