🕐03.07.10 - 20:05 Uhr

Mariana Resources - Las Calandrias Gold discovery update southern Argentina



Mariana Resources* - MARL.L (28p) Target 41p - a new gold discovery at Las Calandrias The announcement this morning from Mariana Resources of the remaining 7 assays from its wholly owned Las Calandrias gold silver project in Patagonia marks the culmination of the latest drilling campaign.

Of these latest 7 assays, the best result was from hole NND50 at El Nido Norte, a prospect located 1.3km north of Calandria Norte, which intersected 2 metres at 4.9g/t gold and 72g/t silver from 68 metres downhole.

The remaining three holes at El Nido Norte all intersected anomalous gold and silver over intervals between 1 and 5 metres which suggests to us that the 1,500 metre strike length is prospective.

Las Calandriass good proximity to infrastructure means that exploration can continue through the Patagonian winter.

A geophysical survey is already underway at the El Nido prospects to optimise drill targets for the forthcoming 10,000 metre drill campaign which is due to start in early September.

This drill programme will also test the 450 metre strike length at the Calandria Norte prospect where 2 holes, CND45 and CND46, intersected gold and silver running at bonanza grades as announced on 26 May.

The closing yesterday of the $10 million fundraise at 28 pence per share means that Mariana Resources has sufficient funds to pay for its large drilling programme.

The new gold discovery at El Nido Norte increases our confidence that our valuation of 41 pence per share will be achieved before the end of this year.
[cid:image002.gif@01CB1831.23B8F860] AIM and PLUS code: MARL 30 June 2010 Mariana Moving Ahead at Las Calandrias, Santa Cruz, Argentina Mariana Resources Ltd (Mariana or the Company), the AIM quoted exploration and development company focussed on Argentina and Chile, is pleased to update on progress at its wholly owned Las Calandrias gold-silver project (Las Calandrias), located in the prospective Deseado Massif gold district in southern Argentina. Overview � Fast-tracking Las Calandrias Project towards resource definition drilling following �6.75 million capital raising (approximately US$10 million) * 10,000m drilling programme to start September 2010 at the Calandria Norte bonanza gold-silver discovery, the south-western untested area of the Calandria Sur disseminated gold discovery, the El Nido Norte prospect and other El Nido targets * Intensive exploration of the highly prospective Las Calandrias rhyolite dome field with ground magnetics and lag/trench sampling underway and 3D Induced Polarisation (IP) due to commence * Major expansion potential at Las Calandrias - high grade vein breccias at Calandria Norte, bulk tonnage mineralisation at Calandria Sur and recently discovered El Nido targets � March-April 2010 drilling campaign confirms 1,500m long El Nido Norte trend as a third prime target area for exploration drilling Mariana Managing Director John Sutcliffe said, "Our recent drilling campaign has demonstrated Las Calandrias prospectivity to host a major mineralised system with bulk tonnage and high grade gold potential.

Following the recent successful fundraising of �6.75million, we now are ideally positioned to fast-track Las Calandrias with a mix of exploration and resource definition drilling to further define the projects economic potential and in turn realise value for shareholders. "This next stage of development at Las Calandrias is an exciting phase for Mariana, with ground magnetics of the whole project area in progress, 3D IP coverage of the extensive El Nido area due to commence and a 10,000m drilling programme planned for September 2010.

Step out drilling around the exceptional bonanza intersections at Calandria Norte is a top priority and we have also identified El Nido Norte as a prime target.

The 10km� Calandrias dome field has so far yielded two impressive discoveries and we believe the 3D IP geophysics will result in yet more targets to further expand the projects potential." March-April 2010 Drill Campaign The 37-hole programme has resulted in two exciting gold-silver discoveries at the Calandria Sur and Calandria Norte prospects (see news releases 2/6/10, 26/5/10, and 5/5/10) with best intersections given below. Assays from the seven remaining drill holes completed at the end of April 2010 have been received.

They include four from Nido Norte (NND50-53), two from Calandria Sur (43 & 44) and one from Nido Este (NED47).

Results are summarised below. Calandria Sur Hole CSD43 was drilled outside the southern limit of the Calandria Sur mineralised zone as defined by the 20gm metre boundary (see Figure 2).

It intersected a wide zone of anomalous gold (60m @ 0.4 g/t Au from 62m), consistent with nearby 2009 exploration campaign drill holes.

