Mariana Resources Ltd is an AIM and TSX 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%) in the country. 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 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 km² area (“SCM Mariana Area”) in north-central Chile along the highly prospective Atacama Fault Zone. The SCM Mariana Area includes the 44km² Buenaventura and 46km² Perro Chico IOCG projects. Mariana is also evaluating a number of gold-silver and copper-gold opportunities away from the Cliffs JV area, as part of a new initiative.



The Guardian-Our share tips for 2012...

Nick Fletcher

Aim listing mining group Mariana Resources has a number of gold and silver projects in Argentina and Chile, and recent drilling results from its Sierra Blanca site have been encouraging. AngloGold Ashanti recently showed confidence in Mariana by paying 12p a share to take a 19.9% interest, with the cash helping to fund the company's drilling programme for the next 12 months or so. This news prompted analysts at Fox Davies to put a 22p target on the shares, currently 10p. There is plenty of scope for consolidation among mining companies in the region, and in the long term Mariana may look at selling some of its projects, seek further partnerships with major mining groups or agree to a takeover.

http://www.guardian.co.uk/business/2011/dec/27/share-tips-for-2012
Capital Structure
At 31 January 2012.

Issued capital 228,740,487 Ordinary shares Unrestricted on AIM, none held in Treasury. 47,105,557 Restricted on TSX
Options 16,611,000

Significant Shareholders
The holders of more than 3% of the fully paid shares on 31 January 2011 are listed below:

Name No. of shares held % held
AngloGold Ashanti Holdings Plc 45,418,212 19.86
Hochschild Mining Holdings Limited 11,002,948 4.81
Craton Capital 8,000,000 3.50
Australian Investors P/L 7,547,500 3.30

* Percentage of shares not in public hands - Directors and management hold 4.50% of issued

http://www.frasermackenzie.com/newresearch/SANTA_CRUZ/RPT_Santa_Cruz_Bukacheva_050312.pdf

"We believe Mariana Resources represents an inexpensive option to play the geological prospectivity of Deseado Massif with an EV of just ~$20 million. Key reasons to buy the shares include:

Potential to expand the near-surface resource base at Las Calandrias. We are encouraged by the higher grades demonstrated in the initial resource estimate at Las Calandrias (>1 g/t gold equivalent compared to a global average ‘disseminated’ style resource of 0.6 g/t gold) coupled with the higher-grade zones. The initial 0.5 million ounce resource footprint takes up just a small portion (5%) of the prospective area of dome clusters (3km x 4km), with multiple targets that remain to be drill-tested. The disseminated nature of the lower-grade mineralization should allow for a fast increase in tonnage, whereas the presence of a higher-grade, epithermal vein component within 100m -200m of surface has the potential to increase the grade of the resource base at Las Calandrias.

Team with a Track Record in Discovery. Mariana’s team has a history of finding multiple gold deposits, including world-class deposits. John Horsburgh, Chairman, has been involved with important discoveries while at Solomon Pacific Resources NL, which he founded, as well as part of the exploration team for Getty Oil, BHP Billiton and RTZ group in Australia, South America and Europe. Gustavo Rodriguez, VP Exploration has previously delineated the resource at Las Cristinas as Crystallex’s Chief Geologist.

Location, Location, Location. Las Calandrias is the first resource calculated in an area prospective for near surface disseminated mineralization as well as the ‘typical’ epithermal vein mineralization. Minera IRL reported a similar-style disseminated discovery at Escondido, contiguous to the southern portion of Las Calandrias. Also, Extorre has reported a similar style discovery at Falcon, a few kilometres northeast of the property. Furthermore, Anglo’s Cerro Vanguardia mine, Minera IRL’s flagship Don Nicolas development project and Extorre’s flagship Cerro Moro development project are all located within ‘trucking distance’ of the Company’s land. The location of Las Calandrias in the vicinity of other development projects offers multiple opportunities for operating synergies and corporate transactions. "

View from the top: Mariana Resources interview
By Darshini Shah | Fri, 16/03/2012 - 12:07

Argentina and Chile-focused gold explorer Mariana Resources (MARL) has seen its share price fall by three quarters over the past year despite an investment by AngloGold Ashanti (AGD).

