Half-yearly report
(Thomson Reuters ONE) - Mariana Resources LimitedIncorporated in Guernsey Reg. No. 44276Half-yearly Report, Period Ended 30 June 2009Chairman's ReviewDear Shareholder,Exploration efforts in the first six months continued to generatetargets in Argentina and Chile in readiness for drill campaigns inthe second half of 2009.Sierra Blanca, Argentina - 70%At the 70% owned Sierra Blanca Silver-Gold project which is part ofthe Santa Cruz Joint Venture with IAMGOLD Corporation, Marianacompleted a detailed review of the 2008 drilling including an on-siteevaluation by consultant epithermal gold specialist Dr. R Sillitoe.The project is in the Deseado Massif, an emerging world-classepithermal gold/silver district. The review highlighted potentialfor high grade silver-gold shoots at Veta Chala, requiring moreintensive drilling, and deeper targets at Lucila and an untestedcovered area between the two. A trial IP/resistivity survey at sitesalong the Veta Chala trend showed the method could be applied toguide target selection along the trend. With the 2009/2010 fieldseason underway, discussions are in progress with partner IAMGOLDregarding the best way to advance the project.Santa Cruz Area, Argentina - 100%Last year,Mariana acquired a number of 100% owned propertyapplications (>160,000 ha) in selected areas of the Deseado Massif,covering eight groups of properties. First pass prospecting of mostof these areas has been completed with encouraging rock chips assaysfrom Dos Calandrias (formerly Tongoril), La Auroa, Picadero, El Bozaland Caballo Blanco. In excess of 30km of vein trends prospective forepithermal gold/silver have been identified so far. Dos Calandriasis the first prospect of Mariana's wholly owned land package advancedto the drilling stage.Dos Calandrias, Argentina - 100%The property features a rhyolite dome complex with dome marginbreccias. Veins related to NW and NE structures assaying up to 21.7g/t Au and 62 g/t Ag were discovered last year. Earlier this year,consultant Dr. Richard Sillitoe had assigned Tongoril as a "highexploration priority". More recent follow up trench sampling thisfield season located several zones of strongly anomalous gold inveins and breccias with up to 17.5m (at) 1.9 g/t Au and 56.3 g/t Ag.Diamond drilling commenced in mid September to test six vein/veinbreccias targets at Calandria Norte and Calandria Sur. The firstbatch of assay results is expected in the first half of October. Thedrilling intersected several veins and broad breccia zones.La Borita, Argentina - option to acquire 100%Mariana is seeking a joint venture partner for La Borita copperprospect on the Alumbrera porphyry copper trend in Catamarcaprovince. Based on surface copper-bearing travertine, IP and groundmagnetics, it is considered to be a concealed porphyry copper target.Buenaventura, Chile - can earn up to 80%Mariana has two IOCG projects with eight targets ready for drilltesting in October/November 2009 at Buenaventura and Perro Chico (seebelow). Both are along the prolific Northern Chile IOCG belt.In 2008, Mariana and Minotaur Exploration Ltd reached a jointagreement with Buenaventura owners whereby they could jointly earn51% by spending US$3M over three years and 80% by completing abankable feasibility study. Previous drilling had intersectedseveral zones of IOCG mineralisation, including 6 holes ranging from22 to 90m (at) 0.40 to 0.49 % Cu with up to 0.13 g/t Au. TheMariana/Minotaur approach was to expand and infill a 2004 gravitysurvey looking for concealed dense bodies of iron oxides. This wassuccessful with a priority anomaly outlined and interpreted to be asignificant dense body at depth (possibly iron sulphides) coincidentwith the Cerro Brecha copper prospect (past drill intercepts of up to28m (at) 0.43% Cu, 0.13 g/t Au). Minotaur had to withdraw from thejoint venture prematurely in the first quarter of 2009 for budgetreasons, before a planned deep hole could be drilled. A subsequentreview by Mariana of the three dimensional gravity modeling hasconfirmed the drill target which will now be tested by a deeppre-collared drill hole. Other IOCG targets at Cerro Berta Norte,Cerro Berta Sur and Longotoma will also be drilled.Perro Chico, Chile - option to acquire 100%At Perro Chico (67 km SSW of Copiapó) several styles of IOCG typemineralization are recognized in the form of mantos, veins,stockworks and breccia zones. Mariana completed geological mappingand a gravity survey, with