Hole CSD 44 was drilled 130m north of the northern limit of the mineralised zone and intersected anomalous gold and silver. Best intersections: Hole CSD23 - 69.5m @ 2.1 g/t Au and 39 g/t Ag from 47m Hole CSD24 - 102m @ 1.4 g/t Au and 21 g/t Ag from 12.5m Hole CSD25 - 68m @ 2.4 g/t Au and 24 g/t Ag from 74m Hole CSD39 - 106m @ 1.6 g/t Au and 27 g/t Ag from 3m Calandria Norte Best intersections: Hole CND45 - 4.0m @ 76 g/t Au* and 70 g/t Ag from 92.5m Hole CND46 - 4.5m @ 102 g/t Au* and 72 g/t Ag from 81.5m (* Screen Fire Assays) El Nido Norte - Holes NND49-53 These scout holes were drilled at the middle of the El Nido Norte target trend, located 2km northwest of the Calandria Sur prospect to test outcropping bonanza gold and silver mineralisation with up to 0.5m @ 106 g/t Au and 510 g/t Ag in channel samples.

The first hole NND49, intersected a 30m zone of sulphide quartz veins stockwork and breccias with 14.4m assaying 0.3 g/t Au.

The other four holes intersected wide zones of sulphide breccia, stockworks and silicified zones hosted by rhyolite along the northeast-southwest trend, a setting broadly similar to the Calandria Norte bonanza vein-breccia discovery, 1.2km to the southeast.

All holes intersected anomalous gold and silver over intervals from 1m to 5m down-hole (see Table 1) with a best assay of 2m @ 4.9 g/t Au and 72 g/t Ag from 68m in hole NND50.

This initial drilling is restricted to a small sector of the 1,500m trend.

Follow up drilling, guided by the forthcoming 3D IP survey, will fully explore this highly prospective trend. Nido Este - Holes NED47 & NED48 Hole NED47 and previously reported hole NED48 were drilled at the El Nido Este target, 1.1 km northwest of Calandria Sur.

