Mariana Resources Ltd Mariana Resources Ltd : Hot Maden High Grade Gold-Copper Project- Pea Results With A Positive Irr Of 153%

 
TIDMMARL 
 
 
 
 
AIM: MARL 
 TSX-V: MARL        Granite House, La Grande Rue, 
 17 January 2017    St. Martin, Guernsey ,GY1 3RS 
                                  Channel Islands 
 
 
   Hot Maden High Grade Gold-Copper Project- PEA Results with a Positive 
IRR of 153% 
 
   Mariana Resources Limited ('Mariana' or 'the Company'), the TSX.V and 
AIM (MARL) listed exploration and development company with projects in 
Turkey, South America, and Ivory Coast, is pleased to announce a highly 
favourable outcome for a Preliminary Economic Assessment ("PEA" or the 
"Study") of the high grade Hot Maden gold-copper project in NE Turkey. 
The PEA was prepared in accordance with Canadian National Instrument 
43-101 Standards of Disclosure for Mineral Projects ("NI 43-101") by 
independent mining consultant firm RungePincockMinarco Limited ("RPM"). 
 
   Highlights of the Study (100% Project Basis) 
 
 
   -- Conceptual development for Hot Maden assumes an all underground mining 
      operation from a decline and utilizing mechanized transverse and 
      longitudinal long hole open stoping with engineered fill mining methods. 
      Mining and processing rates of 0.8 million tonnes per annum ("Mtpa"), 1.0 
      Mtpa, and 1.2 Mtpa were considered, with the base case mining scenario 
      being established at 1.0 Mtpa. 
 
   -- Total metal production of 2.6 Million ounces ("Moz") of gold and 142,000 
      tonnes ("t") of copper over a total project life of 9 years for the base 
      case mining scenario. Metallurgical testwork, through flotation and 
      concentration, completed to date on the high grade Main Zone 
      mineralisation has indicated high recoveries of both gold and copper. A 
      variable processing recovery, dependant on grade, has been applied in the 
      PEA resulting in a project weighted average recovery of 88% Au and 90% 
      Cu. The current Hot Maden plant flow sheet assumes the production of two 
      concentrates on site - one standard copper-gold concentrate, and a second 
      gold-bearing pyrite concentrate. 
 
   -- Post-tax discounted NPV for the base case mining scenario (1.0 Mtpa) of 
      US$1.37 billion ("B") excluding pre-development exploration costs (8% 
      discount rate). 
 
   -- Post-tax IRR for the base case mining scenario of 153% excluding 
      acquisition costs. 
 
   -- Total Capex (Initial + Sustaining) of US$261M 
 
 
   Note that the PEA is preliminary in nature as it includes inferred 
mineral resources that are considered too speculative geologically to 
have the economic considerations applied to them that would enable them 
to be categorized as mineral reserves.  Mineral resources that are not 
mineral reserves do not have demonstrated economic viability, and as 
such there is no certainty that the preliminary assessment and economics 
will be realized. A NI-43-101- technical report for the Hot Maden PEA 
will be filed on SEDAR (www.sedar.com) within 45 days and also be posted 
on Mariana's website (www.marianaresources.com). 
 
   The Hot Maden project is 70:30 Joint Venture between Turkish partner 
Lidya Madencilik Sanayi ve Ticaret A.S. ("Lidya") and Mariana Resources 
Ltd. 
 
   Chief Executive Officer Glen Parsons today commented: 
 
   "The potential value is finally revealed from the high grade Au-Cu Hot 
Maden project with these PEA results from RPM.  We have always believed 
Hot Maden to be a world class deposit and, with a potential post-tax NPV 
for the base case mining scenario of $1.37B and post-tax IRR of 153%, 
this is certainly proven correct.  The high grade nature of this 
resource and relatively low capital (CAPEX) and operating (OPEX) costs 
should result in the delivery of considerable cashflow and a short 
payback period (around 2.1 years, including underground mine 
development) on initial investment. 
 
   Despite Hot Maden's rapid advancement from discovery to PEA in just 20 
months, the decision by the Lidya/Mariana (70/30) joint venture to 
rapidly move to development is justified with the value of the project 
for shareholders reflected in the significant cash flow generative 
ability through the life of this initial current resource. The result is 
expected to be a low cost, low environmental footprint, but highly 
profitable mine. 
 
   A further 20,000m of drilling is budgeted and planned for this new year 
and we must remember that exploration drilling continues to focus on the 
discovery of new gold-copper resources at Hot Maden, especially to the 
south of the Main Zone within the old "Russian Mining Area. 
 
