Mariana Resources' right to acquire 100% of the Sierra Blanca Project
(Thomson Reuters ONE) - Mariana Resources Ltd / Epic: MARL / Market: AIM / Sector: Gold Mining Mariana Resources' right to acquire 100% of the Sierra Blanca High-Grade Silver-Gold Project, Southern ArgentinaMariana Resources Ltd ('Mariana Resources' or 'the Company'), the AIMquoted exploration and development company focussed in Argentina andChile, has secured an option ('the Option') to acquire the remaining30% interest in the Santa Cruz Joint Venture ('the Santa Cruz JV')from IAMGOLD Corporation ('IAMGOLD'). The Santa Cruz JV comprisesthe Sierra Blanca and Canadon Largo silver-gold projects ('theProjects') in the emerging Deseado Massif gold-silver district inSouthern 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 2010Mariana Resources Managing Director John Sutcliffe said, "Thisagreement, which gives Mariana 100% control of the Santa Cruz JV, isan important step forward and will enable us to fast-trackexploration at the Sierra Blanca silver-gold discovery in SouthernArgentina. With this in mind, we are planning to test for concealedsilver-gold targets along the 4 km long Veta Chala - Lucila trend inQ2 2010 to further assess the economic potential of the project."I would like to thank IAMGOLD for its support and commitment overthe past fours years, during which time our partnership has deliveredsome real successes, including the Sierra Blanca silver-golddiscovery."IAMGOLD's Senior V.P. Exploration Michael Donnelly said, "The SierraBlanca project is demonstrating promising potential for developinginto a silver deposit similar to those found in the Deseado preciousmetals district of Santa Cruz. Although the exploration upside isintriguing, the commodity mix and area falls outside IAMGOLD'Scurrent corporate objectives. However, the new agreement withMariana will safeguard our commercial interest in the property andhelp move the project ahead. We have enjoyed our working relationshipwith Mariana on the joint venture, and wish them continuedexploration success."The Santa Cruz Joint Venture - Option to acquire remaining 30%interestThe Santa Cruz JV comprises the Sierra Blanca and Canadon Largoprojects, which are centrally located in the emerging Deseado Massifgold-silver district in Southern Argentina. Mariana Resourcesoriginally earned a 70% interest in the Santa Cruz JV in January 2009by conducting a US$2 million exploration programme.The Company has now secured an option to acquire the remaining 30%interest in the Santa Cruz JV from IAMGOLD for an initialconsideration of 1,000,000 Mariana Resources shares which will beissued to IAMGOLD. Mariana Resources must also complete a minimum of1,500m of drilling on the Sierra Blanca and Canadon Largo projects.The Option can then be exercised within the two year period by payingIAMGOLD US$500,000 and the equivalent of US$500,000 in MarianaResources shares, based on the 15 days volume weighted average priceon AIM when the option is exercised. IAMGOLD will be granted a 1.5%royalty on net smelter returns from any commercial mineral productionfrom the two projects.Sierra Blanca silver-gold ProjectMariana Resources discovered epithermal vein style silver-goldmineralisation at the Sierra Blanca Project along the Veta Chala andLucila target areas in 2008 following a two-year explorationprogramme, which included 5,500m of drilling. Best drillintersections included 11m (at) 3.4 g/t Au and 386g/t Ag from 46m inhole SBD51 and 21m (at) 0.7 g/t Au and 242 g/t Ag from 31m in holeSBD55. A review of results, undertaken with the assistance ofconsultant epithermal specialist Dr. R. H. Sillitoe, in Q1 2009indicated potential for vein type economic ore shoots along the1,200m long Veta Chala zone with 3,500m of infill and deeper drillingrecommended, in addition to drill testing of other targets - see newsrelease dated 2 March 2009.The Company now aims to conduct an Induced Polarisationchargeability-resistivity survey along the Veta Chala - Lucila trendat the Sierra Blanca Project, in the search for concealed bonanzasilver mineralisation. This will be followed by a 3,000m drillprogramme focussed on the priority targets - Veta Chala and Lucila -anticipated to commence Q2 2010. **ENDS**See website www.marianaresources.com for accompanying diagram.John Horsburgh (Chairman) Mariana Resources Plc +61 2 94374588John Sutcliffe (MD) Mariana Resources Plc +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 1177Additional 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: 30.11.2009 - 08:01 Uhr
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