Neither hole returned significant gold and silver values. 2010 Programme - Q3 and Q4 Following Marianas recent capital raising of �6.75 million (approximately US$10 million), the Company in a position to fast-track Las Calandrias on several fronts: � Intensive surface exploration of Las Calandrias Project area with ground magnetics (underway), lag/trench geochemical sampling (underway) and 3D IP (commencing shortly) of the El Nido area. � Step out drilling at the high priority Calandria Norte bonanza gold-silver vein-breccia discovery planned for Q3/Q4 2010 - approximately 4,000m � Infill and extension drilling at the Calandria Sur bulk tonnage gold-silver discovery to preliminary resource standard - approximately 5,000m � Follow up drilling at El Nido Norte target scheduled for Q4 2010 � Scout drilling of emerging targets in El Nido area planned for Q4 2010 � Mariana has appointed independent geological consultants Mine Development Associates of Reno, Nevada to prepare a project status report Q3 2010 followed by an initial resource estimate for end 2010 to a standard compliant with the Canadian National Instrument 43-101.
* Preliminary metallurgical test work for Calandria Sur by Metcon Laboratories is underway in Australia under the supervision of consulting metallurgist Peter Lewis.
Table 1: Las Calandrias Drill Hole Summary - March-April 2010 and 2009 Campaigns CALANDRIA NORTE
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) CND01 613831 4725279 185 125 50 54.6 39.6 40.45 0.85 2.2 NSV CND02 613856 4725313 182 130 50 57.6 46.9 55.5 8.6 0.5 NSV CND03 614093 4725515 188 90 50 54.5 46.95 51 4.1 0.9 NSV Inc
49.8 50.4 0.6 3.1 NSV CND04 614056 4725490 185 135 50 54.5 35.65 40 4.4 0.5 NSV CND05 614132 4725551 187 125 50 105.6 8.5 9 0.5 4.9 NSV CND05
79.2 80.18 1 0.4 NSV CND06 614069 4725516 185 85 60 136.0 22 23 1 3.4 NSV CND06
103.1 105.3 2.2 2.3 NSV CND07 613790 4725300 180 125 50 129.5 54.2 64.5 10.2 0.6 NSV CND07
87.1 92.3 5.2 0.6 NSV CND45(1 613965 4725412 183 140 70 134.2 60 110.5 50.5 6.6 8 Inc
92.5 96.5 4 75.9** 70 CND45
132.5 134.2 1.7 0.8 10 CND46(1 614023 4725446 184 170 70 164.0 72 93 21 22.6 18 Inc
81.5 86 4.5 101.8** 72 CND46
118 121.25 3.25 1.1 6 CND46
134 153.5 19.5 0.4 1 CALANDRIA SUR
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) CSD08 613709 4724881 166 340 55 90.7 32.6 42.3 9.7 0.4 NSV
CSD09 613962 4724313 167 85 50 117.4 22.5 77.3 54.8 0.8 10 Inc
67.3 75.3 8.0 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 remains in the volcaniclastic CSD12 613887 4724425 176 90 60 94.8 19.3 24.85 5.6 1.9 25 CSD12
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 7.0 109.0 102.0 1.2 17 Inc
89 109 20.0 2.6 39 CSD14 613880 4724366 176 95 75 127.8 92 121.1 29.1 0.3 1 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 CSD17
83 147.5 64.5 1.1 20 Inc
90 113.6 23.55 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 CSD21
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 CSD22
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 CSD24 613779 4724536 179 15 70 119.0 12.5 114.5 102 1.4 21 Inc
77 109 32 2.9 42 CSD25 613757 4724455 170 75 50 143.0 74 142 68 2.4 24 inc
99 104 5 10.3 76 And
115 116 1 40.2 85 CSD26 613763 4724643 182 20 70 86.5 9 29 20 0.3 18 CSD26
54 85 31 1.4 7 Inc
54 55 1 9.6 20 CSD27 613730 4724574 177 10 70 113.5 4.5 98 93.5 0.9 23 Inc
69 89 20 1.6 42 CSD28 613734 4724689 184 15 70 92.5 No significant intercept CSD29 613487 4724697 171 280 70 71.5 No significant intercept CSD30 613491 4724702 171 350 70 81.5 No significant intercept CSD31 613563 4724690 171 10 70 86.5 No significant intercept CSD32 613616 4724686 178 10 70 116.0 31 101.5 70.5 0.5 22 Inc
49 64 15 1.0 41 CSD33 613675 4724677 183 15 70 116.3 43 72 29 0.4 23 And
92 107.5 15.5 0.5 6 CSD34 613524 4724707 170 10 70 85.5 36 42 6 0.5 65 CSD35 613611 4724630 175 10 70 107.5 42 48 6 0.8 14 And
70 86 16 1.3 27 CSD36 613657 4724620 179 10 70 127.0 16.5 99 82.5 1.1 34 Inc
62 78 16 2.3 100 CSD37 613664 4724568 179 20 70 131.0 3.5 124 120.5 0.9 17 Inc
6.5 40 33.5 1.2 26 And
99 100 1 14.8 58 CSD38 613646 4724523 177 20 70 119.0 32 74 42 0.8 31 CSD39 613704 4724616 179 20 70 113.0 3 109 106 1.6 27 Inc
59 71 12 2.5 89 CSD40 613735 4724534 174 20 70 125.0 31 116 85 0.9 24 CSD41 613869 4724441 176 75 80 116.0 78 92.5 14.5 0.6 5 CSD42 613885 4724382 177 260 60 139.8 52 56 4 2.1 32 CSD42
69 115.5 46.5 0.4 4 CSD43 613877 4724331 174 260 60 160.3 62 122 60 0.4 4 CSD44 613758 4724804 174 30 65 80.0 No significant intercept EL NIDO ESTE
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) NED47 613170 4725588 180 180 50 184.5 No significant intercept NED48 613092 4725549 185 175 60 125.0 No significant intercept EL NIDO NORTE
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) NND49 613156 4726299 168 330 60 74.0 13.3 27.7 14.4 0.3 3 NND50 613180 4726311 167 335 50 149.0 68 70 2 4.9 72 NND51 613084 4726197 175 330 60 150.0 114 119 5 0.3 1 NND52 613189 4726264 165 320 55 121.0 110.5 115 4.5 0.5 2 NND53 613105 4726363 161 130 50 86.0 15 18 3 0.6 18 NND53
26 27 1 1.5 132
*2009 Drill campaign ** Screen Fire AssaysNB Intervals are weighted averages with 3m maximum < 0.2 g/t Au within the intervals.NSV means "no significant value" True Width: based in core axis/vein angle relationships the true width is estimate to be between 75-85 % of the reported width.
Las Calandrias Project Las Calandrias, which is 100% owned by Mariana, comprises multiple zones of gold mineralisation hosted by a series of rhyolite domes which occur over a 10.5 km2 area.

In 2009, an initial drill programme of 16 shallow holes totalling 1,763m was designed to test two of the initial dome targets, Calandria Norte vein breccia and Calandria Sur dome breccia targets.

Significant gold mineralisation was intersected at Calandria Sur (see news release 28/10/2009).

The 2010 diamond drill programme consisted of 4,400m in 37 holes and tested four main targets: Calandria Sur (28 holes/3,212m); Calandria Norte (2 holes/299m), together with the recently discovered targets, El Nido Este (2 holes/309m) and El Nido Norte (5 holes/580m). 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, 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 acquired following detailed interpretation of satellite imagery.

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.

The 2010 drill programme consisted of 3,752 core samples including a total 342 assay control samples.

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 utilise 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: 1999 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) programme.

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.stbridesmedia.co.uk



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