Marifil Mines Ltd.
TSX VENTURE : MFM

Marifil Mines Ltd.

October 06, 2005 07:54 ET

Clarification: Marifil Re-Acquires Las Aguilas Platinum-Nickel-Copper Project

SPOKANE, WASHINGTON--(CCNMatthews - Oct. 6, 2005) - MARIFIL MINES LTD. (TSX VENTURE:MFM) has re-acquired ownership of the San Luis Platinum-Nickel-Copper project in San Luis Province, Argentina. BHPBilliton (BHPB) had been exploring the 30,432 hectare project and spent about US$1.7 million during the past 18 months. Overall, more than US$8.0 million has been spent on this large target area.

BHPB's target objective was to find a "Tier 1 nickel deposit," which they define as one containing about 50 million tonnes grading 2-3% nickel. BHPB's internal report on the project concludes that "a number of" smaller sized targets "remain to be tested." BHPBilliton did not investigate the platinum potential of the property.

Marifil's property includes the Las Aguilas deposit containing an historical resource of 2.2 million tonnes grading about 0.5% copper and 0.5% nickel (this is not a NI43-101 compliant reserve.) This resource was determined by Fabricaciones Militares ("FM") (Argentina Geological Survey), who carried out almost 10,000 meters of diamond drilling between 1970 and 1984. The Corporation believes this resource to be relevant to the extent that it shows that significant quantities of disseminated to semi-massive pyrrhotite, pentlandite and chalcopyrite are present and constitutes a valid exploration target. This resource occurs within a large fold and mineralization is open-ended down dip along the plunge of the fold.

Marifil geologists recognized the platinum potential of this project and assayed one of the central holes in the deposit. This hole contains 42.0 m grading 1.10 g/t platinum group metals (PGE's) including 3 m grading 9.096 g/t platinum + 0.453 g/t palladium. This high ratio of platinum to palladium is significant because platinum is worth roughly 4.5 times as much as palladium.

Marifil intends to assay the diamond drill cores for platinum and to start a platinum exploration program.

This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. and by Richard Walters, Executive Vice President of Marifil. Both are Qualified Persons, as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.

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

Contact Information

  • Marifil Mines Ltd.
    John Hite
    President
    (509) 467-5200
    or
    Marifil Mines Ltd.
    Greg Taylor
    Investor Relations
    Toronto Area (905) 337-8475
    gtaylor@marifilmines.com