Mariana Resources Regulatory News (MARL)

19 Jun 2006 07:00

This announcement and the information contained herein is restricted and is notfor publication, release or distribution in whole or in part in the Republic ofSouth Africa, Canada, Australia, the Republic of Ireland, Japan or the UnitedStates of America.19 June 2006 Mariana Resources Limited HIGH GRADE GOLD VEIN POTENTIAL AT NORCAY, ECUADOR * Mineralised vein structure outlined over 600m length and up to 6m width * New mineralisation identified- Assays of 8.6 g/t gold and 7.2 g/t gold, both over 6m Mariana Resources Limited ("Mariana" or "the Company"; AIM: MARL), the gold andcopper exploration company operating in South America, today announces theresults of rock chip sampling and mapping from the Norcay epithermal goldproject located 100km south east of Guayaquil, Ecuador. Most of the 84 sampleswere channel or panel samples (a panel sample is a multiple grab sample from adip surface of the vein and not across the vein). Assay values of channelsamples ranged up to 16.3 g/t gold.Interpretation of recent mapping, supported by the above results, has outlineda mineralised vein structure, the Norcay Vein, over approximately 600m lengthand with an estimated true width ranging from 1.0m to 6.0m.Mariana's recent mapping and sampling have included a newly discovered area 100metres to the south of previously known vein showings (drilled by IAMGOLDCorporation of Toronto (IAMGOLD) in holes ND-1, 2 and 3) which were exposed inrecent artisanal workings. Small-scale artisanal mining has been conducted inthe area prior to Mariana's involvement in the concession. Detailed channel sampling of the vein exposure returned assays of 8.6 g/t gold over 6.0m and 7.2g/t gold over 6.0m.Including previous sampling campaigns, the Norcay Vein has been sampled to datewith 12 channel samples and 4 panel samples. As the table below shows, assayvalues for the vein range up to 16.3 g/t gold over width between 1.0m and 6.0m.The weighted average gold value for the Norcay Vein from all channel samplestaken to date is 6.3 g/t over an average estimated true width of 2.6m. Table: Selected Sample Results from the Norcay Vein Sample ID Sample Width m Assay g/t Au Sample Type NO-0025 2.4 2.11 Channel NO-0026 2.8 2.68 Channel NO-0027 3.0 3.53 Channel NO-0028 2.6 1.72 Channel NO-0029 1.0 14.97 Panel NO-0030 3.6 9.02 Panel NO-0058 2.4 1.70 Channel NO-0059 2.8 9.19 Channel NO-0060 1.1 1.98 Panel Channel NO-0061 1.0 0.67 Panel NO-0091 2.0 1.68 Channel NO-0092 1.8 0.38 Channel NO-0093 2.0 15.85 Channel NO-0094 2.0 16.30 Channel NO-0095 2.0 2.04 Channel NO-0096 2.0 8.27 Channel Working North 6.0 7.19 Channel Working South 6.0 8.64 Channel Norcay is one of two projects held in joint venture with IAMGOLD. Under theterms of the agreement, Mariana can earn 70% in the Norcay and Guanazanproperties by spending USD2.5 million in five years with a minimum commitmentof USD150,000 for the first year. IAMGOLD has the one-off option to buy back upto a total share of 70% in the project by paying Mariana USD7.5 million.During the first half of 2003, prior to Mariana's involvement in the Norcayproperty, IAMGOLD completed 12 diamond drill holes. The best intersection ofthis programme was in drill hole ND-12, the last hole drilled in the programme,which intersected a 37m interval (55-92m downhole) with an average grade of 2.5g/t gold which has been recalculated by Mariana on a weighted average basis(sample width times assay divided by total width) to be 37m @ 3.6 g/t gold.Included in this zone are 7.5m @ 5.2 g/t, 1.55m @ 5.7 g/t, 1.85m @ 5.1 g/t,2.25m @ 7.3 g/t and 3.00m @ 7.2 g/t gold. Mariana interprets this intersectionas the northern extension of the Norcay Vein with associated intense hangingwall stockwork mineralisation over wide intervals. The intersection is locatedapproximately 50 metres north of the currently known Norcay Vein.Channel sampling of other veins found during mapping by Mariana included 2.2m @11.2 g/t, 1.2m @ 18.9 g/t, 0.95m @ 3.8 g/t, 0.8m @ 3.9 g/t and 0.3m @ 29.1 g/tgold.As the vein outcrops show post-mineral faulting, true widths are estimatesonly. The presence of manganese oxides together with the deep tropicalweathering indicates the possibility of supergene enrichment throughout theproject area.Commenting today, John Sutcliffe, Managing Director of Mariana Resources, said:"These gold results are a most encouraging start to the Company's explorationwork in Ecuador. Mariana plans approximately 1,500m of diamond drilling to testthe Norcay Vein and other structures. Both Norcay and Guanazan will be drilltested during the fourth Quarter, 2006." www.marianaresources.com For more information:Mariana Resources Limited RFC Corporate Finance Limited (Nomad) John Horsburgh +61 2 9437 4588 Rob Adamson +61 2 9250 0041 (Chairman) Glen Parsons +61 2 9250 0036 John Sutcliffe +5932 298 6464 (MD) Conduit PR Limited Haywood Securities (UK) Limited (Public Relations) (Broker) Angus Prentice +44 20 7429 6603 Jeremy Wrathall +44 20 7031 8005 +44 7974 982 512 Laurence Read +44 20 7429 6605 Simon Catt +44 20 7031 8003 +44 7979 955 923 James Hannon +44 20 7031 8015 All samples were taken by professional geoscientists with sample preparationcarried out by ALS Chemex in Quito, Ecuador, using standard industry practice.Analytical work was carried out at the ALS Chemex laboratory in Vancouver,Canada, using conventional fire assay technique with AA finish. Mariana'stechnical program is supervised by its Managing Director, John Sutcliffe BSc,ARSM, FGS, MIMM, C.Eng, a professional geologist with 40 years experience.Notes for EditorsMariana, which listed on AIM in May 2006, is exploring for gold in Ecuador andArgentina and for copper and gold in Chile. Projects include areas withpotential for high grade epithermal/skarn gold mineralisation such as Guanazan/Norcay (Ecuador), Sierra Blanca (Argentina), which are JVs with IAMGOLDCorporation, and La Victoria (Ecuador). In Chile, JV terms have been agreedwith an Anglo American subsidiary, covering four properties, one of which hassignificant porphyry copper potential.ENDMARIANA RESOURCES LTD