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Mirasol Reports Discovery of a New High Grade Silver Vein, Santa Cruz, Argentina

VANCOUVER, B.C. January 6, 2010 – Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce the discovery of a new high-grade silver vein, the Julia vein, part of the Virginia vein zone located on a 100% Mirasol-owned mineral property within the Area of Special Interest for Mining in Santa Cruz province, Argentina, where mining development is permitted and four precious metal mines are in operation.

The Julia vein was discovered while following up alteration and structural targets during November 2009. There are no indications that it had ever been previously prospected or sampled. Assay results are available for the Julia Vein, but remain pending for other nearby vein structures found subsequently (Figure 1).

Initially, thirty rock chip samples from outcrop, subcrop and float of the Julia vein were collected and returned silver values of between 21.9 and 2,660 grams per tonne (g/t) silver. Gold values range from < 0.01 to 0.14 g/t (Table 1). The average silver grade of the initial 30 samples is 645 g/t (18.8 troy ounces per short ton), but sampling indicates that segments of the vein may contain higher silver grades, perhaps over 1,000 g/t silver. Further exploration will be required to determine what the average grade of the vein may be and if there are higher grade shoots within it.

The Julia vein is traceable over a length of greater than 2,000 metres in outcrop, subcrop and as large float blocks, and displays changes in azimuth as well as probable vein splits or splays. The wall rock to the vein is rarely exposed. The width of the Julia vein appears to range from under one metre to at least 5 metres, but lack of wall rock exposure and early stage of exploration do not permit an average width to be determined.

Julia is an epithermal quartz vein with very high silver to gold ratios. Two principal vein textures have been observed: multi-phase banded vein, which typically forms along the vein’s margin, and breccia vein comprising fragments of vein material and lesser wall rock, hosted in an iron oxide and silica rich matrix. Both vein styles are silver-bearing. Quartz textures include chalcedonic, saccaroidal, crystalline and comb quartz with open spaces present. Iron and manganese oxides are abundant at surface, and sulphides are rarely present except for galena in a few cases.

Subsequent exploration in December, 2009, by Mirasol geologists included saw channel sampling of the Julia vein with geological mapping at 1:50 scale of the channels, mapping at 1:2,000 scale of the vein, and further prospecting. During the prospecting work, new outcropping and subcropping veins were discovered and sampled. The Naty and Margarita veins display textures very similar to the banded vein and breccia vein material of the Julia Vein, while the Ely veins mainly comprise breccia vein material. A total of 283 rock samples (including control samples) were collected during the work described above with assays results pending.

Table 1. Julia Vein – Rock Sample Geochemical Results

Sample
Number

Rock Sample
Type

Width/
Diametre
(m)

Gold
(g/t) 2

Silver final
(g/t) 1

MRR08728

Float Select

5.0

-0.005

21.9

MRR08726

Outcrop Chip

0.5

0.066

321.0

MRR08724

Outcrop Chip

2.0

0.017

303.0

MRR08725

Outcrop Chip

1.2

0.061

1140.0

MRR08721

Outcrop Chip

0.3

0.058

208.0

MRR08722

Outcrop Chip

0.5

0.054

316.0

MRR08720

Outcrop Chip

2.5

0.023

326.0

MRR08723

Outcrop Chip

1.2

0.020

552.0

MRR08719

Outcrop Chip

1.0

0.043

2660.0

MRR08701

Outcrop Chip

0.6

0.100

2360.0

MRR08702

Outcrop Chip

0.3

0.083

922.0

MRR08717

Outcrop Chip

2.0

0.052

1070.0

MRR08718

Float Select

1.0

0.025

60.7

MRR06525

Outcrop Chip

2.3

0.117

608.0

MRR06523

Outcrop Chip

2.0

0.046

403.0

MRR06524

Outcrop Chip

2.0

0.139

625.0

MRR08738

Subcrop Select

2.0

0.011

394.0

MRR08739

Outcrop Chip

1.5

0.034

804.0

MRR08740

Outcrop Chip

1.5

0.032

721.0

MRR08741

Outcrop Chip

1.5

0.010

2530.0

MRR08742

Outcrop Chip

3.0

0.033

116.0

MRR08743

Outcrop Chip

0.5

0.010

84.0

MRR08750

Outcrop Chip

1.5

0.076

95.6

MRR08901

Outcrop Chip

1.0

0.028

618.0

MRR08749

Subcrop Select

1.0

0.038

216.0

MRR08748

Outcrop Chip

2.5

0.045

875.0

MRR08746

Subcrop Select

0.5

0.005

38.0

MRR08747

Outcrop Chip

1.5

0.006

388.0

MRR08745

Float Select

0.5

0.015

228.0

MRR08744

Subcrop Select

3.0

0.024

338.0

Minimum

-0.005

21.9

Maximum

0.139

2660.0

Arithmetic average

0.043

644.7

Notes
All analyses done by ALS Chemex Laboratory
1. Silver results less than 100 g/t are by ME-ICP41; silver results from 100 to 1500 g/t are by Ag-OG46; silver results >1,500 g/t are by Ag-GRA21
2. Gold by Au-AA24

“Mirasol continues to execute its strategy as a successful prospect generator and discoverer of new, high-quality precious metals prospects”, stated Mirasol’s president, Mary Little. “We are optimistic that the work completed in December will further advance the Julia vein and the potential of newly identified peripheral veins. Mirasol intends to continue exploring the Virginia vein zone for its own account and is planning additional work in early 2010.”

Paul G. Lhotka, Principal Geologist for Mirasol, is the Qualified Person under NI 43-101 who has approved the technical content of this news release.

For further information, contact:

Mary L. Little
President and CEO
Tel: (604) 602-9989: Fax: (604) 609-9946

Email: contact@mirasolresources.com
Website: www.mirasolresources.com

Quality Assurance/Quality Control:
Exploration at Mirasol’s Projects is supervised by Stephen C. Nano, Vice President of Exploration; Exploration Manager, Timothy Heenan; and Principal Geologist, Paul Lhotka, 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. 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.

All assay results reported herein are for rock chip samples; assay results from drill core 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.

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