Mariana Resources Exploration Update

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 24, 2012) - Mariana Resources Ltd (MRY.TO)(MARL.L) ('Mariana' or 'the Company'), the AIM and TSX quoted exploration and development company focused in southern Argentina, Chile and now Peru (see News Releases 4/10/12 & 19/10/12), is pleased to provide the following exploration update for Argentina and Chile (See Figure 1 per the link below):

Overview

• SCM Tierra Noble (Mariana 20.6% and diluting, Cliffs Natural Resources 79.4% and operator) to drill 4,000m of RC at Buenaventura IOCG Project next month
  
  

• First pass exploration of Mariana's eastern Deseado Massif portfolio is nearing completion, with an update to follow
  
  

• Mariana has withdrawn from an option to acquire the Jiguata property in northern Chile
  
  

Northern Chile

SCM Tierra Noble (Mariana 20.6%, diluting 2012)

Mariana is participating in IOCG exploration in Chile through its interest in SCM Tierra Noble. Cliffs Natural Resources holds 79.4% and is the operator. Last quarter, a TEM survey was conducted by Aeroquest at the Buenaventura (51% Tierra Noble) and Rodados Negros projects (100% Tierra Noble). TEM and magnetic data processing is being finalised. A 4,000m RC drill programme is planned for Buenaventura next month, based on the preliminary results of the geophysical survey and compilation of all results to date. Project generation activities continue along the IOCG Belt with several areas of interest under investigation.

Jiguata (Option to acquire 100%)

Preliminary work last field season by Mariana indicated potential for high sulphidation gold mineralisation at depth. However, it was decided, after a recent strategic review, to relinquish its rights under the option agreement and return the property to Catalina Resources Plc.

Argentina, Santa Cruz Province

Eastern Deseado Massif Portfolio (Mariana 100%)

Regional exploration of Mariana's extensive portfolio is nearing completion with a separate update expected in the next few weeks. Review of post-resource drill results at Las Calandrias is continuing.

Los Amigos Joint Venture (Mariana 30%)

No project activity reported last quarter. Mariana has reached an agreement in principle to amend the existing joint venture terms with joint venture partner, Hochschild. The amended terms include immediate vesting of interests at 70% Hochschild and 30% Mariana, with ongoing project expenses on a pro-rata basis and subject to a standard dilution clause. In addition, Mariana's interest will convert to a royalty on net smelter returns when its project interest falls below 10%. This arrangement will allow Mariana to focus more on its eastern Deseado Massif properties.

Figure 1: http://www.marianaresources.com/pdf/release/Mariana_121024.pdf

For further information please visit website at www.marianaresources.com.

About Mariana Resources

Mariana Resources Ltd is an AIM and TSX quoted exploration and development company with an extensive portfolio of gold, silver and copper projects in South America. In southern Argentina, the Company's core gold-silver projects are Las Calandrias (100%), Sierra Blanca (100%), Los Amigos JV (49%) and Aguila-Picadero (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 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 in a 92,000 km² area in north-central Chile along the highly prospective Atacama Fault Zone. 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.

On 19 December 2011, Mariana announced that AngloGold had completed a strategic placement whereby AngloGold was issued 45,000,000 shares in Mariana at a price of 12 pence per share. AngloGold has the right to maintain its equity of 19.9% in Mariana in further issues by Mariana.

Safe Harbour

This press release contains "forward-looking information" within the meaning of Canadian securities legislation ("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 and silver; misjudgments 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 information form and MD&A for the most recently completed financial year available on SEDAR. 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.