How has the investment changed the company, what is the progress on its projects and what can shareholders expect in 2012? Darshini Shah questions chairman John Horsburgh...

Why Argentina?

Our focus is the Santa Cruz province. Deseado Massif is the big gold play at the moment, with four major gold mines and two world-class projects coming on stream. It is controlled by a small bunch of juniors, and we're one of them.

Cerro Vanguardia is the biggest mine in Deseado Massif, producing 200,000 ounces of gold a year. It is owned by AngloGold Ashanti. They are now our biggest shareholder, holding 19.96% of the company's shares.

Following that is the Cerro Negro mine owned by GoldCorp (GG). It was initially owned by Andean Resources. They were taken over for $3.5 billion (£2.2 billion) over a year ago. This is going to be one of the biggest vein-type mines in the world, producing about 500,000 ounces of gold a year.

We have four key projects in Argentina: Las Calandrias, of which we own 100%. We also own 100% of Sierra Blanca. We have a 49% stake in a joint venture project with Hochschild Mining (HOC) called Los Amigos. Finally, we have an option to acquire 100% of Aguila-Picadero.

What is the progress on Las Calandrias?

The flagship project is Las Calandrias. So far, we've drilled 41,000 metres over 300 holes. Our indicated resource is 11.84 million tonnes (Mt) at 1.2 grams per tonne (g/t) of gold equivalent, with an inferred resource estimate if 0.87 Mt at one g/t gold equivalent. This brings it to a total of 519,000 ounces of gold equivalent. This year, we will be seeing if we can expand on that.

Las Calandrias is also a great area to be in. We own the surface rights. The nearest settlement is 75 kilometres away. There's a highway nearby, with gas and grid power all close by. The port is three hours away.

Also, there is excellent upside at Las Calandrias. While there is not much at surface, experts say there is possibility of finding more with target areas including domes, volcaniclastics, breccias, etc. At the La Calandria Vein, there is potential of 74,000 ounces of high-grade surrounded by low-grade gold. So there may be some open-pit potential.

We also have some very interesting exploration going on at both Las Calandrias and Aguila.

So moving onto Aguila...

Aguila is our second new project. We put together our property called Picadero with a neighbouring property owned by a private Argentinian company.

We know there's gold there because other companies have drilled, but we believe that they didn't drill deep enough. We've found some high-grade prospects and have come up with new targets, but we also believe that there's possibility of bulk tonnage.

What about Sierra Blanca?

Sierra Blanca was our original discovery in the centre of the Deseado Massif. We did some vein-type drilling. We did about 5,000 metres at the end of last year.

Although they were mixed results, there were some very interesting intersections, opening up some new target areas. At the moment, we're going through all those results and doing some low-cost mapping and sampling.

The thing to remember is that it's right next to another discovery - the Pinguino discovery owned by Argentex. They are about to come up with resource news on that discovery.

What is your progress in Chile?

In Chile, we have a joint venture with Cliffs Natural Resources (CLF) looking for copper-gold deposits, but they are funding that. We are diluting out of that. So the focus is really on Argentina.

Have you looked outside Argentina and Chile?

Argentina is our main focus. We do look at other areas, but in terms of expenditure and what we have in front of us, it's Argentina.

Initially, we were in Equador but decided to pull out of there. A couple of years [ago], we also initiated a bit of a scouting in Peru, but it was only scouting. We didn't have any projects.

What opportunities arose from AngloGold Ashanti's investment in the company?

AngloGold invested in us in December 2011 in a strategic placement, paying a 30% premium to market price. We are very happy to have them.