infill gravity of 5 anomalies. Recentinterpretation indicates dense bodies at drillable depths at threeanomalies, which may represent iron oxide zones under gravel cover.These will be tested by four RC percussion/diamond drill holes andtwo RC percussion holes will test the Belleza copper-gold bearingmanto as part of the October/November programme.Charango, Chile - 1% NSRMariana surrendered its right to earn an interest in the Charangosilver prospect owned by Anglo American Norte in favour of a newjoint venture between Hochschild Mining Plc and Anglo American,whereby Hochschild can earn an interest with Mariana retaining a 1%royalty on net smelter returns. Charango is located in the ElSalvador Region of Northern Chile. RC percussion drilling of veinsilver targets by Mariana in 2006 did not result in any significantintercepts.EcuadorAs stated in the 2008 Annual Report, the legislative and policychanges in Ecuador made exploration in the country unattractive toMariana and the Company withdrew from activity there. The Quitooffice was closed down, tenements relinquished and carrying values ofall of the group's assets in Ecuador have been written offaccordingly. This move allows Mariana to fully focus in Chile andArgentina.FinancialIn order to fund planned drilling, Mariana announced on 13 May 2009the placement of 36,687,367 shares to institutional investors andothers at a price of 3 pence per share to raise £1.05 million afterissue expenses. As a result, the capital of the company increased to104,494,235 ordinary shares. In addititon, Mariana has anarrangement with shareholder Hochschild Mining, whereby Mariana canplace by 12 November 2009 a second tranche of shares to raiseUS$750,000,On 30 June 2009 Mariana restructured some employee and directoroptions by cancelling 1,860,000 options exercisable at various pricesand issuing in their place 930,000 exercisable at 6 pence per share.In addition 1,465,000 new options were issued to employees anddirectors.The Mariana group made a consolidated loss of £390,016 for thehalf-year (2008: £970,003). At 30 June 2009 Mariana had cash andcash equivalents of £1,039,346.On behalf of the Board,J. R. HorsburghChairmanDate: 30 September 2009Mariana Resources Limited and its controlled entities.Condensed Income Statement for the half-year ended 30 June 2009 Half-year Half-year Full year 30 June 30 June 31 December 2009 2008 2008 Unaudited Unaudited Audited £ £ £Employee benefits expense (98,270) (318,503) (550,484)Depreciation expense (7,118) (4,139) (15,605)Professional services expense (107,839) (63,495) (199,126)Impairment of deferred exploration - (478,111) (1,332,971)costsExchange gains/(losses) (31,666) (21,036) 143,909Other expenses (145,890) (121,161) (265,310)Total expenses (390,783) (1,006,445) (2,219,587)Interest receivable 767 36,442 56,527Loss before tax (390,016) (970,003) (2,163,060)Taxation on loss on ordinary - - -activitiesLoss for the financial period (390,016) (970,003) (2,163,060) Pence Pence PenceLoss per share - basic and diluted (0.5) (2.1) (4.2)Mariana Resources Limited and its controlled entities.Condensed Balance Sheet at 30 June 2009 30 June 30 June 31 December 2009 2008 2008 Unaudited Unaudited Audited £ £ £NON-CURRENT ASSETSDeferred exploration costs 2,108,155 1,663,824 2,066,922Property, plant and 90,247 96,550 101,138equipment 2,198,402 1,760,374 2,168,060CURRENT ASSETSOther receivables and 297,017 151,555 294,494pre-paymentsCash and cash equivalents 1,039,346 1,392,844 747,998Total current assets 1,336,363 1,544,399 1,042,492CURRENT LIABILITIESTrade and other payables 53,465 76,465 94,596Provisions 33,212 - 34,433Total current liabilities 86,677 76,465 129,029NET CURRENT ASSETS 1,249,686 1,467,934 913,463NET ASSETS 3,448,088 3,228,308 3,081,523EQUITYIssued share capital 10,449 5,455 6,781Share premium account 7,453,055 5,809,203 6,404,488Other reserves 443,568 289,568 739,223Accumulated losses (4,458,985) (2,875,918) (4,068,969)TOTAL EQUITY 3,448,088 3,228,308 3,081,523Mariana Resources Limited and its controlled entities.Condensed Statement of Changes in Equity for the half-year ended 30June 2009+---------------------------------------------------------------------------------+| | | Share | Foreign | | || | Share | based | currency | | || |capital and|payments|translation|Accumulated| || | premium |reserve | reserve | losses | Total || | £ | £ | £ | £ | £ ||------------------------+-----------+--------+-----------+-----------+-----------||Balance