FinnCap Comment - Mining Analyst: Joe Lunn "Positive news continues to flow from Marianas wholly-owned Las Calandrias gold silver exploration project in Patagonia.

Of primary interest to us is not so much the grade of the mineralisation but that the gold, from hole CSD84, was hosted in pyroclastics; the volcanic rock surrounding the rhyolite dome structure which hosts the potential resource.

This suggests to us that the prospectivity of Las Calandrias, especially at the largely untested goldfields at El Nido, is greater than originally thought.

The latest drill results serve to reinforce our guidance on the maiden resource estimate of approximately 15 tonnes of gold at the Calandria Sur target.

We expect the company to release this maiden resource during Q1 2011 after its Tier 1 dual-listing on the TSX.

We maintain our valuation of 48p per share."
AIM and PLUS code: MARL 22 November 2010 Latest Drilling Extends Calandria Sur Gold-Silver Mineralisation, Las Calandrias Project, Southern Argentina Mariana Resources Ltd (Mariana or the Company), the AIM quoted exploration and development company focussed in Argentina and Chile, announces results from an initial 27 of 55 holes recently drilled at its Calandria Sur prospect increase the area of +1g/t gold intercepts by 50% to 400 metres x 300 metres and indicate new targets hosted in pyroclastics.

The Calandria Sur prospect is one of several key target areas at the Companys 100% owned flagship Las Calandrias gold project area (Las Calandrias), located in the prospective Deseado Massif gold district in southern Argentina. Overview * Broad +1g/t Au intercepts now extend over approximately 400m x 300m area based on drill results to date, up from 400m x 200m (previous news release 02/06/10 * Important new target area located - gold mineralisation discovered in CSD84 outside of northeast dome border, hosted in pyroclastics (43m @ 0.7 g/t Au from 26.5m) * First batch of 50 x 25m infill drilling results for main zone at Calandria Sur target returned best intersection to date: 84.5m @ 2.4 g/t Au and 37 g/t Ag from 20 m, including 35 m @ 4.8 g/t Au & 75 g/t Ag from 49m (CSD86) * Other infill results include 88.5m @ 1.0 g/t Au & 25 g/t Ag from 40.5m (CSD67) and 101m @ 1.0 g/t Au) & 28 g/t Ag from 3m (CSD73) * Exploratory drilling along the western dome border intersected gold-silver mineralisation in a third of the holes: 43.5m @ 0.6 g/t Au & 17 g/t Ag from 18m (CSD74) and 16m @ 1.0 g/t Au & 48 g/t Ag from 28m (CSD77) * Results for the remaining 28 Calandria Sur target holes and a report on preliminary metallurgical testwork expected by mid-December with a maiden resource estimate expected Q1 2011 * Drill rig has now been moved to Calandria Norte target to complete 5,000m infill and exploratory drilling programme targeting bonanza grade gold-silver mineralisation Commenting today, Managing Director John Sutcliffe said, "These first results from the latest Calandria Sur campaign have increased the extent of +1 g/t gold mineralisation to an area of 400m x 300m, further endorsing the targets bulk tonnage potential and indicating higher grade gold-silver zones towards the base of the envelope.

Drill hole CSD84 is particularly significant as it shows scope for pyroclastic-hosted gold mineralisation outside the dome targets. "Results of the remaining 28 drill hole results from Calandria Sur gold bulk tonnage target are expected in mid-December 2010 and will form the basis of a maiden resource estimate in the first quarter of 2011.

In tandem with this, current exploration drilling of the Calandria Norte bonanza grade target and new IP anomalies over El Nido has the ability to expand the projects economic potential, and we look forward to reporting on these results in due course." Calandria Sur A total of 10,269m in 92 diamond holes has been drilled to date across three drilling campaigns since Q4 2009.

The second diamond drill programme this year at Calandria Sur consisted of 6,186m in 55 holes.

Of these, a total of 41 holes were drilled to complete coverage of the main zone of mineralisation at 50m x 25m drill spacings which is deemed sufficient for a resource estimate compliant to NI 43-101 standard.

Importantly, drill progress at Calandria Sur has surpassed managements expectations with an average of 140m per day being completed. Results received for 27 of 55 the infill and exploratory holes demonstrate a robust bulk tonnage style disseminated mineralised system centred on the core of the Calandria Sur rhyolite dome.

