Marifil Mines Ltd.
TSX VENTURE : MFM

Marifil Mines Ltd.

February 14, 2012 09:30 ET

Marifil Reports Positive Drill Results From San Roque Project in Argentina

Drill Hole DDHMSR 0034 Cuts 35 Meters Grading 2.27 g/t Gold

Drill Hole DDHMSR 0020 Cuts 116 Meters Grading 1.77 g/t Gold Equivalent

Drill Hole DDHMSR 0029 Cuts 65 Meters Grading 3.66 g/t Gold Equivalent

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 14, 2012) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces it has received the Phase 2 drilling program assay results from its joint venture partner NovaGold Resources Inc. (NovaGold) on Marifil's San Roque gold prospect, Rio Negro Province, Argentina. Table 1 shows the significant drill intercepts.

Table 1
Total AuEq Au Ag In Pb Zn
From To Meters gpt gpt gpt gpt % %
DDHMSR-0016 130.0 163.0 33.0 1.93 1.28 16.49 3.59 0.17 0.40
175.0 191.0 16.0 1.37 0.52 20.42 9.71 0.16 0.51
49.0 1.75 1.03 17.78 5.59 0.16 0.44
DDHMSR-0017 185.0 218.0 33.0 1.04 0.15 4.05 6.59 0.58 0.89
33.0 1.04 0.15 4.05 6.59 0.58 0.89
DDHMSR-0018 44.0 66.0 22.0 1.65 0.79 6.70 10.55 0.24 0.96
118.6 156.0 37.4 3.06 0.62 8.05 75.42 0.39 2.42
242.0 252.0 10.0 1.94 0.32 51.69 1.93 0.42 0.71
69.4 2.45 0.63 13.91 44.26 0.34 1.71
DDHMSR-0019 47.0 57.0 10.0 1.61 0.72 6.68 9.58 0.22 1.06
116.9 133.0 16.2 4.63 1.45 6.64 114.19 0.28 3.17
144.8 186.0 39.2 1.85 0.89 3.41 19.44 0.18 1.14
65.4 2.50 1.00 4.71 41.35 0.21 1.63
DDHMSR-0020 5.0 20.0 15.0 1.35 0.25 3.38 24.64 0.34 1.16
44.0 93.0 49.0 1.35 0.26 14.33 1.17 0.48 1.08
101.0 153.2 52.2 2.29 0.93 19.05 6.08 0.63 1.16
116.2 1.77 0.56 15.03 6.40 0.53 1.13
DDHMSR-0021 33.5 47.0 13.5 2.73 1.72 32.22 6.45 0.42 0.14
13.5 2.73 1.72 32.22 6.45 0.42 0.14
DDHMSR-0022 78.0 131.8 53.8 1.97 0.14 8.25 30.75 0.63 1.97
221.4 236.0 14.6 3.31 0.18 24.12 5.79 1.86 3.27
68.4 2.26 0.15 11.63 25.42 0.89 2.25
DDHMSR-0023 136.0 156.4 20.4 4.48 0.61 22.91 71.45 2.19 2.97
20.4 4.48 0.61 22.91 71.45 2.19 2.97
DDHMSR-0026 32.0 47.0 15.0 1.32 0.15 48.42 2.89 0.12 0.21
115.4 134.0 18.6 2.57 0.92 50.35 3.18 0.43 0.79
148.0 160.5 12.5 1.23 0.57 11.00 2.96 0.28 0.53
46.1 1.80 0.57 39.04 3.03 0.29 0.53
DDHMSR-0027 137.0 151.0 14.0 1.05 0.05 4.13 1.38 0.65 1.15
14.0 1.05 0.05 4.13 1.38 0.65 1.15
DDHMSR-0028 106.0 144.0 38.0 1.32 0.31 5.46 16.39 0.37 1.05
38.0 1.32 0.31 5.46 16.39 0.37 1.05
DDHMSR-0029 30.0 45.0 15.0 1.12 0.17 1.99 10.31 0.57 0.99
87.0 137.0 50.0 4.42 0.51 14.50 80.44 1.71 3.64
65.0 3.66 0.44 11.62 64.25 1.44 3.03
DDHMSR-0030 14.0 34.0 20.0 1.06 0.12 1.74 20.50 0.45 0.87
142.0 179.0 37.0 1.28 0.73 11.08 0.56 0.20 0.44
57.0 1.20 0.52 7.80 7.56 0.29 0.59
DDHMSR-0032 44.0 88.0 44.0 1.00 0.08 4.28 1.53 0.57 1.06
108.0 203.0 95.0 1.25 0.14 6.46 6.30 0.68 1.11
139.0 1.17 0.12 5.77 4.79 0.64 1.10
DDHMSR-0033 10.1 23.0 12.9 1.06 0.48 8.17 9.95 0.30 0.29
55.0 136.0 81.0 1.54 0.85 9.15 2.67 0.31 0.63
93.9 1.48 0.80 9.01 3.67 0.31 0.58
DDHMSR-0034 0.0 35.0 35.0 3.17 2.27 42.62 0.08 0.03 0.08
155.5 193.0 37.5 1.57 1.12 15.30 0.12 0.11 0.18
72.5 2.35 1.68 28.49 0.10 0.07 0.13

