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Marifil Mines Ltd.

Mining Companies - Metals Companies

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Junior Explorer: precious metals, base metals, non-metals; JV for advancement

Marifil Mines Ltd. a Canadian-based exploration company focused on Argentina.  By strategically focusing on high-potential joint venture opportunities, Marifil has been able to develop a diverse portfolio of properties, including several with bonanza grade gold, silver, copper and indium values. The company has a massive land position of 20 properties, totaling more than 400,000 hectares within nine provinces of Argentina. The Company is listed on the Toronto Venture Exchange under the symbol (MFM) and OTC under (MFMLF).

Annual Trading Range


Trading on 4 May 11  @ .35

Share Structure

S/O 51,833,599

Warrants: 8,732,250

Options: 2,580,000

FD 63.15 million


9 Months ending Sep 2010

Cash and Equivalent 170K

St Liabilities 103K

Revenue 0

Financing  219K

Cash Burn Rate 309K

Quarterly loss (0.00)

Business Model

Marifil's business model is to locate and develop economic mineral deposits and then strategically joint venture with a major mining company for the development of the resource. Marifil has successfully implemented this model on several projects with six projects currently under contract.


Rio Negro Province

Toruel: Silver-Gold-Copper in Epithermal Breccias

NI 43-101 Report for Toruel Download PDF (29.3 Mb)

The Toruel project contains silver-gold-copper-indium values hosted by epithermal breccias and veins. The project, covering approximately 43,621 hectares is located in the Rio Negro Province near the small town of Los Menucos. The most prominent mineralization on the property is the Toruel

vein. This system comprises a strongly silicified fissure vein and breccia with numerous smaller veins splitting off the main vein to form smaller, sub-parallel or sygmoidal veins.

The main vein system can be divided into three blocks, an eastern block, a western block, and a central block several hundred meters wide but largely covered by alluvium. The western block is shorter than the eastern block, geochemical values are lower (although still strongly anomalous), but the

vein system is up to 90 m wide. Gold anomalies are lower than 1 g/t and with silver values generally less than 200 g/t. This block is interpreted to be the very top of the epithermal system.

The eastern block shows more pronounced topography and forms a low ridge up to 20 m high, 100 m wide, and more than 1,200 m long. The vein system is composed of splays and horse-tail veins and veinlets splitting off of the main structure.

The main part of this vein averages more than 5 m wide and surface channel samples show silver values averaging in excess of 400 g/t with one sample containing 5,871 g/t silver. Gold anomalies are variable ranging from 0.14 g/t up to 7g/t but in general the average is closer to 0.50 g/t




Los Menucos JV

(Somuncura Project): Epithermal Gold-Silver deposits in Jurassic Volcanics


Ore targets include high grade gold-silver in veins and bulk tonnage disseminated gold silver deposits. The project area also includes a possible disseminated bulk tonnage molybdenum deposit.

Business / Work Plan

The Company is continuing to study this large and highly prospective property and is looking forward to securing a new joint-venture partner on the property.



Punta Colorado (Sierra Grande): Cement grade limestone

San Roque: Epithermal Gold-Silver

The San Roque project comprises eleven claims totalling 70,046 hectares.

Three of the claims are owned by MIM Exploraciones SA ("MIM"). Marifil has the right to purchase a 100% interest in these claims for $400,000.

The San Roque property contains a large sulphide system defined by an induced polarization ("IP") survey and widespread drilling over an area measuring at least 3 kilometres by 4 kilometres. This area is the site of a coincident lead-zinc-goldsilver anomaly in soils and the IP geophysical anomaly. Marifil believes this mineralization lies within a collapsed caldera or diatreme structure. Widespread mineralization occurs throughout the volcanic rock types present within the

postulated caldera/diatreme and mineralization also extends into the underlying basement schists.

The infrastructure is especially favourable at San Roque. The climate is mild and work can be carried out year round; the terrain is relatively flat, with elevations generally only 200 to 300 m above sea level, and abundant water is nearby.

The property is located in a region with a large, skilled workforce and is accessible by a paved highway. A railroad crosses the south boundary of the claims, cheap hydroelectric power is available, and a deep water ocean port lies just 65 kilometres to the east.

Drilling by Marifil reveals significant disseminated and stockwork galena and sphalerite (ores of lead and zinc) mineralization containing gold, silver, and indium. Marifil believes mineralization at San Roque is analogous to the giant

Penasquito deposit in Mexico, (mined by Goldcorp), and the Camino Rojo and San Augustin deposits, also in Mexico. The Montana Tunnels deposit in western Montana is also a similar geologic model.


