Exploration Agreement For Esepejo Project 

VANCOUVER, BC - Mirasol Resources Ltd. has signed a Letter of Intent with Pan American Silver Corp. ("Pan American") to explore Mirasol's 100%-owned Espejo project, located in Santa Cruz Province, Patagonia, Argentina. The Espejo property is located in the prolific Deseado Massif volcanic terrane of southern Argentina.

The Letter of Intent provides for a definitive joint venture agreement to be signed which gives Pan American the option to earn 51% interest in Espejo in exchange for US$4 million investment in exploration over four years, and certain cash payments.  After earn-in, Pan American may increase its interest to 61% by producing a NI 43-101 compliant feasibility study. Mirasol may then elect to maintain a participatory 39% interest or permit Pan American to increase its interest to 70% by providing mine financing at commercial terms to Mirasol, at Mirasol's request.  Pan American will manage the exploration program.  The Letter of Intent is subject to satisfactory due diligence by Pan American. The Espejo project hosts a number of discrete drill targets identified by Mirasol which occur on trend with the Manantial Espejo silver-gold vein system. Previous exploration conducted by Mirasol included detailed ground magnetic and gradient array IP geophysical surveys which identified multiple prospective chargeable structures located under shallow to modest depths of gravel cover. The agreement provides for Pan American to spend US$300,000 in exploration during the first year, with a total of US$200,000 on areas outside of Mirasol's exploration program during the first two years of the agreement. The company's address is Suite 600-890 West Pender Street, Vancouver, BC V6C 1J9, (604) 602-9989, fax: (604) 609-9946.