AIM: MARL

3 November 2014

Head Office: Suite 102, 3 Eden Street North Sydney, NSW 2060

Australia

Soledad Cu‐Au‐Ag Project, Peru:

Mariana Enters Second Year of Option with Updated Exploration

Model and Deep Sensing IP Geophysics Planned

Mariana Resources Ltd ('Mariana' or 'the Company'), the AIM quoted exploration and development company focused in South America, announces that it is proceeding to the second year of the option agreement at its copper‐gold‐silver Soledad prospect in Peru ('Soledad' or 'the Project') following positive results from its recently completed 2,084m drill campaign. Soledad is located in the prospective Cordillera Negra metallogenic province approximately 34 km to the south of the Pierina gold‐ silver mine operated by Barrick Gold Corporation (Fig 1&2).
Mariana has an option to earn a 70% interest in Soledad, through its agreement ('the Agreement') with 100% tenement owner Condor Resources Inc. (TSXV:CN) ('Condor'). The Agreement included a mandatory 2,000m drill programme in the first year which has been successfully completed prior to the 31 October 2014 deadline.

Overview

 Mariana has proceeded to Year 2 of the Option Agreement with Condor by making an option payment of US$75,000 and committing to a $650,000 work programme

 The very promising 2014 drill intersections (Fig 3)(see previous news releases) have been reviewed together with all exploration data to date.

 The resulting updated exploration model (Fig 4) indicates two major target zones at

Soledad:
‐ Root zones of the quartz‐tourmaline breccia pipes (localised in the brecciated cap or upper zones of an underlying porphyry) hosting potentially high grade Cu‐ Au mineralisation
‐ Deeper disseminated Cu‐Au mineralisation hosted within the underlying
porphyry

 Deep sensing IP/resistivity is about to commence and is expected to probe the system up to 600m below surface and greatly enhance current drill targets

 Next drilling, in conjunction with the adjacent Rurimarac Au‐Ag project, is planned for

Q1 2015
Mariana's CEO Glen Parsons commented, "Following our successful drilling of the strongly mineralised quartz tourmaline breccia pipes at Soledad, we have confirmed to Condor that we will be entering into the second option period. The aim of exploration efforts during this period will be to test for continuation of mineralisation in the root zones of these Breccias, as well as the potential for a mineralised concealed porphyry target. The results from the deeper sensing geophysics which we are about to mobilise will assist in the deeper drill targeting and allow for further updating of our geological model.
"Whilst we plan for this drilling at Soledad, Mariana is continuing with its evaluation and work at its newly optioned and nearby high grade Rurimarac gold property some 4km away. The high grade bonanza sampling results at Rurimarac are extremely encouraging and with its large undrilled strike area will potentially complement the Soledad project and in the process bolster Mariana's project scale in the area."

Link to Figures: http://marianaresources.com/site/media/November_03_2014_NR_Maps.pdf

Link to a fly through video on the Soledad and Rurimarac properties:

http://marianaresources.com/investor‐centre/video‐and‐audio/

Soledad - Rurimarac 2014/2015 programme

Soledad:

 Mariana has received quotes for deeper sensing Geophysics at Soledad to assist in the targeting of proximal centres of porphyry mineralisation which will be mobilised and completed in November 2014

 Mariana has started with a social scoping study of the communities in the area for

Soledad and the Rurimarac Properties, ensuring communities are engaged at an early stage

 Deeper drilling in Q1 of 2015

Rurimarac:

 Mariana's exploration programme at Rurimarac (Fig 5&6) will include further surface reconnaissance aiming to extend the target in the southern part of the property, and drilling at least eight core holes described above

 Mariana will file a renewed drill permit ("DIA") within six months and drill an initial

1,500m following approval

Summary results of Mariana's drilling to date at Soledad

At Soledad the Company recently completed a successful Diamond drill programme which tested a combination of targets including high level porphyry, strongly mineralised quartz‐tourmaline breccia pipes, breccia root zones and adjacent concealed porphyry targets all within a 1.0 km
diameter area of interest. The results have yielded strong breccia mineralisation (Fig 3) and have given Mariana confidence in planning its next phase of exploration alongside its exploration at the Rurimarac Properties.

Table 1: Summary of Significant Intersections Reported for Holes 1‐12*

* True widths are only estimates, taking into account the drill spacing and possible

irregular shapes to mineralisation. Estimated true widths of the intersections in Table 1 are 25m for SDH‐001 (Breccia 1), 35m for SDH‐005 (Breccia 6) and 50m for SDH‐007 (Breccia 5). True widths are unknown at this stage for the intersections in SDH‐009 (Breccia1).

Updated Geological Model

An updated conceptual model is shown in Fig 4. It indicates potential for deeper porphyry copper‐gold mineralisation related to the known breccia pipe mineralisation and is based on surface geological mapping, drill hole logging and interpretation of previous resistivity geophysics. Two significant target components are predicted in the model. Firstly, a mineralised breccia cap which is associated with intense argillic alteration (clay minerals), low resistivity and
possible breccia root zones. The second target is mineralised porphyry with associated potassic alteration forming a shell around an unaltered porphyry core. The deep sensing IP geophysics should assist in refining and enhancing these targets beneath the breccia pipes. In the meantime, some provisional drill holes are shown on the updated model.

ADDITIONAL INFORMATION

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

Drilling is being performed by Energold Drilling Peru SAC utilising an S‐2 hydraulic portable diesel rig.

All technical information for the Soledad 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 analyzing 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. Screen fire assays for gold may be carried out on selected samples. A secure chain of custody is maintained in transporting and storing of all samples.

**ENDS**

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

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 as well as an option to earn a 70% interest in the Soledad copper‐gold and silver project and the Rurimarac Au‐Ag project in Central Peru. 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 200,000+ Ha land package in the Deseado Massif epithermal gold‐silver district in mining‐friendly Santa Cruz Province. In Suriname, Mariana is currently earning into a net 40% interest in the Nassau Gold Project.

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.