Marifil Terminates Renholn Lithium Agreement
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 09/02/11 -- Marifil Mines Ltd. (TSX VENTURE: MFM) ('Marifil' or 'the Company') announces that the sales agreement with Renholn International (Renholn) for the Company's lithium properties in Catamarca and Jujuy Provinces, Argentina has terminated.
Renholn signed a sales agreement over one year ago and then subsequently signed a joint venture agreement with Obtala Resources (Obtala). Neither Renholn nor Obtala ever carried out work on the properties other than two brief property visits by consultants.
Marifil considers these properties to have considerable potential. We have a NI 43-101 report recommending a large work program and our sampling shows the presence of lithium. Our lithium properties are in the Altiplano-Puna Plateau covering parts of Argentina, Chile, and Bolivia. This plateau contains over 50% of the worlds lithium and is a major lithium province with numerous advanced lithium projects near the Company's properties.
The Company is acquiring additional lithium claims and will be seeking a new sale or joint venture for these properties.
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. Walters is a Qualified Person as defined by National Instrument 43-101.
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Contacts:
Marifil Mines Ltd.
John Hite
President
(702) 562-4880
www.marifilmines.com
Ascenta Capital Partners Inc.
Hugh Oswald
Investor Relations
(604) 684-4743 ext. 243
hugh@ascentacapital.com