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Mariana’s AGM Statement and Results of Voting
Mariana Resources Ltd, the AIM quoted exploration and development company focused in Peru and southern Argentina, held its Annual General Meeting today and all resolutions were duly passed.
At the meeting Glen Parsons, the Company’s CEO, made the following statement:
“This has been a transformational period for Mariana which has seen us diversify our portfolio offering and jurisdiction as a leading junior exploration and development company on AIM. Despite the market sentiment, Mariana has remained committed to what shareholders believe in and that is an active explorer delivering on objectives within a sound focussed strategy. To this end, we have a solid portfolio of gold, copper and silver assets in both Peru and Argentina where we believe significant potential economic opportunities exist in the near to medium term.
“Over the last year and a half we have been repositioning Mariana by making the significant move into Peru, through agreements with TSX-V quoted Condor Resources Inc, which saw us option the potential company-maker Condor del Oro copper-gold-molybdenum porphyry project and the Soledad gold-copper-silver project.”
“The Condor del Oro project is located in Northern Peru along the Cordillera del Condor corridor, one of the significant emerging gold and copper belts in the world. Excitingly historic exploration, including Mariana’s points to the project containing a highly mineralised, multiphased intrusive-related porphyry system with the potential to host a multi-million ounce gold and base metal deposit. With this in mind, we completed a 1,641m drilling programme over the Pucayacu target in the 2013 year and were highly encouraged by the results which confirmed the mineralised porphyritic nature of this multiphase mineralisation system, currently over 1.5 x 1.5 km in extent. Due to unseasonal weather earlier in the 2014 year, we have been delayed in our follow-up drilling campaign. However we were delighted to report last Friday, 27 June 2014, that we have now re-commenced drilling with Mariana focussing on vectoring in on the potentially greater mineralised “core zone” and hopefully confirming the potential of this exciting copper-gold porphyry system.”
I would sincerely like to thank our consultant Project Manager Ray Angus and his team, the team from Exploraciones Aguila Dorada S.A.C. (‘EAD’), Condor Resources Inc and the Los Naranjos community in achieving the very encouraging results we have to date. This was accomplished in a short period of time and despite delays sometimes under very trying conditions and they should be highly commended.”
“In addition, our second Peruvian copper-gold-silver project, Soledad, is complementing our portfolio and delivering value with some highly positive results over a 1km x 1km target area. Soledad, which is in Central Peru, 34 km south of the Barrick Gold operated Pierina high sulphidation gold-silver mine, contains a cluster of quartz-tourmaline highly mineralised breccias which provide a vector towards a potential mineralised copper-gold porphyry at depth. We have just completed a c. 2,000m drilling programme where initial results have seen us intersect 96m @ 0.92 g/t Au, 15 g/t Ag and 0.2% Cu in Breccia # 5, one of eight breccias identified so far. Now we are waiting for the deeper drilling to deliver results.”
Again I would like to thank Nico Stoessel and Gabriel Gomez and their team, including our support staff in Lima, for an extremely efficient and well managed program. We look forward to updating shareholders in the coming weeks as the full assay results are received.”
“Meanwhile, in Argentina we received a very welcome US$600,000 VAT refund from the Argentinean Tax Authorities and we plan to utilise this to help advance our Los Cisnes Project, Bozal and Las Calandrias district gold and silver exploration properties in the highly prospective Santa Cruz province of southern Argentina. Whilst Argentina currently forms a longer term-delivery strategy for us due to the current political and country investor climate, there has been some very positive news coming from the Santa Cruz region such as Yamana going ahead with a US$450M development of the Cerro Moro gold-silver project, Goldcorp advancing the Cerro Negro project to production and our major shareholder, AngloGold Ashanti, achieving its “highest annual production in a decade” this year at the Cerro Vanguardia mine.
“With our recent developments in mind, I believe Mariana has made excellent progress delivering on significant milestones over the past year and has managed to become a multi project company delivering on stated objectives. We are set for a highly active remainder of 2014 as drilling and further exploration unfolds over our two core copper-gold projects in Peru, and additional exploration is undertaken in Argentina. In addition, we continue to look for new opportunities to bolster our delivery focused portfolio which can deliver value for shareholders through exploration and discovery.
“Finally, I would like to take this opportunity to thank our shareholders, fellow directors and advisors for their continued support as we continue to build Mariana into a leading diversified gold, copper and silver exploration discovery company.”
Results of Voting:
This report briefly describes the matters voted upon and the outcome of the votes at the annual general meeting of shareholders (the “Meeting”) of Mariana Resources Limited (the “Company”) held on 30 June 2014.
– Report of Directors and Financial Statements
By unanimous vote on a poll the Report of Directors and the Financial Statements for the year ended 31 December 2013 were adopted.
– Election of Mr Eric Roth as a Director
By majority vote on a poll Mr Eric Roth was re-elected as a director until such time as he is required to submit for re-election in accordance with the Articles of Incorporation of the Company.
– Election of Mr Glen Parsons as a Director
By majority vote on a poll Mr Glen Parsons was re-elected as a director until such time as he is required to submit for re-election in accordance with the Articles of Incorporation of the Company.
– Election of Mr John Robert Horsburgh as a Director
By majority vote on a poll Mr John R. Horsburgh was re-elected as a director until such time as he is required to submit for re-election in accordance with the Articles of Incorporation of the Company.
– Remuneration of Non-executive Directors
By majority vote on a poll the aggregate annual fees for non-executive directors was set at £150,000 annually, to be distributed among them as the Board sees fit.
– Appointment and Compensation of Auditors
By unanimous vote on a poll Grant Thornton Limited was appointed as auditor of the Company, at a remuneration to be determined by the directors.
