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

30/11/2009 7.01AM
Mariana Resources' right to acquire 100% of the Sierra Blanca
High-Grade Silver-Gold Project, Southern Argentina

Mariana Resources Ltd ('Mariana Resources' or 'the Company'), the AIM
quoted exploration and development company focussed in Argentina and
Chile, has secured an option ('the Option') to acquire the remaining
30% interest in the Santa Cruz Joint Venture ('the Santa Cruz JV')
from IAMGOLD Corporation ('IAMGOLD'). The Santa Cruz JV comprises
the Sierra Blanca and Canadon Largo silver-gold projects ('the
Projects') in the emerging Deseado Massif gold-silver district in
Southern Argentina.

Overview

* Two year option to acquire remaining 30% interest in Santa Cruz
JV from IAMGOLD
* The Option may be exercised by paying US$500,000 and issuing the
equivalent of US$500,000 in Mariana Resources shares to IAMGOLD
* IAMGOLD will be awarded a 1.5% royalty on net smelter returns
from any commercial mineral production from the two projects
* Focus on the Sierra Blanca silver-gold project, which has a
multiple epithermal vein system with high grade silver drill
intercepts - 3,000m drill programme planned Q2 2010


Mariana Resources Managing Director John Sutcliffe said, "This
agreement, which gives Mariana 100% control of the Santa Cruz JV, is
an important step forward and will enable us to fast-track
exploration at the Sierra Blanca silver-gold discovery in Southern
Argentina. With this in mind, we are planning to test for concealed
silver-gold targets along the 4 km long Veta Chala - Lucila trend in
Q2 2010 to further assess the economic potential of the project.

Visit Mariana website for newletter published today

http://www.marianaresources.com/pdf/newsletters/MarianaNL

Significant Shareholders ( 20 November 2009)
Shareholder % Held
Hochschild Mining Holdings Ltd 8.7
Chase Nominees (incl JP Morgan, GNR Fund) 7.9
Pershing Nominees (Ecl Ray Angus) 5.9
Australian Investors Pty Ltd 4.2
Generali 3.2
Pension Financial Services Canada Inc 4.0
Bank Julius Baer & Co 2.5
Directors 9.4

Pro Active Investors Article published today - link below.
http://www.proactiveinvestors.co.uk/companies/news/10771/mariana-resources-discovering-solid-value-in-south-america-10771.html

Take a look at the above which was issued today. Very good coverage concerning Mariana's activities and prospects.

The following is their final paragraph which tends to sum up their feelings:

With news coming thick and fast, more news imminent, the endorsement supplied by the new Hochschild JV and a brand new discovery under its belt, Marianas share price has seen a significant increase in the last few weeks. From just 2p in the dark days of January, the price has now returned to levels not seen since the company listed on AIM back in 2006. Not even a 2.9 million fund-raising at 13p per share has dented investor enthusiasm, and given the current market capitalisation of under 26 million, there seems yet to be plenty of headroom for further gains.

Also their penultimate paragraph mentions the results due soon from Chile:

Outside Argentina, Mariana has interests in two iron-oxide-copper-gold (IOGC) prospects on Chiles prolific Atacama belt at Buenaventura which lies between Anglo Americas Manto Verde and Freeports Candelaria - and Perro Chico. Strong gravity anomalies have been identified on both properties, and a drilling programme to test these potential copper/gold targets has been completed recently, with results now imminent.

Mariana Resources discovering solid value in South America
by Wendy Durham

In August 1991, the eruption of Mount Hudson in Chile ejected over 8 cubic kilometres of ash in a plume reaching 18 km into the atmosphere. Driven by strong north westerly winds, the ash plume carried its burden into Patagonia - where it blanketed the Deseado Massif, smothered all vegetation and ruined the food source on which the vast sheep rearing ranches depended. An entire tract of northern Santa Cruz became a desert.

Enter the prospectors. Gold had previously been discovered at Cerro Vanguardia, but it was not until AngloGold began serious work on the project in the 1990s that the potential of the Deseado Massif to host significant epithermal gold and silver deposits was recognised. The Precambrian basement rocks and Permian sedimentary layers which overlie them are in their turn overlain by Jurassic-age volcanic rocks, including the Bajo Pobre and Chon Aike formations, which were emplaced by volcanic eruptions occurring within predominantly NW-SE lying fault systems. It is these rock formations which host most of the gold and silver, found in low-sulphidation veins, veinlets and stockwork which formed in Jurassic times as hot mineral-bearing fluids were driven up from below and then deposited as quartz or chalcedony in faults and fractures.

