Marifil Mines Ltd.

Marifil Mines Ltd.

November 15, 2010 09:00 ET

Marifil Sells El Carmen Oil & Gas Property

Marifil Retains 8% Royalty

LAS VEGAS, NEVADA--(Marketwire - Nov. 15, 2010) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that it has sold its El Carmen oil and gas property to Ilakon Ltd. ("Ilakon") a private company.

Ilakon has agreed to purchase the El Carmen property for $250,000 of which $125,000 is payable on signing and $125,000 is due in 12 months. Marifil has the option of taking the second payment in stock if Ilakon has gone public or is in the process of going public. In addition, Marifil retains an 8% production royalty from gross proceeds of sales of oil and gas. Ilakon will begin paying Marifil an annual advance royalty of $75,000 beginning at the earlier of commencement of production or 24 months from the date of the Agreement.

Marifil owns 100% of the El Carmen property. The property comprises four patented oil claims totalling 2,001 hectares located on the north flank of the Golfo San Jorge Basin in Chubut Province, Argentina (see El Carmen News Release dated October 16, 2007).

Marifil's President and CEO, Mr. John Hite commented, "Once again, we have demonstrated that Marifil owns an impressive portfolio of properties in Argentina. As a Company we continue to be a dominant exploration team in the country adding new projects to our portfolio of mineral properties."

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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