   The Joint Venture will also continue to work on the technical studies 
and optimisations required to underpin the Preliminary Feasibility Study 
("PFS"), which is anticipated to be completed during Q3, 2017. The PFS 
will provide higher confidence level mine designs, mineral processing 
scenarios, and costings for the Hot Maden Project.  Therefore this 
result could change over time based on the updated prices, resource and 
assumptions. 
 
   I look forward to updating the market on developments, as 2017 will 
continue to be a busy period for Mariana." 
 
   PEA Parameters 
 
   Key parameters utilized in the Hot Maden PEA are indicated in the table 
below: 
 
 
 
 
Hot Maden - PEA Mining Base Case 
                                        Underground: underhand, mechanised transverse and 
                                         longitudinal long hole open stoping with engineered 
Mining Method                            paste fill 
Underground Minable Quantities          7Mt at 11 g/t gold and 1.9% Cu 
                                        0.8 Mtpa, 1.0 Mtpa, and 1.2 Mtpa were evaluated. Base 
Annual Throughput                        case established at 1.0 Mtpa 
Project Life of Mine                    9 years 
Gold Metal Price                        USD 1,250/tr. oz 
Copper Metal Price                      USD 2.75/lb 
                                        Variable recovery based on the grade (project weighted 
Gold Recoveries                          average recovery of 88%) 
                                        Variable recovery based on the grade (project weighted 
Copper Recoveries                        average recovery of 90%) 
Total Gold Ounces Produced              2.6M tr. oz 
Total Copper Tonnes Produced            142kt 
Upfront CAPEX                           USD 169M 
LOM Project CAPEX                       USD 261M 
Mining Operating Costs                  USD 31.05/t 
Processing Operating Costs              USD 15.13/t 
G+A Operating Costs                     USD 10.18/t 
                                        The project was evaluated at a range of NSR COG's 
                                         from USD50/t to USD200/t. The base case economic outcome 
                                         was identified at an NSR of USD 100/ in situ tonnes 
Net Smelter Return Cut-off Grades        (this equates to an approximate Resource cut-off grade 
(NSR)                                    of 3.3g/t AuEq*) 
                                        Copper concentrate - TC:USD 101/dmt, Cu RC:USD 0.101/lb 
                                        payable Cu, 1% copper grade deduction, 96.65% copper 
                                        payability, Au RC:USD 8.5/tr. oz., 1 g/t grade deduction, 
                                        97.5% gold payability; transport to port :USD 8.50/wmt, 
                                        port:USD 10/wmt and shipping:USD 55/wmt. Pyrite 
Smelting / Refining & Transport         concentrate - TC :USD 30/dmt, Payment : USD100/dmt and 50% 
Charges                                 of gold content; transport to buyer :USD 5/wmt. 
Royalties                               2.6% State Royalties, 2% NSR Sandstorm 
Corporate Tax Rate                                                                             20% 
 
   Geology and Mineral Resources 
 
   The high grade gold-copper mineralisation at Hot Maden occurs within a 
N-NE-trending fault zone (the "Hot Maden Fault Zone") and is 
sub-vertical in nature. At least two styles of gold-copper 
mineralisation are evident within the Main Zone: i) the predominant, 
multiphase quartz-sulphide (pyrite-chalcopyrite) +/- hematite/jasperoid 
breccia bodies, and ii) semi-massive to massive sulphides 
(pyrite-chalcopyrite). Host rocks are dominantly andesites and andesitic 
breccias. Overall, the highest-grade gold mineralisation (typically >15 
g/t Au but locally >100 g/t Au) at Hot Maden lies along the eastern 
margin of the Main Zone. Drilling is ongoing but the current dimensions 
of the Main Zone are a strike extent of 300 m from north to south, a 
true width of between 50m and 70m, and a vertical extension from near 
surface to >300m depth.  Stratabound Zn(-Pb) (sphalerite-galena) 
mineralisation also flanks the Main Zone to the east and locally to the 
west. In the new Southern Vein Field discovery, host rocks are 
dominantly dacitic breccias and gold-copper mineralisation is associated 
with quartz-sulphide-bearing veins and vein breccias. 
 
   On July 25, 2016, Mariana reported an updated Mineral Resource for the 
Hot Maden project.  This Resource Estimate was prepared by independent 
mining consultants RungePincockMinarco, and was based on assay results 
received for holes up to, and including, HTD-62. The Mineral Resource 
Estimate for Hot Maden included contributions from both the Main Zone 
and a new Southern Discovery, and comprises (on a 100% basis): 
 
 
 
 
            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 
 
 
   In addition, a maiden Inferred Mineral Resource for the hanging wall 
zinc zone of 2.8MT @ 4.0% Zn (2% Zn cut-off) was reported. However, this 
zinc resource has not been considered in the current PEA, although 
future technical studies will consider the potential economics of mining 
this mineralised zone. 
 
