Adriana Acquires Labrador Trough Iron Prospect
Adriana
Resources Inc. ("Adriana" or the "Company") -- TSX-V:
ADI is pleased to announce it has
signed a Memorandum Of Understanding ("MOU") to acquire a 100%
interest in the Bedford Iron Prospect (the "Property"),
consisting of 94 mineral claims covering 2,350 hectares, located within the
Labrador Trough of northeastern Labrador. Subsequently, Adriana staked an
additional 82 mineral claims totalling 2,050 hectares, directly adjacent to
the Bedford Iron Prospect claims, which brings the total combined land
package to 4,400 hectares. The property is located 27 kilometres northeast
of the town of Schefferville, Qu�bec on the east side of Howells River.
The Property, formerly held by the Iron Ore Company of Canada as part of
its designated Blocks 19 and 103 holdings, covers a significant government
aeromagnetic anomaly strategically located within 3 kilometres of the
LabMag iron deposit and within 12 kilometres of the K�Mag iron deposit,
both held by New Millennium Capital Corp. The Property is also within close
proximity to several Direct Shipping Iron Ore deposits previously owned by
the Iron Ore Company of Canada which operated mines in the area from 1954
to 1982. New Millennium Capital Corp. recently announced plans to
develop a Direct Shipping Ore operation in order to take advantage of
current shortages of iron ore in the world market place.
Adriana can acquire a 100% interest in the Property from Bedford Resources
Partners Inc. ("Bedford") by making escalating payments totalling
$200,000 over the six-year option period, including $15,000 In the first
year, and by conducting exploration designed to advance the project to
pre-feasibility stage, within the option period. Pursuant to the MOU,
Adriana is to pay Bedford a 1.5% royalty from the sale of iron mined from
the property, subject to the Company's option to buy down 50% of the
royalty at fair market value at anytime following completion of a bankable
feasibility study.
Historic public records, mostly from work carried out in the 1970s,
reference "high priority targets for possible taconite deposits"
in the Howells River area. Adriana is in the process of collecting all
available data on the property and the surrounding area with the intent of
initiating an exploration program in the summer of 2008. The planned
program would consist of geological and geophysical surveying, outcrop
sampling and, if warranted, preliminary orientation drilling.
Adriana also has an option to earn 100% interest in the Lac Otelnuk Iron
Project located 165 kilometres northeast of Schefferville, within the
Labrador Trough, where the Company has an advanced diamond drilling program
designed to delineate a multi-billion tonne NI 43-101 compliant inferred
resource. Technical staff and helicopter support assigned to the Lac
Otelnuk project will be available to support early stage exploration on the
Bedford Iron Prospect during the coming summer field season.
Mr. Frank Condon, P.Eng., a Director of the Company and a qualified person
as defined by National Instrument 43-101, has reviewed and approved the
technical disclosure contained in this news release.
About Lac Otelnuk Iron Project
The Lac Otelnuk Project is located 165 kilometres northwest of
Schefferville, Qu�bec, in the Labrador Trough and consists of 600 mineral
claims covering approximately 28,920 hectares. The Lac Otelnuk deposit is a
Lake Superior-type iron formation (taconite), which has been identified
over a strike length of approximately 25 kilometres based on geological and
geophysical mapping and exploration drilling in the 1970s. The deposit is
nearly flat lying and dips gently to the northeast.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through
continued development of its iron ore port facility in Brazil, through
acquisition of iron ore mineral resources in Brazil, and the advancement of
the Lac Otelnuk Iron Project in Quebec, Canada.
For more information, contact Robert Ferguson or Ali Sinawi at (604)
629-0250 or toll free at (877) 629-0150 or visit the Company's website at
www.adrianaresources.com.
ON BEHALF OF ADRIANA RESOURCES INC.
"Michael J. Beley"
President
Certain information regarding the Company including management's assessment
of future plans and operations, may constitute forward-looking statements
under applicable securities laws and necessarily involve risks associated
with mining exploration and development, volatility of prices, currency
fluctuations, imprecision of resource estimates, environmental risks,
access to labour and services, competition from other companies and ability
to access sufficient capital. As a consequence, actual results may differ
materially from those anticipated in the forward-looking statements. The
TSX Venture Exchange does not accept responsibility for the adequacy or
accuracy of this release.
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Suite 1818 - 701 West Georgia St
Vancouver, BC
Canada V7Y 1C6
Telephone: 604.629.0250
Fax: 604.629.0923
Toll Free: 877.629.0150
Email:
info@adrianaresources.com
(TSX-V: ADI)
Mar 25, 2008: News Releases: Adriana Acquires Labrador
Trough Iron Prospect (more...)
Feb 20, 2008: News Releases: Adriana Signs Letter of
Intent with Makivik Corpor... (more...)
Feb 19, 2008: News Releases: Adriana Announces Update on
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Feb 14, 2008: News Releases: Adriana Announces Brazilian
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