Marifil Mines Ltd.
TSX VENTURE : MFM

Marifil Mines Ltd.

August 15, 2005 07:13 ET

Marifil Mines finds more Mineralization at Toruel

SPOKANE, WASHINGTON--(CCNMatthews - Aug. 15, 2005) - MARIFIL MINES LTD. (TSX VENTURE:MFM) reports that ongoing exploration at its high-grade silver/copper property in Rio Negro Province, Argentina reveals six new precious metal epithermal veins. Initial surface samples show they contain strongly anomalous amounts of gold, silver, and base metals.

The newly-discovered Avispa vein, which strikes obliquely towards the Toruel vein, ranges from 2- to 4-meters (m) wide and has a strike length in excess of 400 m. A suite of 19 outcrop chip samples contain anomalous amounts of gold, silver, lead, and molybdenum along with the volatile elements arsenic, bismuth, mercury, antimony, and tellurium. Gold values average 2.3 g/t and reach a maximum of 7.9 g/t; and, silver values average 182 g/t and reach a maximum of 693 g/t. (See regional satellite image below.)

The southern most outcrop of the Avispa vein is located about 200 m northeast of DH-24 (see Marifil news release of July 20, 2005). The strike of this vein projects to hit the Toruel vein between DH-24 and DH-28. DH-24 hit 5.0 m grading 5.11% copper within an 8.8m interval grading 624 g/t silver equivalent (gold + silver). Marifil has targeted a drill test of this projected vein intersection for possible existence of a high grade ore shoot.

To view a map of the 'Toruel Epithermal Vein System' please click on the link below:

http://www2.ccnmatthews.com/database/fax/2000/tevs.jpg

The second newly-discovered vein, named Mancha Blanca, strikes sub-parallel to and is about 1,500 meters southwest of the Toruel vein. It has been traced for more than 600 m along strike and remains open-ended. Where exposed, vein widths exceed two meters. The Company is awaiting assays on this vein.

Four other, newly-discovered veins near and sub-parallel to the Mancha Blanca vein have indicated strike lengths up to 1,800 m as traced in float and sub outcrops. Company geologists report mineralization comprises quartz veins and hydrothermal breccias with multistage silica veining plus barite. The samples show favorable epithermal textures including limonite after sulfides. Assays are in progress.

Mr. John Hite remarked, "This is an exciting property. The more we look, the more we find - as evidenced by the new mineralized veins. It appears we are dealing with a large system of veins and not a single vein target as first thought. All of the veins lie within a north-northeast striking shear zone at least 900 m wide and more than five kilometers long. Someone recently remarked that big targets are found on big structures and we are certainly working on a big structure."

A mechanized trenching program is being mobilized to better examine the newly-discovered veins. A second phase of drilling will be carried out on the Toruel vein as well as the new discoveries as soon as possible.

In other news, the Company announced that on July 22, 2005 it granted 150,000 stock options to Michael Sweatman, newly appointed Chief Financial Officer of the Company. The stock options are exercisable for a period of five years at a price of $0.20 per share.

This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. and by Richard Walters, Executive Vice President of Marifil. Both are Qualified Persons, as defined by National Instrument 43-101, under whose direction the exploration programs are being carried out.

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

Contact Information

  • Marifil Mines Ltd.
    John Hite
    President
    (509) 467-5200
    or
    Marifil Mines Ltd.
    Greg Taylor
    Investor Relations
    (905) 337-8475
    gtaylor@marifilmines.com