VANCOUVER, BC –February 12, 2009– Mirasol Resources Ltd. (TSX-V: MRZ; Frankfurt: M8R) announces that it has signed an exploration option agreement with Coeur d Alene Mines (TSX:CDM, NYSE:CDE) to explore and develop Mirasol’s 100% owned Nico Project, located in the Deseado Massif gold-silver epithermal district of Santa Cruz province, southern Argentina.
The terms of the agreement provide that Coeur spend US $2.3 million in exploration over four years to earn a 55% interest in the property, and a 65% interest on completion of a bankable feasibility study, at which time Mirasol may elect to maintain a 35% participation. Coeur may acquire a 75% interest by providing project development financing at commercial terms to Mirasol. Additionally, during the exploration period Coeur will make cash payments totaling US $250,000 to Mirasol and act as project operator.
Under the terms of the agreement, Coeur has a first year exploration commitment of US $250,000 and will pay US $50,000 on signing of the agreement. Exploration activities are projected to begin immediately, and include detailed prospect mapping, additional geochemical sampling, and drilling.
The Nico project was identified and staked by Mirasol geologists through the Company’s proprietary generative exploration program which has identified many new epithermal gold and silver systems in the Deseado Massif. The Nico mineral property comprises an area of 198 square kilometres and straddles a provincial road 40 kilometres north of Coeur’s producing bonanza-grade Martha silver mine. During exploration campaigns from 2005 to 2008, Mirasol conducted an integrated exploration program of geological mapping, 120 line kilometres of gradient array IP/resistivity geophysics, 552 line kilometres of high-resolution ground magnetics and 134 rock chip samples, which outlined highly prospective targets.
Initial exploration returned up to 8.5 g/t gold and 324 g/t silver in outcrop from the Nico Main zone (see press release dated October 11, 2007). Further exploration significantly extended the known mineralized trends and identified five discrete gold-silver prospect areas on a regional basis, defined by anomalous silver, gold or pathfinder elements and large chargeable / resistive geophysical anomalies. The principal targets of the Nico Main zone are the Tito vein zone and Carlos breccia zone, which host multi-gram gold values and multi-ounce silver values on surface (see press release dated May 26, 2008).
“We are very pleased to have Coeur as our partner for the Nico Project. We have an excellent relationship with Coeur, who are exploring and have recently drilled our Joaquin gold-silver property”, stated Mary Little, President and Chief Executive Officer of Mirasol Resources Ltd. “Coeur brings exceptional geological and local operational expertise to the Nico Project and we look forward to a productive venture.”
About Mirasol Resources Ltd.:
Mirasol Resources Ltd. is an exploration company focused on the discovery and acquisition of high-potential, precious metals deposits in the Americas, utilizing leading edge technology for strategic advantage. Mirasol currently holds 100% of the rights of seven active exploration projects and ten early-stage prospects in Santa Cruz Province identified through the Company’s proprietary exploration. The Company has joint ventured several of its Patagonian projects with strong, well-funded partners Coeur (TSX: CDM; NYSE: CDE) and the Hochschild Group (LN: HOC). The company operates subsidiary companies in Argentina and Chile and is engaged in generative exploration in high-potential regions elsewhere in the Americas. For further information, visit the Company’s web page at www.mirasolresources.com.
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Surface Geochemical Sampling: All assay results reported herein are for rock and stream sediment 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 Principal Geologist, Paul Lhotka, Ph.D., P. Geo., 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.
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