   Mining Method and Mineral Processing 
 
   Mining of the wide, near vertical gold-copper mineralisation in the Hot 
Maden Main Zone is expected to be undertaken through underground mining 
using underhand, mechanised transverse and longitudinal long hole open 
stoping (LHOS) with engineered fill mining techniques. The Stopes are 
mined using an underhand extraction sequence (Top Down) utilising a 
primary/secondary stope extraction methodology to exploit the grade 
profile, which diminishes with depth. 
 
   The Hot Maden project is divided into two main areas, North and South. 
The northern area consists of the wider portion of the ore body and as a 
result is modelled predominantly transverse LHOS to maintain the 
production rate. Some stopes less than 20m long and/or wide have been 
developed longitudinally. 
 
   The southern portion of the mineralisation is thinner and has been 
modelled in a longitudinal LHOS layout. This has been carried out so as 
to reduce the amount of capital development required for access to this 
mineralisation. 
 
   Access to the north and south areas are by independent declines. The 
northern decline is accessed by a box cut portal whereas the southern 
portal is an adit into the hill. 
 
   The PEA reviewed 0.8 Mtpa, 1.0 Mtpa and 1.2 Mtpa production profiles at 
a range of NSR COG's from USD50/t to USD200/t. NSR was used instead of 
the gold equivalent used in the Mineral Resource to capture the full 
value of all mining blocks due to the relationship and variability in 
grade, processing recoveries, concentrate recoveries and post gate 
costs. The base case mining scenario was identified as 1.0 Mtpa, however, 
an achievable optimum economic outcome was identified at a production 
rate of 1.2Mtpa and NSR cut-off-grade of USD 100/ in situ tonnes (this 
NSR cut-off equates to an approximate 3.3g/t AuEq cut-off grade). 
 
   A variable processing recovery, dependant on grade, has been applied in 
the PEA resulting in a project weighted average recovery of 88% Au and 
90% Cu. The current Hot Maden plant flowsheet has been demonstrated on 
Life of Mine (LOM) composites with the production of two concentrates - 
a typical copper gold rich concentrate (25% Cu and 85 g/t Au) and a 
gold-bearing pyrite concentrate. The flowsheet is currently being tested 
on 'Ultra High Grade' (UHG) composites. The incorporation of a gravity 
concentrator has been included for gold ores in excess of 100 g/t Au. 
 
   Economics Summary- Throughput Analysis at cut-off NSR US$100/t 
 
 
 
 
                                                                   Payback 
                                                                   (Incl. 
Mining                      Total    After-tax NPV    After-tax  Development  Mine 
Scenario       Throughput   CAPEX    At 8% Discount      IRR       - Yrs)     Life 
 
                             USD 
Conservative    0.8 Mtpa     251M      USD 1.28 B          130%          2.2    11 
                             USD 
Base Case       1.0 Mtpa     261M      USD 1.37 B          153%          2.1     9 
                             USD 
Upside          1.2 Mtpa     271M      USD 1.42 B          173%          2.0     8 
 
   Processing and Infrastructure Capital Costs 
 
   The processing plant and associated site infrastructure is estimated to 
cost USD 80.1 million including contingency and owner's costs. Off-site 
infrastructure is estimated to cost USD 45.2 million including 
contingency. 
 
   Overall, the processing and infrastructure costs are estimated at USD 
125.3 million. 
 
   Project Economics and Sensitivities 
 
   The project is most sensitive to changes in Metal price (namely combined 
Copper and Gold prices), most significantly Gold price, processing 
recovery and mining recovery. 
 
   **S** 
 
   Qualified Persons 
 
   The independent qualified persons responsible for preparing the Hot 
Maden PEA are Mr Joe McDiarmid, MAusIMM(CPMin) of RungePincockMinarco 
Limited, and Dr Andrew James Haigh Newell, MAusIMM(CPMet), MIEA (CP) of 
RungePincockMinarco Limited. All of the aforementioned qualified persons 
have reviewed and approved the contents of this news release. 
 