The company singled out Mariana, despite the fact that there are a lot of juniors in Deseado Massif.

The reason they invested in us is because they can see real potential in our projects. They like our discovery at Las Calandrias. For them, it is a strategic investment. They operate in the same area, and so there are some synergies there, with our team and their exploration team.

For us, it's an endorsement of our properties and what we're doing. There's a ready-made joint venture partner if we want to get a partner in some of these projects. Additionally, in future placements, they have an option to maintain their equity.

What is planned for 2012?

We will be seeing if we can expand on the 500,000 ounces of gold in Las Calandrias. A drilling program will start in June.

At Aguila, hopefully, drilling will start at the end of April, certainly by early May. First drill results will be expected at the end of May, staggered right through the year.

With all these projects, will you have to go cap-in-hand to investors?

We are well funded at the moment, with £4.7 million in cash at the end of January 2012.

Our budget for this year is a minimum spend of CAN$4 million (£2.56 million). So, we are well funded for what we can see in front of us.

But at the end of the day, we are an exploration company. In the second half of the year, we go into more follow-up drilling, and we are hoping that the pace of drilling could well accelerate. We then may have to go to investors for a fundraising event.

But this is a good problem to have - asking for money if you're getting results.

Why do you think the shares in the company have lost 75% of their value over the past year?

It's not just us - If you look at all the juniors, we all peaked in February 2011.

I think for us, we came out with a resource estimate in July 2011, and I think the market was expecting more. We came up with a bulk-tonnage discovery, so the grade is low. The market was hoping for high-grade. We also do metallurgy, and I think the market was disappointed with the results we had.

But we think it was pretty good for a maiden resource. We went from discovery to resource in a year and half, and it's one of the fastest projects in the Deseado Massif.

How much is your success is down to luck?

We've been lucky a lot. I've been in this game my whole career and it's very hard to find anything. You tend to find that the good explorers are not just lucky because they tend to do it again and again.

You've got to be in the right area. For us, the right area is the Deseado Massif. It's highly prospective and under-explored.

It's also about persistence. You have to get used to failure. Not all these drill holes will be successful. You've got to know when to fold and when to be persistent.

Some see Mariana as a takeover target - what is your take on that?

Deseado Massif is a playground of the juniors.

We all want to be like Andean Resources, owner the Cerro Negro mine, which was taken over for $3.5 billion over a year ago. The next one is Extorre, and then there's a whole bunch of us with discoveries, which could be potential targets.

If you have success in Deseado Massif, then you are a target.

What's your personal view on gold prices?

Gold can be sold virtually anywhere, so there is demand.

One thing I know is that companies are not finding the giant gold deposits. In Australia, discoveries have peaked. If gold is there, then it is deeper and harder to find. All the major companies are finding it hard to replenish their gold reserves.

So just on the supply side, there is definitely a squeeze there, which would positively impact on the gold price.

What would you say to someone buying Mariana's shares now?

I'd like to say we're undervalued!

There is scope to expand to our resource. We're in the right location with the right backing. We have a good presence in Argentina, which is a really hot area, so our portfolio is a real asset.

The upside is there, and having AngloGold Ashanti as a major shareholder underpins what we're doing

It's hard to believe how this share has fallen so far out of fashion over the past 12 months. Nevertheless the Guardian has it as one of its share tips for 2012 so let's see if they are right. Mariana has the experience, so all we need now is news that will set this share alight once more.

The Guardian-Our share tips for 2012...Nick Fletcher

Aim listing mining group Mariana Resources has a number of gold and silver projects in Argentina and Chile, and recent drilling results from its Sierra Blanca site have been encouraging. AngloGold Ashanti recently showed confidence in Mariana by paying 12p a share to take a 19.9% interest, with the cash helping to fund the company's drilling programme for the next 12 months or so. This news prompted analysts at Fox Davies to put a 22p target on the shares, currently 10p. There is plenty of scope for consolidation among mining companies in the region, and in the long term Mariana may look at selling some of its projects, seek further partnerships with major mining groups or agree to a takeover.

http://www.guardian.co.uk/business/2011/dec/27/share-tips-for-2012

Capital Structure
At 31 January 2012.

