VANCOUVER, April 27 /CNW/ - Mirasol Resources Ltd. (TSXV:MRZ; Frankfurt: M8R) is pleased to announce it has signed a
Letter of Intent with Pan American Silver Corp. ("Pan American") to
explore Mirasol's 100%-owned Espejo project, located in Santa Cruz
Province, Patagonia, Argentina. Pan American is a leading silver
producer and operates the adjacent Manantial Espejo silver-gold mine,
which produced approximately 4.0 million ounces of silver in 2010. The
Espejo property is located in the prolific Deseado Massif volcanic
terrane of southern Argentina.
The Letter of Intent provides for a definitive joint venture agreement
to be signed which gives Pan American the option to earn 51% interest
in Espejo in exchange for US$4 million investment in exploration over
four years, and certain cash payments. After earn-in, Pan American may
increase its interest to 61% by producing a NI 43-101 compliant
feasibility study. Mirasol may then elect to maintain a participatory
39% interest or permit Pan American to increase its interest to 70% by
providing mine financing at commercial terms to Mirasol, at Mirasol's
request. Pan American will manage the exploration program. The Letter
of Intent is subject to satisfactory due diligence by Pan American.
The Espejo project hosts a number of discrete drill targets identified
by Mirasol which occur on trend with the Manantial Espejo silver-gold
vein system (see news releases dated January 16, 2007 and June 16 and
June 28, 2008). Previous exploration conducted by Mirasol included
detailed ground magnetic and gradient array IP geophysical surveys
which identified multiple prospective chargeable structures located
under shallow to modest depths of gravel cover. The agreement provides
for Pan American to spend US$300,000 in exploration during the first
year, with a total of US$200,000 on areas outside of Mirasol's
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 100% of the rights of eight active exploration properties and
twelve early-stage precious metals prospects in Santa Cruz Province, in
the Patagonian region of southern Argentina, identified through the
Company's proprietary exploration. At the Joaquin silver-gold project,
exploration is being funded and operated by Mirasol's joint venture
partner Coeur d'Alene Mines. In addition, Mirasol holds 100% interest
in the Virginia silver vein discovery in Argentina and the Rubi
copper-gold porphyry target, strategically located in the El Salvador
copper mining district, northern Chile. Mirasol operates through
subsidiary companies in Argentina and Chile and is engaged in
generative exploration in high-potential regions elsewhere in the
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 qualified persons under NI 43-101.
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
Assay results from subsurface 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.
SOURCE Mirasol Resources Ltd.
For further information:
Mary L. Little
President and CEO
Tel:(604) 602-9989; Fax:(604) 609-9946