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Mariana Exploration Update

Mariana Exploration Update 
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/31/13 -- Mariana
Resources Ltd. (TSX:MRY)(AIM:MARL) ('Mariana' or 'the Company'), the
AIM and TSX quoted exploration and development company focused in
Peru and southern Argentina is pleased to announce an update of
exploration activities. 
Overview 


 
--  Mariana's earn-in to 51% in Condor Resources Inc. (TSX VENTURE:CN)
    Condor de Oro porphyry gold-silver-copper project, N Peru is proceeding
    according to plan with Community support being re-confirmed at meetings
    last Quarter. 
    
--  Condor has granted Mariana a 90-day extension to assess the Yuracyacu
    area, adjacent to the Pucayacu option area, the two options covering the
    Condor de Oro project. 
    
--  At the Los Cisnes Project, Santa Cruz, Argentina, channel sampling at
    the El Brio prospect has returned high grade silver assays from six
    channels across vein-breccias. 
    
--  A strategic review of advanced Santa Cruz projects in progress with
    outcomes likely to include joint ventures and/or asset sales. Major
    shareholder Anglo Gold Ashanti has a First Right of Refusal. 
    
--  In Chile, late December 2012 Cliffs bought out Mariana's residual 20.6%
    interest in SCM Tierra Noble for US$250,000 cash following disappointing
    drill results at Buenaventura.

 
Commentating today, Chairman John Horsburgh said, "The year has
started with further progress in implementing the Company's
diversification of exploration efforts into Peru, specifically the
Condor de Oro gold-copper porphyry target. Rationalisation of
non-core projects elsewhere, paves the way for sharper focus at the
new Los Cisnes Project with on-going target definition, in
Argentina." 
Condor de Oro Project (option to earn 51% Area 1) 
As part of its strategy to diversify its exploration effort in South
America, Mariana previously elected to proceed with an option granted
by Condor Resources over Area 1 of the Condor de Oro Project (Figures
1 and 2, see link below), comprising the 4km2 Pucayacu target.
Mariana can earn a 51% interest in Area 1 with cash and work
commitments of US$15 million over 4 years. Subject to final
approvals, drilling is anticipated during the first half 2013. 
Meetings were held last Quarter with Community leaders to introduce
the Company as the new Project operator. Full support for the project
was re-confirmed under an original 5-year access agreement. This
agreement is mid-term and enables Mariana to conduct initial
exploration, including drilling, with maximum environmental
responsibility, social inclusion and participation at all times. 
Mariana also had an exclusive right to option Area 2 (Yuracyacu)
under the same terms. It is a precious and base metals target in the
northeast of the Project. Approximately 230 rock and soil samples
plus 4 stream sediment samples were collected as part of the minimum
commitment. High grade results include 3.8% Cu, 9.4% Pb and 14.3% Zn,
from generally narrow breccia-hosted vein related structures. The
best stream sediment gold anomaly came from a catchment area in the
NW sector not sampled previously. In order to follow-up on this
target and more fully assess the results, Condor Resources has
granted Mariana a 90-day extension to the exclusivity period for
Yuracyacu which will now expire March 31, 2013. 
Argentina - Los Cisnes Project (100%) 
At Los Cisnes, located 75km SW of Yamana's Cerro Moro and 120km SSE
of Las Calandrias (see Figures 3 and 4), prospective mineralised dome
breccias and related high grade vein-breccias have been discovered in
a classic rhyolite domefield epithermal setting. Target definition
work involving prospecting/mapping, channel sampling and LAG sampling
is in progress, with seven prospects identified to date.  
At the El Brio prospect, mapping extended the vein trend to 1km.
High-grade silver assays were returned from channel sampling over a
strike length of about 100m. Of the 9 diamond saw cut channels, 5
returned high grade to anomalous silver.  
Highlights 


