Marifil Mines Ltd.: Letter to Shareholders

About this update from International Iconic Gold Exploration Corp

[{"type":"text","content":"VANCOUVER, BC--(Marketwired - June 02, 2016) - Marifil Mines Limited (TSX VENTURE: MFM) -  Dear Shareholder, The past few years have been extremely painful, not only for management but also for Marifil shareholders. The problems we faced were fivefold and were largely beyond our control: The slide in metal and non-metallic prices which began over five years ago. For example during this period gold prices slumped from $1800 per ounce to about $1215 per ounce. Similar decreases can be shown for silver, base metals, and potash. This slide in metal prices in also reflected in the share prices of junior mining companies as shown below in Figure 1. The anti-business policies of Argentina's prior government made the country a difficult place to do business. These policies included controls on the movement of money into and out of the country, established taxes on the import and export of equipment, and taxes on the sale of gold. This put a drastic chill on investor appetite for Argentinian companies. The sudden abandonment of San Roque by NovaGold implied that San Roque was not a good project and left us with a 49% partner who would not contribute to advance the project. NovaGold was forced to leave when the company was re-organized into two new companies: NovaGold and NovaCopper. The new NovaGold board of directors insisted that company would concentrate solely on their Donlin Creek, Alaska gold project and their Galore Creek, British Columbia project and NovaCopper's board insisted that company concentrate on their Ambler District, Alaska copper project. The NovaGold geologists who worked on our project all think that it is a good project. From February 2015 through February 2016 a major copper producer carried out a due diligence study on the San Roque project and then carried out protracted negotiations on a Joint Venture agreement for San Roque. Marifil and that company were close to a final agreement when that Company suddenly left because of severe budget cuts for exploration. In 2014 an entity of the Argentina government approached Marifil seeking a long-term contract to purchase limestone for use at a new power plant. Selling material to the government required us to deal with a quasi-public corporation set up to handle contracts between private suppliers and buyer. Before proceeding further the buyers insisted on fu...

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