Microsoft Word - Resource Update 25 July 2016 Final

AIM: MARL 25 July 2016

Suite 102, 3 Eden Street North Sydney, NSW 2060

Australia

THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO THE UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. Mariana Reports Increased High Grade Gold‐Copper Resource and Maiden Zinc Resource at the Hot Maden Project, NE Turkey.

Indicated (100% basis): 2.79 Million Oz Gold + 166,000 Tonnes Cu (3.43 Million Oz Au equivalent**) Inferred (100% basis): 375,000 Oz Gold + 17,000 Tonnes Cu (439,000 Oz Gold Equivalent**), and Zinc Zone‐ Indicated (100% basis): 11,600 Tonnes Zinc

Inferred (100% basis): 114,000 Tonnes Zinc

Mariana Resources Ltd ('Mariana' or 'the Company'), the AIM listed exploration and development company with projects in Turkey and South America, is pleased to announce the results of an Updated Mineral Resource estimate for the high grade gold‐copper ('Au‐Cu') Hot Maden Project ("HM"), eastern Turkey (Figure 1). The Updated Mineral Resource estimate has been prepared by independent mining consultants RungePincockMinarco Limited ("RPM"), and was based on assay results received for drill holes up to, and including HTD‐62 as of June 22, 2016, and is reported in accordance with the JORC Code 2012 edition and estimated by a Competent Person as defined by the JORC Code. Drilling to date has been completed by our 70% JV partner Lidya Madencilik Sanayi ve Ticaret A.S. ("Lidya").

Highlights:

  • Significant increase in the global gold‐copper resource at HM (Figures 2 & 3), with the higher confidence level Indicated Category resources rising to 3.43 Million Oz Au equivalent** and Inferred Category resources now reported at 439,000 Oz Au equivalent**. Overall resource growth has been derived from both step out drilling around main gold‐copper zone together with a maiden contribution from initial drilling in the southern zone.

  • The Main Zone's Ultra High Grade Domain reports an impressive 2.08 Million Tonnes at an average grade of 32.7 g/t Au and 3.5% Cu (or 36.9 g/t Au equivalent*) for 2.47 Million Oz Au equivalent** in the Indicated Category.

  • Maiden Resource for the New Southern Zone discovery, located 300m south of the Main Zone, in the Inferred Category is 1.35 Million Tonnes at an average grade of 7.2 g/t Au and 0.7% Cu for 351,000 Oz Au equivalent** from just 17 holes to date.

  • Overall tonnage and grade of the Main Zone gold‐copper resource (Indicated Category) has increased to 7.12 Million Tonnes and 15 g/t Au equivalent**, respectively.

  • A maiden resource estimate is also reported for the zinc‐(lead)‐only zone in the hangingwall to the Main Zone Au‐Cu resource (Figure 4). At a cut‐off grade of 2% Zn, Indicated and Inferred Resources of 11,600 Tonnes Zinc and 114,000 Tonnes Zinc, respectively, are reported.

Chief Executive Officer Glen Parsons today commented:

"The confidence and growth in the high grade gold‐copper Hot Maden project continues to excite the Board, as well as capture market attention. Drilling to date on the project has delivered a significant increase in the Indicated Category resource at the Main Zone Au‐Cu deposit, in addition to two maiden Inferred category resources at the new Southern Zone and the hangingwall zinc‐ (lead)‐only zone.

"The upgrade in the Indicated Category resource represents a 69% increase from the August 2015 Mineral Resource estimate, and now includes an impressive 2.47 Million gold equivalent ounces with an average grade in excess of an ounce Au (and Au equivalent) per tonne. This mineralisation commences just 20m below surface. In addition, the newly discovered Southern zone has delivered a further maiden inferred resource of some 351,000 Oz gold equivalent from just 17 holes.

