Mirasol Signs Exploration Agreement with Coeur d’Alene Mines
VANCOUVER, BC — September 14, 2006 — Mirasol Resources Ltd. (TSXV: MRZ) is pleased to announce the signing of a Letter of Intent with Coeur d’Alene Mines (“Coeur”) (NYSE:CDE; TSX: CDM) for the exploration of Mirasol’s 100%-owned Sascha and Joaquin gold-silver projects in Santa Cruz Province, southern Argentina. Coeur 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. Both the Joaquin and Sascha Projects are Mirasol discoveries in the prolific Deseado Massif volcanic terrane of southern Argentina.
The Letter of Intent provides for an agreement to give Coeur the option to earn 51% in both projects by spending a total of US$8 million on exploration over four years – including $800,000 in the first year — and making cash payments to Mirasol totaling US$800,000. After earn-in, Coeur can increase its interest to 61% by funding a bankable feasibility study. Mirasol may then 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. Coeur will operate the exploration programs with collaboration from Mirasol. The letter of intent is non-binding and the definitive joint venture agreement is subject to approval from the Board of Directors of Coeur.
The 15.9 square kilometre Sascha Project area contains a 4.5 kilometre trend of classic, mineralized low-sulphidation quartz veins hosting bonanza gold and silver grades at the Sascha Main sector (see news release dated February 21, 2006). Exploration conducted by Mirasol has included a 6.4 kilometre gradient array and IP geophysical survey, trenching, detailed geological mapping and geochemical sampling. This work resulted in the discovery of high-grade gold and silver showings at surface associated with indicator textures such as “ginguro” colloform banded quartz.
Mirasol’s exploration of the Joaquin Project has identified four discrete gold and silver targets which contain vein-hosted mineralization (see news releases of June 10, 2005 and January 20, 2006). Mirasol recently increased its land holding to total 18.1 square kilometres. Exploration conducted by Mirasol included prospecting, geological mapping and channel geochemical sampling, which confirmed the presence of high-grade gold and/or silver values at each prospect area.
Mirasol Resources Ltd. (TSXV-MRZ) is an exploration and development company focused on the discovery and acquisition of new, high-potential precious metals deposits in the Americas. Mirasol’s exploration team utilizes its cumulative local experience and state-of-the art remote sensing technology and has a proven record of discovery. Mirasol Argentina SRL, Mirasol’s wholly-owned subsidiary, currently holds 100% of the rights to seven exploration projects covering more than 130,000 hectares in Santa Cruz Province in the Patagonia region of 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 a high potential for discovery.
This news release was prepared by Mary L. Little, President, a Qualified Person under the definition of National Instrument 43-101.
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. 30
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.