Vancouver, BC — July 20, 2011 — Marifil Mines Ltd. (TSXV: MFM) (“Marifil” or “the Company”) announces drill results from the NovaGold Resources Inc.’s (“NovaGold”) Phase I drill program at the San Roque project, Rio Negro Province, Argentina.
The Phase I drill program ran from March 16 to April 26 and comprised 15 HQ-size core holes totalling 3,538.4 meters. The program was designed to test three areas; the Del Indio zone (now called the Zone 33 Area), a series of IP and resistivity anomalies, and the Zone 51 area. The locations of drill holes are shown on the location map available on the company website..
Our partner, NovaGold has informed the Company that a Phase II program is now being planned. This program will include a 15 line-kilometer IP/Resistivity survey; and a 3,500 to 5,000 meter HQ-size drill program. The drill program is planned for September 1 to November 15, 2011.
Mr. John Hite reports, “Dick Walters and I, as well as Pedro Vera and Daniel Buffone,our two senior geologists in Argentina, have all long believed that we have discovered a major gold-silver-lead-zinc-indium deposit. This belief has been strengthened by these drill results. The mineralization in the Zone 33 area is open ended in several directions. Equally important, several similar geologic settings occur elsewhere on the property.
The commercial development possibilities at San Roque are greatly enhanced by its ideal location very close to all needed infrastructure.”
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. Walters is a Qualified Person as defined by National Instrument 43-101. The data presented was reviewed as part of a Quality Assurance/Quality Control (QA/QC) program under the direction of NovaGold Resources Inc.’s geologists Heather Brown, P.Geo. and Al Montgomery.
For Further Information Contact:
John Hite, President
Hugh Oswald, Ascenta Capital Partners Inc.
Phone: 604.684.4743 ext. 243
Phone: 1.866.684.4743 ext. 243
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.
Disclaimer for Forward-Looking Information
Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company’s proposed agreement with NEI. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, and include discussion of what NEI must do to exercise the option. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management’s current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company’s actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) the occurrence of any events that prevent NEI to performing the acts necessary to exercise the option, and (2) other factors beyond the Company’s control. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws. Additional information about the Company and these and other assumptions, risks and uncertainties is available in the Company’s public filings with Canadian securities regulators, available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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.)