TIDMMARL
AIM: MARL
TSX-V: MARL Granite House, La Grande Rue,
30 June 2017 St. Martin, Guernsey, GY1 3RS
Channel Islands
Issue of Equity- Issue of Vested Shares and Warrant Exercise
Mariana Resources Ltd ("Mariana" or the "Company"), the AIM ("MARL") and
TSXV ("MARL") listed exploration and development company with projects
in Turkey, Côte d'Ivoire and South America, announces that the
following warrants have been exercised into ordinary shares with funds
received and the ordinary shares in respect of the Share award per the
announcement dated 1 February 2017 have now fully vested.
-- 382,500 Warrants exercised at GBP0.25
Share Award (announcement dated 1 February 2017)
Glen Parsons 495,000 ordinary shares issued
Eric Roth 405,000 ordinary shares issued
The Company will issue and allot 1,282,500 new ordinary shares and these
shares will be deemed to be Scheme Shares in terms of the Court Sanction
announcement, dated 26 June 2017.
There will be a total of 136,585,425 ordinary shares on issue.
Mariana Resources Limited
Glen Parsons, CEO
**S**
Glen Parsons (CEO) Mariana Resources Ltd +61 2 9437 4588
Eric Roth (COO) Mariana Resources Ltd +56 9 8818 1243
Karen Davies (IR) Mariana Resources Ltd (Canada) +1 604 314 6270
Rob Adamson RFC Ambrian Limited (Nomad) +61 2 9250 0041
Will Souter RFC Ambrian Limited (Nomad) +61 2 9250 0050
In U.K.
Oliver Stansfield Brandon Hill Capital (UK Broker) +44 20 3463 5061
Jonathan Evans Brandon Hill Capital (UK Broker) +44 20 3463 5016
Camilla Horsfall Blytheweigh (Financial PR) +44 20 7138 3224
Megan Ray Blytheweigh (Financial PR) +44 20 7138 3203
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
About Mariana Resources
Mariana Resources Ltd is a TSX.V and AIM (MARL) quoted exploration and
development company with an extensive portfolio of gold, silver, and
copper projects in South America, Turkey, and Ivory Coast.
Mariana's most advanced asset is the Hot Maden gold-copper project in
northeast Turkey, which is a joint venture with Turkish partner Lidya
Madencilik (30% Mariana and 70% Lidya) and which is rapidly advancing to
development. On January 17, 2017, Mariana released the results of a
Preliminary Economic Study ("PEA") which demonstrated exceptional
potential economics for the Hot Maden Project (after-tax NPV and IRR of
USD 1.37B and 153%, respectively) based on a development scenario
incorporating a 1Mtpa underground mining / processing operation and the
production of two saleable concentrates (a copper-gold concentrate and a
gold-pyrite concentrate). This PEA was based on the updated (July 25,
2016) mineral resource estimate of 3.43 Moz gold equivalent (Indicated
Category) and 0.09 Moz gold equivalent (Inferred Category) (100% basis)
in the Main Zone, as well as a maiden 351,000 Moz gold equivalent
(Inferred Category) (100% basis) resource in the New Southern Discovery.
Elsewhere in Turkey, Mariana holds a 100% interest in the Ergama
gold-copper project.
On October 7, 2016, Mariana announced the signing of a binding Term
Sheet to acquire an indirect 80% interest in Ivory Coast-focused private
exploration company Awalé Resources SARL ("Awalé"). Through
the transaction Mariana will gain an immediate foothold in an
established exploration portfolio with known gold mineralisation and
artisanal gold workings, and which comprises i) 3 granted contiguous
licenses (1,191 km(2) ) in the Bondoukou area, and ii) 4 licenses under
application (1,593 km(2) ) in both the Bondoukou and Abengourou areas.
The Boundoukou concessions lie along the southwestern extension of the
Birimian Bole-Nangodi greenstone belt in adjacent Ghana, host to a
number of high grade orogenic gold deposits.
In southern Argentina, the Company's core gold-silver projects are Las
Calandrias (100%), Sierra Blanca (100%), Los Cisnes (100%), and Bozal
(100%). These projects are part of a 100,000+ Ha land package in the
Deseado Massif epithermal gold-silver district in mining-friendly Santa
Cruz Province.