Ironically, the volcanic ash which had presented the exploration opportunity also made life more difficult for prospecting, as it masked many of the obvious surface indicators and mineralised outcrops. But modern exploration is no longer reliant solely on surface prospecting, and the Massif now hosts four operating mines, several significant resources under development and many more as yet undefined discoveries.

The most recent of these belongs to Mariana Resources (AIM:MARL), who have just scored an enviable "first" at their Dos Calandrias prospect with the discovery of a new style of gold mineralisation. Dos Calandrias - originally known as Tongoril and acquired as part of a package of new exploration land in Santa Cruz last year - was identified from satellite imagery and subsequent surface exploration, which delineated a NW trending belt some 700m long and up to 150m wide, consisting of poorly exposed quartz-sulphide stockwork veining. Rock chip samples of up to 21.7 g/t of gold encouraged further work, and it was not long before a second area of mineralisation was found 600m to the north, where multiple sub-outcropping vein breccias ran NE for more than 400m. More rock chipping produced assays of up to 18.9 g/t of gold, some of it visible, while follow-up channel sampling yielded further positive results. It was at this point that Mariana called in Dr Richard Sillitoe - the internationally known expert on hydrothermal mineralisation - who summarised his findings thus: "The newly discovered Tongoril prospect is a rhyolite dome-related epithermal vein system, possibly of low-sulphidation type. The partly brecciated veins are chalcedonic and arsenic, antimony and mercury rich, suggesting a shallow exposure level. Given the high gold values (up to 19 g/t) obtained during initial surface sampling, Tongoril is assigned high exploration priority." Emphasis was originally laid on the further exploration of the vein systems, but Dr Sillitoe did add the rider: "...breccia around the dome margins should not be ignored, because it is a permeable unit capable of hosting bulk-tonnage gold mineralization." (Breccia is rock which has been fragmented, and then cemented together again by the intrusion of another mineral in this case largely quartz. The clasts or fragments are usually sharply angular.)

And thus it unfolded. Soil sampling and trenching defined further mineralised zones within the two target areas of Calandria Sur and Calandria Norte, and by September, a scout drilling programme of 16 holes had commenced to test six separate target zones to shallow depths. When the assay results came in, Dr Sillitoe's rider was seen to be notably prescient! The results from Calandria Norte's vein systems were in general disappointing, as is often the case with first pass, widely-spaced scout drilling, but seven of the eight holes at Calandria Sur hit the spot. All had been drilled in hydrothermal breccia, angled downwards and outwards towards the sub-surface easterly margins of the interpreted dome structure. Best of all was Hole 13, which started and ended in mineralisation and ran out at 102 uninterrupted metres averaging 1.2 g/t gold overall, with the last 20 metres showing a higher grade of 2.6 g/t gold. Six other cores demonstrated intersections of at least 40-50m containing gold running generally between 1-2 g/t, with the occasional sweet spot. Hole 15 is the best example, showing 91.5 metres averaging 1.6 g/t overall, in which was included a 20 metre section at 4.5 g/t with its own 2 metre hot spot grading 28.1 g/t.

Impressive results indeed, and its clear Calandria Sur has the potential to become a low-grade, high-tonnage deposit as further drilling due early next year continues to define the mineralisation. According to Dr Sillitoes post-drilling review, it is the first example of bulk-tonnage gold-silver mineralisation hosted in a dome-related hydrothermal breccia to be found in the Patagonian Jurassic province. It is unusual in that the gold is not hosted in sporadically occurring veins/veinlets, but is disseminated throughout the brecciated rock, with the higher grades lying at the contact between the volcanic dome which has the approximate shape of an inverted cone - and the rocks through which it erupted. Given that this initial discovery is located in just 400m of the eastern side of the domes perimeter, the potential to discover further mineralised zones elsewhere in the perimeter is high, and Mariana intend to investigate this possibility as soon as possible.

