15th Jul 2015 08:16
LONDON (Alliance News) - Mariana Resources Ltd on Wednesday said its AMG Chile SpA subsidiary has received the first USD450,000 from Asset Chile Exploración Minera Fondo de Inversión Privado covering the first phase of work at the Doña Ines gold and silver and Exploradora East porphyry copper projects in northern Chile.
The receipt of the funds, from a total payment due of USD1.65 million, will allow Mariana to start exploration at the two sites. It expects ground geophysics to be completed in the third quarter, with the first pass drill test to be done in the fourth quarter.
"The option agreement with Asset, for Doña Ines and Exploradora East, forms part of Mariana's strategy to optimise the use of funds whilst drilling continues at its Hot Maden project in Turkey. The main benefit of this deal is that exploration funding received will not dilute shareholders at the equity level but rather at the project level, with Mariana retaining the role of operator during the option period," said Glen Parsons, Mariana's chief executive.
Shares in Mariana were down 4.3% to 2.105 pence on Wednesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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