🕐13.11.12 - 10:27 Uhr

MARIANA RESOURCES Q3 CORPORATE AND OPERATIONAL UPDATE AND RFC AMBRIAN BUY COMMENT



Mariana Resources (MARL-GB) Price: 5.0p Target Price: N/A Recommendation: Speculative Buy Market Cap: �12.4m 3Q12 Results Mariana Resources has announced its 3Q12 results.

In the quarter, results for re-sampling of the second batch of 33 previous drill holes returned gold intersections in 26 holes, which included 24.5m at 0.8 g/t Au, 12 g/t Ag from 83.5m and 27m at 1.0 g/t Au and 13 g/t Ag from 89m.

Additional LeachWell assays showed higher-than-expected gold extractions for primary volcaniclastic-hosted mineralisation on the Eastern (80%) and Western (89%) Borders of Calandria Sur. New targets were tested adjacent to the current Calandria Sur resource, with drilling intersecting 37.7m at 1.6 g/t Au and 6 g/t Ag from surface.

This quarter Mariana has further diluted its interest in the Cliffs JV in Chile from 21.35% to 20.6%. The Mariana group made a consolidated loss of �3,047,912 for the nine months ended 30 September 2012.

At 30 September 2012 Mariana had cash and cash equivalents of �2,061,424. Comment Over the last quarter (and subsequent to it) the company has made a number of strategic decisions in order to prioritise spending of its relatively low cash balance.

This strategic review includes enabling dilution out of the Los Amigos JV and dilution of ownership in the Cliffs JV.

After the reporting period Mariana finalised the take up of an option on the Condor del Oro Project in Peru. Management is right to look to prioritise its focus within its extensive exploration portfolio and ensure expenditure is restricted to the higher-priority targets in the eastern Deseado Massif of Argentina and the prospective new option in Peru. Recommendation We maintain Mariana Resources as a SPECULATIVE BUY.

We believe the key to share price appreciation lies in exploration success.

Catalysts for the next 12 months include: � Resource upgrade at Las Calandrias - 1Q13 � Exploration results from Condor del Oro - Ongoing RFC Ambrian acts as Nomad and Broker to this company
[cid:image001.png@01CDC17D.351EB4D0] From: Glen Parsons [mailto:] Sent: 13 November 2012 03:19 To: Klara Kaczmarek; Jonathan Evans; Juan Alvarez; Duncan Hughes Cc: Will Souter; Indra Ruthramoorthy; Felicity Edwards Subject: 3rd Quarter results Dear All
Please find 3rd quarter results going out today. Many thanks Glen Glen Parsons Mariana Resources Ltd T :+61 2 9437 4588 M: :+61 415 739 616 E :







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