VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 9, 2011) - MARIFIL MINES LTD. (TSX VENTURE:MFM) ("Marifil" or "the Company") announces that Ilakon Ltd. ("Ilakon"), a private company, has made the second, and final payment to purchase the Company's El Carmen oil and gas property located in Chubut Province, Argentina.
Ilakon agreed to purchase the El Carmen property for $250,000 with $125,000 payable upon signing and a second payment 12 months later; both of which have now been paid. In addition, Marifil retains an 8% production royalty from gross proceeds of sales of oil and gas. Ilakon will begin paying Marifil an annual minimum advance royalty of $75,000 beginning at the earlier of commencement of production or 24 months from the date of the Agreement.
The property comprises four patented oil claims totalling 2,001 hectares located on the north flank of the Golfo San Jorge Basin in Chubut Province, Argentina (see El Carmen News Release dated October 16, 2007).
Marifil's President and CEO, Mr. John Hite commented, "Once again, we have demonstrated that Marifil owns an impressive portfolio of properties in Argentina. As a Company we continue to be a dominant exploration team in the country continually adding new projects to our portfolio of mineral properties."
This press release has been reviewed and approved by John Hite, President of Marifil Mines Ltd. and by Richard Walters, Vice President under whose directions the exploration program is being carried out. Mr. Hite and Mr. Walters are Qualified Persons as defined by National Instrument 43-101.
