Marifil Mines Ltd.

Marifil Mines Ltd.

July 02, 2014 09:30 ET

Marifil Begins a Third Stage Drilling Program on Punta Colorada Limestone Property

VANCOUVER, BRITISH COLUMBIA--(Marketwired - July 2, 2014) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces it has begun a third stage drill program on the Company's Punta Colorada project, Rio Negro Province, Argentina.

The Company has completed a geologic report and in-house calculation of limestone resources (not a NI 43-101 compliant resource calculation because the author is not an independent Qualified Person). This report satisfied our contractual obligations to carry out an exploration program on the claims. This report has presented to the Government of Rio Negro with a request to allow exploitation.

The Punta Colorado limestone beds are flat-lying to gently dipping to the north and covered by a thin layer of overburden averaging about 0.5 m thick. An upper limestone layer with higher magnesium (MgO) content overlies a lower layer with very low MgO content. The upper limestone layer becomes thinner towards the south and is totally removed by erosion in a large valley near the center of the property.

Marifil completed a first stage drill program in 2005 (see Marifil News Release dated December 17, 2006) comprising 12 holes totalling 131 meters. The thickness of the favorable limestone layer varies from a few meters to more than ten meters over most of the 545 hectare property suggesting a potential resource of 100 to 150 million tonnes, supporting previous estimates based on drilling conducted during the 1980's by Hierro Patagonia S.A. (HIPARSA), a Rio Negro Provincial Corporation.

From October 2013 to January 2014 the Company carried out a second drill program of 20 holes totaling 230.7 meters. These holes were drilled on a 200 meter by 200 meter grid to establish continuity of the beds and confirm the grades of the various limestone beds. The third stage will comprise a few short holes to extend the higher CaO grades outlined in the stage 2 program.

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.


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