Under the terms of the Option Agreement ("Agreement") announced on June 23, 2010, NovaGold has an option to acquire a 49% interest by spending $3,000,000 during the first two years of the Agreement (including making the $400,000 payment to MIM) and paying Marifil $100,000 per year. After earning its 49% interest, NovaGold can earn an additional 2% interest by committing to a Phase 2 program. During the Phase 2 program NovaGold shall spend an additional $6,000,000 over the next three years and pay Marifil $100,000 per year to earn an additional 19% interest, bringing its total interest to 70%. All further expenditures shall be shared 70% NovaGold and 30% Marifil.

San Juan Province

Amarillo Norte: Epithermal Gold and Porphyry Copper-Gold

San Luis Province

Las Aguilas: Nickel-Copper-PGE in Layered Ultramafic Complex

Marifil Mines has entered into a joint venture option agreement with Pacific Coast Nickel Corp. on the Las Aguilas Project. The agreement provides for payments and work commitments in order for Pacific Coast to earn a 49% interest in the property.

Cash and Shares (All dollar figures in US Dollars)

1) $25,000 on signing the agreement and an additional 250,000 shares on approval of the TSX venture Exchange; during a due diligence phase Pacific Coast will complete a resource estimate followed by further payments as follows:

a) $75,000 and 250,000 shares on or before April 1, 2012;

b) $100,000 and 250,000 shares on or before April 1, 2013

c) $100,000 and 250,000 shares on or before April 1, 2014

Pacific Coast must incur $500,000 in exploration expenditures each year for the first two years and expenditures of $1,000,000 during the third year. Pacific Coast can earn an additional 11% (bringing the company's interest to 60%) by completing a pre-feasibility study and issuing 2,000,000 shares on or before April 1 2015 and then a further 10% (bringing the company's interest to 70%) by completing a feasibility study before April 15, 2016.

If Marifil elects not to pay its 30% share of costs once Pacific Coast has earned its 70% interest, then Pacific Coast has the option of purchasing Marifil's 30% for $5,000,000. In such event, Marifil would retain a 3% NSR, of which a first 0.5% could be purchased for $1,000,000 and a second 0.5% could be purchased for $2,000,000, thereby reducing Marifil's NSR to 2.0%.

Neuquen Province

K-2 Project: Potash

Marifil announced on December 21, 2010 that it had signed a Letter of Intent, on behalf of itself and Marifil's subsidiary Oxbow Holdings Corp., with Saccharum Energy Corp. of Calgary, AB. Saccharum has agreed to pay $10,000 for an exclusive 60 day due diligence period to check title and further agrees to purchase all of the shares of Oxbow for a price of one cent per share. Subsequently, Marifil agrees to restructure its underlying agreement with Oxbow whereby Saccharum can earn a 75% interest in the K-2 property.

Saccharum will pay Marifil US$500,000 in cash plus 2,000,000 Saccharum common shares over three years. The first year's payment to Marifil will be US$150,000 in cash and 1,000,000 shares upon Saccharum's completion of a financing. Saccharum further agrees to spend US$4,500,000 in work over the next four years as follows: US$1,000,000 per year for the first three years and US$1,500,000 during the fourth year.

Saccharum will also pay Marifil performance bonuses of 1,500,000 shares upon completion of a positive NI 43-101 compliant resource and a further 1,500,000 shares following completion of a Feasibility Study. If Saccharum's share structure exceeds 75,000,000 shares during this agreement the shares payable to Marifil shall be adjusted upward proportionately. Upon completion of Saccharm's earn-in all furher expenditures shall be shared 75:25. If a partner fails to pay its share that partner shall be diluted to a 1.5% Net Smelter Royalty. Saccharum shall have the right to purchase Marifil's royalty for US$15,000,000.



May 03, 2011

Marifil Advancing Agreement with Saccharum for Argentina Potash Properties


Codihue: Sulfur

Santa Cruz Province

Maipu: Silver- Zinc in Jurassic Breccia

Chubut Province

APG: Epithermal Gold-Silver

Ferrocarillera (Minas Lago Fontana): Epithermal Gold-Silver-Base Metals

Paquita: Gold in Jurassic Volcanics

Mina El Carmen : Oil and Gas target

Catamarca Province


The Catamarca Province Lithium Project comprises seven cateos (exploration concessions) in the Catamarca Province, northwest Argentina. The cateos cover portions of salt lakes (salars) and adjacent alluvial fans. The properties are located on the Puna plateau, a high elevation basin-like plain covering parts of Argentina, Chile and Bolivia. This high plateau contains over 70% of the world’s lithium supply in brines.


Marifil has signed an agreement with Renholn International, a private company, whereby Renholn has the right to purchase all of the Company's lithium claims in Salta and Catamarca Provinces, Argentina.

Under the terms of the agreement Renholn agrees to pay Marifil $500,000 in cash at a rate of $125,000 on signing the agreement and $125,000 per year for three years. Renholn further agrees to carry out the $2,250,000 minimum exploration programs recommended in the Company's NI 43-101 reports for these properties at the rate of $500,000 in Year 1; $750,000 in Year 2; and $1,000,000 in Year 3. Marifil shall retain a 3% Net Smelter Royalty.

