Mirasol Enhances the Nico Silver-Gold Project in Santa Cruz, Argentina



    VANCOUVER, Oct. 11 /CNW/ - Mirasol Resources Ltd. (TSXV: MRZ; Frankfurt:
M8R) is pleased to announce new geochemical and geophysical results from its
100%-owned Nico silver-gold project, located in the prolifically mineralized
province of Santa Cruz, Southern Argentina. The Nico project encompasses 198
square kilometers of claims centered on a Jurassic-age epithermal system which
outcrops adjacent to a provincial road 40 kilometres to the north of Coeur's
Martha silver mine.
    Mirasol's recently completed geological mapping, rock chip sampling, and
detailed ground geophysics have identified epithermal silver-gold
mineralization at the edge of a previously unrecognized volcanic center
characterized by a sequence of rhyolite domes and flows (View the Nico Project
Geological & Alteration Map). The Nico silver-gold prospect is localized at
the intersection of regional scale mineralized structural corridors, which
have acted as a first order control for a number of precious metals projects
across Santa Cruz.
    Rock chip sampling at Nico has outlined a 1.5 square kilometre area where
anomalous silver and gold values report to a series of sub-metre wide veins,
multi-phase structural breccias and broad zones of crackle breccias. The
average of all 128 rock chip samples collected from these structures is
40.6 g/t silver and 0.44 g/t gold. Assay results of all 42 samples collected
from structures in the higher grade "core" of the zone, returned peak assays
of 324.0 g/t silver and 8.56 g/t gold, with average results of 104.7 g/t
silver and 1.16 g/t gold.
    Mirasol completed in-house ground magnetics and gradient array IP
geophysical programs, which mapped a series of structurally controlled
resistive and chargeable anomalies that are broadly coincident with the
surface exposure of mineralized structures (View the Nico Project Resistivity
Map). Interpreted IP results show resistive trends are continuous along strike
for up to 1,300 meters, with individual robust resistive anomalies extending
along strike for in excess of 400 meters. The magnitude of the geophysical
anomalies suggests potential for improved width and strike continuity of
mineralization at depth.
    The multi-element assay results from the Nico rock chip sampling show an
association of precious metals with strongly elevated epithermal trace
elements, as well as classical chemical pathfinder elements lead, zinc, copper
and molybdenum. This element association suggests that the Nico prospect
belongs to a group of silver-gold-polymetallic epithermal systems only
recently recognized in Santa Cruz, including the recently commissioned San
Jose mine and Coeur d'Alene's Martha Mine. Typically, this style of deposit is
silver rich, but can contain significant associated gold and in some cases
economically significant quantities of base metals.

    About Mirasol Resources Ltd.
    ----------------------------

    Mirasol is a junior exploration company focused on discovery of new
precious metals project in the Americas. The Company holds nine 100%-owned
precious metals properties in Santa Cruz Province, southern Argentina. The
Company is actively exploring prospective metallogenic regions and has
acquired gold and copper-gold prospects in northern Chile. Mirasol offers
shareholders a strategic advantage through its highly talented technical team,
use of leading edge technology, strong management experience and a discovery
record in Latin America. The Company has joint ventured several of its
Patagonian projects with strong, well-funded partners: Coeur d'Alene (TSX:
CDM; NYSE:   CDE) and the Hochschild Group (LN: HOC).
    Stephen C. Nano, Vice President of Exploration for Mirasol, is the
Qualified Person under NI 43-101 who has prepared and approved the technical
content of this news release.

    Surface Geochemical Sampling: All assay results reported herein are for
rock samples collected from surface; assay results from drill core samples may
be higher, lower or similar to results obtained from surface samples.

    Quality Assurance/Quality Control: Exploration at Mirasol's Projects is
supervised by Mirasol's Exploration Manager, Timothy Heenan, and Vice
President Exploration, Stephen Nano, both 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. 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.

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of the content of this news
    release

    %SEDAR: 00021558E




For further information:

For further information: Mary L. Little, President & CEO, Tel: (604)
602-9989, Fax: (604) 688-8852, Email: contact@mirasolresources.com, Website:
www.mirasolresources.com; Investor Relations: Trent Dahl, Ascenta Capital
Partners Inc., Phone: (604) 684-4743 ext. 228, Toll free: 1-866-684-4743 ext.
228


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