at 31 December |4,940,371 |71,600 |20,682 |(1,905,909)|3,126,744 ||2007 | | | | | ||------------------------+-----------+--------+-----------+-----------+-----------||Issue of share capital |874,287 | | | |874,287 ||------------------------+-----------+--------+-----------+-----------+-----------||Share based payments | |214,726 | | |214,726 ||------------------------+-----------+--------+-----------+-----------+-----------||Foreign Exchange losses | | |(17,430) | |(17,430) ||------------------------+-----------+--------+-----------+-----------+-----------||Net loss for the period | | | |(970,009) |(970,009) ||------------------------+-----------+--------+-----------+-----------+-----------||Balance at 30 June 2008 |5,814,658 |286,326 |3,252 |(2,875,918)|3,228,318 ||------------------------+-----------+--------+-----------+-----------+-----------||Issue of share capital |596,611 | | | |596,611 ||------------------------+-----------+--------+-----------+-----------+-----------||Share based payments | |47,891 | | |47,891 ||------------------------+-----------+--------+-----------+-----------+-----------||Foreign Exchange | | |401,754 | |401,754 ||gains/(losses) | | | | | ||------------------------+-----------+--------+-----------+-----------+-----------||Net loss for the period | | | |(1,193,051)|(1,193,051)||------------------------+-----------+--------+-----------+-----------+-----------||Balance at 31 December |6,411,269 |334,217 |405,006 |(4,068,969)|3,081,523 ||2008 | | | | | ||------------------------+-----------+--------+-----------+-----------+-----------||Issue of share capital |1,052,236 | | | |1,052,236 ||------------------------+-----------+--------+-----------+-----------+-----------||Foreign Exchange | | | | | ||gains/losses | | |(325,142) | |(325,142) ||------------------------+-----------+--------+-----------+-----------+-----------||Share based payments | |29,487 | | |29,487 ||------------------------+-----------+--------+-----------+-----------+-----------||Net loss for the period | | | |(390,016) |(390,016) ||------------------------+-----------+--------+-----------+-----------+-----------||Balance at 30 June 2009 |7,463,505 |363,704 |79,864 |(4,458,985)|3,448,088 |+---------------------------------------------------------------------------------+Mariana Resources Limited and its controlled entities.Condensed Statement of Cash Flows for the half-year ended 30 June2009 Half-year Half-year Full year 30 June 30 June 31 December 2009 2008 2008 Unaudited Unaudited Audited £ £ £Cash flow from operating activitiesPayments to suppliers & employees (435,658) 376,737 (727,623)Interest received 767 36,442 56,527Net cash used in operating activities (434,891) (340,295) (671,096)Cash flow from investing activitiesPayments for purchase of property,plant & equipment - - (64,076)Proceeds on disposal of property,plant & equipment - - 46,075Payments for exploration expenditure (280,447) (641,391) (1,655,036)Net cash used in investing activities (280,447) (641,391) (1,673,037)Cash flow from financing activitiesProceeds from issue of share capital 1,052,236 873,462 1,470,898Net cash flow from financing 1,052,236 873,462 1,470,898activitiesNet increase/(decrease) in cost andcash equivalents 336,898 (108,225) (873,235)Effect of exchange rate fluctuations (45,550) - 120,158on cash heldCash and cash equivalents at thebeginning of the period. 747,998 1,501,075 1,501,075Cash and cash equivalents at the endof the period 1,039,346 1,392,850 747,998Mariana Resources Limited and its controlled entities.Notes to the Condensed Financial Statements for the half-year ended30 June 2009NOTE 1 General information and accounting policiesGeneral information.These condensed interim financial statements are for the period 1January 2009 to 30 June 2009.The financial reports for the half-years ended 30 June 2009 and 30June 2008 are unaudited, and do not constitute statutory accounts.This condensed interim financial report does not include all thenotes of the type normally included in an annual financial report.Accordingly, this report is to be read in conjunction with any publicannouncements made by Mariana Resources Limited during the interimreporting period. This half-yearly financial report is in compliancewith International Accounting Standard (IAS) 34: Interim FinancialReporting.