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Mirasol Options the Nico Silver-Gold Project to Coeur d'Alene Mines

Mirasol Options the Nico Silver-Gold Project to Coeur d'Alene Mines
VANCOUVER, Feb. 12 /CNW/ - 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."