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Marifil Acquires K-4 Potash Project
and Adds More to K-3
Geologic
Studies Suggest Good Probability of Potash, Uranium, Lead, Zinc and Asphaltite
Las
Vegas, Nevada -- January 22, 2011 -- Marifil
Mines Ltd. (TSXV: MFM) ("Marifil" or "the Company") announces
that an ongoing exploration program for potash in the Neuquen
Basin in Argentina resulted in the identification and acquisition of a
second large area highly favourable for potash
in the northern portion of the basin in Mendoza Province (see news
release dated December 13, 2010).
The Company has acquired by staking four cateos
(claims) totalling 30,000 hectares (300 square kilometres) that it believes are highly prospective
for potash. The claims, the K-4 Project, may also be prospective for uranium,
biogenic sulfur (similar to the Company's Codihue
sulfur project), Mississippi Valley type lead and zinc (similar to the
Company's Picun Lefu
lead zinc project), and for asphaltites (hard bitumens which can, through heating, be a source of
petroleum).
Geologic mapping and basin analysis identified this large area as having
good potential for salt horizons at depths ranging from 500 m to 2,000 m.
The evaporate salt horizons are believed to
range from 50 m to 350 m in thickness. Analysis of electric and gamma ray
logs from abandoned oil wells is ongoing. Potash (a mineral salt with the
chemical formula KCl) typically occurs near the
top of thick evaporate salt horizons.
Research also identified additional area adjacent to the K-3
property. The Company staked a 10,000 hectare cateo
to cover this prospective zone.
The southern part of the Company's K-3 project lies about 50 kilometers
northwest of Vale's giant Potasio Rio Colorado
potash mine which has a resource of 2 billion tons of potassium chloride.
The K-4 project is located about ten kilometres
north of the K-3 project (see attached map below).
"Our geologists have had an ongoing program in this region,"
stated John Hite, President of Marifil Mines.
"Their work reveals that this part of the Neuquen
Basin has high potential for potash, lead, zinc, uranium, and asphaltite. We are very pleased to have secured these
highly prospective claims, one of four of the Company's potash
properties.
The K-1 property has been sold to Allana
Resources; K-2, an 80,000 ha project, is subject to a Letter of Intent
with Saccharum Energy Corp.; and K-3 is subject
to a Right of First Offer to Saccharum.
The K-4 project is not subject to the Right of First Offer clause given
to Saccharum Energy. However, in keeping
with our business plan, the Company intends to farm out or joint venture
this property. "
For further information on the Company and its
projects, please refer to Marifil's website:
www.marifilmines.com.
For Further Information
Contact:
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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