Not surprisingly, this discovery presently unique in Patagonia has catapulted Dos Calandrias to instant fame, and it has become the prime focus of both the company and its followers. However, the Mariana project stable goes way beyond what until now had been just another promising exploration prospect. Concentrated on South America, in mining-friendly and relatively stable jurisdictions, Marianas experienced team has built a very respectable portfolio of gold, silver and copper projects.

Elsewhere in the Deseado Massif Mariana have amassed a large portfolio of prospects, and have already made a significant discovery at their joint venture with IAMGold at Sierra Blanca, located 50km N of AngloGold's 6Moz Cerro Vanguardia mine. Mariana currently own 70% of the joint venture project, but have just secured the option to purchase IAMGolds interest, barring a 1.5% NSR and subject to minimum exploration requirements, for an immediate payment of 1 million Mariana shares, and the payment on exercising the option of 1 million in cash and shares. The property hosts 25-30 kilometres of discrete vein systems, but the best discoveries to date have been at the EW trending Veta Chala vein system, where channel sampling revealed bonanza silver grades of up to 5,694 g/t silver and 1.77 g/t gold, which has been compared by Richard Sillitoe to the mineralisation at Mina Martha, some 100km to the south. Whilst drilling did not find corresponding high grades at depth, Dr Sillitoe has recommended further drilling to test for ore shoot development at depth at both Veta Chala and the potentially linked Lucila vein, which will be carried out in early-mid 2010 following an induced polarisation survey.

Most recently, Mariana have announced a new joint venture with Hochschild who are already a major shareholder in the company. Mariana will put its Los Amigos I and II properties into the joint venture whilst Hochschild will contribute its adjoining San Augustin property. Initial terms are 49/51 ownership, with a 40/60 contribution from Mariana and Hochschild respectively to the first three years of exploration funding. But Hochschild can increase its stake to 70% by contributing 60% of exploration funding for a further two years, funding the feasibility study or providing project finance. The three properties are currently under-explored, but offer significant potential for vein-hosted gold-silver epithermal mineralisation in well developed NW and NNW trending structures. Fieldwork will commence immediately, and follow-up drilling is anticipated in 2010.

Outside Argentina, Mariana has interests in two iron-oxide-copper-gold (IOGC) prospects on Chiles prolific Atacama belt at Buenaventura which lies between Anglo Americas Manto Verde and Freeports Candelaria - and Perro Chico. Strong gravity anomalies have been identified on both properties, and a drilling programme to test these potential copper/gold targets has been completed recently, with results now imminent.

With news coming thick and fast, more news imminent, the endorsement supplied by the new Hochschild JV and a brand new discovery under its belt, Marianas share price has seen a significant increase in the last few weeks. From just 2p in the dark days of January, the price has now returned to levels not seen since the company listed on AIM back in 2006. Not even a 2.9 million fund-raising at 13p per share has dented investor enthusiasm, and given the current market capitalisation of under 26 million, there seems yet to be plenty of headroom for further gains.

New article, click HERE

andy i can't load new article, is it me or nothing there...bb

This must be due soon:

7th October 2009
Mariana commences drilling IOCG targets, Northern Chile.

Mariana is on the move gain!

From another BB:

funkyfraser - 10 Dec'09 - 15:44 - 1627 of 1628


Penny Sleuth has just sent out an article on us and it was their top miner pick for 2010.

FF

PLUS Market trades are looking very positive:

Trade Date Trade Time Price Volume Type Considerations Conditions
11/12/2009 10:01:49 19.50 10,205 O 1,989.98
11/12/2009 09:39:58 19.50 25,579 O 4,987.90
11/12/2009 09:36:50 19.50 30,000 O 5,850.00
11/12/2009 09:36:37 19.50 5,064 O 987.48
11/12/2009 09:24:58 19.50 1,200 O 234.00
11/12/2009 09:21:58 19.50 15,282 O 2,979.99
11/12/2009 09:16:45 19.50 25,513 O 4,975.03
11/12/2009 09:16:32 19.50 26,000 O 5,070.00
11/12/2009 09:12:24 19.50 5,066 O 987.87
11/12/2009 09:09:10 19.50 15,000 O 2,925.00
11/12/2009 09:04:33 19.50 30,000 O 5,850.00
11/12/2009 08:53:58 19.00 15,000 O 2,850.00
11/12/2009 08:36:37 19.00 10,000 O 1,900.00
10/12/2009 16:19:01 17.55 10,000 O 1,755.00
10/12/2009 16:01:46 18.25 10,904 O 1,989.98
10/12/2009 16:01:07 18.25 12,934 O 2,360.45
10/12/2009 16:00:30 18.25 10,000 O 1,825.00
10/12/2009 15:50:25 18.50 54,054 O 9,999.99
10/12/2009 15:45:58 17.35 15,000 O 2,602.50
10/12/2009 15:45:57 17.35 35,000 O 6,072.50
10/12/2009 15:39:24 17.75 50,000 O 8,875.00
10/12/2009 15:27:49 17.50 3,594 O 628.95
10/12/2009 15:24:53 17.50 742 O 129.85

