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Metals & Mining
3 April 2012
Mariana Resources (MARL) Price: 7p Target Price: N/A Recommendation: N/R Market Cap: �16.6m Re-sampling Previous Drill Holes Indicates New Zones of Volcaniclastic-hosted Gold-Silver Mineralisation at Las Calandrias Project Mariana Resources, an AIM- and TSX-quoted exploration and development company focused on Argentina and Chile, has updated the market on the results of a re-sampling programme at Las Calandrias.

Highlights from the announcement included: * Appraisal of previous drilling at Calandria Sur has revealed significant veinlet/stockwork gold mineralisation hosted by silicified volcaniclastics beyond the rhyolite dome-hosted resource. * Re-sampling of 40 previous drill holes in progress, with results of the first 15 holes expanding mineralisation laterally and below the resource base, with results pending from 25 holes. * Significant gold intersections in volcaniclastics lateral to the resource in holes previously considered low priority: * 52m @ 0.50 g/t Au from 8m - CSD11 * 7m @ 0.9 g/t Au from 17m - CSD266 * 8m @ 1.0 g/t Au from 15m & 26m @ 0.6 g/t Au from 29m - CSD275 * Re-sampling of volcaniclastics below the dome base has extended original intersections in three holes: * 69m @ 0.7 g/t Au & 11 g/t Ag from 40m - CSD19 (previously 63m @ 0.6 g/t Au & 11 g/t Ag) * 79.5m @ 1.9 g/t Au & 34.4 g/t Ag from 47m - CSD23 (previously 69.5m @ 2.1 g/t Au & 39 g/t Ag) * 93.5m @ 2.2 g/t Au & 33 g/t Ag from 20m - CSD86 (previously 84.5m @ 2.4 g/t Au & 37 g/t Ag) * The Calandria Sur mineralised system now extends over an area of 800m NW-SE by 600m NE-SW and up to 170m below surface. * Intensive target definition underway at Las Calandrias with integrated results next month and Phase 5 drilling scheduled for the end of next quarter. * Resource upgrade 1Q13. Comment The first 15 holes of the 40-hole re-sampling programme provide further evidence of mineralisation outside the existing Las Calandrias Sur resource.

These results are from the volcaniclastic country rock rather than the rhyolite dome itself.

The volcaniclastics were previously perceived to be barren, so the presence of mineralisation in these rocks opens up real potential to grow the resource at Las Calandrias Sur. However, we believe the strongest case for an investment in Mariana remains the huge (and highly prospective) regional exploration portfolio in the Santa Cruz province of Argentina.

We anticipate a large number of targets to come from the regional target definition programmes.

The Phase 5 drilling programme will focus on extensions to the Calandrias Sur resource, as well as progressing a number of exploration targets. Recommendation The company remains unrated until a site visit is completed in the near future. Ambrian acts as Broker to this company Extel UK Small & Mid Caps 2012 voting is now open.

Ambrian Partners has a strong history of performance in this survey and hopes to maintain this in 2012.

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Duncan Hughes
+44 (0)20 7634 4775
________________________________ Metals & Mining Research
Duncan Hughes Adam Kiley Craig Foggo Jessica Mauss
+44 (0)20 7634 4775 +44 (0)20 7634 4777 +44 (0)20 7634 4762 +44 (0)20 7634 4757
[cid:image002.jpg@01CD117B.C89B4140] Ambrian Partners Mining Research team has been in the Top 2 within the Extel UK Small-Cap Metals & Mining Sector for the last three years, and ranked #1 in the Hemscott Rankings Stockbroker and Nomad to AIM Basic Materials Sector for 2Q11 [cid:image003.jpg@01CD117B.C89B4140]
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