Mariana Resources

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Mariana Resources Ltd is a Guernsey incorporated investment holding company established to acquire potentially large or high value gold and copper-gold prospects in Chile, Argentina and other selected parts of South America.

The Group's strategy is to seek underexplored areas with potential for high grade polymetallic-gold epithermal/skarn mineralisation. Mariana brings to bear considerable field experience in this regard and early recognition of critical geological features is an important aspect.The Mariana Team brings together over 150 years of combined industry experience, with a specific South American focus.

Mariana Resources and Hochschild intersect quartz veinlets at Los Amigos gold-silver JV

Wednesday, January 27, 2010
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Mariana Resources (AIM: MARL) has been advised by the operator of the Los Amigos joint venture, Hochschild Mining (LSE: HOC), that three RC (reverse circulation) holes have been drilled for a total 900 metres at the project in the Santa Cruz province of Argentina and all three intersected wide alteration zones containing intervals between 1 and 10 metres wide with quartz veinlets.

Hochschild took the opportunity to do preliminary drilling with one rig available in the area to test various vein targets for epithermal gold-silver mineralization. The companies expect to report assay results in February 2010.

The JV comprises Mariana’s Amigos I and Amigos II and Hochschild’s San Augustin tenements some 110 kilometres south of Hochschild’s gold-silver San Jose Mine. The two companies have agreed to spend US$2 million on exploration within a three year period, 40% of which will be covered by Mariana and 60% by Hochschild to confirm participating interests of 49% and 51% respectively, having committed a budget of US$0.5 million in the first year.

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Hochschild has an option to earn a further 9% by funding 60% of the next US$3 million in the next two years and a further 10% by either completing a feasibility study or providing project financing, repaid out of 80% of Mariana’s share of cash flow, which could bring Hochschild’s interest up to a total 70%.

IAMGOLD Corp (TSX: IMG; NYSE: IAG), which previously had a JV agreement over the San Augustin property with Hochschild, will retain a royalty interest of 1.5% of net smelter returns from any mineral produced from the properties.

The area contains well developed structures hosting vein breccias; rock chip samples have previously returned anomalous precious metal values.

Hochschild is a major shareholder in Mariana, holding 10.53 percent as of June 30 2009. It invested US$1.5 million in Mariana in December 209, securing the right of first offer over Mariana’s portfolio of wholly owned properties and applications in Santa Cruz province.


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Additional Information

Market:AIM
Sector:General Mining - Silver
EPIC:MARL
Latest Price: 24.50p  (4.26% Ascending)
52-week High:32.50p
52-week Low:4.88p
Market Cap:38.83M

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