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Mirasol Reports Final Joaquin Project Phase 5 Drilling Results and Initial La Negra Infill Assay Results, Argentina

VANCOUVER, BC, November 3, 2010. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce the remaining results from Phase 5 exploration diamond drilling at Joaquin and initial results from resource infill drilling at the La Negra prospect. Mirasol’s joint venture partner Coeur d’Alene Mines (“Coeur”) has recently completed infill drilling at La Negra and has commenced geological modeling for the purpose of an initial inferred resource calculation.

This press release presents new assay results for step out drilling on the La Negra corridor, where hole extensions have increased the width and depth extent of the main La Negra silver zone, and the initial results from two holes of infill resource drilling. Combined, these assay results contain many new silver intersections including 14 intercepts where the results expressed as the silver assay in grams multiplied by the width of the intersection (gram-metre value) are between 500 and 5585 gram-metre factor. Results from hole DDJ-107 returned six mineralized intervals above cut-off grade with a cumulative length of 164.6 metres of the 350 metre long hole. DDJ-107 returned the best individual intersection of this drill hole set of 99 metres of 53 grams per tonne (g/t) silver that includes an intercept of 18.0 metres of 136 g/t silver and 0.05 g/t gold, and an additional intercept of 3.0 metres including 216 g/t silver and 0.15 g/t gold.

The Joaquin project is located in the Area of Special Interest for Mining in Santa Cruz, Argentina where mining development is favoured and four precious metal mines are currently operating. Coeur, the project operator, holds an option to acquire up to 61% interest in Joaquin through exploration expenditures and by completing a bankable feasibility study, at which point Mirasol may elect to retain 39% participating interest or request Coeur to provide project financing, whereby Coeur could earn an additional 10% project interest.

Technical Discussion

Phase 5 comprised 22 holes totaling 4,149 metres and included holes at La Morocha prospect (news release Oct. 18, 2010) and La Negra (Figure 1) prospect where the majority of the drilling has been done. It also included the first reconnaissance holes at the Cañadon and Joaquin South prospects (Figure 2). Total drilling at the Joaquin project now exceeds 22,800 metres in 135 holes. During Phases 4 and 5 several drill holes were extended at La Negra, by re-entering and lengthening the earlier holes. New significant intercepts, or extensions to previously published intercepts which have changed are listed (Table 1). The most significant of these is hole DDJ-40 which returned a new extended intersection of 36.5 metres at 140 g/t silver and 0.2 g/t gold, including 3.1 metres grading 773 g/t silver and 0.03 g/t gold.

At La Negra, holes DDJ-94 and 102 tested peripheral areas to the main corridor returning narrow intercepts with modest grades. Holes DDJ-105 106, 107 and 108 were drilled adjoining the main mineralized corridor to test existence of potentially flat-lying structures or mantos with silver, in the wall rock to adjacent to known steep structures and is now completed, Holes DDJ-107 and 108 intersected numerous zones of mineralization (Table 1) including zones to the east of the previously interpreted limit of the main mineralized corridor. Section 40,100E with holes DDJ-106 and 107 (Figure 2) shows the main mineralized corridor remains open below currently drilled depths of 225 metres, has a total width of as much as 245 metres (not continuously mineralized) and a strike length of least 925 metres. It is expected that the infill program will assist in detailed interpretation of the geometry of multiple parallel zones of mineralization at La Negra.

The La Negra infill program proceeded rapidly with two drill rigs, comprising 24 holes totaling 5,675 metres. It reduced the nominal drill spacing at La Negra to approximately 50 metre centers. Initial results of this work are available for two holes, with the remainder of the results expected during November and the first resource estimation expected in early 2011.

Table 1. Joaquin Project – La Negra Prospect Drill Results

Drill Hole

Intercept
or
Extension

From
(metres)

To 
(metres)

Intercept
length
(metres)

Core
Recv.
(%)

Silver
(g/t)

Gold
(g/t)

AgEQ
(g/t)

Intercepts in Holes Extended
during Phase 5 – not previously published

DDJ-39

3rd ext

185.8

254.2

68.4

na

60

0.09

66

DDJ-40

4th ext

243.1

279.5

36.5

87%

140

0.20

153

and including

 

267.5

270.6

3.1

96%

773

0.03

775

DDJ-61

3rd ext

165.5

167.8

2.3

97%

33

0.09

39

DDJ-62

2nd ext

231.5

236.0

4.5

83%

11

0.19

24

Phase 5 – 2 set of results

DDJ-94

1st

29.5

32.5

3.0

100%

    64

0.00

  64

DDJ-94

2nd

78.0

79.7

1.7

100%

   159

0.07

 164

DDJ-102

 

124.0

128.0

4.0

98%

5

0.58

      42

DDJ-105

1st

121.9

136.0

14.1

92%

   76

0.19

      89

including

 

128.8

136.0

7.2

88%

    104

0.29

    123

DDJ-105

2nd

175.0

186.0

11.0

91%

      33

0.24

      48

including

 

182.0

186.0

4.0

92%

      70

0.42

      97

DDJ-106

 

24.6

54.5

29.9

96%

      51

0.07

      56

including

 