Renholn shall have three years to obtain a listing on the London AIM market for itself or some other Company ("NEWCO--AIM") that will hold the lithium properties. At the date of the AIM listing, Renholn, or NEWCO-AIM, shall issue $4,500,000 worth of shares in NEWCO-AIM to Marifil at the same price as the initial offering price for such shares.



John B. Hite
Position: President & Director

Mr. Hite is a Registered Geologist with significant experience in the junior mining industry, having worked as a geologic consultant since August 1978, and is a Qualified Person as defined in National Instrument 43-101. Previously he was a Director and President of East Asia Gold Corp.

Richard R. Walters
Position: Exec. Vice President & Director

Mr. Walters is a certified professional geologist with the American Institute of Professional Geologists and is a Qualified Person as defined in National Instrument 43-101. He was a Director, Chief Operating Officer and Executive Vice President of Yamana Resources Inc., (TSE) between December 1994 and March 2000. Since July 2003, he has been a Director and President of Little Squaw Gold Mining Company (NASDAQ OTC BB).

Daniel Buffone
Position: President, Marifil S.A. & Director

Mr. Buffone, an Argentine born and trained geologist, was a founder of Marifil S.A. and may be considered a promoter of the Corporation within the meaning of applicable securities legislation.

Matthew Fowler
Position: Interim Chief Financial Officer

Mr. Fowler has six years of investment, corporate finance and Securities and Exchange Commission accounting experience. He has raised institutional capital for private equity investments, invested in numerous private equity transactions and drafted and finalized SEC and Toronto Stock Exchange (TSX) documents for publicly listed companies. He also serves as Senior Consultant with Sharp Executive Associates, Inc., an international financial consultancy assisting private, SEC and TSX listed public companies with their accounting and regulatory compliance needs. 

Mr. Fowler served as a partner, CFO and CCP at Strata Partners, LLC, a boutique investment bank based in Seattle, Washington where he was responsible for capital raising as well as all financial, operational and compliance requirements with the Financial Industry Regulatory Authority. Before joining Strata Partners, LLC, Mr. Fowler previously held the position of Analyst and Chief Financial Officer at Octavius Capital Management, LLC, a registered investment adviser based in Seattle, Washington serving high net worth individuals. Mr. Fowler received an AB degree in economics and a Certificate in Accounting from the University of Washington.

Greg Burnett
Position: Director

Mr. Burnett has a Masters of Business Administration and a Bachelor of Applied Science in Civil Engineering, and has extensive experience acting as president of Carob Management, a business development consulting company.

John W. Pearson
Position: Director

Mr. Pearson holds a H. B.Sc. in Geology and is an Investor Relations Executive with over 26 years experience in the mining industry. Currently, he is Centerra Gold Inc.'s Director of Investor Relations. Previously, he was the executive in charge of Investor Relations at Stillwater Mining Company, SouthernEra Resources Limited, Pegasus Gold Inc., LAC Minerals Ltd., and Canamax Resources.

William Schara
Position: Director

Mr. Schara is Chief Financial Officer of Minera Andes Incorporated. A certified public accountant, he has more than 21 years accounting and financial experience including ten years in the mining industry, much of it focused in South America. Previously, he was Vice President of Finance and Chief Financial Officer for Yamana Resources Inc. (now Yamana Gold), where he assisted in raising more than US$50 million in various financings. He was CFO of Yamana when the company placed a primary silver mine in production in Argentina in the late 1990s.



Corporate Presentation

Investment Highlights

News Releases


May 03, 2011

Marifil Advancing Agreement with Saccharum for Argentina Potash Properties

April 11, 2011

News Release

April 04, 2011

Marifil Grants Extension for the K-2 Potash Property and Agrees to Similar Terms for the K-3 and K-4 Properties

March 22, 2011

Marifil Announces Start of Drilling at San Roque

March 04, 2011


February 23, 2011

Marifil Grants Extension of Letter of Intent for the K-2 Potash Property

February 22, 2011

Marifil Expands K-3 and K-4 Potash Properties

February 22, 2011

Exercise of Warrants and Options Brings $633,704

February 02, 2011

San Roque Drilling to Begin in March

January 22, 2011

Marifil Aquires K-4 Potash Project And Adds More Property to K-3

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Disclaimer: is not a registered investment advisor - Stock information is for educational purposes ONLY. Bullion Bulls Canada does not make "buy" or "sell" recommendations for any company. Rather, we seek to find and identify Canadian companies who we see as having good growth potential. It is up to individual investors to do their own "due diligence" or to consult with their financial advisor - to determine whether any particular company is a suitable investment for themselves.

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