Mirasol Finalizes Exploration Agreement with Coeur d’Alene Mines for Sascha and Joaquin Gold-Silver Projects
VANCOUVER, BC – November 20, 2006 – Mirasol Resources Ltd. (TSXV: MRZ) announces that it has finalized a definitive Exploration and Joint Venture option agreement with Coeur d’Alene Mines (“Coeur”) (NYSE: CDE; TSX:CDM) for exploration of Mirasol’s 100%-owned Sascha and Joaquin gold-silver projects. The Sascha and Joaquin properties, located in Santa Cruz Province, southern Argentina, host epithermal gold and silver mineralization with multi-ounce values at surface, contained in multiple quartz vein systems.
Terms of the agreement are summarized in a Mirasol news release dated September 14, 2006. Coeur has the option to earn an initial 51% in both projects by expending a total of US$8,000,000 in exploration over four years, of which $800,000 would be spent in the first year, and making cash payments. Coeur may elect to fund a bankable feasibility study to increase its interest to 61%, at which point Mirasol may elect to maintain a participatory 39% interest or permit Coeur to increase its interest to 71% by providing mine financing at commercial terms to Mirasol.
“We are very pleased to have Coeur, a highly respected precious metals miner, as our partner for exploring the Sascha and Joaquin Projects,” stated Mirasol’s President and CEO, Mary Little. “Coeur adds much benefit through its valuable local experience and for future project development.”
Coeur d’Alene Mines is a top tier international silver producer whose South American operations include the Martha silver mine in southern Argentina and the Cerro Bayo silver-gold mine in southern Chile, as well as the large development-stage San Bartolome silver project in Bolivia.
Mirasol Resources Ltd. (TSXV: MRZ) is an exploration and development company focused on discovery and acquisition of new, high-potential precious metals deposits in the Americas, applying leading edge technology and a proven track record for successful discovery. Mirasol’s wholly-owned subsidiary, Argentina SRL, currently holds 100% of the rights of nine exploration projects totaling more than 170,000 hectares and is a major mineral landholder in Santa Cruz Province, Patagonia, southern Argentina. Mirasol offers shareholders access to growth from the early stages, a portfolio of 100%-owned high quality projects in various stages of exploration and a focus on emerging regions with high potential for discovery.
For further information, contact:
Mary L. Little, President & CEO
Mirasol Resources Ltd.
Tel: (604) 602-9989
Bruce Korhonen, Ascenta Capital Partners Inc.
Phone: (604)684-4743 ext. 230
Toll free: 1-866-684-4743 ext. 230
Quality Assurance/Quality Control: Exploration at the Sascha and Joaquin 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 Argentina projects is obtained and reported under a formal quality assurance and quality control (QA/QC) program.
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.