News Releases

Mirasol upgrades Libanesa silver-gold project with significant new drill targets

October 20, 2009

VANCOUVER, BC — October 20, 2009 – Mirasol Resources Ltd. (TSX-V: MRZ; Frankfurt: M8R) Mirasol is pleased to announce that a series of new drill targets have been outlined by an MT (audio magnetotelluric) geophysical survey undertaken at its 100% owned Libanesa Project in Santa Cruz province, Argentina.

Libanesa is a silver-gold (lead) project, discovered and staked by Mirasol geologists in 2005. Systematic surface exploration by Mirasol included rock sampling, geological mapping, MMI (mobile metal ion) soil sampling, trenching, ground magnetics and conventional electrical geophysics (see news releases of Feb. 27, 2009 and July 21, 2008). Mineralization is associated with a series of veins, structures and the +50 metre diameter Cerro Plomo hydrothermal breccia that extends under a small dry lake. Rock chip sampling by Mirasol returned multiple, high-grade silver assays in the range of 1,000 to 3,910 grams/tonne (g/t), commonly accompanied by 0.1 to 3.5 g/t gold. Trenching at Cerro Plomo returned consistently mineralized intervals of tens of metres of anomalous silver, gold and locally, high-grade lead values.

Previous electrical IP geophysical surveys at Libanesa were hampered by the salt pan (dry lake) adjacent to Cerro Plomo, due to a surface covering of highly conductive clays which can effectively mask targets at depth. MT is a passive geophysical technology which uses natural earth “telluric” electrical and magnetic currents to measure resistivity in the earth’s crust and so can overcome the effects of near surface clays. The MT survey was conducted and processed by Zonge Chile.

Two 1,100 metre MT lines were surveyed 200 metres apart and were designed to cross Cerro Plomo and to test a covered area to the east with potential for concealed mineralization.

At Cerro Plomo, a mineralized hydrothermal breccia of at least 50 metres in diameter is exposed at surface (Figure 1). The MT survey shows a 250 metres long conductive anomaly beneath Cerro Plomo (Figure 2), which may be interpreted to mark the continuation to depth of the outcropping breccia.

In addition, approximately 200 metres east of Cerro Plomo the MT survey has identified a second anomaly that is approximately 200 metres in length and is more conductive than the anomaly below Cerro Plomo. This conductor lies beneath a silver-gold-lead-zinc MMI soil anomaly and may indicate a second blind breccia body. The silver-gold vein material encountered at the adjacent NE Zone prospect may represent veining peripheral to the covered target.

At the west end of the MT survey, a pair of conductors flanking a resistor were detected on both lines. The anomalies are northwesterly trending, tabular in shape and steeply dipping suggesting a vein or a dyke with a mineralized halo. Surface sampling in the vicinity has returned 18 g/t gold from a gossan and silver assays to 211 g/t from quartz vein blocks.
Mirasol’s management are pleased with the results of the Libanesa MT survey that has transformed the Libanesa precious metals project from a series of prospective prospects with intriguing surface assays into a project with a number of viable drill targets with significant tonnage potential. A drill program is being designed to test the targets. Mirasol is actively seeking a joint venture partner to advance the Libanesa project.

Paul Lhotka, P. Geo., Principal Geologist for Mirasol, is the Qualified Person under NI 43-101 who has prepared and 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

Quality Assurance/Quality Control: Exploration at Mirasol’s Projects is supervised by Stephen C. Nano, Vice President of Exploration; Exploration Manager, Timothy Heenan; and Principal Geologist, Paul Lhotka, all 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.

Neither 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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