Marifil Mines Signs Letter of Intent With Yamana Gold
Marifil Mines Ltd. announces that it has signed a Letter of Intent with Yamana Gold Inc. whereby Yamana can acquire an interest in Marifil’s wholly owned Pedernal gold property, San Juan Province, Argentina.
Pedernal comprises 13,287 hectares and is located about 50 km south of San Juan, the capital of the province. San Juan is widely recognized as a very “mine friendly” province and is also an important gold region containing the 13 million ounce Veladero deposit, the 18 million ounce Pascua-Llama deposits, the +2 million ounce Gualcamayo deposit and a host of smaller high grade gold deposits.
Pedernal is a sediment-hosted “Carlin-type” gold deposit with a number of strong similarities to Yamana’s Gualcamayo property, located 250 km to the north in the same group of sedimentary rocks. The target is marked by anomalous amounts of gold, widespread jasperoidal breccias, silica flooding, barite, and significant amounts of the pathfinder elements arsenic, antimony, and mercury.
Under the terms of the agreement, Yamana shall have 90 days to complete its due diligence. Subsequently, Yamana agrees to pay Marifil a total of $510,000 and complete a minimum of $2,490,000 in work over a five year period to earn a 51% interest. Yamana can then earn an additional 19% over the following 30 months by providing a Pre-Feasibility study.
Mr. John Hite, President, remarks, “This LOI is in keeping with our business model of finding good projects, adding value, and then bringing in well funded senior partners to bring the properties to production. In these difficult times, Marifil has adjusted by severely reducing overhead; nevertheless, we are continuing work on our core properties and continuing to attract strong partners. We have a widely diversified portfolio of properties including oil and gas, potash, base metals, platinum, gold, silver, and cement-grade limestone.”
For further information on the Company and its projects, please refer to Marifil’s website: www.marifilmines.com.