VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 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, is pleased to announce that it has completed its due diligence process and will proceed with the terms of the earn-in option for the Condor de Oro project in Northern Peru. The terms of the option are per the signed Letter of Intent (release 4 October 2012) with Condor Resources Inc. (TSX VENTURE:CN) ("Condor") for Condor's 102km2 Condor de Oro project located in the Cordillera del Condor in northern Peru, one of the most significant underexplored gold-copper belts in South America, and approximately 130km southwest of Kinross' Fruta del Norte gold deposit.
Condor has granted Mariana two options by which the Company may earn a 51% interest and operate the Pucayacu Gold-Copper Property ("Pucayacu") and the Yuracyacu Copper-Silver Property ("Yuracyacu").
Commenting today, Chairman John Horsburgh said, "We are excited with the prospect of advancing exploration activities with Condor over these untested potential company-maker targets in this highly prospective gold belt."
For project maps and a summary of exploration results to date on this project see Condor's website http://www.condorresources.com/s/ProjectCondoro.asp and the following links to maps sourced from Condor's website:
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.
About Condor Resources Inc.
Condor Resources Inc. was incorporated in 2003 by field exploration specialists focused on the generation of precious and base metals projects in South America, where management has extensive experience and a proven track record of discovery. The Company's long term objective is the discovery of a major new precious/base metals deposit and its business plan offers shareholders access to an exciting portfolio of fifteen properties in Peru and Chile, each offering a unique path to discovery.
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.