Marifil Looks Forward
25 December 2013 - 1:30AM
Marketwired
Marifil Looks Forward
VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec 24, 2013) -
MARIFIL MINES LTD. (TSX-VENTURE:MFM) ("Marifil" or "the Company")
would like to update its shareholders on plans for 2014.
The past year has been difficult for the Company amidst the
collapse of the junior mining sector and declining metal prices.
Major mining companies have become reluctant to take on new
projects, making it difficult for Marifil to find partners for its
numerous properties in Argentina. However, the Company does see
bright spots for the coming year. The investment climate shows
signs of a turn-around, and the Argentina Government is relaxing
restrictions on imports of mining equipment. A settlement was
recently announced between Argentina and Repsol over the previous
expropriation of YPF shares and congressional elections hint at a
return to a more balanced government approach to the nation's
economic management.
Additionally, the Company is optimistic about the future of its
projects. Grid drilling is nearly completed at Marifil's Punta
Colorada tidewater cement-grade limestone project, with the hope of
generating a 43-101 compliant resource. This drilling program
should conclude before the end of December and assay returns are
expected to be completed by February. Geologic mapping and prior
drilling has established that a large quantity of shallow,
flat-lying beds of limestone exist. If sufficient quality of
limestone is proven, Marifil would embark on market studies with
anticipation of attracting a financing partner to initiate
production.
Marifil's joint venture partner Southern Copper Corporation
(NYSE:SCCO) (see May 29 2013 News Release) is actively exploring
the Cerro Samenta porphyry copper project. This property is located
in the north of Argentina close to the Chilean boarder within a
well-recognized structural belt of world-class copper-gold deposits
including La Escondida, the largest porphyry copper deposit in the
world. During 2013 Southern Copper invested more than US$500,000
examining the property, including surface exploration work, and
property payments and applied to the Mines Department for permits
for drill access roads and drill sites. Marifil expects drilling to
be undertaken during 2014, and foresees that due to the magnitude
of the target any positive results could noticeably change the
investment complexion of the Company.
Several companies have expressed interest in Marifil's San Roque
gold-silver-lead-zinc-indium deposit located on Argentina's South
Atlantic coast. Recently, NovaGold has, as a result of its own
corporate re-structuring, proposed selling its 49% equity in San
Roque back to Marifil for $500,000. More than $7 Million has been
spent on exploration of this property, which includes 108 drill
holes. The Company believes it will be easier to market San Roque
should it regain 100% control of the property. The extensive San
Roque base and precious metal sulfide system is wide open to
expansion and possible discovery of higher metal grades than
currently known by continued drilling. It hosts a target rich
environment exemplified by coincident soil and geophysical
anomalies on projected extensions of known mineralized
features.
Mr. John Hite remarks, "We would like to thank our loyal
shareholders for their support throughout the past difficult year.
As 2014 approaches we are optimistic about the future. Management
is focused on securing active partners for all of our projects, and
also working to spin out our fertilizer properties into another
entity. We are working hard to move the Company forward and look
forward to a productive new year."
On behalf of the Board of Directors,
John Hite, President
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.
WE SEEK SAFE HARBOR.
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.
"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 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.)
Marifil Mines Ltd.John HitePresident(702)
562-4880jhite@marifilmines.comMarifil Mines Ltd.Hugh OswaldInvestor
Relations(604)
838-2855hoswald@marifilmines.comwww.marifilmines.com
Marifil Mines (TSXV:MFM)
Historical Stock Chart
From May 2024 to Jun 2024
Marifil Mines (TSXV:MFM)
Historical Stock Chart
From Jun 2023 to Jun 2024