Exploration and development company Mariana Resources Ltd (MARL.L) said Monday that it secured an option to acquire the remaining 30% interest in the Santa Cruz Joint Venture from Iamgold Corp. (IAG, IMG.TO). The option is for an initial consideration of 1 million Mariana Resources shares that will be issued to Iamgold.
Mariana Resources needs to complete a minimum of 1,500 m of drilling on the Sierra Blanca and Canadon Largo projects, which the Santa Cruz JV comprises. The option can then be exercised within the two year period by paying Iamgold US$500,000 and the equivalent of US$500,000 in Mariana Resources shares, based on the 15 days volume weighted average price on AIM when the option is exercised. Iamgold will be granted a 1.5% royalty on net smelter returns from any commercial mineral production from the two projects.
Mariana originally earned a 70% interest in the Santa Cruz JV in January by conducting a US$2 million exploration program.
The company said today that it plans to test for concealed silver-gold targets along the 4 km long Veta Chala - Lucila trend in the second quarter of 2010 to further assess the economic potential of the project.
MARL.L is currently trading at $19.22, down $0.28 or 1.44%, on 171,724 shares.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.