Marifil Options the Las Aguilas Project to Pacific Coast Nickel Corp.

Marifil Mines (TSXV:MFM) announced that they have entered into a joint option venture with Pacific Coast Nickel Corp(TSXV:NKL) to work on the Las Aguilas project.

The press release is quoted as saying:

Interest in the Property as follows (all figures in U.S. dollars):Cash and Shares:$25,000 on signing the agreement and an additional 250,000 shares on approval of the TSX venture Exchange; during a due diligence phase Pacific Coast will complete a resource estimate followed by further payments as follows:
$75,000 and 250,000 shares on or before April 1, 2012;
$100,000 and 250,000 shares on or before April 1, 2013
$100,000 and 250,000 shares on or before April 1, 2014
Work Commitments: On or before April 1, 2012 incur $500,000 in exploration expenditures,
On or before April 1, 2013 incur $500,000 in exploration expenditures,
On or before April 1, 2014 incur $1,000,000 in exploration expenditures.

John Hite, President of Marifil Mines, says:

“We are very pleased to announce this joint venture with Pacific Coast.The Las Aguilas project is very promising and we look forward to the results of Pacific Coast’s exploration efforts, particularly on the East Deposit where the deepest holes are well outside the historic resource estimate and demonstrate the deposit is getting larger and richer with depth. Hole LA 08-078, the deepest hole, intersected 19.7 m grading 0.58% nickel, 0.42% copper, 0.03% cobalt, 0.44 g/t platinum, 0.50 g/t palladium, and 0.22 g/t gold, including 5.64 m grading 1.05% nickel, 0.62% copper, 0.04% cobalt, 0.8 g/t platinum, 0.69 g/t palladium, and 0.14 g/t gold. This is very exciting news for the shareholders in both companies.”

 To access the full release, click here.