Mariana Resources Ltd.
TSX : MRY
AIM : MARL
PLUS : MARL

Mariana Resources Ltd.

November 28, 2011 08:00 ET

Mariana Resources Ltd has all Conditional Approvals Granted for the Strategic Investment by AngloGold Ashanti Ltd

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 28, 2011) - Mariana Resources Limited (TSX:MRY)(AIM:MARL)(PLUS:MARL) ("Mariana" or the "Company") is pleased to announce that the South African Reserve Bank and the TSX have granted conditional approvals for the placement of shares to AngloGold Ashanti Limited, subject to final documentation.

The strategic investment by AngloGold Ashanti Limited, announced 17th November 2011 is by way of a private placement for a 19.86% stake in the Company and it is envisaged that the transaction will be completed before year end.

For further information please visit website at www.marianaresources.com.

About Mariana Resources

Mariana Resources Ltd is an AIM and TSX quoted exploration and development company with an extensive portfolio of gold, silver and copper projects in Argentina and Chile. In southern Argentina, in addition to the Las Calandrias gold-silver discovery, the Company has the Sierra Blanca silver-gold prospect (70%); the Los Amigos joint venture (49%) with Hochschild Mining and a 160,000 Ha land package (100%) in the country. All of these projects are located in the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz province of southern Argentina, which hosts four mines and several advanced projects. In Chile, Mariana has a joint venture with US based international mining and natural resources company Cliffs Natural Resources Inc., to explore for iron oxide-copper-gold deposits ('IOCG') in a 92,000 km² area ("SCM Mariana Area") in north-central Chile along the highly prospective Atacama Fault Zone. The SCM Mariana Area includes the 44km² Buenaventura and 46km² Perro Chico IOCG projects. Mariana is also evaluating a number of gold-silver and copper-gold opportunities away from the Cliffs JV area, as part of a new initiative.

Safe Harbour

This press release presents "forward-looking statements" within the meaning of Canadian securities legislation that involve inherent risks and uncertainties. Forward-looking statements include, but are not limited to, statements with respect to the future price of gold and other minerals and metals, the estimation of mineral resources, the capital expenditures, costs and timing of the resources, the realization of mineral reserve estimates, the capital expenditures, costs and timing of the development of new deposits, success of exploration activities, permitting time lines, currency exchange rate fluctuations, requirements for additional capital, government regulation of mining operations, environmental risks, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage. Generally, these forward-looking statements can be identified by the use of forward looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or state that certain actions, events or results "may", "could", "would", "might" or "will be taken", "occur" or "be achieved".

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Mariana to be materially different from those expressed or implied by such forward looking statements, including but not limited to: risks related to international operations, actual results of current exploration activities; actual results of current or future reclamation activities; conclusions of economic evaluations; changes in project parameters as plans continue to be refined; future prices of gold and other minerals and metals; possible variations in ore reserves, grade or recovery rates; failure of equipment or processes to operate as anticipated; accidents, labour disputes and other risks of the mining industry; and delays in obtaining governmental approvals or financing or in the completion of development or construction activities. Although the management of Mariana believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. Mariana Resources does not undertake to update any forward-looking statements that are incorporated by reference herein, except in accordance with applicable securities laws.

Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX Exchange) accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • In Australia:
    Mariana Resources Ltd
    John Horsburgh
    Chairman
    +61 2 9437 4588

    Mariana Resources Ltd
    Glen Parsons
    CFO
    +612 9437 4588

    RFC Corporate Finance Limited (Nomad)
    Rob Adamson
    +61 2 9250 0041

    RFC Corporate Finance Limited (Nomad)
    Will Souter
    +61 2 9250 0050

    In U.K.
    FinnCap (Broker)
    Matthew Robinson
    +44 20 7600 1658

    Fox Davies Capital (Co UK Broker)
    Jonathan Evans
    +44 20 3463 5000

    St Brides Media and Finance Ltd (PR)
    Felicity Edwards
    +44 20 7236 1177

    St Brides Media and Finance Ltd (PR)
    Hugo de Salis
    +44 20 7236 1177

    In Canada:
    Mariana Resources Ltd (Vancouver Office)
    Kathryn Witter
    +1 604 669 9336
    www.marianaresources.com

    Renmark Financial Communications (PR)
    Arash Shahi
    +1 514 939 3989

    Renmark Financial Communications (PR)
    Philip Robin
    +1 416 644 2020