Marifil Mines Ltd.
TSX VENTURE : MFM

Marifil Mines Ltd.

March 21, 2006 08:00 ET

Marifil Acquires Attractive Gold Project

SPOKANE, WASHINGTON--(CCNMatthews - March 21, 2006) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that it has signed a Letter of Intent with MIM Exploraciones S.A. (a wholly-owned subsidiary of mining giant XSTRATA) to acquire the San Roque gold project in Rio Negro Province, Argentina. Marifil agrees to pay MIM US$3,000 for a due diligence period and then commits to spending $50,000 annually in work on the property for four years. Marifil has the right to purchase 100% of the property at any time by making a single cash payment of $400,000.

The property is underlain by Jurassic age rhyolite flows and domes and a K-feldspar rich syenite stock. Gold mineralization is hosted by quartz-fluorite and milky quartz veins in the syenite; by manganese oxide rich quartz veins in weakly brecciated rhyolites; and by gossan rich breccia structures. Visible gold is present in several of the veins and breccia structures.

MIM collected 1,018 soil and rock chip samples, carried out a comprehensive Induced Polarization (IP) survey, and then drilled 19 drill holes in the period 1999-2002. They also collected and assayed 698 rock samples. Of these, 11 (2%) contain greater than 5.0 g/t gold, 52 (7%) contain greater than 1.0 g/t gold, and 198 (28%) contain greater than 0.1 g/t gold. Their drilling did not test all the geochemically anomalous zones because their target objective was for a huge low grade, bulk mineable deposit. Many of the drill holes were aimed to test IP targets, rather than surface geochemical gold anomalies or even high grade gold values found in outcrops of quartz veins and hydrothermal silica breccias. Most of the holes are also relatively isolated, being spaced from 500 to more than 1,000 meters apart. Several drill hole intercepts of interesting gold values have not been geologically appraised, and the Company believes follow up drilling is warranted.

The San Roque property comprises approximately 12,705 hectares and is located 56 kilometers east of San Antonio Oeste, a port on the Atlantic coast. The property can be worked year round, is easily accessible by paved highway and the area is bordered by a railway.

Targets remaining on this under-explored property include high grade gold quartz veins and structurally controlled gold-bearing silicified breccias, as well as potential for disseminated bulk tonnage gold deposits in certain favorable rhyolite horizons. The terrain is subdued, with at least 30% of the property covered by unconsolidated surficial deposits. The Company intends to conduct a concerted trenching program to explore the projections of identified gold bearing linear structures under the covered areas.



Two of the more interesting MIM drill hole results are:

---------------------------------------------------------------------
Drill Hole # Interval Drill Intercept(a) Gold (g./t) Silver (g/t)
(meters)(m)
---------------------------------------------------------------------
SRRC-2 90-92 2 1.27 77
---------------------------------------------------------------------
plus 94-96 2 5.69 26
---------------------------------------------------------------------
SRRC-3 62-64 2 1.75 29
---------------------------------------------------------------------
plus 78-80 2 8.01 46
---------------------------------------------------------------------
((a)Insufficient data is available to determine true widths.)


SRRC-2 and SRRC-3 are 1,000 m apart, with no drilling or trenching between them. Similarly, two large quartz alunite alteration areas in the northwest quadrant of the property have never been sampled, trenched, or drilled.

The Company intends to carry out a full scale evaluation of the poorly exposed gold bearing vein and breccia structures, including closer spaced drilling on the gold values found in the MIM campaign - which have remained largely untested.

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.

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.)

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

Contact Information