Marifil Mines Ltd.
TSX VENTURE : MFM

Marifil Mines Ltd.

December 12, 2006 06:00 ET

ATW & Marifil Sign Option Agreement for Amarillo Copper-Gold-Silver Property, Argentina

ATW May Earn up to 70% Interest

SPOKANE, WASHINGTON and VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Dec. 12, 2006) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil") and ATW VENTURE CORP. (TSX VENTURE:ATW) ("ATW") are pleased to announce that, further to the joint news release dated December 4, 2006, the companies have signed an option agreement whereby ATW may earn up to a 70% interest in Marifil's "Amarillo" property located in the San Juan province of Argentina. The Agreement is subject to regulatory approval.

The Amarillo gold-copper-silver project is located within the Veladero-El Indio gold belt on the Argentine side of the Andes. This belt is fast becoming an attractive area for major mining companies investing substantial funds exploring for world class gold deposits. The belt has already revealed several discoveries including Barrick Gold's two deposits lying to the north of Amarillo, Veladero (12.6 million ounce gold reserve) and Pascua Llama (18.3 million ounces of gold), as well as the very high grade El Indio copper-gold mine.

The Amarillo land-holding covers over 40 square kilometres of intensely altered sedimentary and intrusive rocks that represent the upper levels of two or more large porphyry-related hydrothermal systems. ATW is impressed with the magnitude and intensity of the alteration systems and the highly anomalous gold and copper values from previous explorer's trench sampling. The project's geologic setting is similar to the setting at Newmont-Buenaventura's Yanacocha mine in Peru. ATW has initiated a program to systematically compile and analyse earlier data and will begin a program of property-wide geological mapping and sampling in the first week of January. ATW plans to define targets for drill testing within the first quarter of 2007.

Commented ATW's President, Brent Butler, "The Amarillo project, which is demonstrably in the centre of 'Elephant Country', will elevate our profile amongst investors and the industry, as well as complementing our Northern Hemisphere project to give ATW a year-round exploration focus."

The complete set of previous explorer's significant trench sampling values can be obtained from ATW. These samples are historic, dating from the 1990's and ATW is not able to confirm the validity of these results and therefore they may not be NI 43-101 compliant. A program to reopen the trenches and expand the trenching is being carried out as part of ATW's early evaluation. Assay results from confirmation sampling are expected in the New Year. Highlights from historic work (1994 Argentina Gold and 1995 Western Mining Corporation) include a significant number of high grade results, including from:



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Trench Interval(m) Au (g/t) Ag (g/t) Cu (%)
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4 8.5 6.41 245.8 0.074
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10 4.0 6.44 100.7 0.015
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12 6.8 19.89 65.6 0.003
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12 6.0 149.65 16.0 0.001
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12B 7.2 8.82 30.36 0.003
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28 4.0 5.53 142.5 1.075
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28 6.0 4.92 53.9 0.004
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35 3.0 7.34 156.0 0.012
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59 2.8 11.19 43.3 9.005
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Subject to regulatory approval, ATW can earn a 51% interest in the property by spending US$4,000,000 in exploration and development over a three year period and making certain cash and share payments to Marifil totalling US$282,500 and 262,500 of ATW's common shares. Upon earning 51%, ATW can make a further election to increase its ownership to 60% by spending an additional $1,500,000 in each of years four and five of the agreement and paying cash payments of $150,000 per year. Subsequent to earning a 60% interest, ATW can increase its interest by a further 5% by delivering a bankable feasibility study within six years of the agreement or 8 years if it found that a deposit in excess of 50 million tonnes is delineated. Finally, ATW can earn an additional 5%, bringing its ownership to 70%, by agreeing to provide financing for Marifil's entire share of expenses to the commencement of commercial production.

ATW does not have access to the full assay results of trenching on the property and is unable to confirm the results disclosed above without further work on the property being performed. The results are provided for background only and should not necessarily be relied upon.

This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. under whose direction the exploration program is being carried out, and by Brent Butler, ATW Venture Corporation's senior geologist. Both Mr. Hite and Mr. Butler are Qualified Persons as defined by National Instrument 43-101.

The statements made in this press release may contain forward-looking statements that may involve a number of risks and uncertainties. Actual events or results could differ materially from the Company's expectations and projections.

For further information regarding Marifil Mines Ltd., please refer to the Company's filings on SEDAR (www.sedar.com) or at Marifil's Website (www.marifilmines.com).

To find out more about ATW Venture Corp., please visit out website at www.atwventure.com.

The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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