Tuesday 12 April 2011
Morning Meeting Note
Mariana Resources* (30.5p) MARL - CORP - TP: 64p.

- Market Cap: �57m The completion of the third drilling campaign at the wholly owned Las Calandrias gold exploration project in Patagonia has seen almost 30,000m drilled to date over the three campaigns, with particular success at Calandria Sur and a potential new discovery at Calandria Norte.

Assay results from a further 22 holes are pending and are expected before the end of this month.

We maintain our valuation of 64 pence per share. _Collection of low hanging fruit complete.

The most significant discovery at Las Calandrias to date is the disseminated bulk tonnage gold mineralisation at Calandria Sur.

Classic epithermal signature quartz stockwork gold mineralisation at Calandria Norte and El Nido Norte suggests that deeper drilling is required during the fourth drilling campaign to test the system and see if gold silver mineralisation is present at greater continuity and of sufficient grade. _Assays from remaining 22 holes could yet deliver positive surprises.

Of these holes, we are most interested in the 11 holes drilled at Calandria Sur that may increase the mineralised footprint and discover the feeder zone to the bulk tonnage gold mineralisation.

The remaining 11 holes at Calandria Norte have been targeted to infill the 450m strike length of La Calandria vein and increase knowledge of the sub parallel La Morena vein.

We expect these remaining assays to be released later this month. _Maiden resource statement now due at the end of May.

Whereas previously we were expecting this resource statement to be released at the end of April, subsequent drilling suggests that sufficient continuity of mineralisation may exist at La Calandria vein at Calandria Norte for an inferred resource to be estimated.

This is in addition to the resource statement at Calandria Sur and we think the delay will be worth the wait.

The decision to adopt a belt and braces approach to the metallurgy at Calandria Sur has resulted in additional test work that will delay the results until later this month.

The results of the metallurgical test work will be important to estimating an indicated resource at Calandria Sur and will enable a preliminary economic assessment to be carried out in H2 2011.

The TSX is expected to provide a date for the listing in the next week or so. Joe Lunn 020 7220 0544
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