Marifil Receives Second Payment Of $150,000 For K-3 Potash Property
Vancouver, BC -- July 21, 2011 -- Marifil Mines Ltd. (TSXV: MFM) ("Marifil" or "the Company") announces that Saccharum Energy Corp. (Saccharum) has sent the Company $150,000 as payment for the pending agreement for the K-3 potash property in Mendoza Province, Argentina.
A second payment of $150,000 for the K-4 property will be placed in escrow and released to Marifil once Saccharum receives evidence that the claims (cateos) have been duly registered to Marifil by the Mines Department of the Province of Mendoza.
Marifil and Saccharum believe that all of the legal issues are close to being resolved and that a final, comprehensive joint venture agreement will be signed, possibly within the next few days.
Mr. Johannes Kingma, President of Saccharum Energy Inc. states, "We are highly encouraged by the quality of this project and are planning an aggressive exploration program including drilling three core holes around discovery hole Md Rbi x-2 which cut 4.5 meters grading 20 to 22% K2O at a shallow depth of 221.5 meters."
Mr. John Hite reports, "Marifil is now in a strong financial position with more than $1 million of income this year and with partners who will be spending millions of dollars on our projects. This year we expect our partners will be drilling our San Roque, Toruel and Catamarca projects.
We are now focusing on replenishing our pipeline of new projects including a copper project, a gold project, and a phosphate project."
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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.
Disclaimer for Forward-Looking Information Certain statements in this release are forward-looking statements, which reflect the expectations of management regarding the Company's proposed agreement with NEI. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future, and include discussion of what NEI must do to exercise the option. Such statements are subject to risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. No assurance can be given that any of the events anticipated by the forward-looking statements will occur or, if they do occur, what benefits the Company will obtain from them. These forward-looking statements reflect management's current views and are based on certain expectations, estimates and assumptions which may prove to be incorrect. A number of risks and uncertainties could cause the Company's actual results to differ materially from those expressed or implied by the forward-looking statements, including: (1) the occurrence of any events that prevent NEI to performing the acts necessary to exercise the option, and (2) other factors beyond the Company's control. These forward-looking statements are made as of the date of this news release and the Company assumes no obligation to update these forward-looking statements, or to update the reasons why actual results differed from those projected in the forward-looking statements, except in accordance with applicable securities laws. Additional information about the Company and these and other assumptions, risks and uncertainties is available in the Company's public filings with Canadian securities regulators, available on SEDAR at www.sedar.com.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this news release.
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.)
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