Drill hole CSD86 is the best intersection to date at Calandria Sur.

The extent of the gold-silver mineralisation has increased substantially to 400m long by up to 300m wide.

In the previous news release dated 02/06/10, the extent of +1 g/t Au mineralisation was estimated at 400 x 200m in area.

The top of the mineralised zone is located at shallow depths, mostly within 2m to 50m below surface. Best results for the main zone from this first batch include: * CSD65 - 48m @ 0.8 g/t Au & 13 g/t Ag from 67m & 13m @ 1.3 g/t Au & 21 g/t Ag from 88m * CSD67 - 88.5m @ 1.0 g/t Au & 25 g/t Ag from 40.5m, incl.

13m @ 2.0 g/t Au & 60 g/t Ag from 114m * CSD71 - 45.5m @ 1.2 g/t Au & 23 g/t Ag from 68m, incl.

4m @ 4.6 g/t Au & 94 g/t Ag from 76m * CSD73 - 101m @ 1.0 g/t gold (Au) & 28 g/t silver (Ag) from 3 m, incl.

12 m @ 2.4 g/t Au & 75 g/t Ag from 58m * CSD83 - 43.9m @ 1.1 g/t Au & 17 g/t Ag from 26.5m * CSD86 - 84.5m @ 2.4 g/t Au & 37 g/t Ag from 20 m, incl.

35 m @ 4.8 g/t Au & 75 g/t Ag from 49m * CSD87 - 73.3m @ 1.0 g/t Au & 15 g/t Ag from 11.6 m, incl.

7 m @ 2.2 g/t Au & 30 g/t Ag from 48m * CSD89 - 69.5m @ 1.1 g/t Au & 19 g/t silver Ag from 27 m, incl.

18 m @ 2.2 g/t Au & 42 g/t Ag from 59m Thirteen exploration holes were drilled along the untested western border of the rhyolite dome.

A third of the holes intersected gold mineralisation from 0.9 to 1.3 g/t Au over intervals from 9m to 18m and outline the western limits of dome-hosted mineralisation.

Best results from the western border include:
* Hole CSD75 - 18m @ 0.9 g/t Au & 33 g/t Ag from 77m * Hole CSD77 - 16m @ 1.0 g/t Au & 48 g/t Ag from 28m * Hole CSD82 - 9m @ 1.3 g/t Au & 11 g/t Ag from 64.5m Exploratory hole CSD84 on the northeast border of the Calandria Sur target intersected significant gold mineralisation in pyroclastics northeast of the known dome-hosted deposit (43m @ 0.7 g/t Au).

This indicates that mineralisation is not confined to the rhyolite dome at Calandria Sur as was previously thought, and opens up new target possibilities beyond the dome limits.

Similarly, the widespread LAG soil gold anomaly to the east-northeast of Calandria Sur could be indicative of mineralisation in the volcaniclastics outside the dome.

Follow-up drilling is planned. Hole locations are shown on the drill plan and cross sections.

Results for the remaining 28 Calandria Sur holes are expected by mid-December 2010.

A report on preliminary metallurgical testwork is also expected by mid-December 2010, to be followed by a resource estimate, when drill results have been evaluated. Calandria Norte and Nido target areas - Las Calandrias The drill rig has now been moved to Calandria Norte where some 5,000m will be completed for infill and exploratory drilling targeting bonanza grade gold-silver mineralisation.

Meanwhile, target selection for the highly prospective 3km x 2km Nido Norte 3D IP block is in progress. Results of the Nido Sur 3D IP are expected shortly.

