Mirasol Announces Results from Annual General and Special Meeting and Provides Corporate Update

VANCOUVER, Dec. 4, 2013 /CNW/ - Mirasol Resources Ltd. (TSX-V:MRZ, Frankfurt: M8R)   Mirasol Resources announces results of votes from its Annual General and Special Meeting of shareholders held December 2, 2013, in Vancouver, British Columbia.  Each of the director nominees proposed by management for election was elected to the Board of Directors.  The directors re-elected for the coming year are Nick DeMare, Timothy Heenan, Mary Little and Borden Putnam III.  All other ballot initiatives were approved, including approval of the Company's stock option plan and the renewal of the Shareholders Rights Plan.  Mirasol is pleased to confirm that Davidson & Company were named as the Company's auditors.

Corporate Update:  Mirasol Achieves Significant Milestones on Its 10^th Anniversary and is Well Funded to Advance Programs

Mirasol marked its 10^th anniversary in October 2013 with:

• A strong balance sheet with cash and equivalents of CDN$20.5 million, no debt and marketable securities of 1.31 million shares of Coeur Mining, Inc (cash value of US$15.0 million on October 31, 2013)
• 22,300 hectares under Mirasol's control in a prospective new gold belt in Northern Chile, including the new Titan and Atlas gold-silver projects
• A new JV with First Quantum Minerals on our 100% owned Rubi copper- gold- molybdenum project in the El Salvador mining district of Chile
• And a dominant position with the resource-ready Virginia Silver Project and other drill-ready projects at Curva and Claudia in the prolific precious metal mining province of Santa Cruz, Argentina.

Mirasol has enhanced its balance sheet and business model during fiscal 2013 as the industry's leading prospect generator.  Achievements include significant exploration advances on Mirasol's 100%-held gold, silver and copper properties in northern Chile and in Patagonia, southern Argentina; the sale of the Joaquin silver-gold project to Coeur strengthening the Company with significant cash; the strategic option of Mirasol's Rubi property to copper producer First Quantum Minerals Limited; and in Chile, exploration of a new gold portfolio acquired by staking, giving Mirasol a foothold in an emerging mineralized gold district.

Of note, Mirasol closed the sale of the Joaquin Project in Argentina to Coeur Mining, Inc. in December 2012 for a US$60 million in value, comprised of US$30 million in cash and 1.31 million Coeur NYSE-listed shares.  The Company currently holds Cdn$20.5 million in cash (net of transaction taxes) plus the Coeur shares. This places Mirasol in the enviable position of being self- funding in these challenging market conditions, and as a result the Company is well positioned to further its programs through 2014 and beyond.  The funds will provide liquidity and a strong basis for ongoing exploration in Chile and potential diversification through expansion of Mirasol's exploration portfolio or a value-adding, high caliber strategic transaction.

Mary Little, Mirasol's President and CEO, commented, "In marking our 10^th anniversary of the founding of Mirasol in October, we believe we are well positioned in these cyclical precious metals markets. We are advancing our new gold prospects, Titan and Atlas, in Chile while reducing expenditures significantly in Argentina, as justified by the challenging investment environment. Our geologically robust assets in Argentina, including the high-grade Virginia silver project, represent value for investors in Mirasol. We are managing exploration risks and costs prudently and have an industry leading exploration team focused on building a high caliber exploration portfolio of precious metal properties with potential to deliver continued exploration success."

The downturn in the precious metals equities markets has been driven by softening silver and gold prices against a backdrop of political risk sensitivity. The current macro environment of risk aversion in the sector is impacting junior companies more severely and has also impacted Mirasol's share value.

However this challenging financial backdrop leaves Mirasol in a unique position as a fully funded project generator, presenting opportunities due to reduced competitor activity in prospective mineral belts and the potential to leverage the Company into high caliber advanced exploration opportunities.

Mirasol's 2012 and 2013 year-to-date Achievements

During late 2012 and the 2013 year-to-date, Mirasol achieved the following milestones:

