Joint Venture with Hochschild Mining in southern Argentina
(Thomson Reuters ONE) - Mariana Resources Ltd ('Mariana Resources' or 'the Company') Joint Venture Agreement with Hochschild - Argentina12 November 2009Mariana Resources Ltd, the AIM quoted exploration and developmentcompany focussed in Argentina and Chile, has signed a joint ventureagreement with Hochschild Mining Holdings ('Hochschild') to exploreand develop three adjoining prospective gold-silver tenementstotalling 13,455 hectares, located in the Santa Cruz area in thewestern sector of the Deseado Massif in southern Argentina. Thesetenements consist of the Company's Amigos I and Amigos II licenceareas and Hochschild's San Augustin property which are located circa110km south of Hochschild's producing gold-silver San Jose Mine.Highlights * Joint venture agreement signed with Hochschild to explore adjoining properties in southern Argentina (Mariana - 49% and Hochschild - 51%) * Licences under review are under-explored, large intact high-level epithermal vein system, prospective for gold and silver * Mariana and Hochschild to spend US$2 million over three years on a 40/60 basis * Hochschild can increase its interest in the joint venture to 70% through committing 60% of US$3 million in the subsequent two years and taking the project to a Pre-Feasibility stage * Exploration drilling anticipated to commence in the second quarter of 2010Managing Director John Sutcliffe said, "With Hochschild as a majorshareholder in Mariana, we are delighted to have further strengthenedour relationship and look forward to working with such an experiencedproducer on this exciting project. We believe that the projectoffers considerable opportunities, providing both companies access toa large consolidated target area where gold and silver mineralisationmay extend across common property boundaries."Additionally, following our success at the Dos Calandrias project,having recently made a significant gold-silver discovery, we believethis deal further underpins our position as a significant explorer inthe emerging Santa Cruz gold district and our ability to generateprojects with high potential."Joint Venture TermsUnder the terms of the agreement, Mariana will put its Los Amigos Iand II properties into the joint venture whilst Hochschild willcontribute its San Augustin property. A US$2 million budget onexploration has been agreed within a three year period, 40% paid byMariana and 60% by Hochschild, to confirm participating interests of49% and 51% respectively. US$500,000 of this budget is committed inthe first year.Hochschild can earn into a further 9% of the joint venture by funding60% of the next US$3 million in the next 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 ofcash flow. This could see Hochschild's interest in the joint ventureincrease to a total 70%.Hochschild previously held the San Augustin property in a jointventure with IAMGOLD Corporation ('IAMGOLD'). Under the terms of thenew joint venture agreement between Hochschild and Mariana, IAMGOLDwill retain a royalty interest 1.5% of net smelter returns from anymineral produced from the properties.Work PlannedThe initial exploration programme will comprise geological mappingtogether with lag soil, rock-chip, diamond saw channel sampling andbackhoe trenching as required. Geophysics may include groundmagnetics and Induced Polarisation/Resistivity surveys. Targets willbe tested by preliminary drilling in 2010. Hochschild will operatethe programme with technical and operational input from Mariana.Geology and MineralisationPrevious exploration is limited. Five holes were drilled in 2005 byMinera Andes Inc. in the new J.V. area for a total of 1,440m whichfollowed surface sampling and Induced Polarisation geophysics. Thedrilling did not intersect economic gold-silver mineralisation, butabundant hydrothermal breccias with a banded chalcedonicquartz-pyrite matrix were reported.The area contains well developed NW and NNW structures hosting veinbreccias. Rock chip samples have returned anomalous precious metalvalues. Silicified lacustrine sediments indicate a palaeosurface andan intact epithermal system. Exploration potential therefore existsat depth for precious metal mineralisation of low sulphidationepithermal type. **ENDS**See website www.marianaresources.com for accompanying diagrams.John Horsburgh (Chairman) Mariana Resources Plc Tel +61 2 94374588John Sutcliffe (MD) Mariana Resources Plc Tel +593 99 808080Rob Adamson RFC Corporate Finance +61 2 9250 Limited (Nomad) 0041Will Souter RFC Corporate Finance +61 2 9250 Limited (Nomad) 0050Joe Lunn (Analyst) FinnCap (Broker) +44 20 7600 1658Matthew Robinson FinnCap (Broker) +44 20 7600 1658Felicity Edwards St Brides Media and +44 20 7236 Finance Ltd 1177Hugo De Salis St Brides Media and +44 20 7236 Finance Ltd 1177 ADDITIONAL INFORMATIONThe exploration programme is being directed by the ArgentinaExploration Manager, Dr Gustavo A. Rodriguez under supervision ofManaging Director Mr John Sutcliffe. Exploration information in thisannouncement has been compiled by John Sutcliffe who is a Fellow ofthe Geological Society of London, a Chartered Engineer and a Memberof the Institute of Mining and Metallurgy. Mr Sutcliffe hassufficient experience relevant to the style of mineralisation andtypes of gold deposit under consideration and to the activity that heis undertaking to qualify as a Competent Person as defined in theJORC Code.Quality Assurance/Quality ControlAll technical information for the Company's Argentina projects isobtained and reported under a quality assurance and quality control(QA/QC) programme. All samples are collected under the supervisionof the Company geologists and dispatched via commercial transport toALS Chemex laboratories in Mendoza, Argentina, and assayed inSantiago de Chile. ALS Chemex's quality system complies with therequirements for the International Standards ISO 9001:2000 and ISO17025: 1999. Samples returning greater than 10 g/t gold and/orgreater than 100 g/t silver are assayed using gravimetric analyses. Systematic assaying of sample duplicates and commercially preparedstandards and blanks is performed for analytical reliability.---END OF MESSAGE---This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
Datum: 12.11.2009 - 07:31 Uhr
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