Mariana Resources Ltd : Appointment of New Non Executive Directors




6 July 2016

Suite 102, 3 Eden Street
North Sydney, NSW 2060


Appointment of New Directors and Update on Issued Share Capital

GUERNSEY, UK, July 6, 2016 (GLOBE NEWSWIRE) -- Mariana Resources Ltd ('Mariana' or 'the Company'), the AIM listed exploration and development company with projects in Turkey and South America, announces that it is strengthening its relationships with Lidya Mining ("Lidya") and Sandstorm Gold by appointing Mustafa Aksoy from Lidya and Ron Ho from Sandstorm Gold as non-executive directors to the Mariana Board, effective 5 July 2016.

These appointments come at a time when Mariana is evolving from a pure junior exploration company, listed on AIM, to a dynamic entrepreneurial precious metals company with a focused strategy of progressing economically exciting projects up the development curve.

Chief Executive Officer, Glen Parsons, today commented:

"Mariana is moving into exciting times as it effectively transitions from being a penny stock to one of substance.  As Mariana grows we strongly believe in maintaining robust and open relationships with our partners and, with this in mind, we have strengthened our Board through the appointment of Mustafa Aksoy the Managing Director of Lidya. Lidya is the current 70% owner and operator of the high grade Hot Maden gold-copper project in north eastern Turkey. 

"We also welcome Ron Ho, Vice-President Finance at Sandstorm Gold. Sandstorm recently participated in the Company's private placing and now has a 7.5% interest in Mariana.

"My Board and I are delighted to have both Mustafa and Ron join the Mariana team at such an exciting growth phase.  We believe they will bring siginifcant experience and knowledge to the table and warmly welcome them to Mariana."

New Director Biographies:

Mustafa Aksoy (Age 39) MBA
Mustafa Aksoy has close to 20 years working experience in Banking, Corporate Finance, M&A, Business Development and Management. Having worked in two Turkish banks as an auditor, Mustafa joined Çalik Holding in 2004 and worked in various business lines of the Group. Since 2010 he has been a Board Member and the Managing Director of Lidya Mining. Under his watch, the Company emerged as one of the best performing development teams in Turkey with multiple significant discoveries.  He has overseen the transition of Lidya from being an investor to becoming an operator of multiple mines. Mustafa studied Public Administration in Turkey and holds a MBA from Antwerp University in Belgium.

Ron Ho (Age 38) CPA, CA, CFA
Ron Ho has been with Sandstorm Gold for the past seven years, focused on structuring mine financing transactions and corporate development.  Prior to Sandstorm, he served as the Chief Financial Officer for SNS Silver Corporation, where he contributed to equity capital raises and project evaluation and development and was an Equity Analyst at Raymond James Ltd. where he was responsible for sector institutional research. Mr Ho began his career at Deloitte & Touche, focusing on public company financial reporting in both the U.S. and Canada. Mr Ho is a Chartered Accountant, holds the designation of Chartered Financial Analyst charter holder and received a Bachelor of Commerce from the University of British Columbia.

Total Share Capital following Share Consolidation
Following the ordinary share consolidation reported on 1 July 2016 Mariana confirmed the total issued share capital for the Company was 119,931,820 ordinary shares.  However taking into account the fractional share calculations to conclude the share consolidation a further 7 shares were issued.  Application has been made to the London Stock Exchange for these 7 ordinary shares to be admitted to trading on AIM.  Dealings are expected to commence on or about 11 July 2016.  ("Admission"). 

Following Admission, there will be a total of 119,931,827 ordinary shares on issue


For further information please visit website at or contact the following.

In Australia:    
Glen Parsons (CEO) Mariana Resources Ltd +61 2 9437 4588
Eric Roth (COO) Mariana Resources Ltd +56 9 8818 1243
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

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 and Turkey. 

Mariana's most advanced asset is the Hot Maden gold-copper project in north east Turkey, which is a joint venture with its Turkish JV partner Lidya (30% Mariana and 70% Lidya) rapidly advancing to development. A maiden mineral resource estimate of 2.03 Moz gold Equivalent (Indicated Category) and 0.97 Moz gold Equivalent (Inferred Category) (100% basis) was reported for Hot Maden on August 18, 2015. Elsewhere in Turkey, Mariana holds a 100% interest in the Ergama gold-copper project.  

In southern Argentina, the Company's core gold-silver projects are Las Calandrias (100%), Sierra Blanca (100%), Los Cisnes (100%), Bozal (100%). These projects are part of a 160,000+ Ha land package in the Deseado Massif epithermal gold-silver district in mining-friendly Santa Cruz Province.

Mariana acquired 100% interests in the Doña Ines gold-silver and Exploradora East copper prospects in northern Chile through the Aegean Metals Group transaction which closed in January, 2015, with Mariana exploration now being funded by Asset Chile through the provision of $1.65m for a total 50% interest. 

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, Mariana is focusing on acquiring new opportunities which complement its current portfolio.

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 .  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.