Mariana Resources Ltd ('Mariana' or 'the Company'), the AIM listed exploration and development company with projects in Turkey and South America, is pleased to announce that it has engaged RungePincockMinarco ("RPM"), a global leader in mining advisory and consulting services, to complete a National Instrument 43-101 ("NI 43-101") compliant Preliminary Economic Assessment ("PEA"*) for the Hot Maden gold-copper project.
The PEA study is currently scheduled for completion late-Q3/early Q4 2016 and will incorporate the updated Mineral Resource Estimate required for the Company's TSX.V listing, which is expected to be completed by RPM by end June / early July.
Chief Executive Officer, Glen Parsons, today commented:
"The completion of the PEA will be a truly defining milestone for Mariana and the Hot Maden project:
- It will represent the first integrated PEA-level evaluation of development options and financial modelling of the Hot Maden deposit for life of mine. The study will focus on low footprint sustainable mining options, adopting first class international technical and environmental standards specific and appropriate for the Hot Maden Project.
- The PEA will be the first publicly avaliable independent and comprehensive economic study for Hot Maden, which will define a quantifiable net present value for life of mine.
"This initial PEA study will give our shareholders and the market a better understanding of the significance of this high grade Gold and Copper Hot Maden Project as we continue to advance along the project development curve."
* A "PEA" is a study other than a pre-feasibility study or feasibility study which includes an economic analysis of the potential viability of mineral resources - Canadian Securities Administrators (CSA)