Marifil Mines Ltd.
TSX VENTURE : MFM

Marifil Mines Ltd.

October 04, 2011 09:00 ET

Marifil Announces Termination of Potash Agreement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 4, 2011) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that the Company and Saccharum Energy Inc. (Saccharum) have mutually agreed to terminate our Joint Venture agreements and the purchase of Oxbow Holdings Corp. in relation to the Company's K-2, K-3, and K-4 potash projects.

Saccharum has cited its inability to obtain regulatory approval as the principal reason for its withdrawal and emphasizes that such withdrawal was in no way a reflection on the quality of the properties. Saccharum management remains a large shareholder of the Company.

Marifil intends to move forward aggressively in advancing these properties. The Board of Directors has approved the purchase of the minority shares of Oxbow Holdings Corp., these shares would have been purchased by Saccharum as part of their agreement with the Company; Marifil will then own 100% of the K-2 project.

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. Walters is a Qualified Person as defined by National Instrument 43-101.

WE SEEK SAFE HARBOR.

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 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.

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