Dear Shareholders & Investors,
On behalf of Marifil Mines Ltd. ("Marifil" or the "Company") (TSX VENTURE:MFM), I am pleased to provide an operational update on Marifil's activities for the year end 2012. During the past year, the Company has made several significant accomplishments on our extensive portfolio of projects in Argentina.
Marifil has expanded its land holdings and acquired two high-grade potash deposits K-5 and K-6 in the Neuquen basin. Additionally, the company hired consultant Dr. Robert Rennie to assist in the development and planned spinout of the potash, sulfur, and phosphate projects into Marifil Fertilizers Ltd. For more information on the company's potash projects please visit Marifil's website: http://www.marifilmines.com/
Marifil has been working diligently to find new partners for our properties. We have reached an agreement on one of our larger projects; however, we have been unable to sign a contract for several months due to bureaucratic delays. A second major project is being reviewed by several companies and investor groups and we hope to have updates in the coming months.
Further, Marifil has succeeded in adding value through exploration and development. One of our recent successes has been in identifying oxide gold at the San Roque property. This potential heap leach gold deposit is located in the Zone 34 area of the property and mineralization is thoroughly oxidized to a depth of 30 to 35 meters. Company geologists are currently preparing composite samples for metallurgical testing. Several companies have signed or are reviewing Confidentiality Agreements on this project. For more information on San Roque please read Marifil's December 10th News Release:http://www.marifilmines.com/s/news.asp?ReportID=560789
Despite Marifil's successes and advancements this year, our share price has been hit hard by poor macro economic conditions. The junior mining sector has suffered from slowing economic growth in the US, the Eurozone crisis, and the looming fiscal cliff. Poor investor sentiment, declining trading volumes, and restricted access to capital have caused almost half of all TSX-Venture junior mining companies' stock prices to fall below 10 cents. Adding to this list of problems is the perception that Argentina offers a poor investment climate, although a number of major companies are spending billions of dollars to develop new projects. Even in the face of these tough market conditions, we are confident in our growth strategy and excited about the future.
Our plan for 2013 is:
- To continue to develop our portfolio of projects, our diversity allows us to whether commodity price volatility
- To partner with mid-large mining companies to reduce risk and exploration costs
- To spinout Marifil Fertilizers Inc.
On Behalf of the Board of Directors,
John Hite, President
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).
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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