(a) Basis of preparation of the half-year financial reportThese condensed financial statements have been prepared under thehistorical cost convention. The same accounting policies and methodsof computation are followed in the half-yearly financial report asfor the last annual financial report(b) Segment ReportingThe Mariana Resources Limited group has a single business segment,namely minerals exploration. The Group reports by geographicalsegment. During the period the group had activities in Ecuador,Chile, Argentina, Australia and Guernsey.(c) Basis of consolidationThe consolidated condensed financial statements incorporate theassets and liabilities of all entities controlled by MarianaResources Limited and the results of all controlled entities for theperiod. Mariana Resources Limited and its controlled entitiestogether are referred to in this financial report as the consolidatedentity. The effects of all transactions between entities in theconsolidated entity are eliminated in full.Subsidiaries are fully consolidated from the date on which control istransferred to the Group. They are de-consolidated from the datethat control ceases.The purchase method of accounting is used to account for theacquisition of subsidiaries by the Group.(d) Earnings per shareBasic earnings per shareBasic earnings per share is determined by dividing net loss afterincome tax attributable to members by the weighted average number ofordinary shares outstanding during the financial period.Diluted Earnings per ShareAs the company incurred a loss for the half year, basic earnings pershare and diluted earnings per share are the same.NOTE 2 SEGMENT INFORMATIONThe consolidated entity operates predominantly in the mineralexploration industry, in Argentina and Chile.NOTE 3 ISSUED CAPITALThe total number of ordinary shares of .01 pence on issue at 30 June2009 was 104,494,235 (31 December 2008: 67,806,868). Movements inissued shares during the half year were:Issued shares at 31 December 200867,806,868Placement at 3 pence per share May, June 2009. 36,687,367Issued shares at 30 June 2009.104,494,235NOTE 4 OPTIONSAt 30 June 2009 the company had 13,724,348 options on issue (31December 2008: 12,279,348), each of which entitles the holder toreceive on exercise, one ordinary share in the company. Movements inoptions during the half-year were:Outstanding at 31 December 2008 12,279,348Issued during the half-year4,395,000Expired or cancelled during the half-year2,950,000Outstanding at 30 June 2009. 13,724,348NOTE 5 RELATED PARTY TRANSACTIONSDirectors John Horsburgh, John Sutcliffe and Ray Angus subscribed for4,333,667 shares at 3 pence per share in the placement in May/June2009.On 30/06/2009 the company issued 1,295,000 options to employees underthe company's Employee Option Plan, exercisable at 6 pence pershare. Of these 865,000 expire on 30/6/2013, 310,000 expire on31/10/2012, 100,000 expire on 31/1/2012 and 20,000 expire on31/5/2011.Directors also received 1,100,000 options on 30 June 2009 on the sameterms as those issued under the employee share plan and 1,650,000options held by directors were cancelled.The former subsidiary Compania Minera Mariana SA (CMM) , incorporatedin Ecuador, was sold on 30 June 2009. CMM did not contribute to theconsolidated loss for the period ended 30 June 2009.NOTE 6 INTANGIBLE ASSETSAll costs directly relating to the acquisition, exploration anddevelopment incurred by the company or its subsidiary undertakings onits mineral properties are carried as intangible assets until suchtime as it is determined that there are commercially exploitablereserves at which time such costs will be transferred to tangiblefixed assets to be amortised over the expected productive life of theasset. Such costs include appropriate technical and administrativeexpenses but not general overheads. The directors periodicallyreview the intangible assets for impairment and where a project isabandoned or is considered not to be economically viable, the relatedcosts are written off. In 2008 the Ecuador government announced anew mining act. Due to the changes the Company has withdrawn fromexploration in Ecuador and has sold the Ecuador subsidiary CompaniaMinera Mariana SA.NOTE 7 POST BALANCE SHEET DATE EVENTSThere have been no significant events since balance sheet date. Fornews releases go to the company's web site atwww.marianaresources.com.Signed by authority of the Board.J. R. HorsburghChairman30 September 2009---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 30.09.2009 - 06:00 Uhr
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