 
 
   The technical and scientific information contained in this news release 
has been reviewed and approved for release by Eric Roth, the Company's 
Qualified Person as defined by National Instrument 43-101 and for the 
purposes of AIM rules.  Mr Roth is the Company's Chief Operating Officer 
and Executive Director and holds a Ph.D. in Economic Geology from the 
University of Western Australia, is a Fellow of the Australian Institute 
of Mining and Metallurgy (AusIMM), and is a Fellow of the Society of 
Economic Geologists (SEG).  Dr Roth has 25 years of experience in 
international minerals exploration and mining project evaluation. 
 
   Forward Looking Statements: Some statements in this news release contain 
forward-looking information or forward-looking statements for the 
purposes of applicable securities laws. These statements include, among 
others, statements with respect to proposed exploration and development 
activities and their timing, resource estimates and potential 
mineralisation, the PEA, including estimates of capital and sustaining 
costs, anticipated internal rates of return, mine production, estimated 
recoveries, mine life, estimated payback period and net present values, 
opportunities to enhance the value of the Hot Maden and other plans and 
objectives of Mariana Resources Ltd. These statements address future 
events and conditions and, as such, involve known and unknown risks, 
uncertainties and other factors, which may cause the actual results, 
performance or achievements to be materially different from any future 
results, performance or achievements expressed or implied by the 
statements. Such factors include, among others and in addition to those 
described elsewhere in this release, delays in obtaining or inability to 
obtain required government or other regulatory approvals, permits or 
financing, the risk of unexpected variations in mineral resources, grade 
or recovery rates, of failure of plant, equipment or processes to 
operate as anticipated, of accidents, labour disputes, and unanticipated 
delays in completing other development activities, the risk that 
estimated costs will be higher than anticipated and the risk that the 
proposed mine plan and recoveries will not be achieved, equipment 
breakdowns and bad weather, the timing and success of future exploration 
and development activities, exploration and development risks, mineral 
resources are not as estimated, title matters, third party consents, 
operating hazards, metal prices, political and economic factors, 
competitive factors and general economic conditions. In making the 
forward-looking statements, the Company has applied several material 
assumptions including, but not limited to, the assumptions that: 
required approvals, permits and financing will be obtained; the proposed 
exploration and development will proceed as planned; with respect to 
mineral resource estimates, the key assumptions and parameters on which 

such estimates are based; that the proposed mine plan and recoveries 
will be achieved, that capital costs and sustaining costs will be as 
estimated, and that no unforeseen accident, fire, ground instability, 
flooding, labour disruption, equipment failure, metallurgical, 
environmental or other events that could delay or increase the cost of 
development will occur, and market fundamentals will result in sustained 
metals and minerals prices. The Company expressly disclaims any 
intention or obligation to update or revise any forward-looking 
statements whether as a result of new information, future events or 
otherwise except as otherwise required by applicable securities 
legislation. 
 
   The Company has concluded it has a reasonable basis for providing the 
forward-looking statements included in this announcement. The detailed 
reasons for that conclusion are outlined throughout this announcement. 
The Company confirms that it is not aware of any new information or data 
that materially affects the information included in the announcements 
and that all material assumptions and technical parameters underpinning 
the resource estimates continue to apply and have not materially 
changed. 
 
 
 
 
 
Glen Parsons (CEO)   Mariana Resources Ltd               [phone] 
Eric Roth (COO)      Mariana Resources Ltd               [phone] 
Karen Davies (IR)    Mariana Resources Ltd (Canada)      [phone] 
Rob Adamson          RFC Ambrian Limited (Nomad)         [phone] 
Will Souter          RFC Ambrian Limited (Nomad)         [phone] 
In U.K. 
Oliver Stansfield    Brandon Hill Capital (UK Broker)   [phone] 
Jonathan Evans       Brandon Hill Capital (UK Broker)   [phone] 
Camilla Horsfall     Blytheweigh (Financial PR)         [phone] 
Megan Ray            Blytheweigh (Financial PR)         [phone] 
 
   About Mariana Resources 
 
   Mariana Resources Ltd is an AIM (MARL) and TSXV (MRA) 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) and rapidly advancing to development. 
An updated mineral resource estimate (detailed table below) of 3.43 Moz 
gold Equivalent (Indicated Category) and 0.09 Moz gold Equivalent 
(Inferred Category) (100% basis) in the main resource zone as well as a 
maiden 351,000 Moz gold Equivalent (Inferred Category) (100% basis) in 
the new southern discovery zone was reported for Hot Maden on July 25, 
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. 
 
   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. 
 
   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. 
 
   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. 
 
   PEA Announcement Hot Maden: 
http://hugin.info/137803/R/2071691/778535.pdf 
 
   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

January 17, 2017 06:35 ET (11:35 GMT)

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