Marifil Mines Acquires Lithium Project
Spokane,
Washington -- September 29, 2009 --
Marifil Mines Ltd. (TSXV: MFM) ("Marifil" or "the
Company") announces that it has acquired seven lithium claims
(cateos) in Catamarca Province and two lithium claims in neighboring
Salta Province, Argentina.
The
claims in Catamarca Province cover an area of about 19,200 hectares.
Two of the claim groups cover portions of the Salar de Antofalla
and Salar de Ratones which are known as lithium bearing salars. A third
group of claims coves parts of the Cachari Pampa Salar; an area where
salars border a modern volcano, a good prospective feature in the lithium
brine exploration model.
The
Company has also signed an agreement with a private individual to
purchase a 100% interest in the Mina Rosa II and Mina Rosadita II lithium
claims covering an alluvial fan bordering the Llullaillaco salar
(dry lake bed) in Salta Province, Argentina.
The
Llulluaillaco salar is one of numerous salars marking the Puna Plateau
which covers large portions of northwestern Argentina, northwestern
Chile, and southern Bolivia. This plateau hosts the largest
concentrations of lithium brines in the world.
Under
the terms of the agreement Marifil agrees to pay $640,000 over six years
to acquire a 100% interest in these claims. The seller retains a
1.5% royalty which the Company can purchase for $800,000.
Assays from a water well located three
kilometres southeast of the claims and in the same alluvial fan contain,
respectively, 103, 106, and 108 mg/l (milligrams per liter)
(1mg/l = 1 ppm = 1g/t) lithium and published samples from other
parts of the salar contain 180 to 280 mg/l lithium as well as important
amounts of potash and boron. For reference, a lithium brine mine in
the United States is producing from brines grading about 150 mg/l
lithium.
Lithium is rapidly becoming a strategic metal
and demand is expected to increase at an annual rate of 7%. The
largest rate of growth will come from lithium used in batteries to power
hybrid automobiles.
Company geologists have begun an exploration
program to test this property and other salars on the Puna plateau.
The Company has mobilized an exploration team to the project area
and expects to produce an NI 43-101 report on these properties as soon as
possible.
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.
For further information regarding Marifil Mines
Ltd., please refer to the Company's filings available on SEDAR or
at 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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