Marifil Mines Ltd.
TSX VENTURE : MFM

Marifil Mines Ltd.

February 22, 2011 09:00 ET

Marifil Expands K-3 and K-4 Potash Properties

Company Discovers New Sulfur Target

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 22, 2011) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that it has staked two additional cateos (claims), totalling 17,456 hectares, on its K-3 potash project and four additional cateos, totalling 30,000 hectares, on its K-4 potash project, both in Mendoza Province, Argentina.

The K-3 project now covers 64,606 hectares and the K-4 project now covers 56,083 hectares; both in the northern portion of the Neuquen Sedimentary Basin. The Neuquen Basin is Argentina's most prolific oil producing basin, and also hosts the country's only producing potash mine – Potassio Rio Colorado owned by RTZ.

The K-3 and K-4 properties have been acquired on the basis of regional geologic studies to determine which parts of the basin are prospective for potash. A few small blocks remain unstaked but those are either underlain by later intrusives which have destroyed the favourable beds or the favourable horizons lie too deep to be economically mined. The Company is now reviewing drill log data of abandoned oil wells. This highly technical work is focused on the identification of potassium bearing salt beds.

In addition, Company geologists identified a significant, previously unrecognized sulphur prospect located largely in the K-4 claim block. The new sulphur prospect, called S-2, exhibits sediment dissolution collapse breccias extending over an area of about 4,000 hectares. The target is open-ended to the north. Solution breccias developed over a know gypsum horizon is a geologic characteristic of all biogenic sulphur deposits. S-2 is similar to Marifil's Codihue sulphur prospect located to the south on the Company's K-2 property in that portion of the basin within Neuquen Province (see News Release dated February 25, 2009).

Mr. Hite reports, "Marifil is now the largest potash play in Argentina aside from the assets of Vale's Rio Potasio deposit, and has now covered all of the prospective ground in the northern half of the Neuquen Sedimentary Basin. We are highly encouraged by the discovery of a second biogenic sulphur prospect. Last year sulphur prices hit a low of $30 per ton but now prices are approaching $200 per ton. We expect to begin an aggressive exploration program, including drilling on both the Codihue and S-2 prospects in the coming months."

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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Contact Information

  • Marifil Mines Ltd.
    John Hite
    President
    (702) 562-4880
    or
    Investor Relations
    Hugh Oswald
    (604) 684-4743 ext. 242
    hugh@ascentacapital.com