FinnCap Morning Comment Mariana Resources - Bigger drill programme matches exploration potential For us, this mornings eagerly awaited results from the geophysical survey for Marianas wholly owned Las Calandrias project in Patagonia offer tantalising additional information on the value the ongoing drilling campaign can potentially deliver over the next three months.

We maintain our valuation of 48 pence per share.

Mining Analyst: Joe Lunn
AIM and PLUS code: MARL 4 November 2010 Las Calandrias Gold-Silver Project Drilling Programme to Expand based on Positive Induced Polarisation Results Mariana Resources Ltd, (Mariana or the Company), the AIM quoted exploration and development company based in Argentina and Chile, is pleased to report positive geophysical exploration results from its 100% owned Las Calandrias gold-silver project (Las Calandrias), located in the prospective Deseado Massif gold district in the Santa Cruz province, southern Argentina. Highlights � Geophysical exploration results (2D and 3D Induced Polarisation (IP) geophysics, ground magnetic and other studies) strongly support numerous high priority drill targets identified in untested rhyolite domes at Las Calandrias � The current drilling programme at Las Calandrias to extend by 5,000m to 15,000m - second drill rig arriving on site by mid-November 2010 to fast-track exploration � New 2D IP chargeability drill target at Calandria Norte dome parallel to Las Calandrias bonanza vein and 300m to the north with rock chips up to 116 g/t Au and 65g/t Ag � 3D IP modelling of the 2km x 2.8km Nido Norte IP block outlines at least six main chargeability and several resistivity anomalies at El Nido Norte, Nido Oeste and Nido Centro � 3D resistivity indicates a major untested 2km x 1km dome complex extending up to 300m depth, centred on the Nido Norte target, 1.8km NW of the Calandria Sur gold-silver deposit � A 2,000m x 350m 3D resistivity anomaly coincides with a 1.5km epithermal vein structure � New 3D IP target areas outlined at Pichones, Gamekeeper and Loica prospects adjacent to the Nido Norte target � Nido Sur IP block 3D survey completed and modelling results expected shortly
Marianas Chairman John Horsburgh said: "These results clearly highlight the excellent potential of the dome fields at Las Calandrias to contain multiple mineralised zones with scope for both bonanza and bulk mining gold targets.

As such we are raising the drilling campaign to 15,000 metres to accelerate exploration of this highly prospective low sulphidation epithermal gold system."
Induced Polarisation IP surveying to date at Las Calandrias has proved to be effective in mapping 3D geometry of prospective rhyolite domes (Resistivity) which host significant gold-silver mineralisation at the Calandria Sur and Calandria Norte targets and in detecting broad zones of disseminated and stockwork sulphide mineralisation (Chargeability) hosted by the rhyolite domes.

These mineralised zones are commonly associated with varying degrees of silicification (Resistivity component). 3D IP Surveys Two 3D IP survey blocks have been completed over 2km x 2.8km at the Nido Norte target (modelling results just received) and 1.8km x 2.8km at the Nido Sur target (results awaited). 3D IP modelling of the Nido Norte block is very promising with several chargeability anomalies at Nido Norte, Nido Oeste and Nido Centro prospects and new target areas outlined at the Pichones (ring shaped resistivity high), Gamekeeper and Loica targets. The 3D resistivity confirms a major untested 2km x 1km dome complex in the subsurface centred on Nido Norte, 1.8km NW of the Calandria Sur gold deposit.

The modelling shows the complex may extend to more than 300m below surface. Of particular interest at Nido Norte is a 2,000m x 350m 3D resistivity anomaly coinciding with a 1.5km long gold/silver-bearing vein structure with high-level epithermal textures.