• Monetized the Company's 49% interest in the Joaquin silver-gold project in Argentina, a Mirasol discovery, to its joint venture partner Coeur in December 2012.
• Recorded two strategic joint venture agreements in sharing and mitigating exploration risks and managing working capital:
• Announced an agreement for First Quantum Minerals Limited to earn into a 55% interest on the Rubi copper-gold porphyry project in the historic El Salvador copper district, Chile, by investing US$6.5 million in exploration over four years and making staged cash payments to Mirasol totaling US$1.1 million (Mirasol news release of September 18, 2013.)
• Optioned a portfolio of early-stage properties totaling more than 20,000 hectares adjacent and near to the Titan and Atlas gold-silver properties, through a joint venture agreement with a private Chilean group. (Mirasol news release of June 26, 2013.)
• Explored two large-scale gold-silver projects in the northern extension of Chile's prolific Maricunga gold-copper belt.
• At Titan in Chile, Mirasol outlined a new, epithermal gold-mineralized system from trenching over a 600 x 800 metre area. Mirasol completed a 15-hole, 3,200-metre RC drill program at the 5,515-hectare property.  Results include 18 metres of 2.16 g/t (grams per tonne) gold.
• The nearby 100%-owned Atlas property has returned trench gold-silver results of 6.7 m of 2.33 g/t Au and 1.09 g/t Ag; 4.6 m of 1.18 g/t Au and 0.46 g/t Ag; and 5.2 m of 1.46 g/t Au and 12.37 g/t Ag, including trench intersections of vuggy silica and breccia structures. An aggressive exploration program is underway at this project located 5 kms north of the Titan project.
• Advanced and added new targets at its principle 100%-owned Virginia, Claudia and La Curva projects in Argentina last season:
• Virginia Silver Project: Reported Mirasol has drill-defined seven high-grade silver quartz vein shoots since the project's discovery in 2009.  Initial metallurgical testing of the high grade vein material returned silver recovery rates of between 75% - 91% using conventional agitated leach and flotation techniques. Metallurgical testing of lower grade vein halo material suggest a more refectory nature, however test are ongoing.  Additional surface exploration on the Virginia project during the year has defined a series of new untested drill targets, including targets with high grade silver mineralization in outcrop and trenching.
• Claudia Gold-Silver Project: Hosts the extension of AngloGold Ashanti's world class Cerro Vanguardia vein gold district. Mirasol's exploration at Claudia identified a new large, multi-kilometer on-strike gold- silver vein system at the Curahue prospect that is now drill ready.  New surface exploration and geophysics at the Rio Seco prospect leveraged off the results of the 25-hole, 2,599-metre core drilling program completed in 2012 to define a series of new high priority drill targets.
• La Curva: The 2012-2013 exploration program now counts 4 high quality gold-silver prospects at La Curva, including Cerro Chato, Loma Arthur, SW and Curva West.  Results from last season's  geochemical, geophysical and new surface geology program defined potential for both high grade vein mineralization and larger bulk tonnage mineralization at the project.  La Curva has high priority drill targets defined at three of these prospects.

Share Capitalization

Share capitalization remains conservative with 44.2 million shares outstanding after five equity offerings and private placements since the Company's May 2005 initial public offering. Total equity financings, including shares, warrants and options, raised for Mirasol as a listed Company total approximately Cdn$42 million.  The Company has no debt, has a strong, liquid cash position and marketable securities, and is managed by a team of dedicated exploration and mining industry professionals.

Mirasol's effective four-person Board of Directors remains strong with the addition of Borden Putnam III as an independent director in December 2012.  Mr. Putnam has spent the most recent 17 years as an analyst for the investment management industry, predominately in natural resources sectors (mining and oil and gas).  Prior career experience includes over 20 years within the mining industry, most in senior and management positions with major producing companies, working worldwide.

Outlook

Mirasol's Board of Directors and Management are diligently monitoring the competitive landscape, including the political environments where the Company operates and the precious metals markets, to be fiscally responsible and carefully manage the scope and investment in exploration and other corporate activities to balance near-term and long-term goals, and mitigate risks to shareholders.

The long-term vision remains unchanged - to be the best-valued prospect generator in the precious metals sector and having the top exploration team to build an exceptional portfolio of assets.

As Mirasol moves ahead into 2014, its goals for this fiscal year are as follows:

• Advance Titan and Atlas gold-silver projects in Chile toward a drill test or JV decision using the Company's proven skills and cutting edge technology.
• Advance the Rubi porphyry copper-gold-molybdenum project in Chile through its strong JV with copper producer First Quantum Minerals.
• Actively seek quality JV partners to advance and add value to its Argentine assets, which will reduce geopolitical exposure. (As a junior with a strong balance sheet, Mirasol is uniquely positioned to negotiate from a position of strength to secure a minority carried interest of at least 25-30%).
• Scale back exploration and overhead investment in Argentina for fiscal 2013-14 to approximately $250,000 per quarter until the challenging resource development environment in Argentina improves.
• Consider a broad range of external opportunities for accretive value creation and future growth.

About Mirasol Resources Ltd.

Mirasol is a well-funded exploration and development company focused on the discovery, exploration and acquisition of high-potential precious metals deposits in the Americas, utilizing leading edge technology for strategic advantage.  Mirasol operates through subsidiary companies in Chile and Argentina is engaged in generative exploration in high-potential regions in the Americas.  For further information, visit Mirasol's web page at www.mirasolresources.com.

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy and accuracy of this release.

Forward Looking Statements: Statements contained in this news release that are not historical facts are forward-looking statements, which are subject to a number of known and unknown risks, uncertainness and other factors that may cause the actual results to differ materially from those anticipated in our forward looking statements. Although we believe that the expectations in our forward looking statements are reasonable, actual results may vary, and we cannot guarantee future results, levels of activity, performance or achievements.

SOURCE: Mirasol Resources Ltd.

Mary L. Little 
President and CEO

Tel: [phone];  Fax: [phone]

Email: [email protected]
Website: www.mirasolresources.com