Mariana Resources raises new cash to fund Las Calandrias gold project

Wednesday, Jun 23 2010 by
Mariana Resources raises new cash to fund Las Calandrias gold project

Mariana Resources (LON:MARL), the AIM listed mining group working on projects in Argentina and Chile is raising £6.75m in a share placing priced at 28p per share. The new funds have been earmarked to speed up the development of Mariana’s Argentinean gold-silver portfolio. Its primary focus will be to fast-track exploration drilling at its flagship Las Calandrias gold discovery, located in the prospective Deseado Massif gold district in order to define a resource and show the economic potential of the project.

Mariana's managing director, John Sutcliffe, said: “Naturally we are delighted with the support that Mariana has received on this placement, particularly in view of the premium that subscriptions have been agreed for by both new and existing institutional shareholders in the UK, Australia and Canada. The funds raised will support the next stage of our growth strategy as we fast-track the resource development of our 100% owned Las Calandrias gold discovery, where recent impressive results demonstrate the project's prospectivity to host a major mineralised system with bulk tonnage and high grade gold potential.”

Mr Sutcliffe added: “The coming year is set to be an exciting time for Mariana, as we focus our exploration activities in Argentina and Chile adding considerable value to our portfolio through economic discoveries and partnerships with mining majors. With this in mind, I believe Mariana has a solid platform to generate significant value which will in turn further strengthen our already strong investment case and deliver strong growth for our shareholders.”

Earlier this month, Mariana reported further wide gold intersections from the latest 19 drill holes at the Calandria Sur prospect on the Las Calandrias project. Mariana is currently focused on expanding the Las Calandrias project, which has been enhanced by the Calandria Sur bulk tonnage potential, recent bonanza gold intersections at Calandria Norte and additional targets at El Nido. Shares in the company rose by 5.6% to 28.25p this morning – up from the 5p the company was trading at last June but down from its 12 month high of 32.5p, which it hit on June 2.

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Mariana Resources Limited is engaged in the exploration for minerals, mainly gold, silver and copper in Argentina, Chile and Peru. The Company operates in four segments: Argentina, which includes exploration activities in Argentina; Chile, which include exploration activities in Chile, Peru, which is involved in exploration activities in Peru, and head office operations, which include support function provided to the Company from Guernsey and Australia, Canada, including early stage exploration opportunities. The Company’s Argentina projects include Sierra Blanca Gold-Silver Project, Canadon Largo, Las Calandrias, Los Amigos and Condor de Oro. The Company has a letter of intent with Condor Resources Inc. to earn a 51% interest and operate the Pucayacu Gold-Copper Property. more »

Share Price (AIM)
1.8p
Change
-0.1  -2.7%
P/E (fwd)
n/a
Yield (fwd)
n/a
Mkt Cap (£m)
7.8



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