Marifil Mines Ltd.
TSX VENTURE : MFM

Marifil Mines Ltd.

April 11, 2006 11:37 ET

Marifil Announces Agreement with Apex Silver for Ferrocarillera Project

SPOKANE, WASHINGTON--(CCNMatthews - April 11, 2006) - Marifil Mines Ltd. (TSX VENTURE:MFM) ("Marifil" or the Company") is pleased to announce that it has signed an agreement with Apex Silver Mines Ltd. ("Apex Silver") for Marifil's 100% owned Ferrocarillera property in Chubut Province, Argentina. Ferrocarillera is an epithermal precious metals property of approximately 7,000 hectares with good road access and year round working conditions.

Apex Silver has four years to earn a 55% interest in the property by paying Marifil US$375,000 in cash and spending $2,400,000 as follows:

Year 1: work requirement of $250,000 and payments to Marifil of $50,000 on signing and $25,000 in six months;

Year 2: work requirement of $400,000 and payment to Marifil of $50,000 on the first anniversary of the agreement;

Year 3: work requirement of $750,000 and payment to Marifil of $50,000 on the second anniversary;

Year 4: work requirement of $1,000,000 and payment to Marifil of $100,000 on the third anniversary; and

Year 5: payment to Marifil of $100,000 on the fourth anniversary.

Apex Silver may accelerate the retirement of its work requirements. After Apex Silver has earned a 55% vested interest in the property, the companies will form a joint venture for further exploration and development of the property. Apex Silver has the right to earn an additional 10% interest by spending a cumulative amount of $6,400,000 prior to the seventh anniversary of the agreement, and by making annual payments to Marifil of $75,000 until commencement of commercial production.

At Marifil's written request Apex Silver also has the right, but not the obligation, to earn an additional 5% (bringing its total to 70%) by funding Marifil's share of costs through to production.

Ferrocarillera is an epithermal lead/zinc - gold/silver vein deposit hosted by Jurassic volcanics. The main vein has at least 1,700 m of strike length and is up to 6 m wide. It was explored by several hundred meters of underground workings and 2,000 m of drilling done between 1939 and 1948.

This agreement with Apex Silver is in keeping with Marifil's corporate strategy of securing well funded partners to share in the economic and exploration costs of evaluating its large property portfolio. During 2006, outside explorers will be spending a minimum of $650,000 on the Company's properties.

About Apex Silver Mines Ltd.: Apex Silver is a mining exploration and development company incorporated under the laws of the Cayman Islands in 1996. Apex Silver owns the San Cristobal development project in southwestern Bolivia, a 500,000-acre concession that holds an estimated mineable reserve of 470 million ounces of silver, as well as 3.7 million tonnes of zinc and 1.3 million tonnes of lead, making it one of the largest open pit deposits of its kind in the world. While site development continues, construction of the project is expected to be finished by late 2006 and production will begin in 2007. Apex Silver owns several other properties in Bolivia, Mexico, and Peru, where it continues to explore for other resources.

About Marifil Mines Ltd.: Marifil Mines Ltd. is a Canadian resource exploration company with an aggressive strategy focused on exploring for precious and base metals targets in Argentina. The Company has an impressive portfolio of 20 properties including several containing bonanza grade gold and silver values and others with bulk tonnage precious and base metal targets. Marifil's highly skilled and experienced board and management team is committed to creating value for its shareholders by continuing to build a portfolio of properties of merit and then using joint ventures to advance these properties to the development stage.

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.

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