John Sutcliffe spearheads new Mariana exploration initiative
By BFN News | 01:05 PM | Friday 26 November, 2010
Mining group Mariana Resources Limited announced a new exploration initiative to accelerate gold, silver and copper target and project generation in South America.
It said the move was in line with the company's strategy of creating value through economic discoveries.
John Sutcliffe will head the initiative and will join the board as an NED while remaining as Mariana's principal geological consultant.
The company said the initiative would utilise its present platform in Chile and allow it to channel Sutcliffe's geological expertise towards early identification and selection of superior exploration projects.
Chairman John Horsburgh said, 'John has a proven track record in resource discovery and he has been one of the key architects of Mariana's already successful exploration in Argentina and Chile.
'We believe this corporate reorganisation will realign the board and its management team to focus on its key strengths, and will help Mariana achieve its strategy of building a leading exploration and development company across multiple regions in South America.'
The company is currently evaluating opportunities in the Maricunga gold-silver province east of Copiapo in Northern Chile. It is also evaluating high-sulphidation gold opportunities in Northern Chile and stratabound copper 'manto' type targets in the Coastal Range.
Negotiations are already in progress regarding a number of opportunities.
It says Chile will form the main focus for its new initiative but opportunities elsewhere will be evaluated.
The shares were up 0.25p to 44.75p after the morning session.
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