 
----------------------------------------------------------------------------
TLCs5                     4.4m @ 0.6 g/t Au 535 g/t Ag (13.3 g/t AuEq(i))   
Incl.                     1.8m @ 0.8 g/t Au 1117 g/t Ag (19.4 g/t AuEq)     
----------------------------------------------------------------------------
TLCs6                     0.5m @ 4.0 g/t Au 1255 g/t Ag (24.9 g/t AuEq)     
----------------------------------------------------------------------------
TLCs7                     2.6m @ 0.7 g/t Au 400 g/t Ag (7.4 g/t AuEq)       
Incl                      0.9m @ 2.0 g/t Au 1104 g/t Ag (20.4 g/t AuEq)     
----------------------------------------------------------------------------
TLCs8                     1.9m @ 0.3 g/t Au 198 g/t Ag (3.6 g/t AuEq)       
----------------------------------------------------------------------------
TLCs9                     0.9m @ 0.8 g/t Au 994 g/t Ag (17.4 g/t AuEq)      
----------------------------------------------------------------------------

 
Target definition will be completed this field season leading to
follow-up trenching and IP to generate possible targets for scout
drilling (subject to the permitting and access agreements) next field
season (Q4 2013/Q1 2014).  
Following a review of results to date at the El Aguila project
(option to acquire 100%), the potential for bulk tonnage
rhyolite-hosted mineralisation was down-graded. It was decided to
withdraw from the option with Winki SA to enable a more focused
effort at 100% owned Los Cisnes. 
Chile - SCM Tierra Noble (20.6%) 
Last month, SCM Tierra Noble completed a 4,000m RC drilling
programmme at the Buenaventura Project. The holes tested various
targets NE of Loma Negra, W and NW of Cerro Brecha, W of Cerro Amada
and SW of Bertha Mine. No significant mineralisation was encountered
in this drilling. In late December 2012, agreement was reached
between Cliffs Natural Resources Exploration Chile Limitada, an
affiliate of Cliffs Natural Resources Inc. (NYSE:CLF)(PARIS:CLF), and
Mariana, whereby Cliffs has bought out Mariana's residual 20.6%
interest in SCM Tierra Noble for US$250,000 cash. Mariana has been
diluting its shareholding in Tierra Noble since Q3 2011, and pursued
this course of action in view of results received in last drill
programme. 
Link to figures:
http://marianaresources.com/pdf/release/Mariana_130131.pdf 
Exploration Information 
(i) Gold equivalent (AuEq) grade has been calculated by dividing
silver assays by 60 and adding to the gold value and this assumes
100% recovery. 
Exploration information in this announcement has been compiled by
John Horsburgh who is a Fellow of the Australasian Institute of
Mining and Metallurgy. Mr Horsburgh has sufficient experience
relevant to the style of mineralisation and types of gold and base
metal deposits under consideration and to the activity that he is
undertaking to qualify as a Competent Person as defined in the JORC
Code. Mr Horsburgh is a qualified person within the meaning of
National Instrument 43-101, Canada. 
Quality Assurance/Quality Control  
All technical information for the Company's Peru projects is obtained
and reported under a quality assurance and quality control (QA/QC)
program. All samples are collected under the supervision of the
Company geologists and dispatched via commercial transport to ALS
Chemex Laboratories in Lima, Peru for sample preparation and
analytical procedures. Samples are fire assayed with AAS finish on a
50 g assay charge. Additionally, all samples are analyzed by a 35
element aqua regia ICP-AES method plus trace mercury detection by
cold vapour-AAS methods. ALS Chemex's quality control system complies
with International Standards ISO 9001:2008 and ISO 17025. Analytical
accuracy and precision are monitored by the analysis of reagent
blanks, reference material and replicate samples. As part of
Mariana's Quality Control and Quality Assurance program, certified
reference materials, field duplicates and blank samples are inserted
continuously into the sample stream 
All technical information for the Company's Argentina projects is
obtained and reported under a quality assurance and quality control
(QA/QC) program. All samples are collected under the supervision of
