Mariana Resources

Condor de Oro Copper-Gold Project Update, Peru:

High Grade Gold and Visible Copper Mineralisation

20 December 2013

Mariana Resources Ltd (�Mariana� or �the Company�), the AIM quoted exploration and development company focused in Peru and southern Argentina, announces further positive results with high grade intersections reported from scout drilling at Pucayacu, Condor de Oro copper-gold-molybdenum project (�the Project� or �Condor de Oro�), located along the prolific gold-copper Cordillera del Condor belt in Northern Peru (Fig 1). 

Highlights

�        CDOYE 4 (355.5m) intersected high grade gold in hydrothermal breccia with 2m @ 61.5 g/t Au from 118.5m plus strongly anomalous gold zones including 6.6m @ 0.47 g/t Au from 18m, 19.1m @ 0.42 g/t Au, 9.8m @ 0.46 g/t Au, 14.8m @ 0.5 g/t Au, and 5m @ 0.50 g/t Au, refer histogram (Fig 4)

�        CDOYE 3 (252.8m) intersected a broad zone of anomalous molybdenum, similar to adjacent Hole 2, from about 79m to EOH at 252.8m.  A 63m interval from 180m averaged 90 ppm Mo with 25m from 205m @ 116 ppm Mo.  Multiple anomalous gold zones ranged from 8-28m  @ 0.11-0.18 g/t Au, refer histogram (Fig3).

�        CDOYE 5 (596.75 m) intersected intensely potassic altered diorite with disseminated chalcopyrite and high-density stockworked quartz-magnetite, and quartz sulphide veins from approximately 159m to 365m.  Assays expected mid January 2014. (Photo Fig 5)

�        The wide spaced drilling confirms that the Pucayacu mineralization relates to a very large porphyry complex with multiple diorite and dacite porphyry intrusive phases emplaced into volcanic wall rocks

�        Exploration model evolving - better grading copper mineralisation relates to earlier dioritic phases, gold probably relates to early dacitic porphyries and molybdenum is mostly associated with the youngest dacite porphyries

Drilling was undertaken by Exploraciones Aguila Dorada S.A.C. (�EAD�) and managed by Mariana with currently 5 holes for 1,641m completed (Fig 2) (Mariana was required to complete a minimum 1,500m of drilling before 31 January 2013).

Chief Executive Officer, Glen Parsons commented, �These latest drill results for Condor de Oro are again extremely positive and further confirm the multiple phases of copper-gold-molybdenum mineralisation in this large system.  The first high grade gold intersection from Hole 4 is certainly the most encouraging to date, in terms of grade, and may well open up a new target area on the SW intrusive complex margin.  In addition, the results from our mapping and the first four holes have assisted us in a greater understanding of this mineralised system and now we seem to be homing in on visible copper mineralisation hosted by intensely altered diorite in Hole 5.  This is ultimately what we have been aiming for in this initial scout drilling programme and appears very encouraging.  We await the results from what may be a �core zone� of the complex with anticipation and look forward to updating the market in due course.�

Links to figure 1-5: http://www.marianaresources.com/pdf/release/Mariana_131220.pdf

Drilling Results Summary

CDOYE 3 (Fig 4)

CDOYE-003 (252.8m) was drilled at an inclination of 60�, from same pad as CDOYE-002, but in a westerly direction, to test anomalous gold, copper and molybdenum geochemistry (Figs 2,3).  Moderately altered QFP (dacite porphyry) was intersected (propylitic from 74m to 154m, lower zone of illite-chlorite from 154m).  Iron oxides were common to 54m (approximately 1-6%) with minor disseminated/veinlet pyrite, quartz-molybdenite, quartz-pyrite-molybdenite and quartz-pyrite-chalcopyrite from 60m to end of hole. 

As with Hole 2, molybdenum assay histograms show a broad zone of anomalous molybdenum, from about 79m to EOH at 252m � the 63m interval from 180m averaged 90 ppm Mo with 25m from 205m @ 116 ppm Mo.  Multiple zones of anomalous gold ranging from 8-28m averaged 0.11 to 0.18 g/t Au.  The interval from 81m was anomalous in copper with 9m @ 0.11% Cu.

Table 1 � Summary CDOYE-003

CDOYE 4 (Fig: 5)

CDOYE-004 (355.5m) was drilled bearing 270� at an inclination of 60�, 1200mSW of CDOYE-001 to target anomalous Cu Au geochemistry at the SW volcanic-QFP (quartz-felspar porphyry) boundary zone.  It intersected a volcanic sequence  (andesite and andesite tuffs) from 0 to 239m and QFP from 239 to end of hole.  The volcanics are characterised by weak to moderate propylitic alteration and host zones of more intense silicification and brecciation with pyrite veinlets and disseminations.  The QFP (dacite porphyry) is reported to display more quartz-sericite type alteration and hosts 2-4% pyrite as disseminations and veinlets with variable minor chalcopyrite.

CDOYE 4 intersected high grade gold in a hydrothermal breccia with 2m @ 61.5 g/t Au from 118.5m plus several zones of strongly anomalous gold including 6.6m @ 0.47 g/t Au from 18m, 19.1m @ 0.42 g/t Au, 9.8m @ 0.46 g/t Au, 14.8m @ 0.5 g/t Au, and 5m @ 0.50 g/t Au. 

Table 1 � Summary CDOYE-004

CDOYE 5

Hole CDOYE-005 was drilled 596.75m NE of CDOYE-004 to test the central zone of the intrusive complex which has some of the strongest copper drainage samples, supported by anomalous copper in ridge-and-spur soil samples.  The hole intersected the best looking porphyry style mineralisation to date with intensely veined and potassic altered diorite (secondary biotite, K felspar ) with disseminated chalcopyrite and high density stockworked quartz-magnetite, and quartz sulphide veins from approximately 159m to 365m.  Assays expected mid January 2014.  The significance of the diorite is that it may be an earlier intrusive phase and could represent a principal target for copper mineralisation.

CDOYE 1 & 2

Recapping, CDOYE-001 (282.3m) intersected 62m @ 0.41 g/t Au from 0m, 5m @ 0.52 g/t Au from 201m and 8m @ 0.79 g/t Au & 0.10% Cu from 240m.  Hole CDOYE-002 (152.8m) intersected significant molybdenum in quartz veins with 26.8m @ 110 ppm Mo from 126m.

Exploration Potential Summary

Compilation of all data from drilling, surface mapping, geochemical sampling and airborne magnetics continues.  The geological model for the system is evolving and will assist in assessing exploration potential, particularly once assays from recently completed Hole 5 are received. 

The wide spaced drilling to date confirms that the Pucayacu mineralization relates to a very large porphyry complex with multiple diorite and dacite porphyry intrusive phases emplaced into volcanic wall rocks.

The drilling also indicates that the better grading copper mineralization relates to the earlier dioritic phases, that the gold pulse probably relates to early dacitic quartz eye porphyries and that the stronger molybdenum is associated with the youngest dacite porphyries. The focus of the field exploration is now on the higher western margin of the porphyry complex where the epithermal overprint mineralization appears to be better preserved. 

Links to figure 1-5: http://www.marianaresources.com/pdf/release/Mariana_131220.pdf

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

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 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.  A secure chain of custody is maintained in transporting and storing of all samples.

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.

The initial drilling programme at Pucayacu is being undertaken by EAD and managed by Mariana

**ENDS**

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. 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 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%) and Los Amigos JV (30%). 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.

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 Edwards

St Brides Media & Finance Ltd

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