This is now a prime target with shallow scout drilling (5 holes) earlier this year intersecting sulphide quartz veining, stockworks and breccias (2m @ 4.9 g/t Au and 72 g/t Ag) and surface rock chips up to 0.5m @ 106 g/t Au and 510 g/t Ag. Chargeability anomalies coinciding with resistivity highs are considered highly prospective such as those seen along the La Despreciada trend, El Nido Oeste (1,000m x 220m resistive zone), Pichones (1km west of Nido Norte) and the Gamekeeper dome (0.6km east of Nido Norte). 2D IP Surveys Mariana has received the modelling of 2D pole-dipole RealSection IP carried out by Quantec GeoScience, a leading geothermal exploration company, in the September quarter over a 600m x 700 m area at Calandria Norte and a 500m x 1000 m area at Calandria Sur; with results summarised below: Calandria Norte - La Calandria Vein-Breccia Trend A sizeable 550m x 180m anomaly extends along the NE trending La Calandria vein-breccia, interpreted as stockworks and disseminated sulphides enveloping the steeply dipping bonanza veins. Approximately 300m north of the La Calandria vein trend the 2D IP outlined a second NE trending chargeability anomaly 630m x 100m.

Mapping identified thin NE-SW and N-S quartz-sulphide veins with rock chips assaying up to 116 g/t Au and 65 g/t Ag.

Up to ten scout drill holes are planned to test this new target. Calandria Sur Oeste The 2D IP indicates chargeability anomalies in volcaniclastics adjacent to the Calandria Sur dome on the western side. **ENDS**
For further information and to view all attached diagrams please visit the Companys website at www.marianaresources.com or contact the following. John Horsburgh (Chairman) Mariana Resources Ltd +61 2 94374588 John Sutcliffe (MD) Mariana Resources Ltd +593 99 808080 Glen Parsons (CFO) Mariana Resources Ltd +61 2 94374588 Rob Adamson RFC Corporate Finance Limited (Nomad) +61 2 9250 0041 Will Souter RFC Corporate Finance Limited (Nomad) +61 2 9250 0050 Matthew Robinson FinnCap (Broker) +44 20 7600 1658 Felicity Edwards St Brides Media and Finance Ltd (PR) +44 20 7236 1177 Hugo de Salis St Brides Media and Finance Ltd (PR) +44 20 7236 1177
About Mariana Resources Mariana Resources Ltd is an AIM quoted exploration and development company with an extensive portfolio of gold, silver and copper projects in Argentina and Chile.

In Southern Argentina, in addition to the Las Calandrias gold-silver discovery, the Company has the Sierra Blanca silver-gold prospect (70%); the Los Amigos joint venture (49%) with Hochschild Mining; and a 160,000 Ha land package (100%).

All of these projects are located in the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz province of southern Argentina, which hosts four mines and several advanced projects.

In the Catamarca Province in northern Argentina, Mariana has an option to acquire the La Borita porphyry copper prospect. In Chile, Mariana has a joint venture with US based international mining and natural resources company Cliffs Natural Resources Inc., to explore for Iron Oxide-Copper-Gold deposits (IOCG) in a 92,000 km� area (SCM Mariana Area) in north-central Chile along the highly prospective Atacama Fault Zone.

The SCM Mariana Area includes the 44km� Buenaventura and 46km� Perro Chico IOCG projects Additional Information Drilling is being undertaken by ECOMINERA.

The drill programme is being directed by the Argentina Exploration Manager, Dr Gustavo Rodriguez under supervision of Managing Director Mr John Sutcliffe.

Exploration information in this announcement has been compiled by John Sutcliffe who is a Fellow of the Geological Society of London, a Chartered Engineer and a Member of the Institute of Mining and Metallurgy.

Mr Sutcliffe has sufficient experience relevant to the style of mineralization and types of gold deposit under consideration and to the activity that he is undertaking to qualify as a Competent Person as defined in the JORC Code. Quality Assurance/Quality Control All technical information for the Companys Argentina projects is obtained and reported under a quality assurance and quality control (QA/QC) program.

All samples are collected under the supervision of the Company geologists and dispatched via commercial transport to ALS Chemex laboratories in Mendoza, Argentina, and assayed in Santiago de Chile.

ALS Chemexs quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999.

Samples returning greater than 10 g/t gold and/or greater than 100 g/t silver are assayed using gravimetric analyses. Systematic assaying of sample duplicates and commercially prepared standards and blanks is performed for analytical reliability.
Felicity Edwards St Brides Media and Finance Ltd Chaucer House 38 Bow Lane London EC4M 9AY Tel: +44 (0) 207 236 1177 Mob: +44 (0) 7748 843871 Fax: +44 (0) 207 236 1188 Email: Web: www.stbridesmedia.co.uk