the Company geologists and dispatched via commercial transport to ALS
Chemex laboratories in Mendoza, Argentina, and assayed in Santiago de
Chile. ALS Chemex's quality system complies with the requirements for
the International Standards ISO 9001:2000 and ISO 17025: 1999.
Samples returning greater than 10 g/t gold and/or greater than 100
g/t silver are assayed using gravimetric analyses. Systematic
assaying of sample duplicates and commercially prepared standards and
blanks is performed for analytical reliability. 
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 South America. In Peru, Mariana has an option to
earn a 51% interest in highly prospective copper-gold and
copper-silver porphyry targets in the Cordillera del Condor of
northern Peru. 
In southern Argentina, the Company's core gold-silver projects are
Las Calandrias (100%), Sierra Blanca (100%), Los Amigos JV (30%) and
-Picadero (100%). These projects are part of a 200,000+ Ha land
package in the Deseado Massif epithermal gold-silver district in
mining-friendly Santa Cruz Province. On 19 December 2011, Mariana
announced that AngloGold had completed a strategic placement whereby
AngloGold was issued 45,000,000 shares in Mariana at a price of 12
pence per share. AngloGold has the right to maintain its equity of
19.9% in Mariana in further issues by Mariana. 
Safe Harbour  
This press release contains "forward-looking information" within the
meaning of Canadian securities legislation ("forward-looking
statements"). These forward-looking statements are made as at the
date of this press release and include, without limitation,
statements regarding discussions of future plans, the realization,
cost, timing and extent of mineral resource estimates, estimated
future exploration expenditures, costs and timing of the development
of new deposits, success of exploration activities, permitting time
lines, and requirements for additional capital. The words "plans",
"expects", "budget", "scheduled", "estimate", "forecasts", "intend",
"anticipate", "believe", "may", "will", or similar expressions or
variations of such words are intended to identify forward-looking
statements. Forward-looking statements are subject to known and
unknown risks, uncertainties, assumptions and other factors that may
cause actual results to vary materially from those expressed or
implied by such forward-looking statements, including, but not
limited to: the effects of general economic conditions; the price of
gold and silver; misjudgments in the course of preparing
forward-looking statements; risks associated with international
operations; the need for additional financing; risks inherent in
exploration results; conclusions of economic evaluations; changes in
project parameters; currency and commodity price fluctuations; title
matters; environmental liability claims; unanticipated operational
risks; accidents, labour disputes and other risks of the mining
industry; delays in obtaining governmental approvals or in the
completion of development or construction activities; political risk;
and other risks and uncertainties described in the Company's annual
information form and MD&A for the most recently completed financial
year available on SEDAR. Although we believe 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 forward-looking statements.
Accordingly, readers are cautioned not to place undue reliance on
forward-looking statements. We do not undertake to update any
forward-looking statements, except in accordance with applicable
securities laws. 
Incorporated in Guernsey registered number 44276. 
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. 
Contacts:
In Australia:
Mariana Resources Ltd.
John Horsburgh
Chairman
+61 2 94374588 
Mariana Resources Ltd.
Glen Parsons
CFO
+612 94374588 
RFC Ambrian Limited (Nomad)
Rob Adamson
+61 2 9250 0041 
RFC Ambrian Limited (Nomad)
Will Souter
+61 2 9250 0050 
In U.K.
St Brides Media and Finance Ltd (PR)
Felicity Edwards
+44 20 7236 1177 
RFC Ambrian Limited (Co UK Broker)
Klara Kaczmarek
+44 20 7634 4725 
Fox Davies Capital (Co UK Broker)
Jonathan Evans
+44 20 3463 5000 
In Canada:
Mariana Resources Ltd (Vancouver Office)
Kathryn Witter
+1 604 669 9336
www.marianaresources.com
 
 
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