Half-yearly report.

(From Hugin)

Mariana Resources Limited Incorporated in Guernsey Reg. No. 44276 Half-yearly Report, Period Ended 30 June 2009 Chairman's Review Dear Shareholder, Exploration efforts in the first six months continued to generate targets in Argentina and Chile in readiness for drill campaigns in the second half of 2009. Sierra Blanca, Argentina - 70% At the 70% owned Sierra Blanca Silver-Gold project which is part of the Santa Cruz Joint Venture with IAMGOLD Corporation, Mariana completed a detailed review of the 2008 drilling including an on-site evaluation by consultant epithermal gold specialist Dr. R Sillitoe. The project is in the Deseado Massif, an emerging world-class epithermal gold/silver district. The review highlighted potential for high grade silver-gold shoots at Veta Chala, requiring more intensive drilling, and deeper targets at Lucila and an untested covered area between the two. A trial IP/resistivity survey at sites along the Veta Chala trend showed the method could be applied to guide target selection along the trend. With the 2009/2010 field season underway, discussions are in progress with partner IAMGOLD regarding the best way to advance the project. Santa Cruz Area, Argentina - 100% Last year,Mariana acquired a number of 100% owned property applications (>160,000 ha) in selected areas of the Deseado Massif, covering eight groups of properties. First pass prospecting of most of these areas has been completed with encouraging rock chips assays from Dos Calandrias (formerly Tongoril), La Auroa, Picadero, El Bozal and Caballo Blanco. In excess of 30km of vein trends prospective for epithermal gold/silver have been identified so far. Dos Calandrias is the first prospect of Mariana's wholly owned land package advanced to the drilling stage. Dos Calandrias, Argentina - 100% The property features a rhyolite dome complex with dome margin breccias. Veins related to NW and NE structures assaying up to 21.7 g/t Au and 62 g/t Ag were discovered last year. Earlier this year, consultant Dr. Richard Sillitoe had assigned Tongoril as a "high exploration priority". More recent follow up trench sampling this field season located several zones of strongly anomalous gold in veins and breccias with up to 17.5m @ 1.9 g/t Au and 56.3 g/t Ag. Diamond drilling commenced in mid September to test six vein/vein breccias targets at Calandria Norte and Calandria Sur. The first batch of assay results is expected in the first half of October. The drilling intersected several veins and broad breccia zones. La Borita, Argentina - option to acquire 100% Mariana is seeking a joint venture partner for La Borita copper prospect on the Alumbrera porphyry copper trend in Catamarca province. …