FinnCap Mining Analyst Joe Lunn Morning Comment Mariana Resources* - MARL.L - 26p - may the assay Gods continue to be kind... "For us, the eagerly anticipated results from the first seven drillholes at the Calandria Sur gold prospect in Patagonia are a continuation of the strong set of results released last October.

All seven holes encountered a wide high grade zone surrounded by a lower grade envelope, but a special mention must go to hole CSD23 which intersected 69.5 metres at 2.1g/t gold from 47 metres.

This included an ultra high grade intersection of 22 metres at 4.4g/t gold from 81 metres which adds weight to the hypothesis that grade increases with depth.

Significantly, the mineralisation from these holes confirm the potential for a bulk tonnage open pit mining operation where both the high grade and lower grade ore is mined at the same time using large scale mining equipment, thus enabling economies of scale to be realised.

We believe that this is one of the main prerequisites that larger gold mining companies look for when assessing project viability.

These seven holes are part of a 37 hole programme designed to test a cluster of four targets within the 100 per cent-owned Las Calandrias licence area.

Although the results of these first seven holes are good, we are more interested in the scout drilling that took place at El Nido Norte - a fresh prospect located 2km north of the original discovery at Calandria Sur.

Previous channel sampling on surface at El Nido Norte reported bonanza grades of up to 106g/t gold and 504g/t silver over 0.5 metres.

We understand that at least 2 out of the 5 scout holes intersected similar near-surface mineralisation to Calandria Sur which means that, assuming the assay Gods continue to be kind, the Las Calandrias gold camp could contain multiple open pit targets.

The rest of the drill results will be released in batches during this month.

We have placed our previous valuation of the company under review until the majority of the assay results are known.

But we believe that there is good potential for our next valuation to be significantly higher than our previous valuation of 19 pence per share.
AIM and PLUS code: MARL 5 May 2010
Additional Wide Gold and Silver Drill Intercepts from Calandria Sur, Las Calandrias Gold-Silver Discovery Project - Argentina
Mariana Resources Ltd (Mariana or the Company), the AIM quoted exploration and development company focussed in Argentina and Chile, announces positive results from the first seven holes of the 2010, 37 hole drilling campaign, at its 100% owned Las Calandrias Project in the prospective Deseado Massif gold district in the Santa Cruz province, Southern Argentina.

These drilling results follow the gold discovery at the Calandria Sur target in November 2009 and continue to highlight the prospectivity of the project area.
Overview * Best intersection from Calandria Sur prospect of 69.5 m @ 2.1 g/t gold & 39 g/t silver from 47 m, incl.

22 m @ 4.4 g/t Au & 79 g/t Ag from 81 m * Results at Calandria Sur continue to demonstrate wide intersections of gold and silver mineralisation open laterally indicating bulk tonnage potential * 5,600 sq km Las Calandrias project has four key target areas: Calandria Sur, Calandria Norte, El Nido Este and El Nido Norte * Potential for Las Calandrias to contain multiple open-pit targets * Further drilling results from 2010 diamond drilling programme due May-June 2010
Mariana Resources Ltd Managing Director John Sutcliffe said, "This second drilling campaign continues to highlight the bulk tonnage gold potential at the Las Calandrias gold-silver discovery.

In addition to the prospective Calandria Sur target discovered November 2009, the wide zones of brecciation and stockwork sulphide mineralisation intersected at Calandria Norte, Nido Norte and Nido Este are highly encouraging.

Detailed mapping and IP geophysics are resulting in the exciting discovery of new and largely concealed dome-related mineralisation, adding new targets to the Las Calandrias project and in turn, further increasing the prospectivity of the area."
The 2010 diamond drill programme at Las Calandrias consisted of 37 holes totalling 4,400 m and tested four main targets: Calandria Sur (28 holes over 3,212 m); Calandria Norte (2 holes over 299 m), El Nido Este (2 holes over 309 m) and El Nido Norte (5 holes over 580 m).


Calandria Sur Target
The first seven holes tested the central eastern margin of the rhyolite dome over a 200 m x 120 m area.

Overall, the 2010 drilling programme at Calandria Sur tested an area approximately 600 m long by 200 m wide to depths of up to 150 m below the surface.

Most of the holes intersected broad zones of brecciation, silicification and stockwork marcasite-pyrite mineralisation, ranging from 14 m to 80 m down-hole.


Results from the first seven holes at the Calandria Sur target include:
* 64.5 m @ 1.1 g/t gold & 20 g/t silver from 83 m, incl.

23.6 m @ 2.0 g/t Au & 40 g/t Ag from 90 m - CSD17 * 63.5 m @ 1.2 g/t gold & 20 g/t silver from 67 m, incl.

27.5 m @ 2.2 g/t Au & 34 g/t Ag from 91.5 m - CSD18 * 63 m @ 0.6 g/t gold & 12 g/t silver from 40 m, incl.

