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Mirasol’s First Drill Results Confirm the Virginia Silver Vein Zone, Argentina

VANCOUVER, BC, December 16, 2010. Mirasol Resources Ltd. (TSX-V: MRZ, Frankfurt: M8R) is pleased to announce assay results for the first seven holes of the 28 hole, Phase 1 diamond drilling program at its 100% held Virginia Silver Project located in Santa Cruz Province, Argentina.

Phase 1 drilling targeted the 2.2 kilometre long Julia Vein, where 58 channel samples identified significant widths of silver mineralized vein and vein breccia. Best intersections from the first seven holes (Table 1) are from holes VG-006 with a true width of 22.7 metres grading 474 g/t (grams/tonne) silver, including 5.7 metres of 1,403 g/t silver; and hole VG-007 with 14.6 metres of 483 g/t silver, including 6.5 metres at 937 g/t silver.

Phase 1 comprised 28 core holes drilled during November and December, 2010, and totaled 1,615.6 metres (Figure 1). Results for the initial seven holes confirm that the high-grade surface silver mineralization, as defined by channel sampling, on the Julia Vein continues in the sub-surface and that at Julia North vein mineralization is surrounded by haloes of lower grade silver mineralization over significant widths in the wall rock.

All seven diamond drill holes reported here contained significant silver intercepts calculated using a 50 g/t silver cut off. All holes include intervals of higher grade mineralization with three of the seven holes containing intercepts of greater than 1,000 g/t silver.

Mirasol’s management is pleased that initial Virginia drill results have confirmed the consistently high-grade silver results returned from surface sampling and looks forward to releasing the remaining 21 holes as results become available.

Table 1. Julia Vein Drill Hole Results

Hole

From
(m)

To
(m)

Core Length
(m)

True Width
(m)1

Silver
(g/t)2,3

Silver grade
x true width
(g/t * m)

Core Recovery
(%)4

Julia South

VG-001

33.50

38.52

5.02

3.55

228

809

93

including

35.70

37.75

2.05

1.45

438


635


94

VG-002

33.85

36.30

2.45

1.51

205


310


96

including

33.85

35.30

1.45

0.89

307


274


95

VG-003

39.50

45.70

6.20

3.99

420


1,675


99

including

39.50

41.65

2.15

1.38

672


929


97

Julia Central

VG-004

28.75

33.35

4.60

3.31

1,101


3,642


87

including

30.00

32.65

2.65

1.91

1,841


3,509


87

Julia North

VG-005

21.80

42.00

20.20

18.45

277


5,112


80

including

26.90

29.85

2.95

2.69

1,436


3,870


54

VG-006

9.00

33.00

24.00

22.69

474

       10,754


59

including

17.00

23.00

6.00

5.67

1,403


7,959


75

VG-007

5.00

21.40

16.40

14.61

483


7,057


54

including

12.00

19.30

7.30

6.50

937


6,098


40

Notes: All analyses done by ALS Laboratory Group, Mendoza, Argentina.
1. True widths have been estimated using cross sections of the mineralized intercepts with the geology of the drill hole and surface information.
2. Silver grades have not been capped and are thus “uncut”.
3. Intercepts are calculated at a 50 g/t silver cutoff with no value given to gold or lead. Included intercepts are selected so as to show higher grade intervals.
4. Core recovery is the length weighted average of the intercept quoted.

Technical Summary of the Drilling Results

All seven holes intersected the targeted mineralization at depths of 15 to 30 metres below surface. In all cases mineralized core is intensely oxidized with abundant iron oxides. The only sulphide mineral observed was a trace amount of galena.

Individual silver assays ranged from not detected to 3,820 g/t; gold assays ranged from not detected to 0.81 g/t; and lead from

At Julia South the mineralized structure is typically hard and competent and surrounded by competent rock, and core recoveries were high. In Julia Central, core was fractured and faulted in and around the mineralized zone, but core recovery was good. At Julia North the mineralized zone is comprised of hard quartz which has been fractured and faulted and is surrounded by a broad zone of altered and faulted rock which is commonly soft and broken. Core recoveries at Julia North were variable, ranging from 40% to 80%.

Widths of the mineralized intercepts at Julia North are significantly wider than could be anticipated from surface work, because the fault zone which hosts mineralization does not crop out and the faulted material recovered in core contains significant silver values.

Diamond drilling was conducted according to standard industry practices. HQ core was geotechnically and geologically logged and the samples marked prior to systematically photographing the core. Blanks, certified standards and duplicate samples were inserted into the sample stream. A total of 140 samples were submitted from the first seven holes of which 6 were certified standards, 6 were blanks and 6 were ½ core duplicates of the original ½ cores and therefore 18 of the 140 samples, or 12% were control samples. Mirasol contracted sample transportation to an independent third party. Personalized numbered seals were used to assure the chain of custody during transportation. ALS Laboratory Group analyzed the samples for silver and gold by the ME-GRA21 method, which uses fire assay techniques on a 30 gram sample. All samples were also analyzed by the multi-element technique ME-ICP41 and over limits for copper; lead and zinc from those analyses were analyzed by the OG46 method. The results received have passed Mirasol’s internal quality control tests.

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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