Marifil Acquires & Sells Significant Potash Project

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[{"type":"text","content":"Marifil Acquires & Sells Significant Potash Project\n\n\n\nMarifil Acquires & Sells Significant Potash Project \n\n127,000 Hectares Adjacent to Rio Tinto's Potash Mine\n\nVancouver, British Columbia CANADA, June 02, 2008 /FSC/ - Marifil Mines Ltd. (MFM - TSX Venture, MFMLF - OTCBB_Pink_Sheets), is pleased to announce that the Company has acquired 127,000 hectares of land in the Neuquen Basin of Argentina. This acquisition brought Marifil's total land position in this region to 154,000 hectares. The company also entered into a Letter of Intent with a private company for the sale of all 154,000 hectares.\n\nMarifil Mines identified a previously unexplored portion of the Neuquen Basin with favourable stratigraphy at depths of about 500 m. Outcrops further to the west exhibit evidence that the favourable stratigraphy contains potash. The new property occupies the western half of the basin and is underlain by geology identical to that of the nearby Rio Tinto's Potasio Rio Colorado potash mine. This mine is scheduled to produce 2.4 million tonnes of potash annually.\n \nMarifil Mines acquired the property by staking the claims.   Following the acquisition, Marifil Mines signed a Letter of Intent (LOI) with a private company, Latin American Potash Corp. (LAPC) for all 154,000 hectares in the Neuquen Basin of Argentina.  Under the terms of the Agreement, Marifil Mines will receive $100,000 in cash (already paid), 20% of the shares in LAPC, and will retain a 2% Net Smelter Royalty from any potash production from the property. \n\nSince the signing of this LOI, LAPC has been acquired by Allana Resources Inc., a publicly traded company with a focus on potash. The purchase price, subject to regulatory approval, is 3,000,000 shares of Allana and $130,000.  The acquisition of LAPC is in the due diligence phase and is expected to close by May 31, 2008. If the acquisition proceeds, Marifil Mines will receive  600,000 shares of Allana, $26,000 in cash, and will still retain the 2% Net Smelter Royalty.\n\nMr. John Hite, President of Marifil reports, \"Our consulting geologist and staff had prior knowledge of the mineralization controls in this basin and recognized that the western half of the basin is covered by a thin layer of volcanic rocks, generally less than 100 meters thick.  By careful stru...

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