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Marifil Mines (TSX.V - MFM) Updates Recent Developments - Video Summary Posted on InvestmentPitch.com


March 29, 2011 - London

Vancouver, British Columbia, March 29, 2011 - Marifil Mines (TSX.V - MFM) enters into an agreement with Netco Energy Inc. whereby Netco Energy can earn up to a 75% interest in Marifil's Toruel property, and commences drilling at its San Roque project in Rio Negro Province, Argentina.

 

InvestmentPitch.com, a multimedia company offering a combined solution for creating, hosting, and distributing financial video content, has posted a video news alert summarizing recent developments for Marifil Mines. If this link is not enabled, please visit www.investmentpitch.com and enter "Marifil" in the search box.

 

Highlights from Recent News Releases

 

Under the terms of the agreement, Netco Energy can earn a 50% interest during the next three years by paying an aggregate of $200,000 in cash, issuing 3,150,000 Netco Energy common shares to Marifil and making work expenditures of $2,800,000 on the Toruel Property. Netco can earn a further 10% over the next two years by providing Marifil with a pre-feasibility study on the Toruel Property and paying Marifil $100,000 per year. Netco can earn a further 10% over the next two years by providing Marifil with a feasibility study on the Toruel Property. At that time, all further expenditures shall be shared, with 70% covered by Netco and 30% by Marifil. However, at Marifil's sole option, Marifil can elect to be carried through to the commencement of commercial production on the Toruel Property, in which case Netco will earn an additional 5% interest, bringing its interest to 75%.

 

In the event Netco fails to provide Marifil with a feasibility study in the allotted time then, at Marifil's option, Netco's interest may be reduced to 49%.

 

The Toruel Property is located about 25 kilometers southeast of the village of Los Menucos, Rio Negro Province, Argentina. The targets on the property are epithermal veins and vein breccias containing high grade silver and copper values along with important amounts of gold and indium. More than 20 veins have been identified within a structural corridor 4 to 5 kilometers wide and more than 7.8 kilometers long. Many large veins remain untested.

 

Marifil has completed 5,890 meters of drilling, most of it along the Toruel vein. The main Toruel vein has been traced for 1,900 meters along strike with widths up to 15 meters. Drill hole DDH-32 cut 6.7 metres (true width 4.0 metres), grading 1,900 grams per tonne silver and 5.3% copper.

 

Mr. John Hite reports, "This is now the sixth transaction completed by Marifil in the last nine months. Four of these are joint ventures and two are outright sales. In total we expect to take in more than $1 million in cash and more than $1 million in marketable securities in 2011. Over the next few years our partners will be spending almost $20 million in direct property costs and will also, in several cases, be providing us with pre-feasibility and feasibility reports. Our strategy of farming out our properties while retaining significant carried, or working interests and/or royalties is working and should result in gains for our investors."

 

Marifil reported that drilling has commenced at its San Roque project in Rio Negro Province, Argentina.

 

Company President John Hite and Daniel Buffone, President of Marifil SA, made a brief stop at San Roque following an extensive tour of Company properties in the Mendoza, Neuquen, and Rio Negro Provinces.

 

"We are very pleased to announce that NovaGold has started drilling at the San Roque project," said John Hite. "The initial drill program will proceed for approximately two months, at which time we look forward to reporting on the results of the program."

For further information regarding Marifil Mines, please visit www.sedar.com or Marifil's website, www.marifilmines.com, phone Marifil's President, John Hite at 702-562-4880, or Hugh Oswald (Investor Relations) at 604-684-4743 ext. 243 or email hugh@ascentacapital.com.

 

CONTACT:
InvestmentPitch.com
Barry Morgan, CFO
bmorgan@investmentpitch.com





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Source: InvestmentPitch via Thomson Reuters ONE

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