🕐25.11.10 - 09:54 Uhr

Mariana Resources - Drill Programme Completed at Los Amigos Joint Venture (Hochs
child), Santa Cruz, Southern Argentina



FinnCap Morning Comment: Mariana Resources* Drill assays awaited from Hochschild JV CORP No assays but nevertheless a positive update from Marianas Los Amigos JV with Hochschild in Patagonia.

All 6 drill holes cut multiple potentially gold-bearing geological structures from 30 to 445m downhole.

Drill assays expected late December.

Valuation maintained at 48p per share. Analyst: Joe Lunn
Mariana Resources Ltd - AIM: MARL 25 November 2010 Diamond Drill Programme Completed at Los Amigos Joint Venture, Santa Cruz, Southern Argentina Mariana Resources Ltd (Mariana or the Company), the AIM quoted exploration and development company focussed in Argentina and Chile, is pleased to announce an exploration update at its 13,455 hectare Los Amigos gold-silver Joint Venture project (Los Amigos Joint Venture) operated by Hochschild Mining Holdings (Hochschild).

The Los Amigos Joint Venture area, which is being explored for gold and silver deposits, is located in the western sector of the highly prospective Deseado Massif gold-silver province of Santa Cruz, southern Argentina. Overview * Gator target within the San Augustin property area tested for gold-silver mineralisation by 6 Reverse Circulation (RC) holes for 2,081m * All RC holes intersected silicified and sulphide-bearing structures * Intervals of silicification, sulphide mineralisation, carbonate and quartz veining from 30 to 445m downhole * Assay results from RC drilling programme expected December 2010 2010 Reconnaissance Drilling Update A total of six diamond drill holes (a seventh was incomplete) for 2,081m was drilled at the Gator target (see Figure 1) within a 2km x 2km area located in the San Augustin property in the north-central part of the Los Amigos Joint Venture area and approximately 3km east of the target drilled earlier in the year (see news release 27/01/10).

Hochschild reports that all drill holes intersected silicified and mineralised sulphide-bearing structures which were the targets identified from previous surface mapping.

Intervals with silicification, sulfide mineralisation, carbonate and quartz veining were cut from 30m to 445m down-hole (or up to 300m below surface). Assay results are expected in December 2010 and will be reported when available. Chairman John Horsburgh said, "The Los Amigos Joint Venture is progressing well with sulphide mineralisation encountered in all six completed drill holes in the Gator sector of the JV licence area.

Follow up drilling, dependent on positive assay results will be undertaken in 2011 and we look forward to updating shareholders on this progress in due course."
Background to Los Amigos Joint Venture Mariana signed a joint venture agreement with Hochschild in November 2009 to explore and develop three adjoining prospective gold-silver tenements totalling 13,455 hectares, located in the western sector of the Deseado Massif.

These tenements consist of the Companys Amigos I and Amigos II licence areas and Hochschilds San Augustin property which are located circa 110km south of Hochschilds producing gold-silver San Jose Mine. The partners agreed to spend US$2 million on exploration within a three year period on a 40% Mariana, 60% Hochschild basis, to confirm participating interests of 49% and 51% respectively.

A budget of US$500,000 is committed in the first year. Under the terms, Hochschild may earn a further 9% by funding 60% of the next US$3 million in the subsequent two years and a further 10% by either completing a Pre-Feasibility Study or, if requested by Mariana, providing project financing, repaid out of 80% of Marianas share of cash flow.

This could see Hochschilds interest increase to a total 70%. Hochschild previously held the San Augustin property in a joint venture with IAMGOLD Corporation (IAMGOLD).

Under the terms of the Hochschild-Mariana joint venture agreement, IAMGOLD will retain a 1.5% of net smelter returns royalty on any future production from the joint venture area. Joint Venture exploration to date for epithermal gold and silver conducted has included geochemical sampling, which returned highly anomalous values ranging from 0.1 g/t to 5g/t gold (Au) and 5g/t to 100 g/t silver (Ag), an airborne magnetic survey and a three-hole 900m scout RC drilling programme.

The drilling tested one target area at the south-eastern extremity of the 5.5km northwest trend (see news release 27/01/10). 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 mineralisation 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. For further information please see www.marianaresources.com John Horsburgh (Chairman) Mariana Resources Ltd +61 2 94374588 John Sutcliffe (MD) Mariana Resources Ltd +593 99 808080 Rob Adamson RFC Corporate Finance Limited (Nomad) +61 2 9250 0041 Will Souter RFC Corporate Finance Limited (Nomad) +61 2 9250 0050 Joe Lunn (Analyst) FinnCap (Broker) +44 20 7600 1658 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 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.

The Company has two gold-silver discoveries and a joint venture with Hochschild Mining in the highly prospective Deseado Massif region: the Las Calandrias project indicating a major mineralised system with gold bulk tonnage potential; the Sierra Blanca project, a high grade silver-gold prospect; and advanced exploration at the Los Amigos JV.

In Chile, Mariana has two key Iron Oxide Copper Gold (IOCG) exploration projects in the highly prospective Atacama Fault Zone, circa 100 km from Freeports Candelaria Copper Mine: the Buenaventura and Perro Chico projects which span 12,000 hectares.

In addition, it has a generative pipeline of early stage projects including a major land package totalling circa 160,000 hectares in southern Argentina.
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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