If a shareholder on the Canadian branch register does not activate a move to the UK branch register by March 12, 2013 (by instructing their broker to do so), their Canadian share positions will be cancelled and their Mariana shares will be moved to an "issuer-sponsored" holding on the UK branch register. Shareholders whose shares are moved to the UK issuer-sponsored holding will be sent an issuer-sponsored holding statement, either through their broker (which will automatically be the case for those shareholders who do not instruct their broker by the deadline referred to above) or directly.
Shareholders on the Canadian branch register are encouraged to contact Computershare, the Company's Canadian share registry for any information: The Global Transaction Unit at 1-781-575-4086 or toll free in Canada and the US on 1-866-277-2086.
Mariana maintains a comprehensive website (www.marianaresources.com) whereby activities of the Company are updated regularly with all announcements. The Company will continue to update shareholders on the current activities of the company via its website and will be lodging on AIM all financial reports as required by the AIM rules for Companies. These financial reports will also be made available on the Company's website.
Revised Exploration Strategy
As outlined in previous news releases (31/1/13 and 19/10/12), exploration focus has shifted away from Santa Cruz Province in southern Argentina to the Condor del Oro property in northern Peru. This is the direct result of three key factors: the increased potential for a significant gold/copper discovery at Condor del Oro, the negative investor sentiment surrounding both the exploration for, and the development of, mineral deposits in Argentina, and the difficult market conditions overall for junior exploration companies.
-- At Condor del Oro, the Company has the right to an earn-in to a 51% undivided interest (see release dated 4/10/12). The property is drill ready subject to issuance of the permit to begin exploration activities with drilling anticipated in the first six month of 2013. Positive drill results will potentially leverage the Company's share price and could facilitate funding for ongoing drilling.-- Regarding Argentina, in 2012 Mariana achieved excellent regional targeting results with some significant assays being reported from the new Los Cisnes discovery as well as the district surrounding Las Calandrias at Bozal (see news releases 21/11/12 and 28/11/12). Unfortunately, these results did not achieve significant share price uplift which was likely hampered by the negative investor sentiment towards Argentina.
In summary, shifting the main focus of exploration efforts to the Condor del Oro project in Peru should mitigate this and allow for exploration success to drive the Company's share price whilst allowing for continued target definition in Argentina at the Los Cisnes and Bozal Projects including the potential to crystallise value with some of our more advanced projects.
The decision to delist from the TSX, the refocus of exploration activities, plus the need to further address the Company's overhead structure, form the basis for the significant management changes to implement this strategy. The following changes take effect immediately:
-- John Horsburgh will step down from Executive Chairman to Non Executive Chairman, but will continue to provide technical consulting on an ongoing basis.-- Glen Parsons previously Chief Financial Officer will assume the role of Chief Executive Officer to manage, market and deliver this focused strategy.-- Ray Angus will step down as Executive Director and Chief Operating Officer to become the Peru domiciled Country Manager under a benchmarked and defined performance driven consulting contract designed to deliver a significant company-making resource within two years.-- Eric Roth will remain as Non Executive Director, bringing with him strategic South American experience for Mariana.-- Chris Mitchell will remain as Non Executive Director pending the Company's transition back to the single (AIM) listing.-- Randy Turner will step down immediately as Non Executive Director.-- Sharon Cooper will assume the role of Chief Financial Officer.