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Mariana Resources, the AIM listed exploration and development company with projects in Peru, Argentina and Chile, has announced that it has raised approximately £2.67m through a placing assisted by RFC Ambrian and Fox-Davies Capital. The net funds of £2.53m will be utilised to advance the Company’s two highly prospective gold, copper projects in Peru, being Condor de Oro and Soledad, optioned from TSX-V quoted Condor Resources Inc. The Company will issue and allot 59,500,001 new ordinary shares, conditional on admission, at a placing price of 4.5p.
Condor de Oro is located along the Cordillera del Condor corridor, one of the most significant emerging gold and copper belts. Importantly, drill results to date and geophysics and sampling work conducted at Condor de Oro points to the prospect containing a multi mineralised intrusive related porphyry system with the potential to host a multi-million ounce gold and base metal deposit. Mariana is conducting a 1,500m drilling programme with further assay results due in the next 2-3 weeks.
In addition, Mariana is focused on advancing its Soledad gold-copper-silver project located in the Cordillera Negra metallogenic province in Central Peru, 34 km south of the Pierina gold-silver mine operated by Barrick Gold Corporation. This project complements Mariana’s diversification strategy into Peru and offers excellent exploration upside potential. The Company intends to commence drilling in the first half of 2014.
Low cost exploration also continues to advance its Argentinean assets as part of its longer term value delivery strategy.
Chief Executive Officer, Glen Parsons today commented “Mariana has made a transformational move into Peru this year and I am delighted to have secured this funding from our investors illustrating their continued support for our two new potentially company-making projects in Peru. With first drill results from our flagship Condor de Oro project indicating multiple phases of mineralisation in a large intrusive system, we look forward to the potential of continuing our exploration programme of this exciting porphyry-related gold-copper-molybdenum system into 2014. In addition, this funding will be utilised to commence drilling at the Soledad project H1 2014 further complementing our advances in Peru, and allows us the flexibility to continue evaluating new opportunities for the Company to generate value uplift.”