current_20091211-000000005391historic_20091210-000000014026

Revealed: The Inside Story on Explosive Junior Mining Stocks
10/12/2009

Last week I was in trendy Islington, north London, to attend the Mines and Money Show. Here the movers and shakers of the mining and finance industries were gathered to tell their stories and share investment ideas.

It was the ideal place to gauge the health of mining sector penny shares.

The conclusion I came to was a positive one: if you want to make big money fast and dont mind a bit of a gamble, the junior resource sector of the London stock market is still a great place to look.

This is the third year that I have attended this annual event. Over the three years, the mood of the event has swung considerably.

In 2007 the mood was euphoric. Talk of the super-cycle had financiers opening their purses and thrusting money at every mining start-up they could find.

A year later and things could not have been more different. Finance was impossible to come by. Mining projects were being put into mothballs. Cash was running out fast.

This year conditions were somewhere close to where they should be.

Financiers are now willing to back miners but they are choosy. Poor projects are hitting the buffers, but new finance is available for those that show genuine promise.

Mergers and take-overs are allowing smaller groups to pool their resources and economise on the costs of being a public company. There have been some failures, but equally there have been some newcomers.

The industry is sorting itself out after the boom and bust, and in this regard its situation today is comparable with that of the dot-com sector in 2002. This is a time when investors should be watching the sector very closely.

Why close attention will bring investors big rewards

As the weak go to the wall, the strong have survived and are starting to prosper. The winners are emerging. They have the financial backing that is essential, but most important of all they are making real progress on the ground.

With very few exceptions, the political climate for solid mining prospects has been supportive. In a sector traditionally fraught with political difficulties, small mining companies are generally being welcomed by governments of developing countries and treated with fairness.

Neither is the sector being blighted by a shortage of key resources. Two years ago it was hard to get hold of drilling equipment at any price. Qualified geologists could name their own salary. Rock samples sent to distant laboratories for analysis would not reappear for months.

Now this has eased and mining ventures around the world are moving forward. Holes are being drilled. Trenches are being dug. Samples are being collected and analysed. Roads are being built and power lines extended.

Now, bankers and shareholders can start to anticipate the time when these junior miners no longer simply spend money, but actually generate some revenue.

It takes three to five years to bring a mining project to fruition, so in 12 months significant progress can be made. So which companies at the event looked ripe for this sort of progress?

The junior mining stars of the next 12 months

Among the miners attracting attention were Ariana Resources (ticker: AAU), which this year produced its first gold from its Kiziltepe deposit in Turkey; and Anglesey Mining (ticker: AYM), which expects to bring its 50% Labrador Iron Ore mine into production in 2010.

And there was another that attracted more attention than most. That was Mariana Resources (ticker: MARL). Mariana has just seen a five-fold increase of its share price after making a gold and silver discovery in the south of Argentina.

The dominant feeling at Mines and Money 2009 was one of business as usual. But aside from a sense of relief that the financial storm has passed, renewed optimism is also coming from the recovery of metal prices. Up to now this has far exceeded predictions.

To an extent this has been caused by some opportunistic and far-sighted stock-piling by the Chinese. But it is also clear that the recession has done little to break the super-cycle.

The fact is that the world is using up natural resources at a much greater speed than they can be discovered in the ground.

The world wants more and more of these things, but they are increasingly hard to find and expensive to extract. Unless mankind can come up with alternative materials, the long-term prognosis has to be that prices will rise and successful mining ventures will be of ever increasing value.

Thanks G2 good post.

Major gold discovery at Marianas 100% owned Dos Calandrias* Project, Santa Cruz, Argentina

Exploration Update

The current quarter has been the most active in Marianas history.

