VANCOUVER, British Columbia,
May 15, 2018 /PRNewswire/ --
Marifil Mines Limited (TSXV: MFM) ("Marifil" or the
"Company") is pleased to announce the expansion of its
lithium exploration program with the entry into a definitive
exploration agreement (the "Agreement") with
Minera Esperanza S.A., a
private Argentinean company ("Minera Esperanza"), respecting
two lithium properties (the "Lithium Properties") located in
the Province of Catamarca, Argentina. Pursuant to the Agreement, the
Company has also acquired an option (the "Option") to
purchase the Lithium Properties for US$1.86
million, upon the exercise of which, together with the
Company's recently acquired Ratones and Fraile claims, the
Company's lithium exploration portfolio will cover 15,267 hectares
within the famed "Lithium Triangle".
"The addition of Carachi Pampa III and IV displays our Company's
continued aggressive growth within the lithium space in
Argentina," stated Robert Abenante, President and CEO of Marifil.
"We now have access to lithium assets covering over 15,000
hectares, all located within the Lithium Triangle in Argentina," added Mr. Abenante.
The Lithium Properties cover southern portions of the Carachi
Pampa salar in Catamarca and are composed of the Carachi Pampa III
claim of 2,569 hectares and the Carachi Pampa IV claim of 6,170
hectares. The Lithium Properties are located approximately 90
kilometers south of FMC's Hombre Muerto lithium brine mine and
adjacent to a maiden lithium brine drilling program being carried
out by Lake Resources N.L. The Carachi Pampa salar is approximately
20 kilometers in diameter and lies within a large intermountain
basin.
"The nearby young volcanic formations are an excellent source of
lithium and boron. Indeed, the Carachi Pampa salar is an old boron
prospect," stated Richard Walters,
Vice President of Marifil. The Lithium Properties were formerly
owned by Marifil and were sold to Minera
Esperanza in 2013, subject to Marifil retaining a
non-assignable 1% net smelter return (NSR) thereon.
The Agreement provides for Marifil's engagement over five years
for exploration work respecting the Lithium Properties and provides
that, upon exercise of the Option, Minera
Esperanza will retain a 1.5% NSR (the "Minera NSR")
on the Lithium Properties, to be subordinate to Marifil's current
NSR. The Minera NSR may be re-acquired by Marifil in stages for
US$2 million. The Agreement also
provides for scheduled payments by Marifil towards the Option
exercise price at six month intervals.
Additionally, Minera Esperanza is
actively developing a fracking sand project on a part of the
Carachi Pampa IV claim that lies south of the salar shoreline. On
exercise of the Option, Minera
Esperanza will retain its interest in non-brine minerals
extracted from the Lithium Properties, such silica sands, provided
that Marifil will maintain its original 1% NSR on such products.
Minera Esperanza's sand fracking
operations are partnered with a substantial Argentine private
trucking company, with the aim to serve Argentina's burgeoning oil shale well drilling
industry. The development of this high quality sand project has
advanced to the stage of commercialization.
This press release has been reviewed and approved by
Robert Abenante, CEO of Marifil, and
by Richard Walters, Vice President
of Marifil. Mr. Walters is Qualified Person as defined
by National Instrument 43-101 - Standards of
Disclosure for Mineral Projects.
ON BEHALF OF MARIFIL MINES LIMITED
"Rob
Abenante"
Robert Abenante, President &
CEO
Contact Information:
Phone: 604.424.8889
Email: info@marifilmines.com
Website: http://www.marifilmines.com
For further information regarding Marifil Mines Limited, please
refer to the Company's filings available on SEDAR
(http://www.sedar.com) or at Marifil's Website
(http://www.marifilmines.com).
General Disclaimer
Marifil Mines Limited ("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 contains forward-looking statements,
including but not limited to comments regarding predictions and
projections, the Company's plans with respect to the
Agreement, the Option and its exercise, and the
Company's acquisition of the Lithium Properties.
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. The Company does not intend, and does not assume any
obligation, to update these forward-looking
statements.
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 release.
Corporate Communications Contact:
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