🕐02.11.10 - 09:54 Uhr

Mariana (MARL) - Drilling update Las Calandrias gold-sliver project, Santa Cruz
gold district, Argentina - target price 48p



FinnCapp Morning Comment - MARL Drill rig returns to Calandria Norte No new assay results but a positive progress report nonetheless on its wholly-owned Las Calandrias gold silver project in Patagonia.

With resource step out and definition drilling completed at Calandria Sur, the drill rig has returned to Calandria Norte to hunt for more high grade gold and silver mineralisation.

Valuation unchanged at 48 pence per share. AIM and PLUS code: MARL 2 November 2010 Drilling Update, Las Calandrias Gold-Silver Project Santa Cruz province, Argentina Mariana Resources Ltd (Mariana or the Company), the AIM quoted exploration and development company focused on Argentina and Chile, is pleased to report on progress at its wholly owned Las Calandrias gold-silver project (Las Calandrias), located in the prospective Deseado Massif gold district in the Santa Cruz province, southern Argentina. Highlights: * Infill and exploration drilling at Calandria Sur bulk tonnage target completed ahead of schedule - intention to delineate a maiden resource Q1 2011 * 55 diamond drill (DD) holes completed in third drilling programme * Drilling along untested western dome boundary has extended varying thicknesses of breccia-hosted sulphide mineralisation westwards for up to 120m * Infill drilling in the core of the dome indicates good continuity of brecciahosted sulphide mineralisation * Drill rig has returned to Calandria Norte to follow up high grade vein targets * A new 600m target trend identified, parallel to La Calandria vein, with float samples assaying up to 116 g/t Au and 65 g/t Ag * Second drill rig scheduled to arrive mid-November to fast-track exploration drilling at Las Calandrias Calandria Sur Drilling Infill and exploratory drilling at Calandria Sur bulk tonnage target, which will form the basis of the forthcoming resource study, has been completed.

The Companys third drilling programme at the project comprised 55 DD holes for a total of 5,884m.

Ninety-two diamond drill holes for 9,753m have been drilled at Calandria Sur to date at drill hole spacing of approximately 50m x 25m. Drilling along the previously untested western boundary at Calandria Sur has extended the breccia-hosted sulphide mineralisation with varying thicknesses further west, in places up to the dome boundary. The approximate extent of sulphide mineralisation, based on core logging of intersections of sulphide mineralisation in the 55 DD holes and results from the previous 37 DD holes is shown in the attached diagram (also available on www.marianaresources.com).

Contours are shown for +20m, +40m and +80m total thickness for each hole.

The zone of mineralisation at Calandria Sur, as defined by the +40m contour (orange in Fig 1), is 340m long (NW-SE) by 250m wide (NE-SW).

The first batch of assay results from Calandria Sur is expected mid November 2010.

It is the Companys intention to delineate a maiden resource for Calandria Sur in Q1 2011. Calandria Norte Surface exploration has revealed a new 600m long target trend approximately 300m NW of the La Calandria vein at Calandria Norte.

Float samples assayed up to 116g/t gold and 65g/t silver. The SANDVIK DE710 diamond drill rig has returned to the Calandria Norte high grade target now that infill and exploration drilling has been completed at Calandria Sur.

Another 4,800m of drilling is planned at Calandria Norte to:
1.

follow up the La Calandria vein high grade intersection (see news release 15 October 2010); 2.

test the full strike extent of the La Calandria vein; 3.

test the new 600m target trend NW of the La Calandria vein. Further Information - Las Calandrias Project Las Calandrias comprises multiple zones of gold mineralisation hosted by a series of rhyolite domes over a 10.5 km2 area.

In 2009, an initial drill programme of 16 shallow holes (1,763m) tested the Calandria Norte vein-breccia and Calandria Sur dome breccia targets.

Significant gold mineralisation was discovered at Calandria Sur, see news release 28/10/2009.

The 2010 diamond drill programme consisted of 4,400m in 37 holes and tested Calandria Sur (28 holes/3,212m); Calandria Norte (2 holes/299m), together with the recently discovered targets, El Nido Este (2 holes/309m) and El Nido Norte (5 holes/580m). 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
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



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