Marifil Sells El Carmen Oil & Gas
RETAINS 8% ROYALTY
Las Vegas, Nevada -- November
15, 2010 -- Marifil Mines Ltd. (TSXV: MFM) ("Marifil"
or "the Company")
announces that it has sold its El Carmen oil and
gas property to Ilakon Ltd. ("IIakon") 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 IIakon
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. IIakon
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."
For further information on the Company and its
projects, please refer to Marifil's website:
For Further Information
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
Marifil Mines Ltd. "Marifil", has taken all reasonable care in producing and
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