35.0

38.0

3.0

96%

    262

0.17

    273

DDJ-107

1st

22.5

121.5

99.0

97%

       53

0.02

       54

including

 

28.5

33.0

4.5

94%

      109

0.00

      109

and including

 

51.0

69.0

18.0

95%

      136

0.05

      139

and including

 

109.5

112.5

3.0

100%

      216

0.15

      226

DDJ-107

2nd

146.6

148.5

1.9

95%

      113

0.16

      123

DDJ-107

3rd

192.0

195.0

3.0

98%

       43

0.00

       43

DDJ-107

4th

221.5

236.2

14.7

83%


49

0.00

       49

including

 

227.0

230.0

3.0

73%

      130

0.00

      130

DDJ-107

5th

258.0

301.0

43.0

93%

76

0.19

88

including

 

261.0

276.0

15.0

90%

      144

0.44

      172

and including

 

295.0

299.4

4.4

93%

      133

0.00

      133

DDJ-107

6th

319.0

322.0

3.0

96%

      130

0.00

      130

DDJ-108<

1st

32.4

44.9

12.5

99%


37

0.03

       39

DDJ-108

2nd

71.5

118.9

47.4

97%


46

0.00

       46

DDJ-108

3rd

311.5

329.6

18.1

90%


91

0.37

     115

including

 

312.7

318.5

5.8

95%

      190

0.88

      247

Infill Drilling at La Negra –
Initial Results

DDJ-112

1st

58.6

65.2

6.7

92%

       78

0.10

       85

DDJ-112

2nd

71.5

74.2

2.8

95%

       19

0.09

       25

DDJ-113

1st

12.0

23.5

11.5

59%

       73

0.00

       73

including

 

12.0

13.0

1.0

9%

     651

0.00

     651

DDJ-113

2nd

53.0

55.5

2.5

96%

     231

0.08

     237

DDJ-113

3rd

73.5

77.8

4.3

82%

     113

0.00

     113

DDJ-113

4th

82.5

86.5

4.0

83%

     350

0.05

     353

DDJ-113

5th

103.7

107.6

3.9

90%

       29

0.00

       29

– Silver equivalent is calculated as AgEQ g/t = Ag g/t + 65 x Au g/t. Metallurgical recoveries are unknown and therefore assumed to be 100%.
– Primary intersections are calculated at a cutoff grade of 20 g/t (La Negra) silver equivalent (AgEQ) and 30 g/t (La Morocha) with some internal dilution allowed at the discretion of the project’s Qualified Person.
– “Included” intersections are calculated at a 50 g/t or higher cutoff grade.
– Reported grades are not capped.
– Estimated true widths have not been calculated.
– “na” denotes not available at this time

Five reconnaissance holes were drilled at the Canadon Prospect 750 metres northeast of La Negra (Figure 2). The first of these, DDJ-95, was drilled under surface mineralization, and complementary holes DDJ-96 to DDJ-99 were located further to the east along a section line crossing a soil-covered plateau with northwest-striking magnetic low structures. Hole DDJ-95 intersected mineralization similar to that at surface, showing clay alteration and brecciation with minor silica infill with anomalous silver and gold values over 6.3 metres of core length which contain 16 g/t silver and 0.05 g/t gold. These results indicate that this structure is “fertile” and warrants further drilling. Holes DDJ-96 to 99 returned no significant intersections and may lie east of the mineralized structure.

At the Joaquin South Prospect, a fence of three reconnaissance holes were drilled to search for the source of float blocks of vein quartz containing 9.84 g/t gold and 35 g/t silver, and to test poorly exposed, subcropping breccias and veinlets containing gold and silver with values to 12.15 g/t gold and 122 g/t silver. Two of three holes intersected anomalous silver or gold values over core lengths of 2.4 to 8.7 metres. It does not appear that these holes found the source of the float blocks but importantly indicate that additional mineralized structures exist at this prospect that require further surface exploration and drilling.

Progress at the Joaquin Project continues to deliver positive exploration and drilling results. Mirasol’s management looks forward to results from infill drilling and initial resource estimation, as well as expanded exploration throughout the property.

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: Coeur d’Alene operates the Joaquin Joint Venture and generated the drilling data used in this news release and reported it to Mirasol. Coeur d’Alene operates the Joaquin Joint Venture and generated the drilling data used in this news release and reported it to Mirasol. Drill core samples are submitted to Alex Stewart (Assayers), Argentina S.A. or ALS Laboratory Group, both in Mendoza, Argentina, both being ISO-9000 or higher, accredited laboratories. Gold and silver results were determined using standard fire assay techniques on a 50 gram sample with an atomic absorption finish for gold and a gravimetric finish for silver. Coeur’s QAQC program includes the insertion of blanks and standards into the sample stream on all Joaquin drill holes. From Phase Three and onwards, it has added duplicate core samples as part of the QAQC program. Mirasol has performed an independent analysis of the QAQC data generated by Coeur. Dr. Paul Lhotka has reviewed the Coeur data, calculated the intercepts in this news release, and is a qualified person as defined by National Instrument 43-101.

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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