Mirasol Finalizes Exploration Agreement for the Espejo Project
04 Octubre 2012 - 8:00AM
PR Newswire (Canada)
VANCOUVER, Oct. 4, 2012 /CNW/ - Mirasol Resources Ltd.
("Mirasol") is pleased to announce that it has finalized the
definitive exploration option agreement (the "Agreement") for its
100%-owned Espejo Project, located in Santa Cruz Province, southern
Argentina, pursuant to a letter of intent announced previously
(April 27, 2011). . The Agreement provides for the optionee to earn
a 51% interest in the Espejo Project upon completing a US $4
million investment in exploration over four years from the date of
the Agreement, with certain cash payments. After earn-in, the
optionee's participating interest may be increased to 61% on
completing a NI 43-101 feasibility study, and further increased to
70% by providing mine financing at commercial terms, if requested
by Mirasol. The Espejo Project hosts a number of discrete drill
targets identified by Mirasol through its proprietary targeting
process (see news releases of January 16, 2007 and June 16 and 28,
2008). Previous exploration conducted by Mirasol included
detailed ground magnetic and gradient array IP (induced
polarization) geophysical surveys which identified multiple
prospective chargeable structures located beneath shallow depths of
gravel cover. The Agreement provides for exploration
expenditures on the property of US$300,000 during the first year,
with a total of US$200,000 to be spent on areas outside of
Mirasol's existing exploration program during the first two years
of the Agreement. About Mirasol Resources Ltd. Mirasol is focused
on the discovery, exploration and acquisition of high-potential
precious metals deposits in the Americas, utilizing leading edge
technology for strategic advantage. Mirasol currently holds an
active portfolio of exploration properties in Santa Cruz Province,
in the Patagonian region of Argentina, identified through the
Company's exploration targeting and technology. Mirasol holds
a 49% interest in the Joaquin silver-gold mine, where in August
2012, its joint venture partner and operator Coeur d'Alene
Mines published a mineral resource which includes 5.6 Moz
silver in the Measured and 34.1 Moz silver in the Indicated
categories, and 31.7 Moz silver in the Inferred category,
respectively. Mirasol's 100%-held Virginia silver vein
discovery has advanced through more than 23,000 metres of drilling.
Mirasol holds 100% of the rights to the Rubi copper-gold porphyry
target, strategically located in the historic El Salvador copper
mining district, Chile, and has a new gold exploration program in
northern Chile. Mirasol operates through subsidiary companies
in Argentina and Chile and is engaged in generative exploration in
high-potential regions in the Americas. Quality Assurance/Quality
Control: Exploration at Mirasol's Projects is supervised by Stephen
C. Nano, Vice President of Exploration; Timothy Heenan, Exploration
Manager; and Paul Lhotka, Principal Geologist. All technical
information for the Company's projects is obtained and reported
under a formal quality assurance and quality control (QA/QC)
program. Drill core, rock chip and stream sediment samples are
collected under the supervision of Company geologists in accordance
with standard industry practice. Samples are dispatched via
commercial transport to an ISO 9001:2000-accredited laboratory in
Mendoza, Argentina for analysis. Results are routinely examined by
an independent geochemist to ensure laboratory performance meets
required standards. Assay results from diamond drill core or RC
drill samples may be higher, lower or similar to results obtained
from surface samples. Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release. Mirasol Resources Ltd.
CONTACT: contact:Mary L. Little President and CEOTel:(604)
602-9989; Fax:(604) 609-9946Email: contact@mirasolresources.com
Website: www.mirasolresources.com
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