Mariana withdraws from Condor de Oro Project to focus on Core Projects

Mariana Resources Ltd (�Mariana� or �the Company�), the AIM listed exploration and development company with projects in South America, announces that following a review of its exploration strategy over its recently bolstered portfolio of core projects as well as exploration results received to date, it has decided to withdraw from the 102 sq km Condor de Oro copper-gold-molybdenum project (�the Project� or �Condor de Oro�), in Northern Peru.  The Company will focus on unlocking the value in the advanced Soledad and Rurimarac copper-gold projects in Peru, the Nassau Gold Project in Suriname and the Los Cisnes and Los Calandrias gold-silver projects in Argentina, where a high level of exploration activity is planned over the coming year. 

Mariana completed an eight hole scout drill programme at Condo do Oro and as previously announced in September 2014, positive indications were intercepted in all wide spaced scout holes.  Although the Company�s shallow drilling has delivered exciting anomalous Cu-Au-Mo mineralisation,

the mineralised zones to date have not met Mariana�s objective being the intersection of project defining grades in this scout drilling stage.

Although significant potential remains for deeper and possibly intra-hole mineralisation, Mariana has decided a second stage of deeper drilling would represent a better strategic fit for major companies.  With this in mind, Mariana has decided to withdraw from the Condor de Oro option for both Areas 1 and 2.  Moreover, had Mariana decided to continue its option on the Project, the Company would be required to spend US$4.0 million on exploration and payments in 2015. 

Within the Company�s growing portfolio of projects, a number of which have been advanced to the drill ready stage and which offer potential significant near-term value creation.  As a result, the Directors have decided to prioritise these projects for development ahead of Condor de Oro.

Chief Executive Officer, Glen Parsons commented �Our stated strategy regarding Condor de Oro has always been the discovery of a near surface large porphyry system within two years.  The requirement for outstanding results that could justify a project in this remote but highly prospective setting was paramount.  Our drilling campaign was certainly successful in geological terms, with widespread mineralisation encountered, however to properly target the deeper riskier levels of this system would require significant funding in 2015.  Having recently bolstered our portfolio we believe we are better placed in maximising the leverage of our exploration spend on our exciting, and further advanced, projects across South America in order to deliver the highest value for shareholders.�

�Our diversified portfolio strategy mitigates shareholder risk with success dependent on exploration results over multiple projects rather than relying on one asset.  We are a vigorous strategic explorer with a balanced portfolio, which we continue to strengthen with quality opportunities, as evidenced by the optioning of a number of exciting projects in 2014.  With the higher risk Condor de Oro project removed from our portfolio we will continue to assess and position Mariana for value creation and growth as we approach the New Year with both a highly prospective, diversified core portfolio of projects, and a defined development plan in place focused on realising the substantial value inherent in our asset base.�

**ENDS**

Background

The 102 sq km Condor de Oro project in northern Peru consists of two separate areas: the 34 sq km Pucayacu (Area 1) in the south-west of the Project, and the 68 sq km Yuracyacu target which lies northeast of Pucayacu.  In September 2013 EAD received Ministerial approval for initiation of Exploration Activities, including up to 20 drill holes, on three of EAD�s twelve concessions at the Condor de Oro project comprising Area 1.  Condor Resources Inc. (�Condor�) has an option to acquire 85% of the issued shares of EAD, and in turn, Condor has granted Mariana an option to acquire 60% of Condor�s interest, being an overall 51% interest.  Mariana is required to complete a minimum 1,500m of drilling on Area 1 before 31 January 2013 which is now complete.  The second year expenditure commitment is for US$1.5 million.

Qualified Person

The information in this release has been reviewed by John Horsburgh who is a Fellow of the Australasian Institute of Mining and Metallurgy.  Mr Horsburgh holds a B.Sc in Mining Geology and an M.Sc in Applied Geophysics from the Royal School of Mines, Imperial College, London and has over 40 years experience in mineral exploration and project development worldwide.

Quality Assurance/Quality Control

All technical information for the CDO project is obtained and reported under a quality assurance and quality control (QA/QC) program. ?Samples are shipped to and assayed by the ALS Chemex Laboratory in Lima, Peru, a laboratory whose quality control system complies with International Standards ISO 9001:2000 and ISO 17025:2005. A four-acid digestion with 33 element ICP-AES analysis is conducted on all samples, with silver, lead and zinc being re-analyzed with atomic absorption spectrometry method when analysing over the ICP limits. Gold is assayed using a fire assay with an atomic absorption spectrometry finish. Systematic assaying of sample duplicates and commercially prepared standards and blanks is performed for analytical reliability.  A secure chain of custody is maintained in transporting and storing of all samples.

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

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. The Company�s core projects include: the Soledad and Rurimarac copper-gold projects in Peru which are just 4km apart in the prospective Cordillera Negra metallogenic province, and 34 km south of the major Pierina gold-silver mine operated by Barrick Gold Corporation; the Nassau gold project in the highly prospective Guyana Shield of Suriname in South America, a new frontier for gold exploration, discoveries and production; the Los Cisnes and Las Calandrias gold and silver projects the Santa Cruz province in Argentina; and Mariana recently entered into an agreement to acquire 100% of TSX listed Aegean Metals Group Inc. which will add four highly prospective gold-copper-silver projects in Turkey and Chile to its existing South American portfolio on completion in Q1 2015.

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.

Felicity 

Felicity Winkles (n�e Edwards)

St Brides Media & Finance Ltd

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