Marifil Acquires Promising Limestone Project +100 Million Tonne Target of Cement-Grade Limestone

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[{"type":"text","content":"Marifil Acquires Promising Limestone Project\n+100 Million Tonne Target of Cement-Grade Limestone\n\n\n\nMarifil Acquires Promising Limestone Project\n+100 Million Tonne Target of Cement-Grade Limestone\n\nSpokane, WA US, October 21, 2008 /FSC/ - Marifil Mines Ltd. (MFM - TSX Venture, MFMLF - OTCBB_Pink_Sheets), is pleased to announce it has acquired a 100% interest in the Punta Colorado limestone deposit located on the Atlantic coast, near Sierra Grande, Rio Negro Province Argentina.\n\nThe 545 hectare Punta Colorado property, comprised of two blocks, is dissected by a narrow access corridor occupied by a good road, a 132-kilovolt power line and a natural gas line with a capacity of 5 kg/cm2.\n\nMarifil originally acquired the property as part of the land package owned by Marifil S.A.  Hierro Patagonico Rionegro S.A. (HIPARSA) granted a contract to Marifil to develop the limestone but retained a 20% interest; however, this same contract granted Marifil a 20% interest in any minerals, other than iron, in the Sierra Grande iron deposit.  In 2006, HIPARSA sold the Sierra Grande iron mine; this sale precipitated HIPARSA's request to Marifil to either move forward or relinquish the property.  \n\nMarifil, the Province of Rio Negro, and HIPARSA have signed a new, superceding contract on August 1, 2008.  In the new contract Marifil owns a 100% interest in the limestone deposit, subject only to a 32 hectare parcel which the Province wishes to use for a duty-free industrial area.  The Province of Rio Negro has one year to develop a duty-free area on the 32 hectare parcel or it reverts to Marifil under the terms of the present agreement.  \n\nUnder the terms of the agreement, Marifil is granted a six year term to carry out exploration, followed by a 30 year term for exploitation.  The project is subject to a 5% royalty on the mine mouth value of the limestone; the royalty is payable to the Province annually.\n\nThe nearby Sierra Grande project is a large, inactive underground iron mine developed by HIPARSA.  The mine infrastructure includes an iron pelletizing plant and a kilometer-long, 1,800 tonne-per-hour capacity automated deep-water loading dock capable of handling bulk cargo ships.  Built around 1980, at a cost of over $35 million, the loading...

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