Argentina Mining Play

[kraftdinner]

Marifil Mines begins phase 2 drilling in Argentina


2005-11-14 09:00 MT - News Release

Mr. John Hite reports

MARIFIL LAUNCHES PHASE II DRILLING AT TORUEL

Marifil Mines Ltd. has started a second round of diamond drilling at its wholly owned Toruel epithermal silver-gold project in Rio Negro province, Argentina. The company has discovered a system of fault controlled breccias and quartz veins over an area of 24 square kilometres on Toruel within recent months. (See news in Stockwatch Aug. 15, 2005.) To date, the company has drilled 46 holes on the property.

The initial portion of drilling in phase II focuses on the previously designated DH-24 target area of the main Toruel vein. During phase I drilling in June, 2005, DH-24 hit an approximate true thickness of 5.0 metres grading 5.11 per cent copper within an 8.8-metre interval grading 624 grams per tonne silver equivalent (gold plus silver). The company is seeking to delineate a high-grade ore shoot in this area with closely spaced drill holes.

To date, nine holes have been completed in this target, returning mineralized intercepts averaging 5.5 metres true thickness. These intercepts all contain significant amounts of copper sulphides.

Phase II consists of 1,200 metres of diamond drilling, which has produced numerous intercepts of silica-sulphide rich hydrothermal breccias and veins.

Mineralization generally consists of chalcopyrite, pyrite, tetrahedrite, covellite, galena, sphalerite and rare traces of native silver as clots, veinlets and disseminations within contiguous fault zone drill hole intercepts of multiphase breccia sealed with episodic silica. (Chalcopyrite, tetrahedrite and covellite are copper-bearing minerals; tetrahedrite is also a silver-bearing mineral; galena is a lead-bearing mineral; and sphalerite is a zinc-bearing mineral.) Assays are in progress.

The latest drilling has also penetrated the nearby Avispa and John veins. Each of these veins is more than 700 metres long and open-ended. Avispa trench sampling obtained values including 2.20 metres grading 1.70 g/t gold and 301 g/t silver and 0.90 metre at 6.89 g/t gold and 461 g/t silver. Three Avispa vein drill intercepts average 3.70 metres true width. Notable trench samples on the John vein include 2.5 metres at 0.13 g/t gold and 194 g/t silver and 5.2 metres containing 3.06 g/t gold and 175 g/t silver. Three John vein drill intercepts average 1.8 metres of true width.

Marifil's chief executive officer, John Hite, commented, "Our project geologists are highly encouraged by the presence of strong copper sulphide mineralization in many of the drill intercepts, particularly since tetrahedrite contains significant amounts of silver."

An induced polarization geophysical survey conducted on the property in September generated strong anomalies over the DH-24 target area as well as over the John and Avispa veins.

The new White Goat vein is a virgin drill target that may be tested in a subsequent drill program. Rock chip and soil sampling have shown it to be geochemically anomalous in gold, silver and other elements. The IP survey also defined strong anomalies associated with the White Goat vein. Silicified and brecciated outcrops range up to 30 metres wide on this vein.

Company geologists have recently discovered two more mineralized structures on the Toruel property. Reconnaissance sampling assay results of the Ancha and Canyon epithermal quartz veins are sufficiently encouraging that a mapping and trenching program is in order. Outcrops of these veins range up to 10 metres wide. The Ancha vein outcrops for over 700 metres along strike and the Canyon vein for over 1,500 metres and both veins are open-ended.

The first string of phase II drill core assay results is expected before the end of November. The drill program should also be completed prior to the month-end.

All assaying is being done by Alex Stewart & Co. in Mendoza, Argentina. Elements other than silver and gold will be analyzed by ICP at the same laboratory.

This press release has been reviewed and approved by Mr. 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.