Marifil Partners With Southern Copper on Cerro Samenta

MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that
it has signed a definitive agreement with Southern Copper Argentina ("SCA"), a
wholly owned subsidiary of Southern Copper Corporation (NYSE:SCCO) for SCA to
acquire a 70% equity interest in the Company's Cerro Samenta porphyry copper
project in Salta Province, Argentina (see Marifil News Release dated Feb. 29,
2012 for details on the Cerro Samenta Property).


The agreement is subject to the following terms to earn a 70% equity interest in
the property (all dollar amounts shown are in United States Dollars):




1.  SCA will pay Marifil a total of $375,000 over four years including
    $75,000 on signing the agreement 
2.  SCA will carry out a minimum $4 million work program on the property
    over four years
    SCA will make the contract payments on behalf of Marifil to two
    underlying property owners over a six years period. 



Additionally, SCA can increase their equity interest from 70% to 80% by
providing Marifil with a bankable feasibility study within seven years of the
date of signing. 


Mr. John Hite states, "We welcome Southern Copper as a partner to help us
develop this porphyry copper property. The past two years have been particularly
difficult for the junior market with the stock prices of almost half of all
TSX-V listed companies being under 10 cents per share."


"This agreement also removes the financial burden of the underlying property
payments and advances our business model by having other companies finance
exploration on our properties."


"We are excited to work with Southern Copper, a major producer who brings
development and production experience to Cerro Samenta. Argentina has received
some bad press suggesting that it is a poor place to invest. We disagree with
this assessment and point out that not only is SC planning to explore and
develop projects in Argentina but other major companies such as Chevron, Agrium,
Barrick, and Xstrata are also spending billions of dollars on new projects."


About Southern Copper Corp. 

Southern Copper Corporation is an integrated copper producer and in 2011 was the
7th largest copper producer in the world with sales of $6.8 billion. SC produces
copper, molybdenum, zinc and silver. All of its mining, smelting and refining
facilities are located in Peru and Mexico, and SC conducts exploration
activities in those countries and in Argentina, Chile and Ecuador. The Company
operates in three segments: Peruvian operations, Mexican open-pit operations and
Mexican underground mining operations. Peruvian operations include the Toquepala
and Cuajone mine complexes and the smelting and refining plants, industrial
railroad and port facilities. The Peruvian operations produce copper, with
production of by-products of molybdenum, silver and other material. Mexican
open-pit operations include the La Caridad and Buenavista mine complexes and the
smelting and refining plants and support facilities, which service both mines.
The Mexican open-pit operations produce copper, with production of by-products
of molybdenum, silver and other material.


SC was incorporated in the USA as Southern Peru Copper Corp. a subsidiary of
ASARCO Inc. In 1999 Grupo Mexico S.A.B. de C.V. acquired 100% of ASARCO Inc.
Grupo Mexico controls SC through a subsidiary Americas Mining Corp.


On Behalf of the Board of Directors,

John Hite, President

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).


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. 


General Disclaimer 

Marifil Mines Ltd. "Marifil" has taken all reasonable care in producing and
publishing information contained in this news release, and will endeavor to do
so on a periodic basis. Material in this news release may still contain
technical or other inaccuracies, omissions, or typographical errors, for which
Marifil assumes no responsibility. Marifil does not warrant or make any
representations regarding the use, validity, accuracy, completeness or
reliability of any claims, statements or information on this site. Under no
circumstances, including, but not limited to, negligence, shall Marifil be
liable for any direct, indirect, special, incidental, consequential, or other
damages, including but not limited to, loss of programs, loss of data, loss of
use of computer of other systems, or loss of profits, whether or not advised of
the possibility of damage, arising from your use, or inability to use, the
material from this news release. The information is not a substitute for
independent professional advice before making any investment decisions.
Furthermore, you may not modify or reproduce in any form, electronic or
otherwise, any information on this site, except for personal use unless you have
obtained our express written permission. 


Forward-Looking Statements 

This news release may contain forward-looking statements, including but not
limited to comments regarding predictions and projections. Forward-looking
statements address future events and conditions and therefore involve inherent
risks and uncertainties. Actual results may differ materially from those
currently anticipated in such statements. 


WE SEEK SAFE HARBOUR.

FOR FURTHER INFORMATION PLEASE CONTACT: 
Marifil Mines Ltd. - Head Office
John Hite
President
702.562.4880
info@marifilmines.com


Marifil Mines Ltd.
Hugh Oswald
Investor Relations
604.838.2855
hugh@ascentacapital.com
www.marifilmines.com
Savary Gold Corp. (TSXV:SCA)
過去株価チャート
から 5 2024 まで 6 2024