Issued capital 228,740,487 Ordinary shares Unrestricted on AIM, none held in Treasury. 47,105,557 Restricted on TSX
Options 16,611,000

Significant Shareholders
The holders of more than 3% of the fully paid shares on 31 January 2011 are listed below:

Name No. of shares held % held
AngloGold Ashanti Holdings Plc 45,418,212 19.86
Hochschild Mining Holdings Limited 11,002,948 4.81
Craton Capital 8,000,000 3.50
Australian Investors P/L 7,547,500 3.30

* Percentage of shares not in public hands - Directors and management hold 4.50% of issued

It's interesting to note that AngloGold wish to take more than a passive stake in Mariana:
"Mariana and AngloGold will establish a Technical Advisory Committee that will meet at least quarterly to consider the progress of and add technical input in respect of Mariana's various projects in Argentina"

I've had this one on my watch list for some time. They seem well managed and I'm tempted to buy in at this level. Have just read Fox Davies latest report which speaks highly of their prospects. They have valued this company at 22p which is a far cry from the present price and well off Mariana's high.
The market seems to have abandoned mining exploration in favour of oil stocks. At some time the tide will turn and those who buy gold mining exploration prospects will be laughing all the way to the bank. My reading of the pundits is that although gold has plateaud for now, and taking into account exploration costs,promising mining stocks are seriously undervalued.

geri good luck!

Not in these but share geri's view on gold mining stocks, bought back in to GRL yesterday, although trade was shown as a sell.
2517

SMALL CAPS FOCUS: Mariana Resources expects exciting end to the year as drill rigs begin turning again
By Ian Lyall, Proactive Investors
PUBLISHED: 13:35, 23 April 2012 | UPDATED: 13:38, 23 April 2012
Comments (0) Share
Some exciting drill results and a maiden resource for its flagship gold project made for a particularly eventful and fruitful 12 months for Mariana Resources.

So far, 2012 has started very quietly for the South America-focused explorer, though things will burst back into life later this month or early May, when the drill rigs begin turning once again.

So a year that has started slowly looks set to end with a bang.
In fact if all goes to plan, we could be into ‘resource upgrade territory’ in the first quarter of next year for the Las Calandrias property in the Deseado Massif, part of Argentina’s Santa Cruz region.

Bursting back into life: Mariana drill rig in Las Calandrias
But before target drilling gets underway on Las Calandrias later this quarter, the group’s focus will be Aguila-Picadero.

The project, also in the Deseado, has slipped under the radar as the Mariana team has been grafting away in the background to consolidate its ground there and prepare it for drilling.
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Where Las Calandrias is so far largely a ‘bulk tonnage-style’ deposit with potential for scale, Aguila is a high-grade, narrow vein gold prospect more typical of the finds of the Deseado Massif.

‘There is high-grade vein potential, but our guys have also found a prospective rhyolite dome complex,’ said Mariana chairman John Horsburgh.

MARIANA AT A GLANCE
AIM Ticker: MARL

Valuation: £16 million

Latest price: 6.88 pence

Year high: 30 pence

Low: 6.63 pence
These subsurface domes are typical of the Calandria Sur portion of Las Calandrias, which is host to 441,000 ounces of the company’s 519,000-ounce indicated and inferred resource estimate.

Closer inspection of Calandria Sur recently revealed that gold exists in the surrounding ‘country rock’ and not just within the rhyolite domes as first thought.

This is important as it raises the potential to expand the resource estimate.

The company is re-assessing a number of the holes it has already drilled and will target the country rock in the next drilling phase planned for the third quarter of this year.