11 m @ 1.0 g/t Au & 6 g/t Ag from 89 m - CSD19 * 38.5 m @ 1.7 g/t gold & 13 g/t silver from 39 m, incl.

5 m @ 7.2 g/t Au & 14 g/t Ag from 40 m - CSD20 * 64 m @ 1.2 g/t gold & 29 g/t silver from 33 m, incl.

19 m @ 2.2 g/t Au & 43 g/t Ag from 51 m and 7 m @ 2.1 g/t Au & 75 g/t Ag from 84 m - CSD21 * 34.5 m @ 1.3 g/t gold & 20 g/t silver from 4.5 m, incl.

10.5 m @ 2.3 g/t Au & 12 g/t Ag from 7.5 m - CSD 22 * 69.5 m @ 2.1 g/t gold & 39 g/t silver from 47 m, incl.

22 m @ 4.4 g/t Au & 79 g/t Ag from 81 m - CSD23
Location of drill holes CSD17 to CSD23 in relation to the 2009 discovery drilling holes (CSD13, CSD15) are shown on the drill plan (See Fig.

2).

Holes are located 50 m apart on an E-W or NE-SW sections (See Figs.

3 & 4).

Hole CSD18 is collared 45 m south of CSD13 and hole CSD19 is approximately 35 m north of CSD13.

Holes CSD21/17/13 and 20 are located on the 200 m EW Section A-B.

Hole CSD22 is collared 90 m W of CSD12.
Where drill holes have terminated in the volcaniclastic wall rock, highly anomalous gold values of up to 1.2 g/t have been received, indicating that mineralisation is not totally confined to the rhyolite dome (See Fig.

5).


Holes on section A-B show that the Calandria Sur dome has a regular geometry, flattening at depth and steepening on the northeastern margin.

The apparent broad zones of disseminated gold-silver across the body of the dome, continue to provide a strong indication of bulk tonnage style mineralisation, albeit a variation on the grossly annular, steeply dipping form in the previously proposed model.

The mineralised zone is open to the southwest and will require further drill testing over an area of approximately 450 m x100 m up to the dome margins (See Fig.

5).


Calandria Norte Target
Scout holes CND45 and CND46 were drilled to the north of the 2009 holes to test a new 3D geophysical Induced Polarisation (IP) anomaly near the core of the Calandria Norte dome.

The two holes intersected wide zones of marcasite-pyrite veining up to 60 m down-hole in strongly silicified rocks in the hanging wall of a 3 m wide sulphide-rich silicified structure which was intersected 100 m below surface.

Core sampling is in progress.
Nido Este Target
The El Nido Este target, located 1.1 km northwest of the Calandria Sur target, has been tested by two scout drill holes, NED47 and NED48, collared 100 m apart over another IP anomaly.

Both holes intersected wide zones of pyrite-marcasite disseminations and veinlets in a rhyolite dome.

The intersections range in length from 70 m (NED48) to 120 m (NED47), with high sulphide zones (up to volume 10%) ranging from 6 m to 27 m.

Mineralisation has similar characteristics to the Calandria Sur target and consists of opaline chalcedonic quartz veinlets and replacements with pyrite-marcasite and smectite/illite alteration.

Logging and sampling are in progress.
Nido Norte Target
Scout holes NND49 to NND53 were drilled at the El Nido Norte target which is located two kilometres northwest of the Calandria Sur target.

The holes targeted bonanza gold and silver mineralisation from surface channel samples which assayed up to 0.5 m @ 106 g/t gold and 504 g/t silver (see news release April 8, 2010).

Hole NND49 intersected a pervasively silicified and sulphide rich structure 4 m wide within a 30 m wide zone of sulfide-rich quartz veins stockwork, breccias and sulphide disseminations.

The oxidation zone from 5 m to 26 m is characterised by goethite-hematite and jarosite veining with relict sulphides.

Logging and sampling are in progress.


New rhyolite domes discovered at Nido
Recent mapping has discovered a new zone of mineralisation related to sub-cropping rhyolite domes located between and to the west of the Nido Norte and Nido Este targets, bringing the total to five targets found in the Nido sector of the Las Calandrias project.

Lag sampling, trenching and rock chip sampling are in progress.

In addition, Mariana is planning a 400 line-kilometre ground magnetic survey.

The prospective Las Calandrias rhyolite dome field now extends over approximately 10.5 square kilometres (See Fig.

1).