Drill Holes 24, 25 and 31 contained no significant results.

Table Computations Assumptions:
Significant interval defined as a minimum 10 meter interval or a
10 gram meter AuEq interval grading a minimum of 1 gpt AuEq
Internal dilution limited to 4 continuous meters of <0.5 gpt AuEq
Cutoff grade of 0.5 grams/tonne AuEq
Equivalencies based on the following metal value ratios
Au:Ag 50:1
Au:In 87.5:1
Au:Pb 19845:1
Au:Zn 19845:1
assumed long-term metals values of $1,200/oz Au, $24/oz Ag, $400/kg In, $0.80/lb Pb and Zn

NovaGold's Phase 2 drilling consists of 19 holes totalling 4,278 meters, of which 961 meters above cut-off grade assay an average of 1.94 g/t equivalent gold as mineralization of gold, silver, indium and lead and zinc. There are now 108 holes totalling 15,837 meters drilled on the San Roque property. Every one of these drill holes intercepted mineralization, although some of the holes are below the grade cut-off grade used in Table 1, indicating an extensive system of mineralization over several square kilometers. Mineralization is open in all directions and at depth. Equally important, mineralization frequently starts at surface and has been followed to the bottom of the deepest holes. Marifil believes these are positive results and constitute an important discovery of a large disseminated precious metal rich polymetallic deposit which will probably be amenable to low-cost bulk mining.

A drill hole location map is being posted on the Company's website at www.marifilmines.com.

The Phase 2 drilling explores the linear northwest trending Griselda zone. An Induced Polarization (I.P.) survey defines the zone to be open to the northwest, where approximately 1.5 kilometers beyond and along trend the results of 8 reconnaissance grab samples taken during soil sampling for 200 meters across the trend returned some very good gold assays as shown in Table 2.

Table 2
Sample Type Au g/t
2951 Rock 3.095
2952 Rock 2.380
2953 Rock 4.895
2954 Rock 22.900
2955 Rock 0.104
2956 Rock 0.327
2957 Rock 2.569
2958 Rock 0.580

NovaGold reports they are compiling data and drafting the 2011 Annual Report. They are preparing updated geologic maps as well as updated and expanded soil geochemical maps based on an additional 846 samples. They are also constructing a 3D model in Minesite software for added interpretative modeling and potentially resource estimation as the project moves forward. With the completion of this drill program and the corresponding expenditures, NovaGold has earned a 49% interest in the project and the right to increase its ownership to 70%. NovaGold is currently considering plans for the next stage of the project.

Richard Walters, Marifil's Executive Vice President, states, "San Roque has evolved through six successive drilling programs into a very valuable asset for Marifil. It is now a substantial mineral deposit discovery that may well prove to be an ore body as work continues."

QUALITY ASSURANCE/QUALITY CONTROLS

NovaGold has been carrying out a very careful, systematic Quality Assurance/Quality Control program of the 2011 drilling. This work includes insertion of blanks, standards, and duplicate samples. An insertion rate of 5% of all samples were blanks, standards, and duplicates.

Phase II of the drill program included 16 holes with 2,554 assayed samples. Gold was assayed with a fire assay fusion procedure and Au-AA23 method. All other elements were analyzed with HF-HNO3-HClO4 acid digestion and HCl leach using the ME-MS61 method. High grade copper, silver, lead, and zinc values were determined using a four acid digestion using the AA62 method. All the assays were processed by ALS Chemex in Mendoza, Argentina.

Blank data was provided from an in-house software program and then compiled into the data file. Blank material came from a Cenozoic post-mineral basalt flow found near the property. Each blank was analyzed for Au, Ag, Cu, Pb, and Zn.

Duplicate date was exported from an in house software program. Duplicate pairs were obtained from coarse reject material. Charts were plotted to show duplicate pairs and their Pass/Fail lines.

Standards: A total of 124 results from five certified reference materials were compiled and used.

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.

WE SEEK SAFE HARBOR.

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