REG-Mariana Resources Ltd : Issue of Equity

Wed Aug 21, 2013 3:28am EDT

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        Incorporated in Guernsey registered number 44276.       

AIM: MARL

21 August  2013
Head Office:
Level 5, 22 Atchison Street
St. Leonards, NSW, 2065
Australia

Placing raises approximately £900,000

Mariana Resources Ltd ('Mariana' or 'the Company'), the AIM listed exploration and development company with projects in Argentina, Peru and Chile, is pleased to announce that the Company has raised £912, 640 through a placing assisted by Fox-Davies Capital.

The Company will issue and allot 91,264,000 new ordinary shares, conditional on admission, at a placing price of 1p with 1 warrant offered for every 2 placing shares subscribed. The warrant will be exercisable at 2p during the period until 27 August 2015.

Use of Proceeds

The net proceeds of £875,265 will be applied towards anticipated exploration expenditures in Peru and Argentina and general working capital purposes.

Fees

Fox-Davies Capital assisted with the placement in the UK and has been paid a cash commission of 5% on the monies raised and warrants over 3,737,500 ordinary shares at 1.42p exercisable for two years.

Admission to AIM

Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM. Dealings are expected to commence from 8.00 a.m. on or about the 27 August 2013 ("Admission").  

Following Admission, there will be a total of 322,049,973 ordinary shares on issue. For the purposes of calculating Total Voting Rights shareholders may use this number as the total number of shares on issue from the date of Admission.

Directors and management have supported this raising by contributing £86,020.

Chief Executive Officer, Glen Parsons today commented

"I am encouraged with the support for Mariana's placement, despite the current tough market conditions for junior explorers, and the endorsement of the Company's diversification strategy going forward.  The outcome provides Mariana with the means to achieve anticipated milestones. These include obtaining the permits required to commence exploration under our option agreement for the exciting gold-copper Condor de Oro project in Peru. As foreshadowed at the end of June, we continue to assess strategies for our gold-silver projects in Argentina, in addition to evaluating new opportunities for the Company"

**ENDS**

For further information please visit website at www.marianaresources.com or contact the following.

In Australia:
John Horsburgh (Chairman) Mariana Resources Ltd +61 2 94374588
Glen Parsons (CEO) Mariana Resources Ltd +61 2 94374588
Rob Adamson RFC Ambrian Limited (Nomad) +61 2 9250 0041
Will Souter RFC Ambrian Limited (Nomad) +61 2 9250 0050
In U.K.
Jonathan Evans/Susan Walker       Fox-Davies Capital Limited (UK Placing Broker) +4420 3463 5000
Jonathan Williams RFC Ambrian Limited (UK Broker) +44 20 3440 6817
In Canada:
Kathryn Witter Mariana Resources Ltd (Vancouver Office) +1 604 669 9336

About Mariana Resources
Mariana Resources Ltd is an AIM 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 Cisnes (100%), Bozal (100%) and Los Amigos JV (30%).  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  certain statements which may be deemed to be 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, silver and copper; misjudgements 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 financial statements for the most recently completed financial year which is available on the Company's website at www.marianaresources.com .  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.




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Source: Mariana Resources Ltd via Thomson Reuters ONE

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