Marifil Sells Lithium Properties for $5 Million

MARIFIL MINES LTD. (TSXV:MFM) announced that it has signed an agreement with Renholn International, a private company, whereby Renholn has the right to purchase all of the Company’s lithium claims in Salta and Catamarca Provinces, Argentina.

The press release is quoted as saying:

Under the terms of the agreement Renholn agrees to pay Marifil $500,000 in cash at a rate of $125,000 on signing the agreement and $125,000 per year for three years. Renholn further agrees to carry out the $2,250,000 minimum exploration programs recommended in the Company’s NI 43-101 reports for these properties at the rate of $500,000 in Year 1; $750,000 in Year 2; and $1,000,000 in Year 3. Marifil shall retain a 3% Net Smelter Royalty.

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