In Suriname, Mariana has a direct holding of 10.2% of the Nassau Gold
project. The Nassau Gold Project is a 28,000 Ha exploration concession
located approximately 125 km south east of the capital Paramaribo and
immediately adjacent to Newmont Mining's 4.2Moz gold Merian project.
In Peru and Chile, Mariana is focusing on acquiring new opportunities
which complement its current portfolio.
Hot Maden Mineral Resource Estimate - Main Gold-Copper
Zone (2 g/t AuEq Cut-off)
Indicated Mineral Resource
Domain Tonnes Au Cu Zn AuEq Au Cu AuEq
t g/t % % g/t* Ounces Tonnes Ounces**
Main Zone LG 463,000 1.1 1.1 0.3 2.4 17,000 5,000 36,000
Main Zone HG 4,501,000 3.9 1.9 0.2 6.3 570,000 87,000 908,000
Main Zone
UHG 2,086,000 32.7 3.5 0.1 36.9 2,195,000 73,000 2,476,000
Mixed
Gold-Zinc 17,000 7.5 3.1 3.6 11.2 4,000 1,000 6,000
Peripheral
Lodes 60,000 2.1 0.4 0.4 2.5 4,000 5,000
Total 7,127,000 12.2 2.3 0.2 15.0 2,790,000 166,000 3,431,000
Inferred Mineral Resource
Domain Tonnes Au Cu Zn AuEq Au Cu AuEq
t g/t %% g/t* Ounces Tonnes Ounces**
Main Zone LG 395,000 1.7 0.9 0.03 2.8 21,000 4,000 35,000
Main Zone HG 31,000 3.9 1.6 0.1 5.8 4,000 6,000
Main Zone
UHG 6,000 39.1 2.1 0.01 41.6 7,000 8,000
Mixed
Gold-Zinc 4,000 1.7 0.4 2.4 2.2
Peripheral
Lodes 282,000 3.2 0.9 0.1 4.3 29,000 2,000 38,000
Total 718,000 2.7 0.9 0.1 3.8 62,000 7,000 88,000
Hot Maden - Southern Gold-Copper Zone (2 g/t AuEq
Cut-off)
Inferred Mineral Resource
Domain Tonnes Au Cu Zn AuEq Au Cu AuEq
t g/t %% g/t* Ounces Tonnes Ounces**
South Zone
LG 396,000 2.8 0.7 0.0 3.6 35,000 3,000 46,000
South Zone
HG 583,000 5.3 0.7 0.0 6.1 98,000 4,000 114,000
Main Zone
UHG 224,000 22.2 1.0 0.0 23.4 160,000 2,000 169,000
Mixed
Gold-Zinc 44,000 9.0 1.0 3.2 10.2 13,000 15,000
Peripheral
Lodes 104,000 1.9 0.3 0.0 2.2 6,000 7,000
Total 1,352,000 7.2 0.7 0.1 8.1 313,000 10,000 351,000
*Au Equivalence (AuEq) calculated using a 100 day moving average of
$US1,215/ounce for Au and $US2.13/pound for Cu as of May 29, 2016. No
adjustment has been made for metallurgical recovery or net smelter
return as these remain uncertain at this time. Based on grades and
contained metal for Au and Cu, it is assumed that both commodities have
reasonable potential to be economically extractable.
1. *-The formula used for Au equivalent grade is: AuEq g/t = Au + [(Cu % x
22.0462 x 2.13)/(1215/31.1035)] and assumes 100 % metallurgical recovery.
2. **-Au equivalent ounces are calculated by mulitplying Mineral Resource
tonnage by Au equivalent grade and converting for ounces. The formula
used for Au equivalent ounces is: AuEq Oz = [Tonnage x AuEq grade
(g/t)]/31.1035
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.
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: Mariana Resources Ltd via Globenewswire
http://www.marianaresources.com/index.php
(END) Dow Jones Newswires
June 30, 2017 04:00 ET (08:00 GMT)
Copyright (c) 2017 Dow Jones & Company, Inc.
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