Ms. Mary Little reports

MIRASOL ADVANCES THE RUBI COPPER-MOLYBDENUM-GOLD PROJECT IN CHILE

Mirasol Resources Ltd. has provided an exploration update on the 100-per-cent-owned Rubi copper-molybdenum-gold porphyry project, located adjacent to the world-class El Salvador mining district in Region III of northern Chile.

The 13,350-hectare Rubi property is prospective for copper mineralization, where Mirasol has identified multiple stand-alone porphyry copper targets. Recent geological evaluation identified additional conceptual copper-gold targets and a new outcropping precious metal target, which returned rock chip assays of up to 6.9 grams per tonne gold. Recently, Mirasol staked additional claims to secure extensions of exploration targets at Rubi. The company is actively seeking a joint venture partner to advance this project and is conducting field reviews with a select group of mid- to first-tier copper producers as the initial step in the joint venture process.

At the district scale, the Rubi project is centred within a cluster of world-class porphyry copper-molybdenum-gold deposits that, in some instances, include associated epithermal gold deposits. These include the historic El Salvador (3.8 billion tonnes at 0.44 per cent copper and 0.1 gram per tonne gold) and the Potrerillos mines (one billion tonnes at 0.98 per cent copper and 0.77 gram per tonne gold), as well as the Inca del Oro porphyry development project (770 million tonnes at 0.36 per cent copper and 0.1 gram per tonne gold). Published geology suggests the intrusive and mineralized system at Rubi may be part of the Paleocene-age to early Eocene-age mineral belt that has produced a series of world-class porphyry copper and epithermal gold deposits in northern Chile.

The Rubi project encompasses a 10-kilometre-diameter gravel-covered pampa, surrounded by altered volcanic and intrusive rocks, and hosts several outcropping zones of copper-molybdenum-gold and base metal mineralization. The eastern margin of the project is marked by a large arcuate fault zone thought to represent the ring fracture faults of a mineralizing caldera system. The alteration and geochemical patterns at Rubi are suggestive of a large, zoned porphyry-epithermal mineral district, with a number of possible mineralized centres indicated.

Previous drilling was undertaken over parts of the Rubi project during the 1990s but did not test the principal targets identified by Mirasol. Many of the historic holes drilled into the gravel cover to test for covered porphyry mineralization were apparently stopped in gravel short of reaching basement. Over 50 per cent the claims area shows no evidence of historic exploration, including some of the outcropping mineralized targets identified by Mirasol. There is no evidence of systematic ground electrical geophysical surveys over the Rubi project, and the project is not covered by any publicly available modern aeromagnetics surveys.

Mirasol has identified a series of outcropping and covered conceptual targets at Rubi. The Lithocap target is an area of intense advanced argillic alteration and silicification that may cover in excess of nine square kilometres. Rock-chip sampling by Mirasol geologists identified a central zone with widespread anomalous molybdenum (peak assay of 250 parts per million molybdenum), low-grade copper and localized higher-grade secondary copper (peak of assay 399 parts per million copper) in narrow veins and breccias. The alteration and geochemical signature of this target are characteristic of the barren alteration lithocap that can form over, or lateral to, a high sulphidation and/or porphyry copper-molybdenum-gold system. Localized historic drilling on the southern edge of the Lithocap zone has not tested Mirasol's target.

Quebrada del Salado is an epithermal gold-silver target associated with a felsic dike swarm that extends north from the Lithocap target. Small-scale historic gold workings are intermittently exploited on the dike margins over a 1.1-kilometre strike length in a series of near-surface, oxidized quartz-carbonate veins. Reconnaissance rock-chip sampling of the dumps and workings have returned anomalous gold-silver-manganese-base metal results indicative of a precious metal intermediate sulphidation epithermal system. The average gold grade of the 10 samples collected to date is 2.7 grams per tonne gold with a peak assay of 6.9 grams per tonne gold. Aster alteration processing shows argillic alteration extends for several kilometres along the dike swarm and suggests that the mineralized zone could be more extensive than currently recognized in outcrop. Epithermal precious metal deposits are known to form on the edge of porphyry districts. Some of these deposits contain significant gold-silver resources. There has been no previous modern exploration identified over the Quebrada del Salado vein zone.

The Portezuelo porphyry copper-molybdenum target is a 2.5-kilometre-by-1.5-kilometre area of multiphase granodiorite to rhyolite intrusive and dike complex. Rock-chip sampling and mapping show widespread anomalous copper values (peak assay of 1,650 parts per million copper) and molybdenum values (peak assay of 310 parts per million molybdenum) associated with porphyry-style sheeted veins and disseminated mineralization. Five historic shallow reverse circulation holes (maximum depth 144 metres) were drilled at the prospect by CODELCO Chile, the state mining corporation. Preliminary field evaluation by Mirasol suggests the historic drill holes have not have been optimally placed to test the mineralization.

Additional conceptual covered porphyry and exotic copper targets are suggested by alteration vectors and low-level anomalous copper-molybdenum surface chip geochemistry at the Corner zone and Pampa del Inca prospects. Drilling of these types of gravel-covered targets in Chile has led to the discovery of a number of porphyry deposits over recent decades. Systematic geophysics of the gravel-covered areas at Rubi is required to filter and prioritize targets prior to drill testing.

Mirasol is pleased to have secured this large coherent block of prospective exploration ground on one of the premier porphyry-epithermal belts in pro-mining Chile. The Rubi project was acquired by Mirasol through staking on open ground of priority targets from its regional generative program. The project is 100 per cent owned by Mirasol with no cash payments, royalties or expenditures to underlying property owners. This affords Mirasol greater business flexibility when dealing with potential partners on the project. Mirasol's management team is focused on securing a joint venture with a partner that has the capacity to evaluate the project, drill test the targets identified and, if successful, effectively advance a large-scale project.

Pursuant to a share bonus plan approved by shareholder vote on Dec. 3, 2007, the company has received TSX Venture Exchange approval to issue 500,000 common shares to certain eligible persons under the bonus plan. The shares are being issued in connection with the discovery of an orebody (as such term is defined in the bonus plan) at the Joaquin property in Argentina. A committee comprising independent directors and the TSX-V approved the issue of the shares under the bonus plan.

Stephen C. Nano, vice-president of exploration for Mirasol, is the qualified person under National Instrument 43-101 who has prepared and approved the technical content of this news release.

Quality assurance/quality control

Exploration at the Rubi project is supervised by Mr. Nano, vice-president of exploration, who is the qualified person under NI 43-10. All technical information for the company's projects is obtained and reported under a formal quality assurance and quality control program. All drill 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 Chile for analysis. All rock-chip and drill samples are submitted to the laboratory with independently sourced, accredited standard and blanks, and, where appropriate, duplicate samples to facilitate monitoring of laboratory performance. Certified results are examined by an independent qualified consultant to ensure laboratory performance meets required standards.

Assay results from subsurface drill core or reverse circulation drill samples may be higher, lower or similar to results obtained from surface samples.