| AIM: MARL TSXV: MRA 7 October 2016 | Suite 102, 3 Eden Street North Sydney, NSW 2060 Australia |
Issue of Equity- Option Exercise
Mariana Resources Ltd ("Mariana" or the "Company"), the AIM and TSXV listed exploration and development company with projects in Turkey and South America, announces that the following options have been exercised into ordinary shares, with funds received.
Options: 70,000 options at an exercise price of 20 pence
The Company will issue and allot 70,000 new ordinary shares.
Admission to AIM
Application has been made to the London Stock Exchange for the new ordinary shares to be admitted to trading on AIM and the TSX. Dealings are expected to commence on or about 12 October 2016 ("Admission").
Following Admission, there will be a total of 121,610,478 ordinary shares on issue.
**ENDS**
For further information please visit website at www.marianaresources.com or contact the following.
| Glen Parsons (CEO) | Mariana Resources Ltd | +61 2 9437 4588 |
| Eric Roth (COO) | Mariana Resources Ltd | +56 9 8818 1243 |
| Karen Davies (IR) | Mariana Resources Ltd (Canada) | +1 604 314 6270 |
| Rob Adamson | RFC Ambrian Limited (Nomad) | +61 2 9250 0041 |
| Will Souter | RFC Ambrian Limited (Nomad) | +61 2 9250 0050 |
| In U.K. | ||
| Oliver Stansfield | Brandon Hill Capital (UK Broker) | +44 20 3463 5061 |
| Jonathan Evans | Brandon Hill Capital (UK Broker) | +44 20 3463 5016 |
| Camilla Horsfall | Blytheweigh (Financial PR) | +44 20 7138 3224 |
| Megan Ray | Blytheweigh (Financial PR) | +44 20 7138 3203 |
About Mariana Resources Mariana Resources Ltd is an AIM (MARL) and TSXV (MRA) quoted exploration and development company with an extensive portfolio of gold, silver and copper projects in South America and Turkey.
Mariana's most advanced asset is the Hot Maden gold-copper project in north east Turkey, which is a joint venture with its Turkish JV partner Lidya (30% Mariana and 70% Lidya) and rapidly advancing to development. An updated mineral resource estimate (detailed table below) of 3.43 Moz gold Equivalent (Indicated Category) and 0.09 Moz gold Equivalent (Inferred Category) (100% basis) in the main resource zone as well as a maiden 351,000 Moz gold Equivalent (Inferred Category) (100% basis) in the new southern discovery zone was reported for Hot Maden on July 25, 2015. Elsewhere in Turkey, Mariana holds a 100% interest in the Ergama gold-copper project.
In southern Argentina, the Company's core gold-silver projects are Las Calandrias (100%), Sierra Blanca (100%), Los Cisnes (100%), Bozal (100%). These projects are part of a 160,000+ Ha land package in the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz Province.
In Suriname, Mariana has a direct holding of 10.2% of the Nassau Gold project. The Nassau Gold Project is a 28,000 Ha exploration concession located approximately 125 km south east of the capital Paramaribo and immediately adjacent to Newmont Mining's 4.2Moz gold Merian project.
In Peru and Chile, Mariana is focusing on acquiring new opportunities which complement its current portfolio.
| Hot Maden Mineral Resource Estimate - Main Gold-Copper Zone (2 g/t AuEq Cut-off) | ||||||||||
| Indicated Mineral Resource | ||||||||||
| Domain | Tonnes | Au | Cu | Zn | AuEq | Au | Cu | AuEq | ||
| t | g/t | % | % | g/t* | Ounces | Tonnes | Ounces** | |||
| Main Zone LG | 463,000 | 1.1 | 1.1 | 0.3 | 2.4 | 17,000 | 5,000 | 36,000 | ||
| Main Zone HG | 4,501,000 | 3.9 | 1.9 | 0.2 | 6.3 | 570,000 | 87,000 | 908,000 | ||
| Main Zone UHG | 2,086,000 | 32.7 | 3.5 | 0.1 | 36.9 | 2,195,000 | 73,000 | 2,476,000 | ||
| Mixed Gold-Zinc | 17,000 | 7.5 | 3.1 | 3.6 | 11.2 | 4,000 | 1,000 | 6,000 | ||
| Peripheral Lodes | 60,000 | 2.1 | 0.4 | 0.4 | 2.5 | 4,000 | 5,000 | |||
| Total | 7,127,000 | 12.2 | 2.3 | 0.2 | 15.0 | 2,790,000 | 166,000 | 3,431,000 | ||
| Inferred Mineral Resource | ||||||||||
| Domain | Tonnes | Au | Cu | Zn | AuEq | Au | Cu | AuEq | ||
| t | g/t | % | % | g/t* | Ounces | Tonnes | Ounces** | |||
| Main Zone LG | 395,000 | 1.7 | 0.9 | 0.03 | 2.8 | 21,000 | 4,000 | 35,000 | ||
| Main Zone HG | 31,000 | 3.9 | 1.6 | 0.1 | 5.8 | 4,000 | 6,000 | |||
| Main Zone UHG | 6,000 | 39.1 | 2.1 | 0.01 | 41.6 | 7,000 | 8,000 | |||
| Mixed Gold-Zinc | 4,000 | 1.7 | 0.4 | 2.4 | 2.2 | |||||
| Peripheral Lodes | 282,000 | 3.2 | 0.9 | 0.1 | 4.3 | 29,000 | 2,000 | 38,000 | ||
| Total | 718,000 | 2.7 | 0.9 | 0.1 | 3.8 | 62,000 | 7,000 | 88,000 | ||
| Hot Maden - Southern Gold-Copper Zone (2 g/t AuEq Cut-off) | ||||||||||
| Inferred Mineral Resource | ||||||||||
| Domain | Tonnes | Au | Cu | Zn | AuEq | Au | Cu | AuEq | ||
| t | g/t | % | % | g/t* | Ounces | Tonnes | Ounces** | |||
| South Zone LG | 396,000 | 2.8 | 0.7 | 0.0 | 3.6 | 35,000 | 3,000 | 46,000 | ||
| South Zone HG | 583,000 | 5.3 | 0.7 | 0.0 | 6.1 | 98,000 | 4,000 | 114,000 | ||
| Main Zone UHG | 224,000 | 22.2 | 1.0 | 0.0 | 23.4 | 160,000 | 2,000 | 169,000 | ||
| Mixed Gold-Zinc | 44,000 | 9.0 | 1.0 | 3.2 | 10.2 | 13,000 | 15,000 | |||
| Peripheral Lodes | 104,000 | 1.9 | 0.3 | 0.0 | 2.2 | 6,000 | 7,000 | |||
| Total | 1,352,000 | 7.2 | 0.7 | 0.1 | 8.1 | 313,000 | 10,000 | 351,000 | ||
*Au Equivalence (AuEq) calculated using a 100 day moving average of $US1,215/ounce for Au and $US2.13/pound for Cu as of May 29, 2016. No adjustment has been made for metallurgical recovery or net smelter return as these remain uncertain at this time. Based on grades and contained metal for Au and Cu, it is assumed that both commodities have reasonable potential to be economically extractable.
- *-The formula used for Au equivalent grade is: AuEq g/t = Au + [(Cu % x 22.0462 x 2.13)/(1215/31.1035)] and assumes 100 % metallurgical recovery.
- **-Au equivalent ounces are calculated by mulitplying Mineral Resource tonnage by Au equivalent grade and converting for ounces. The formula used for Au equivalent ounces is: AuEq Oz = [Tonnage x AuEq grade (g/t)]/31.1035
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.
