AIM and PLUS code: MARL

14 February 2011

Mariana Exploration Update - Chile

Mariana Resources Ltd ('Mariana' or 'the Company'), the AIM quoted exploration and development company focused in Argentina and Chile, provides an update on exploration activities on  the Company's activities, including Iron Oxide Copper Gold ('IOCG') exploration and, as part of its new initiative in Chile, a new gold project, 'Tolita' in the renowned Maricunga gold - copper belt of northern Chile.

Tolita Project (Mariana earning 100%)

Mariana's Chilean subsidiary, Compania  Minera Mariana Chile Ltda ('MMC'), has entered  into  a  three  year  option  to  acquire the 1,700 hectare Tolita gold prospect located in the 200 km long Maricunga Gold Belt, 30 km SW of the Kinross Cerro  Casales mine in  northern Chile.  This world class belt contains several epithermal high sulphidation gold and associated porphyry gold-copper deposits.  The most notable deposits include Marte-Lobo (Kinross, 6Moz Au), Refugio (2.2M oz Au,) Cerro Casale (Barrick, 31Moz Au, 14B lbs Cu), and Caspitche (Exeter, 26Moz Au) and Volcan (Andina, 10Moz Au).

In terms of Tolita's regional geology, basement red-bed sediments are overlain by Tertiary dacitic volcanic and sub-volcanic rocks intruded by granite to diorite   bodies..   Extensive colluvium covers much of  the  area  at  lower elevations..   Gold and copper  mineralisation is associated  with three zones of intrusive-related  silicification,  potassic  alteration,  magnetite and steeply dipping  sheeted  quartz  and  sulfide  veinlets,  with  pyrite  > chalcopyrite.

Potential exists for a more strongly altered, veined and mineralised system at depth.

Previous exploration work on the property includes three drill holes for 674 metres along a 3 km sq alteration zone conducted in the late 1990's.  Two of the drill holes intersected wide zones of gold mineralisation:

�        150m @ 0.25 g/t Au from 64m, including 16m @ 0.65 g/t Au

�        164 m@ 0.22 g/t Au from 28m, including 12m @ 0.46 g/t Au

Work planned includes mapping of the areas  of silicification and veinlets and reverse  circulation percussion (RC) drilling  to at least 400m depth. Depending on  RC results, an Induced Polarisation survey  is proposed to identify zones of higher  sulfide  concentration  with  diamond  drill  testing  of  chargeability targets.

Under the option agreement terms, MMC has a three year option to acquire the property for staged payments at six-monthly intervals totalling US$630,000.  MMC may  exercise  the  option  at  any  time  by  payment  of  US$2,000,000.  Work commitments, only for the first two years, are US$150,000 and US$250,000 respectively.   The vendor is entitled to a 2% royalty on net smelter returns ('NSR') of mineral production, with MMC able to buy back half of the NSR for US$1,000,000.

Cliffs Joint Venture (Mariana 30%)

Cliffs   Natural Resources  ('Cliffs'),  a  U.S. based international  natural resources  company,  has  earned a  70% interest in  Sociedad Contractual Minera Tierra Noble ('SCM Tierra Noble'), formerly SCM Mariana, a joint venture vehicle between  Mariana and  Cliffs which  is exploring  for IOCG  deposits in Northern Chile having spent US$3 million on exploration in 2010.

• Five holes  drilled at  the 43.4 sq  km Buenaventura IOCG project in Northern    Chile ('Buenaventura') - intersected anomalous gold-copper mineralisation and IOCG-style alteration  with a best  intersection 18m @ 0.7% copper
• Drilling  indicates  the  presence of  prospective  altered rocks at Buenaventura beneath the extensive gravel cover (80% of project area)
• On-going exploration of covered areas includes partial leach MMI geochemistry and an airborne ZTEM survey - results awaited.
• Mariana is participating at 30% level in the 2011 joint venture programme

SCM Tierra Noble drilled six widely spaced diamond drill holes during Q4 2010 at Buenaventura for a total of 1,843 metres.   Targets were magnetic anomalies within a 6km x 4km area of outcrop and gravel cover.  Five holes intersected strongly altered rocks with anomalous copper in four of them.  BV10DD05 intersected shear zones with 18m @ 0.7% Cu at Cerro Amada.  Exploration to date has been focused on outcropping highly altered volcanic rocks which are only 20% of the area. Significantly, drilling intersected prospective altered rocks beneath the extensive gravel cover.   Results are awaited for partial leach Mobile Metal Ion geochemistry survey and a  ZTEM airborne  geophysical survey conducted by Geotech Ltd of Canada.

**ENDS**

For further information please visit website atwww.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 Argentina and Chile.  In Southern Argentina, in addition to the Las Calandrias gold-silver discovery, the Company has the Sierra Blanca silver-gold prospect (70%); the Los Amigos joint venture (49%) with Hochschild Mining and a 160,000 Ha land package (100%).  All of these projects are located in the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz province of southern Argentina, which hosts four mines and several advanced projects.

In Chile, Mariana has a joint venture with US based international mining and natural resources company Cliffs Natural Resources Inc., to explore for Iron Oxide-Copper-Gold deposits ('IOCG') in a 92,000 km� area ('SCM Mariana Area') in north-central Chile along the highly prospective Atacama Fault Zone.  The SCM Mariana Area includes the 44km� Buenaventura and 46km� Perro Chico IOCG projects.  Mariana is also evaluating a number of gold-silver and copper-gold opportunities away from the Cliffs JV area, as part of a new initiative.

Felicity Edwards

St Brides Media and Finance Ltd

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