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21/03/2012

Mariana Resources Chairman talks about the move towards target drilling

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Additional Information
Market: AIM
Sector: General Mining - Gold
EPIC: MARL
Latest Price: 5.63p  (0,00%)
52-week High: 26.50p
52-week Low: 5.13p
Market Cap: 12.99M
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Mariana Resources
www.marianaresources.com

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.

Full Mariana Resources profile here
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Mariana Resources completes strategic share placement to AngloGold Ashanti

19th Dec 2011, 7:37 am by Andre Lamberti Mariana has completed the issue of 45,418,212 shares to AngloGold Ashanti and has received £5.44 million which are earmarked for advancing its 100 percent-owned flagship Las Calandrias gold-silver project and its Sierra Blanca project in Argentina

South America-focused precious metals miner Mariana Resources (LON:MARL, TSE:MRY) has completed the private placement to strategic partner AngloGold Ashanti announced in mid-November.

The group said today it has issued 45,418,212 shares to AngloGold Ashanti and has received £5.44 million which are earmarked for advancing its 100 percent-owned flagship Las Calandrias gold-silver project and its Sierra Blanca project in Argentina.

The strategic partner paid 12 pence per share – a 41-percent premium to Mariana’s closing price of 8.5 pence the day before the placing was announced.  Mariana shares closed yesterday’s session at 10.276 pence.

AngloGold has thus taken a 19.9 percent stake in Mariana, and it has the right to maintain its stake in future share issues.

Mariana’s Las Calandrias project is estimated to have a preliminary resource of 519,000 ounces of gold equivalent.

“We view the transaction with AngloGold, one of the world’s leading gold producers, as a major endorsement of Las Calandrias project and its potential to develop into a top tier project with a significant mineral endowment,” Mariana’s executive chairman John Horsburgh said in November.

“This alliance further serves to support our belief in the prospectivity of Mariana’s extensive 160,000-hectare land position in Santa Cruz, which includes our second gold-silver discovery at the Sierra Blanca project. The region contains a number of significant gold-silver mines and projects including AngloGold's Cerro Vanguardia operation," he had added.

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