🕐14.04.10 - 10:06 Uhr

Mariana and Cliffs Natural Resources sign Chilean Iron Oxide-Copper-Gold Exploration Joint Venture



Mariana Resources - AIM and PLUS code: MARL 14 April 2010 Mariana and Cliffs Natural Resources Inc.

Sign Letter of Intent to Form Chilean Iron Oxide-Copper-Gold Exploration Joint Venture
Mariana Resources Ltd.

(Mariana or the Company), the AIM quoted exploration and development company focussed in Chile and Argentina, has signed a letter of intent (the Agreement) with Cliffs Natural Resources Exploration Inc.

(Cliffs), a subsidiary of the U.S.

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 the Companys 44km� Buenaventura and 46km� Perro Chico IOCG projects and the 19km� Rodados application which are located in the prospective IOCG Atacama Fault Zone in northern Chile.


The arrangement would take the form of an incorporated joint venture whereby the Agreement contemplates the following terms.
Highlights * Cliffs may acquire 51% interest in Sociedad Contractual Minera Mariana (SCM Mariana) a Mariana subsidiary to be formed expressly for the joint venture, by funding a US$2M exploration programme * Cliffs may acquire an additional 19% (to 70%) by spending a further US$1M * Minimum Cliffs expenditure commitment is US$500,000 * Marianas Buenaventura and Perro Chico projects are included in the Agreement and will form the initial exploration focus, with further drilling planned * Additionally, SCM Mariana will explore for IOCG targets in a 900km-long zone which extends from latitude 22�S (Tocopilla) to 30� S (La Serena) * SCM Marianas current management will operate the mutually agreed work programmes
Marianas Managing Director, John Sutcliffe, commented: "This alliance will add considerable momentum to our Chilean IOCG programme, which will not only include the Perro Chico and Buenaventura projects, but now encompasses an extensive and highly prospective part of north-central Chile.

It brings together the Mariana teams Chilean exploration experience and Cliffs mining and metallurgical expertise and will facilitate an ambitious exploration programme in this prime exploration area."
Terms of the Agreement
Under the terms of the Agreement, Cliffs may acquire an initial 51% share in Marianas subsidiary company, SCM Mariana, by sole funding a US$2M exploration programme within a two year period.

Cliffs may then proceed to earn a further 19% in SCM Mariana, to 70%, by sole funding a further US$1M within the following year.

Cliffs may withdraw from the Agreement at any time subject to a minimum funding of US$500,000.
If Cliffs achieves a 70% interest in SCM Mariana, each party may contribute its share of funding requirements.

Normal dilution provisions will apply.

In the event that either partys interest in SCM Mariana falls below 10%, then said interest will be converted to a 2% royalty on net smelter returns on any subsequent production.


Expenditures by Mariana on the project since 1 January 2010 will be reimbursed by Cliffs once the due diligence process has been completed by Cliffs.


The Agreement Area
The area subject to the Agreement, which covers the larger part of Chiles Second (Antofagasta) and Third Regions (Atacama), is bounded in the north by latitude 22� S, (near the town of Tocopilla), in the south by latitude 30� S (near La Serena), in the west by the Chilean coastline, and in the east by a line connecting the intersection of longitude 69� W with the northern boundary and the intersection of longitude 70�30�W with the southern boundary.

The Atacama region spans over the highly prospective IOCG Atacama Fault Zone which is host to some of the worlds major IOCG deposits including Freeports Candelaria copper mine.

See link below for map: http://marianaresources.com/pdf/maps/Chile_Area_of_Interest.pdf
The area includes SCM Marianas Buenaventura JV and the Perro Chico projects.

For further details of the Buenaventura and Perro Chico projects and a brief description of IOCG deposits, see news releases of 7 October 2009 and 23 December 2009.
Any prospect subsequently identified by Mariana or Cliffs which does not fall into an excluded area will be subject to the Agreement but either party may decline leaving the other party free to proceed on its own.

This will allow the option for either party to pursue non-IOCG targets.
Additional Information
About Cliffs Natural Resources Inc.


Cliffs Natural Resources Inc.

(NYSE: CLF) (Paris: CLF) is an international mining and natural resources company.

A member of the S&P 500 Index, the company is the largest producer of iron ore pellets in North America, a major supplier of direct-shipping lump and fines iron ore out of Australia and a significant producer of metallurgical coal.

With core values of environmental and capital stewardship, the companys colleagues across the globe endeavour to provide all stakeholders operating and financial transparency as embodied in the Global Reporting Initiative (GRI) framework.

The Company is organised through three geographic business units:
The North American business unit comprises of six iron ore mines owned or managed in Michigan, Minnesota and Canada and two coking coal mining complexes located in West Virginia and Alabama.

The Asia Pacific business unit is comprised of two iron ore mining complexes in Western Australia and a 45% economic interest in a coking and thermal coal mine in Queensland, Australia.

The Latin America business unit includes a 30% interest in the Amap� Project, an iron ore project in the state of Amap� in Brazil.

**ENDS**
For further information see the Companys website 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.

The Company has two gold-silver discoveries and a joint venture with Hochschild Mining in the highly prospective Deseado Massif region: the Las Calandrias project indicating a major mineralised system with gold bulk tonnage potential (drilling in progress); the Sierra Blanca project, a high grade silver-gold prospect; and advanced exploration at the Los Amigos JV.

In Chile, Mariana has two Iron Oxide Copper Gold (IOCG) exploration projects in the highly prospective Atacama Fault Zone, approximately 100 km from Freeports Candelaria Copper Mine: the Buenaventura and Perro Chico projects which comprise 12,000 hectares.

In addition, it has a generative pipeline of early stage projects including a major land package totalling approximately 160,000 hectares in southern Argentina.
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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