🕐26.11.10 - 10:27 Uhr

Mariana Resources - New Exploration Initiative in South America to accelerate go
ld, silver, copper project generation



FinnCap morning comment - Mariana Resources - The hunt for copper in Chile intensifies Managing Director John Sutcliffe is to become a non-executive director and the principal geological consultant on a new initiative to find new copper deposits in Chile.

This is in addition to the existing joint venture the company has with Cliffs Natural Resources.

John is recognised as being one of the worlds most successful geologists having been involved with a number of large discoveries that have become large mining operations.

We understand that drilling at Marianas deep porphyry copper target at La Borita in Catamarca state, Argentina, is going well.

Significantly, we have also learnt that BHP Billiton owns exploration ground contiguous to La Borita and is looking for similar world class deep porphyry targets.

Analyst: Joe Lunn
MARIANA RESOURCES LIMITED AIM and PLUS code: MARL 26 November 2010 Mariana New Exploration Initiative in South America Mariana Resources Ltd, (Mariana or the Company), the AIM quoted exploration and development company based in Argentina and Chile, is pleased to announce the commencement of a new initiative to accelerate gold, silver and copper target and project generation in South America, in line with the Companys strategy of creating value through economic discoveries.

To facilitate and provide expert guidance on this initiative, John Sutcliffe will assume the Board position of Non-Executive Director whilst remaining as the Principal Geological Consultant for Mariana. This new initiative, headed by John Sutcliffe, will utilise the Companys present platform in Chile and will allow Mariana to channel his geological expertise in one of the worlds premier copper and precious metals provinces towards early identification and selection of superior exploration projects.

John has over 30 years experience in the Andean South American region and has led teams that have made significant discoveries and acquisitions of economic gold, silver and copper deposits such as Placate (silver: Peru), Colleagues (copper: Chile), Dos Amigos (copper: Chile), Rio Blanco (gold: Ecuador) and El Valle (gold: Spain). Executive Chairman John Horsburgh and Executive Director Glen Parsons will act jointly in assuming, as appropriate, the continuing executive management of Mariana which includes the rapid advancement of the Companys flagship Las Calandrias project and its current prospective Argentinean exploration portfolio in the Santa Cruz province of Argentina. The current project generation programme in Chile is being managed by Dr.

Luis Ignacio Silver, a geologist with over 30 years experience in Chile, who has been retained as Mariana Chiles Country Manager in the new venture.

Mariana has a solid presence in Chile and has built up extensive networks and country knowledge, which will provide an excellent platform for this new initiative. The Company is currently evaluating opportunities in the world-class Marikina gold-silver province east of Copepod in Northern Chile, which hosts a series of epithermal high sulphidation and porphyry-style gold-silver-copper deposits.

It is also evaluating high-sulphidation gold opportunities in Northern Chile and stratabound copper manto type targets in the Coastal Range.

Negotiations are already in progress regarding a number of opportunities.

Chile will form the main focus for this new initiative however opportunities elsewhere will be evaluated on their merits. Chairman John Horsburgh said today, "The Companys main focus remains on the development and success of our Las Calandrias gold discovery in Argentina.

It is however imperative to maintain vigorous project generation from which can accrue additional value to the Company.

John has a proven track record in resource discovery and he has been one of the key architects of Marianas already successful exploration in Argentina and Chile.

We believe this corporate reorganisation will realign the Board and its management team to focus on its key strengths, and will help Mariana achieve its strategy of building a leading exploration and development company across multiple regions in South America." Further Information This initiative is independent of the current joint venture, between Mariana and Cliffs Natural Resources which is specifically targeting the Northern Chile iron-oxide-copper-gold (IOCG) Belt from La Serena in the south to approximately 30km north of Antofagasta.

Under the terms of the JV agreement either company is permitted to search for non-IOCG targets within the JV area. **ENDS** For further information and to view all attached diagrams please visit the Companys website atwww.marianaresources.com or contact the following.
John Horsburgh (Chairman) Mariana Resources Ltd +61 2 94374588 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 Finn Cap (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 Hoch child 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 Brita 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
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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