Published: April 13, 2016 |

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Mariana Resources Ltd has opted to withdraw from the Nassau Gold Project in Suriname.

It did so after evaluating all the exploration data and cited the “significant” future costs of an earn-in to the project for its exit.

Mariana, which has recently enjoyed significant success in Turkey, said it had “higher priority” opportunities in its portfolio.

The deal with Sumin Resources would have seen the AIM-listed explorer acquire up to 50.01 percent of a company that owned 80 percent of Nassua, which is just 20km from Newmont’s Merian gold mine.

However Mariana was required to make a US$300,000 option payment by the end of last month as well as spending US$700,000 to expand its interest.

Chief executive Glen Parsons said: “Whilst the Nassau Gold Project has been an active project for Mariana, the results to date and milestones achieved were not what the company had anticipated in terms of the strategy to drive projects up the value chain.

“It is therefore difficult for Mariana to justify further expenditure under the current earn-in agreement and as a direct consequence the decision has been made to terminate the option agreement with Sumin.”

In Turkey Mariana and its partner Lidya have agreed to collaborate on more exploration at their joint venture at Hot Maden in Turkey after the initial success.

Mariana owns 30 percent and Lidya 70 percent of the project and the two companies agreed to spend a further US$8mln in 2016 on 20,000m of extension and infill drilling. 

A preliminary economic assessment (PEA) is anticipated to be completed by the final quarter of 2016.

Source: (April 12, 2016) Proactive Investors

About Mariana Resources
Mariana Resources Ltd is an AIM quoted exploration & development company with a diversified, highly prospective portfolio of gold, silver & copper projects in Turkey & South America.

To stop by Mariana’s website, CLICK HERE

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