10th Apr 2014 10:25
LONDON (Alliance News) - Mariana Resources Ltd Thursday said it has received a USD600,000 value added tax refund from the Argentinian Tax Authorities, and it will use the money to to advance its gold and silver exploration, with its main focus in 2014 being to complete drill target definition at its Los Cisnes project.
The AIM-listed exploration and development company said the cash received was in regard to VAT levied on exploration expenditure at its Las Calandrias gold-silver project.
Mariana said initial exploration to date at Los Cisnes has shown encouraging results, including opportunities for bulk tonnage and high-grade potential including 27 assays of a 200 assay programme returning grades over 0.5 grams per tonne of gold.
The company also said it is continuing to look at possible joint venture opportunities, consolidation and possible asset sales to enhance and develop its Argentinean portfolio.
"This is excellent news for Mariana as these funds received will underwrite, with no dilution to shareholders, what will be an exciting exploration phase in Argentina for 2014," Chief Executive Officer Glen Parsons.
Mariana Resources shares were up 7.8% to 3.80 pence, putting it in the top ten AIM All-Share risers Thursday.
By Tom McIvor; [email protected]; @TomMcIvor1
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