Marifil Mines Ltd.
TSX VENTURE : MFM

Marifil Mines Ltd.

December 24, 2013 09:30 ET

Marifil Looks Forward

VANCOUVER, BRITISH COLUMBIA--(Marketwired - Dec. 24, 2013) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") would like to update its shareholders on plans for 2014.

The past year has been difficult for the Company amidst the collapse of the junior mining sector and declining metal prices. Major mining companies have become reluctant to take on new projects, making it difficult for Marifil to find partners for its numerous properties in Argentina. However, the Company does see bright spots for the coming year. The investment climate shows signs of a turn-around, and the Argentina Government is relaxing restrictions on imports of mining equipment. A settlement was recently announced between Argentina and Repsol over the previous expropriation of YPF shares and congressional elections hint at a return to a more balanced government approach to the nation's economic management.

Additionally, the Company is optimistic about the future of its projects. Grid drilling is nearly completed at Marifil's Punta Colorada tidewater cement-grade limestone project, with the hope of generating a 43-101 compliant resource. This drilling program should conclude before the end of December and assay returns are expected to be completed by February. Geologic mapping and prior drilling has established that a large quantity of shallow, flat-lying beds of limestone exist. If sufficient quality of limestone is proven, Marifil would embark on market studies with anticipation of attracting a financing partner to initiate production.

Marifil's joint venture partner Southern Copper Corporation (NYSE:SCCO) (see May 29 2013 News Release) is actively exploring the Cerro Samenta porphyry copper project. This property is located in the north of Argentina close to the Chilean boarder within a well-recognized structural belt of world-class copper-gold deposits including La Escondida, the largest porphyry copper deposit in the world. During 2013 Southern Copper invested more than US$500,000 examining the property, including surface exploration work, and property payments and applied to the Mines Department for permits for drill access roads and drill sites. Marifil expects drilling to be undertaken during 2014, and foresees that due to the magnitude of the target any positive results could noticeably change the investment complexion of the Company.

Several companies have expressed interest in Marifil's San Roque gold-silver-lead-zinc-indium deposit located on Argentina's South Atlantic coast. Recently, NovaGold has, as a result of its own corporate re-structuring, proposed selling its 49% equity in San Roque back to Marifil for $500,000. More than $7 Million has been spent on exploration of this property, which includes 108 drill holes. The Company believes it will be easier to market San Roque should it regain 100% control of the property. The extensive San Roque base and precious metal sulfide system is wide open to expansion and possible discovery of higher metal grades than currently known by continued drilling. It hosts a target rich environment exemplified by coincident soil and geophysical anomalies on projected extensions of known mineralized features.

Mr. John Hite remarks, "We would like to thank our loyal shareholders for their support throughout the past difficult year. As 2014 approaches we are optimistic about the future. Management is focused on securing active partners for all of our projects, and also working to spin out our fertilizer properties into another entity. We are working hard to move the Company forward and look forward to a productive new year."

On behalf of the Board of Directors,

John Hite, President

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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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.)

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