Marifil Mines Ltd Announces Application for Consolidation of Common Shares on 2 for 1 Basis and Amendment of Private Placement

Vancouver, British Columbia--(Newsfile Corp. - December 22, 2017) - Marifil Mines Limited (TSXV: MFM) ("Marifil" or the "Company") announces that on December 19, 2017, by way of resolution of the Board, a consolidation of its common shares (the "Common Shares") on a 2 for 1 basis was approved. The consolidation will go into effect upon approval by the TSX-V. Assuming no other change in the issued capital of the Company, it is expected that upon completion of this consolidation, Marifil will have approximately 13,220,868 Common Shares issued and outstanding, reduced from 26,441,736 Common Shares which are currently issued and outstanding. More information will be provided upon approval.

The Company also announces an amendment to the private placement previously announced on November 10, 2017. The Company is arranging, on a post consolidation basis, up to 20,000,000 units at $0.10 per unit for gross proceeds of up to $2,000,000 subject to final Exchange approval. Each unit will consist of one common share and one warrant. Each warrant will entitle the holder to acquire an additional common share at a price of $0.10 per share for 24 months from the date of issuance. Closing of the private placement is anticipated to be before January 19, 2018.

All units issued pursuant to this placement will be subject to a four month hold period from the date of issuance.

Proceeds from the placement will be used for audit, legal, property maintenance, general working capital and drilling costs for its San Roque property. The private placement is subject to the approval of the TSX Venture Exchange.

Head Office:
Robert Abenante,
Chief Executive Officer.
Phone: 604.369.0999
Email: info@marifilmines.com
Website: www.marifilmines.com

Investor Relations:
Hugh Oswald
Phone: 604.838.2855
Email: hoswald@marifilmines.com

For further information regarding Marifil Mines Limited, please refer to the Company's filings available on SEDAR (http://www.sedar.com) or at Marifil's Website (http://www.marifilmines.com).

General Disclaimer

Marifil Mines Limited "Marifil" has taken all reasonable care in producing and publishing information contained in this news release, and will endeavor to do so on a periodic basis. Material in this news release may still contain technical or other inaccuracies, omissions, or typographical errors, for which Marifil assumes no responsibility. Marifil does not warrant or make any representations regarding the use, validity, accuracy, completeness or reliability of any claims, statements or information on this site. Under no circumstances, including, but not limited to, negligence, shall Marifil be liable for any direct, indirect, special, incidental, consequential, or other damages, including but not limited to, loss of programs, loss of data, loss of use of computer of other systems, or loss of profits, whether or not advised of the possibility of damage, arising from your use, or inability to use, the material from this news release. The information is not a substitute for independent professional advice before making any investment decisions. Furthermore, you may not modify or reproduce in any form, electronic or otherwise, any information on this site, except for personal use unless you have obtained our express written permission.

Forward-Looking Statements

This news release may contain forward-looking statements, including but not limited to comments regarding predictions and projections. Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements.

Neither the 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.

WE SEEK SAFE HARBOUR.

Not for distribution to United States newswire services or for dissemination in the United States