A recent breakthrough is positive assay results from re-sampling a number of previous drill holes beneath and adjacent to the rhyolite dome which hosts the ‘bulk tonnage style’ gold-silver mineralisation at the Calandria Sur prospect, with more results to come.

‘There is great potential to expand the resource,’ said Horsburgh.

‘We are also homing in on the feeder zones and these can be high grade. We are looking under the dome as well as looking on the western and eastern dome margins.’

Mariana’s land package butts up against Minera IRL’s property.

Minera is planning to embark on a drilling programme, which will help it assess the potential of the ground on its side of the fence.

It might at some point make sense to discuss integration of the two deposits, Horsburgh conceded.

‘But first we need to see what emerges from the next round of drilling on each side,’ he added.

Elsewhere, the returns from exploration drilling on its Los Amigos joint-venture and Sierra Blanca project in Argentina were a mixed bag.

The results from the Bajo target at Los Amigos were described by broker Fox-Davies as ‘promising if not spectacular’.

Meanwhile, holes VND122 and 123 at Sierra Blanca were simply ‘disappointing’, according to FD.

However, the City broker maintains its ‘buy’ advice and punchy 22 pence a share price target (current price 6.88p).

One of the major milestones of the last 12 months was AngloGold Ashanti coming on board as a cornerstone investor in Mariana, taking a 19.9 per cent stake.

A beacon shareholder of this quality will undoubtedly help when the company launches its next major cash call - not least because Anglo is likely to stand its end of any fundraise.

‘We have a resource base already established and exploration upside too. Having Anglo there is a great endorsement that underscores what we are doing,’ said Horsburgh.


Read more: http://www.thisismoney.co.uk/money/markets/article-2133888/SMALL-CAPS-FOCUS-Mariana-Resources-expects-exciting-end-year-drill-rigs-begin-turning-again.html#ixzz1sx1FPztg

Beginning to look interesting might have a dabble here:>

Worth a read

Dipped my toe in this morning.

AND a nice 35% rise today....in the money already.,.

17.5% up again today, stop at 7p

stopped out at .073p with another juicy profit.... bring it on.,.

Mineral exploration group Mariana Resources (MARL) revealed a board room shake-up which sees CEO, John Horsborough, step to the Chairman's role. CFO, Glen Parsons, has subsequently been promoted to CEO. Under this new leadership the firm now intends to focus on its Condor De Oro project in Peru, in a shift away from its Argentinean assets due to negative investor sentiment regarding the sites. Separately, Mariana confirmed that it plans to de-list its shares from the Toronto Stock Exchange citing low levels of trading activity. The shares lost 0.625p to 3.875p

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LISTEN: Glen Parsons, CEO of Mariana Resources, provides a company update

Click here to listen

Bouncing with volume a good sign so I dip my toe for some
and finishing at best of the day

3.97p +0.125p

a follow through last Friday bounce, there seems to be a good interest now paying full offer and someone paid 4.08p premium to 4p offer

Some profit taking at the moment, just like last Friday

from another thread

Buy Mariana Resources at 3.9p with a 18p target Mariana Resources (LSE:MARL) has been one of the small caps stars since the beginning of the autumn, Things can get better still. During the past couple of months the 200 day line has slipped slightly, while the price action first went into a bull flag consolidation and then surged violently to start November. What is interesting about the two month recovery is the way that it was firstly based on the 200 day line falling, something which is only seen in the most bullish of situations. But now, as this moving average starts to rise, we could be treated to a final golden phase of the Mariana Resources rally. What would help in the near-term is consolidation at or above former October 2012 resistance at 6.85p, a matter of importance given the way that after recent share price gains we have a RSI reading at 90 plus. This would suggest a period of cooling off is required, although ideally it would take place at or above the former autumn 2012 peak. The favored destination at this point over the next 1 to 3 weeks is as high as 18p which was formerly support for the shares on the way down in 2011.