Marifil Mines Ltd.
TSX VENTURE : MFM

Marifil Mines Ltd.

June 23, 2010 10:53 ET

Marifil Enters Into San Roque Agreement With NovaGold

NovaGold to Spend $9 Million to Earn a 70% Interest

LAS VEGAS, NEVADA--(Marketwire - June 23, 2010) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that it has entered into an Option Agreement ("Agreement") with NovaGold Resources Inc. ("NovaGold"), a Canadian corporation, whereby NovaGold can earn up to a 70% interest in Marifil's San Roque Project in Rio Negro Province, Argentina.

"I'm very pleased to announce this agreement to our shareholders," stated John Hite, President of Marifil Mines. "Under this agreement we will advance this promising project and receive cash-flow to fund other operations, exploration and potential acquisitions. This agreement fits our business model of finding good projects, adding value and bringing in well-funded senior partners to develop properties. This strategy is one that we believe makes Marifil a compelling investment opportunity. We are particularly pleased to have NovaGold as our partner because of their strong balance sheet and track record of exploration success."

The San Roque project comprises eleven claims totalling 70,046 hectares. Three of the claims are owned by MIM Exploraciones SA ("MIM"). Marifil has the right to purchase a 100% interest in these claims for $400,000.

Under the terms of the Agreement ,NovaGold has an option to acquire a 49% interest by spending $3,000,000 during the first two years of the Agreement (including making the $400,000 payment to MIM) and paying Marifil $100,000 per year. After earning its 49% interest, NovaGold can earn an additional 2% interest by committing to a Phase 2 program. During the Phase 2 program NovaGold shall spend an additional $6,000,000 over the next three years and pay Marifil $100,000 per year to earn an additional 19% interest, bringing its total interest to 70%. All further expenditures shall be shared 70% NovaGold and 30% Marifil. The Agreement remains subject to completion of satisfactory due diligence by NovaGold.

The San Roque property contains a large sulphide system defined by an induced polarization ("IP") survey and widespread drilling over an area measuring at least 3 kilometres by 4 kilometres. This area is the site of a coincident lead-zinc-gold-silver anomaly in soils and the IP geophysical anomaly. Marifil believes this mineralization lies within a collapsed caldera or diatreme structure. Widespread mineralization occurs throughout the volcanic rock types present within the postulated caldera/diatreme and mineralization also extends into the underlying basement schists.

The infrastructure is especially favourable at San Roque. The climate is mild and work can be carried out all year; the terrain is relatively flat, generally with elevations only 200 to 300 m 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 kilometers to the east.

Drilling by Marifil reveals significant disseminated and stockwork galena and sphalerite (ores of lead and zinc) mineralization containing gold, silver, and indium. Marifil believes mineralization at San Roque is analogous to the giant Penasquito deposit in Mexico, now being mined by Goldcorp, and the Camino Rojo and San Augustin deposits, also in Mexico. The Montana Tunnels deposit in western Montana is also a similar geologic model.

To learn more about Marifil Mines Ltd., please refer to the Company's filings available on SEDAR at www.sedar.com or at Marifil's website at www.marifilmines.com.

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.

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 geologic models and estimates of mineralization within the San Roque property and other 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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