The second drill rig has been delayed due to drill contractor availability but is due on site by the end of November 2010. Table 1: Calandria Sur Drill Hole Summary.
HOLE PARAMETERS INTERCEPT OBJECTIVE HOLE UTME UTMN ALT AZ DIP DEPTH FROM TO CORE LENGTH GOLD SILVER
(masl) (�) (-�) (m) (m) (m) (m) (g/t) (g/t)
CSD65 613789 4724461 175 85 50 194.8 31.5 39.0 7.5 0.6 7
And
67.0 115.0 48.0 0.8 15 Exploratory Inc
88 101 13.0 1.3 21
CSD66 613701 4724445 172 85 50 203.6 22.0 26.0 4.0 0.6 19 Exploratory And
124.0 133.0 9.0 0.6 3
CSD67 613759 4724514 182 85 60 192.0 40.5 129.0 88.5 1.0 25 Exp-Infill between CSD17-21 Inc
114 127 13.0 2.0 60
CSD68 613755 4724430 170 87 60 129.0 93.0 109.0 16.0 0.6 4 Exploratory CSD69 613700 4724384 166 220 50 74.8 No significant intercept Exploratory CSD70 613675 4724431 169 220 60 90.0 23.0 51.5 28.50 0.4 3 Exploratory_Western Zone CSD71 613862 4724472 184 85 50 125.8 68.0 113.5 45.5 1.2 23 Exp-infill updip CSD18 Inc
76 80 4.0 4.6 94
CSD72 613410 4724503 159 220 60 90.0 No significant intercept Exploratory_Western Zone CSD73 613627 4724595 181 20 60 129.0 3.0 104.0 101.0 1.0 28 Infill _downdip CSD 36 Inc
58 70 12.0 2.4 75
CSD74 613613 4724546 181 20 60 78.0 18 61.5 43.5 0.6 17 Exploratory_Western Zone CSD75 613582 4724609 179 20 60 119.0 77 95 18.0 0.9 33 Exploratory_Western Zone CSD76 613563 4724563 177 20 60 66.0 No significant intercept Exploratory_Western Zone CSD77 613573 4724507 177 20 60 81.0 28 44 16.0 1.0 48 Exploratory_Western Zone And
48 61 13.0 0.6 28
CSD78 613609 4724468 171 20 60 81.0 60 65 5.0 0.5 58 Exploratory_Western Zone CSD79 613515 4724584 175 20 60 117.0 52 53 1.0 1.2 62 Exploratory_Western Zone CSD80 613532 4724628 174 20 60 117.0 84.5 90.5 6.0 0.3 35 Exploratory_Western Zone CSD81 613578 4724455 166 20 50 122.8 No significant intercept-hole remains in the volcaniclastic Exploratory_Western Zone CSD82 613641 4724485 176 20 70 111.0 64.5 73.5 9.0 1.3 11 Exploratory_Western Zone CSD83 613857 4724565 186 20 60 102.0 26.5 70.4 43.9 1.1 17 Exploratory_Northeast Zone CSD84 613874 4724615 180 20 60 69.0 13 19 6.0 1.3 6 Exploratory_Northeast Zone And
26 69 43.0 0.7 3
CSD85 613890 4724576 182 20 60 90.0 27 79 52.0 0.5 4.4 Exploratory_Northeast Zone CSD86 613824 4724552 185 20 65 120.0 20 104.5 84.5 2.4 32 Infill: between CSD15 & CSD23
49 84 35.0 4.8 63
CSD87 613841 4724600 184 20 60 116.9 11.6 84.85 73.3 1.0 15 Infill: Updip CSD15
48 55 7.0 2.2 30
CSD88 613850 4724627 182 20 60 81.7 33.5 50.2 16.7 1.0 17 Infill: Updip CSD87 Inc
33.5 34.15 0.6 16.4 337
CSD89 613777 4724566 186 20 65 105.8 27 96.5 69.5 1.1 19 Infill: between CSD16 & CSD24 Inc
59 77 18.0 2.2 42
CSD90 613795 4724614 185 20 60 110.5 27 90 63.0 0.6 11 Infill: Updip CSD16
60 68 8.0 1.9 24
CSD91 613804 4724642 184 20 60 87.0 14 36 22.0 0.5 9 Infill: Updip CSD90
NB Intervals are weighted averages with 3m maximum < 0.2 g/t Au within the intervals. **ENDS** 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
ADDITIONAL INFORMATION Drilling is being undertaken by ECOMINERA.

The drill programme is being directed by the Argentina Exploration Manager, Dr Gustavo 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. Quality 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.

All samples are collected under the supervision of the Company geologists and dispatched via commercial transport to ALS Chemex laboratories in Mendoza, Argentina, and assayed in Santiago de Chile.

ALS Chemexs quality system complies with the requirements for the International Standards ISO 9001:2000 and ISO 17025: 1999.

Samples returning greater than 10 g/t gold and/or greater than 100 g/t silver are assayed using gravimetric analyses.

Systematic assaying of sample duplicates and commercially prepared standards and blanks is performed for analytical reliability. 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 Hochschild 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 Catamarca Province in Northern Argentina, Mariana has an option to acquire the La Borita 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