"To better grasp this increase, the table below compares the Main Zone Indicated Category Resource from the maiden (August 2015) Resource Estimate against this newly reported upgrade where we can see the phenomenal increase in the ounces and the confidence in category especially in the Ultra High Grade Zone:

COMPARISON OF INDICATED CATEGORY FOR THE MAIN ZONE AT HOT MADEN (2 g/t AuEq* Cut‐

off) (This Updated Resource Estimate to Maiden Resource estimate) PREVIOUSLY REPORTED‐ Hot Maden Deposit (100% basis) August 2015 Mineral Resource Estimate

Domain

Tonnes t

Au Cu

g/t %

AuEq g/t*

Au Ounces

Cu Tonnes

AuEq Ounces**

Main Zone LG

481,000

0.9

1.0

2.4

14,000

5,000

37,000

Main Zone HG

3,199,000

5.2

1.8

8.0

537,000

56,000

822,000

Main Zone UHG

1,031,000

29.2

4.0

35.4

967,000

41,000

1,174,000

Total

4,710,000

10.0

2.2

13.4

1,518,000

102,000

2,033,000

THIS ANNOUNCEMENT Hot Maden Deposit (100% basis)

Domain

Tonnes t

Au Cu Zn

g/t % %

AuEq g/t*

Au Ounces

Cu Tonnes

AuEq 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

"In addition, we have been consistently hitting reportable intercepts of zinc and, based on drilling to date, we now have a maiden metal inventory of 11,600T in Indicated and 114,000T in Inferred Resource categories. Whilst the focus of the JV remains on the high grade gold‐copper zone, these zinc tonnages could also contribute to the overall economics of the project.

"The continuing planned drilling in the resource and southern areas represent a small portion of the

5 km long Hot Maden alteration zone (Figure 5), which displays prospective exploration and potential growth opportunity. Promisingly, further evidence of exploration potential to the north and south continues along this alteration zone with new priority areas being targeted, specifically the Old Russian Mining zone some further 500m to the south as well as up to 1.5km to the North of the main zone."

The exciting milestones ahead, focussing on the rapid advancement and development of this world class asset, include:

  • Continued drilling at Hot Maden to include both exploration and infill drilling,

  • The Preliminary Economic Assessment (PEA), which is due end September/ early October 2016.

  • The Pre‐Feasibility Study (PFS), to be completed during the first half 2017.

"The Hot Maden discovery, resource milestones and defined path to ultimate production reinforces Mariana's strategy of focussed and disciplined exploration across its strategic portfolio development curve and I look forward to updating the market accordingly.

"On an operational note, at both the Hot Maden and Ergama projects, there is no impact due to recent disturbances in Turkey. Operations are continuing normally without interruption at the project with all rigs turning in order to meet the joint ventures planned milestones."

An updated technical report on Hot Maden is in the process of being prepared in accordance with Canadian National Instrument 43‐101 ("NI 43‐101") standards.

Link to Figures: http://marianaresources.com/site/media/July_25_Maps.pdf

The July 2016 Mineral Resource Estimate in the applicable zones comprises:

Hot Maden Gold‐Copper Project Update Hot Maden - Main Gold-Copper Zone (2 g/t AuEq Cut-off)

Domain

Indicated Mineral Resource

Tonnes t

Au Cu Zn

g/t % %

AuEq g/t*

Au Ounces

Cu Tonnes

AuEq 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

Domain

Inferred Mineral Resource

Tonnes t

Au Cu Zn

g/t % %

AuEq g/t*

Au Ounces

Cu Tonnes

AuEq 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)

Domain

Inferred Mineral Resource

Tonnes t

Au Cu Zn

g/t % %

AuEq g/t*

Au Ounces

Cu Tonnes

AuEq 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

Hot Maden - Hangingwall Zinc Zone (2% Zn Cut-off)

Indicated Mineral Resource

Tonnes t

Zn%

Pb%

Zinc t

Total

398,000

2.9

0.6

11,600

Inferred Mineral Resource

Tonnes t

Zn%

Pb%

Zinc t

Total

2,871,000

4.0

0.5

114,000

This Updated Mineral Resource Estimate above has been compiled by Stewart Coates from RPM who also falls under the definition of Qualified Person ("QP") as defined in the Canadian National

Mariana Resources Ltd. published this content on 25 July 2016 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 25 July 2016 09:15:05 UTC.

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