Table 1: Calandria Sur Target Drill Hole Summary
HOLE PARAMETERS INTERCEPT HOLE UTME UTMN ALT AZ DIP DEPTH FROM TO CORE LENGTH GOLD SILVER (masl) (�) (-�) (m) (m) (m) (m) (g/t) (g/t) CSD09* 613962 4724313 167 85 50 117.4 22.5 77.3 54.8 0.8 10 Inc
67.3 75.3 8 1.9 13 CSD10* 613906 4724364 178 85 50 107.3 38.9 99.9 61 0.2 4 Inc
38.9 44.9 6 1.1 10 CSD11* 613980 4724490 168 295 50 126.5 No significant intercept- hole remained in the volcaniclastics CSD12* 613887 4724425 176 90 60 94.8 19.3 24.85 5.6 1.9 25 And
36.4 88.5 51.1 0.6 5 Inc
75 85.5 10.5 1.2 11 CSD13* 613836 4724512 178 85 50 112.8 7.0 109.0 102 1.2 17 Inc
89 109 20 2.6 39 CSD14* 613880 4724366 176
95
75
127.8 92 121.1 29.1
0.3 1.3 CSD15* 613832 4724577 179 20 60 96.8 3.5 95 91.5 1.6 17 Inc
49 70 21 4.5 39 Inc
51 53 2 28.4 154 CSD16* 613790 4724587 179 20 60 97.0 23 94 71 1.1 23 Inc
61 90 29 1.8 35 CSD17 613788 4724515 176 90 60 152.2 7 31 24 0.5 4 Inc
83 147.5 64.5 1.1 20 Inc
90 113.6 23.6 2.0 40 CSD18 613827 4724470 176 75 50 137.5 67.5 131.0 63.5 1.2 20 Inc
91.5 119 27.5 2.2 34 CSD19 613838 4724542 179 70 65 109.6 40 103 63 0.6 11 Inc
89 100 11 1.0 6 CSD20 613888 4724510 179 90 50 77.5 39 77.5 38.5 1.7 13 Inc
40 45 5 7.2 14 And
64 65 1 12.1 164 CSD21 613747 4724505 175 90 75 158.0 2 111.5 109.5 0.8 19 Inc
33 97 64 1.2 29 Inc
51 70 19 2.2 43 CSD22 613806 4724429 172 80 60 115.5 4.5 99 94.5 0.7 11 Inc
4.5 39 34.5 1.3 20 Inc
7.5 18 10.5 2.3 12 CSD23 613821 4724533 178 20 70 131.5 47 116.5 69.5 2.1 39 Inc
81 103 22 4.4 79 *2009 Drill campaign NB Intervals are weighted averages with 3m maximum < 0.2 g/t Au within the intervals.<>
For further information please visit website at www.marianaresources.com or contact the following.
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 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 Argentina, in addition to the Las Calandrias gold-silver discovery project, the Company owns the Sierra Blanca silver prospect and has a joint venture with Hochschild Mining.

Mariana also owns exclusive exploration rights to a 160,000 Ha area.

All of these projects are located in the Deseado Massif gold district in mining-friendly Santa Cruz province of southern Argentina, which hosts four gold/silver mines and several notable bonanza type precious metal prospects.


In Chile, Mariana has a joint venture agreement 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.

The SCM Mariana Area includes two Iron Oxide Copper Gold (IOCG) exploration projects in the highly prospective Atacama Fault Zone, approximately 100 km from Freeports Candelaria Copper Mine: the 44km� Buenaventura and 46km� Perro Chico projects.
Additional information:Drilling was undertaken by Boart Longyear Argentina using a rig 25HH-3 core drill.

The drill program is being managed by the Argentina Exploration Manager, Dr Gustavo A.

Rodriguez under supervision of Managing Director Mr John Sutcliffe.

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 mineralization 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.Sampling and Analytical DetailsAll diamond drill core samples are split on geological contacts with minimum and maximum sample length of 0.5 and 3 meters respectively and represent sawn half HQ-size core.Samples for analysis include certified control standards, quarter core duplicates and blanks).

All the samples are collected under the supervision of the Company geologists.

During the sample handling procedure, the sample shipments are tracked.

Core samples were placed into uniquely labelled sample bags.

A record of the sample location and other specific details is documented in the sample data base.

All samples were sent to ALS Chemex Labs with preparation facilities in Mendoza and assayed in Chile for gold and multi element ICP analyses.

Rock sample preparation includes weighing, drying, fine crushing of entire sample to better than 70% -2mm, split of 250g and pulverize split to better than 85% passing 75 microns (PREP-31- DRY-22).

The 34 element ME ICP41 package analyses utilize an aqua regia digestion.

Gold analyses for all samples are fire assay and AAS (Au-AA24, 50g nominal sample weight, range 0.005-10 ppm) with any results over 10g/t checked using a gravimetric finish (Au-GRA22- 50 gr , range 0.05- 1.000 g/t).

Silver grades exceeding 100 g/t were assayed by fire assay and gravimetric finish (Ag-GRA21, 30g nominal sample weight, range 5-10,000 ppm).

ALS Chemexs quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999Quality Assurance/Quality Control All technical information for the Companys Argentina projects is obtained and reported under a quality assurance and quality control (QA/QC) program.

Certified standards are inserted at an average of one per 20 samples, blanks (in house) at one per 40 samples, while quarter-core duplicates are inserted at intervals of approximately 35 samples.

A total of 9% control samples have been inserted.

Assays that meet the QA/QC are incorporated in the Mariana data base.
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.sbmf.co.uk
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