The decision to go on the front foot earlier in the year by raising funds in a difficult market to drill priority targets has paid off with the recent Dos Calandrias gold-silver discovery in Santa Cruz, Argentina.

Wide zones of epithermal gold-silver mineralisation hosted by brecciated rhyolite were intersected at the Calandrias Project (Calandria Sur Prospect) ranging from 71 to 102m @ 1.1-1.6 g/t Au and 17-23 g/t Ag (CDN 13,15 and 16) with bulk tonnage potential indicated. Follow up drilling (infill, step out) plus first pass drilling of remaining 75% of prospective rhyolite dome perimeter, guided by IP geophysics and lag geochemistry planned Q1 2010.

In breaking news, Mariana has an option to acquire IAMGOLDs 30% interest in the Santa Cruz JV giving the Company scope to move to full ownership. This will stimulate drilling next quarter at the Veta Chala silver-gold discovery to follow up intersections such as 11.0m @ 3.4 g/t Au and 386 g/t Ag and 14.3m @ 2.8 g/t Au and 242 g/t Ag.

In yet another recent development, Hochschild Mining (51%) and Mariana (49%) have agreed to JV 13,500 Ha of pooled concessions at Los Amigos in Santa Cruz and explore prospective NW trending epithermal veins. US$2M will be spent over 3 years on a 60% Hochschild, 40% Mariana basis to maintain 51-49% interests (minimum US$500,000 in year 1). The JV allows Hochschild to earn 70% in the following period.

In short, Mariana has rapidly become a significant player in the Deseado Massif of Santa Cruz, Argentina now a world ranked mining and exploration region for epithermal precious metals.

Mariana has a 100% owned 160,000 Ha land package pipeline from which two high priority projects have already emerged: Dos Calandrias and Los Amigos. First pass exploration of other areas in the portfolio continues.

exploring FOR GOLD, SILVER & COPPER IN south america
www.marianaresources.com

MARIANA RESOURCES LIMITED

16 December 2009.

AIM and PLUS: MARL

Issue of Equity

Mariana Resources Ltd (Mariana Resources or the Company), the AIM quoted
exploration and development company focussed in Argentina and Chile, advises
that the final tranche of 3,300,000 shares that formed part of the 2.9 million
placement of 22,700,000 shares at 13 pence per share, announced on 16 November
2009, has now been settled and the shares issued.

The Company further announced on 30 November 2009 that it had entered into an
agreement with IAMGOLD Corporation (IAMGOLD) giving Mariana Resources the
option to acquire the remaining 30% interest held by IAMGOLD in the Santa Cruz
Joint Venture in the emerging Deseado Massif gold-silver district in Southern
Argentina. The 1,000,000 shares in Mariana Resources as consideration for the
option have been issued at an implied price of 14.82 pence per share.

The total issued capital of the Company now comprises 128,228,235 ordinary fully
paid shares.

Miner Hochschild's investments in other precious metal groups now account for 11% of total assets. This diversification into gold and other locations makes strategic sense. Hochschild operates four underground epithermal vein mines, three in Peru, one in Argentina and one open pit mine in Mexico. The outlook for precious metals remains positive as the outlook for the dollar is negative. The shares are trading on a March 2010 earnings multiple of 18.8, falling to 15.2 in 2011. Buy says the Sunday Telegraph.

LONDON (Dow Jones)--Mariana Resources Limited (MARL.LN), said Wednesday that Hochschild Mining Holdings, operator of the Los Amigos Joint Venture has advised that three Reverse Circulation holes have been drilled for a total of 900 meters at the project located in the western sector of the Deseado Massif in the Santa Cruz Province of southern Argentina. MAIN FACTS: -All three holes intersected wide alteration zones and contain intervals between 1 and 10 meter wide with quartz veinlets. -Assay results are expected towards the end of February 2010. -The partners have agreed to spend $2 million on exploration within a three year period, to be paid 40% by Mariana and 60% by Hochschild, to confirm participating interests of 49% and 51% respectively. -A budget of $500,000 is committed in the first year. -Hochschild can earn a further 9% by funding 60% of the next $3 million in the following two years and a further 10% by either completing a Feasibility Study or, if requested by Mariana, providing project financing, repaid out of 80% of Mariana's share of cash flow. -This could see Hochschild's interest increase to a total 70%. -By London Bureau, Dow Jones Newswires

4 March 2010
10:12 AM

Mariana Resources to start drilling at Las Calandrias
Business Financial Newswire
Gold, silver and copper explorer Mariana Resources is to start drilling at the company's Las Calandrias Project in Argentina.

