Marifil Mines Ltd.

Marifil Mines Ltd.

February 06, 2006 08:15 ET

Marifil Expands Toruel Property Holdings

SPOKANE, WASHINGTON--(CCNMatthews - Feb. 6, 2006) - MARIFIL MINES LTD. (TSX VENTURE:MFM)("the Company") is pleased to announce that it has signed a definitive agreement with MIM Exploraciones SA, a wholly owned subsidiary of XSTRATA, to acquire the 3,000 hectare Suerte II property, which adjoins the Company's wholly-owned Toruel project in Rio Negro Province, Argentina. Two previous drill programs by the Company have intercepted several significant silver-copper and other base metals values in ore shoots hosted by fault controlled breccia veins at Toruel (see Marifil release January 9, 2006.) This latest property agreement brings Marifil's property holdings at Toruel up to 34,921 hectares.

The agreement calls for the Company to spend US$178,000 in exploration on the property over the next five years and provides it with an option to purchase 100% of the property for US$375,000.

The Suerte II property contains the East Fluorite, Seba, Ancha, and Canyon veins. The Ancha vein is up to 8 m wide and traced for more than 700 m. The Canyon vein is up to 10 m wide and traced for more than 1,500 m. Dick Walters, Executive Vice President of Marifil, and several of Marifil's geologists discovered the Canyon and Ancha veins a short distance south of the East Fluorite vein while examining the local geology. Mr. Walters says, "We have found many veins on our original Toruel property that display strong characteristics of high level epithermal mineralization, including being distinctly geochemically anomalous in gold mineralization, that are of substantial width and exceed a kilometer in length I am highly confident our geologists will find more of the same on this new ground once we begin a systematic exploration program."

The Company has already started detailed mapping and sampling of these veins. A ground magnetometer study will begin shortly and sampling already reveals several areas containing anomalous gold.

The Company is now planning a Phase III drilling program which will test continuity and grade of several high grade ore shoots in the main Toruel vein as well as exploration drilling of other veins on this important silver-copper prospect.

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.

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

Contact Information

  • Marifil Mines Ltd.
    John Hite
    (509) 467-5200
    Marifil Mines Ltd.
    Greg Taylor
    Investor Relations
    Toronto area (905) 337-8475