🕐15.08.11 - 11:54 Uhr

MARIANA RESOURCES - HALF-YEARLY REPORT - FINNCAP MORNING COMMENT



FinnCap Morning Comment
Two significant milestones were reached during the second quarter.

The first was the listing on the TSX, which gives the company improved access to the North American investor market.

The second was the completion of an initial resource estimate for the Las Calandrias project in Argentina.
� The Las Calandrias resource came in at 11,840,000 tonnes grading 1.0 g/t gold and 17.4 g/t silver in the Indicated category and 870,000 tonnes grading 0.93 g/t gold and 5.2 g/t silver in the Inferred category.

This gives a total of 500,000 ounces gold equivalent.

It is worth pointing out that this has been achieved within two years of the initial discovery of Las Calandrias. � Initial metallurgical testwork has outlined several possible processing options.

These include the production of a bulk flotation concentrate grading 40.7 g/t gold and 884 g/t silver for a gross contained value of U$3,380 per tonne. � Drilling has continued at Las Calandrias with results now in for a further 35 holes.

These included several with what are described as exceptional results.

A new 5,000 metre drilling campaign will start this month. � A 31 hole drilling programme at the companys second project, Sierra Blanca, was a success with several significant intersections.

More drilling is planned at this project. � A drilling campaign has also been completed by operator and JV partner Hochschild Mining on the Los Amigos project.

Results are awaited. � The company has a cash balance of �5.4m at the end of June which should be sufficient to fund work until well into next year.
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August 15, 2011
Mariana Resources Ltd releases its Half-Yearly Report and the Quarterly Management Discussion & Analysis for the periods ended 30 June 2011. "Mariana Resources today released its Half-yearly Report including Chairmans Review, along with the Management Discussion and Analysis for the quarter ended 30 June 2011. Go to the link below for the full details."
� View the full report Regards John Horsburgh Chairman Mariana Resources Ltd
www.marianaresources.com AIM and PLUS code: MARL TSX: MRY
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