This follows completion of detailed mapping and an IP survey following the Calandria Sur discovery in late 2009.

MD John Sutcliffe said the recently discovered 10sq km Las Calandrias-El Nido dome complex greatly increased the exploration potential of the project for both high-grade vein and bulk tonnage mineralization.

'The recent IP [Induced Polarization] survey has highlighted some priority concealed targets. An exciting drill campaign is about to start and will follow up the Calandria Sur gold-silver discovery and scout drill selected IP targets elsewhere on the property

08/04/10 - 10:25
Mariana Resources reports good progress
Business Financial Newswire

South American exploration company, Mariana Resources reports good progress with drilling at its Las Calandrias Project in Southern Argentina.

Fourteen diamond drill holes totalling 1,560m have been drilled to date at Calandria Sur and core samples from the first four holes have been submitted to assay laboratory with the results expected later this month.

Ongoing exploration has also identified new drill targets at El Nid Norte. Abundant visible gold and silver mineralization was noted in a narrow mineralized structure within this zone.

MD John Sutcliffe comments:"We are pleased to report good progress of the drilling at Las Calandrias with the first batch of assays results expected by around the end of April.

"The wide zones of brecciation and stockwork sulphide mineralization in these latest holes are most encouraging.

The recent bonanza gold and silver assays in follow up channel sampling at the El Nido Norte prospect are very exciting and present new drill targets."

Thursday, April 08, 2010

Mariana Resources reports good progress from Las Calandrias drilling programme

Mariana Resources (AIM: MARL) expects to receive the first batch of assays from its exploration of the wholly-owned Las Calandrias Project in the Santa Cruz Province of Southern Argentina. Drilling, as part of the 3,500m programme, is ongoing and Mariana is testing the propertys priority targets - Calandria Sur, El Nido and Calandria Norte.

At Calandria Sur, Mariana has completed 14 holes covering a total of 1,560m. So far, the drilling work has encountered broad zones of brecciation, silicification and stockwork marcasite mineralisation ranging from 14m to 80m down-hole.

"We are pleased to report good progress of the drilling at Las Calandrias with the first batch of assays results expected by around the end of April. The wide zones of brecciation and stockwork sulphide mineralization in these latest holes are most encouraging, Mariana Resources MD John Sutcliffe commented.

To date, the drilling at Calandria Sur has been testing down-dip extensions below the 2009 drill holes - CS13, 15 and 16 - and possible strike extensions west and northwest along the rhyolite dome. The new undercut holes are testing 50 to 60m below previous intercepts, with approximately 40m between drill sections.

A total of 495 samples from the first four diamond holes have been submitted to the assay laboratory and initial results are expected late April, with remaining batches to follow in sequence.

The recent bonanza gold and silver assays in follow up channel sampling at the El Nido Norte prospect are very exciting and present new drill targets" Sutcliffe added.

At El Nido Norte, ongoing exploration has identified a north-east trending 50x80m veined area, abundant visible gold and silver mineralization was noted in a narrow mineralized structure within this zone, Mariana stated. Surface channel samples returned bonanza gold and silver assays including 0.4m at 62 grams per tonne (gpt) gold and 332gpt silver, 0.5m at 106 gpt gold & 510 gpt silver and 0.7m at 75.4 gpt gold & 2,490gpt silver.

Further work is continuing at El Nido Norte with detailed mapping, lag sampling and limited trenching in progress. Mariana said that this new target will be tested as part of the current drill programme.

In total the 5,600 hectare Las Calandrias project consists of four key target areas: Calandria Sur, Calandria Norte, El Nido Este and El Nido Norte. The latest drilling program follows extensive exploration activity in the area, after the Calandria Sur discovery in late 2009. Recent exploration consisted of detailed mapping, rock chip geochemistry and an Induced Polarization Survey (IP).

Las Calandrias, which was formerly the Dos Calandrias project, was subsequently extended to include the Calandria Sur and Calandria Norte mineralised rhyolite dome complexes to south-east and the recently discovered El Nido dome complex located to the west.