Adriana Resources Inc.

Published : February 19th, 2008

Announces Update on Lac Otelnuk Drill Program

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Keywords :   Brazil | Canada | China | Diamond | Europe | Iron | Recovery | Silica | Volatility |

Adriana Announces Update on Lac Otelnuk Drill Program

Adriana Resources Inc. ("Adriana" or the "Company") - TSX-V: ADI is pleased to announce preliminary assay results on 16 of its 26-hole 2007 Diamond drilling program at its Lac Otelnuk Iron Project in the Labrador Trough, Québec, Canada.

Results from the first 16 holes has confirmed the presence of magnetite iron in the upper, middle and lower iron formation units, thereby significantly increasing the potential for a much larger deposit than previous drilling indicated. Drilling completed in the 1970s (36 holes totalling 1,656 meters) was primarily limited to the upper iron formation unit (15 to 38 meters thick) of the North Zone of the deposit and mainly tested only one of three contiguous cherty-banded magnetite units. Drilling in 2007 was designed to test all three stratigraphic units of the South Zone of the deposit known to extend over a strike length of 9,000 meters. The drilling program is the first phase of a proposed 70 drill hole program, intended to define a multi-billion tonne inferred mineral resource.

The table presented below is a preliminary summary of the drill results received to date, weight-averaged on the basis of a Davis Tube Weight Recovery cut-off grade of 18%. Further assay results are expected within the next month.

LO-S-1001 L210S/ 1000E 2a, 2b, 2c 38.72 94.55 55.83 28.1 26.6 69.2 2.9
LO-S-1002 L270S/ 500W 2b, 2c 4.00 41.20 37.20 29.5 19.4 70.4 1.7
LO-S-1003 L290S/ 500W 2b, 2c, 3a, 3b, 4a 3.00 80.90 77.90 27.7 23.8 67.7 2.6
LO-S-1005 L210S/ 500E 2a,2b,2c 1.23 57.92 56.69 31.6 32.1 70.1 2.2
LO-S-1006 L330S/ 000 2b, 2c, 3a 3.55 41.50 37.95 25.8 27.5 69.0 3.6
LO-S-1007 L330S/ 500E 2a,2b,2c,3a 1.72 47.55 45.78 28.2 30.5 69.2 3.3
LO-S-1008 L310S/ 500E 2a,2b,2c 2.36 53.70 51.34 29.8 33.6 69.4 3.2
LO-S-1009 L310S/ 000 2c,3a 6.70 43.04 36.34 26.2 26.3 67.1 5.3
LO-S-1010 L210S/ 000 2b,2c,3a 1.00 61.31 60.31 29.8 19.4 70.7 1.9
LO-S-1011 L290S/ 000 2b,2c, 3a, 3b 3.15 72.50 69.35 28.2 29.9 68.2 3.6
LO-S-1012 L290S/ 500E 2a,2b,2c 7.53 72.46 64.93 30.6 32.3 68.2 3.4
LO-S-1013 L230S/ 500W 2b,2c,3a 1.89 45.00 43.11 27.1 20.4 69.8 2.0
LO-S-1014 L50S/ 000 2c,3b 10.54 59.33 48.79 28.2 27.0 69.7 2.5
LO-S-1015 L50S/ 500E 2b,2c 3.16 59.00 55.84 29.6 22.5 69.6 2.2
LO-S-1016 L70S/ 000 2b,2c,3a 12.04 56.00 43.96 27.4 22.6 70.2 2.1
    Weighted Average       28.7 26.5 69.2 2.8

"By testing the lower limits of the mineralization at the Lac Otelnuk deposit, we are demonstrating the potential for a significantly larger resource on the property in northern Quebec, Canada. As the global demand for iron continues to increase to feed the steel mills in China, Asia and Europe, we believe Lac Otelnuk could become one of the world's largest undeveloped iron deposits that will be a strategic asset for Adriana as we continue to focus on becoming a fully integrated iron ore producer," commented Michael Beley, President of Adriana.

Pilot plant test work done in 1977, at Lakefield Research, on a 21-ton bulk sample collected from the upper units of the North Zone of the deposit, indicated that the deposit is amenable to conventional magnetic separation technology, yielding a good concentrate of 68.5% iron with a silica content of 3.5%, suitable for pelletizing.

Adriana is planning to resume Diamond drilling in 2008 with the intent to complete the remaining 44 holes on the South Zone as recommended by Watts Griffis and McOuat Limited ("WGM"), a Toronto-based firm of independent consulting geologists and engineers, contracted by Adriana to act as technical consultants to the project. Future drilling will test the continuity of the deposit between the South Zone and North Zone as well as test other exploration targets on the property.

Mr. Richard Risto, P.Geo., and WGM Senior Associate Geologist, is the Qualified Person for the Lac Otelnuk Project, as defined in NI 43-101. Mr. Risto has reviewed the technical data disclosed in this press release.

About Lac Otelnuk Iron Project

The Lac Otelnuk Project is located 165 kilometers northwest of Schefferville, Québec, 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 kilometers based on geological and geophysical mapping and exploration drilling in the 1970s. The deposit is nearly flat lying and dips gently to the northeast.

WGM prepared the initial NI 43-101 technical report on the property and consequently is very familiar with the mineralization on the property. This report can be viewed at (file date December 1, 2005). In the report, WGM quoted a historic resource of 623 million tonnes with 33.92% soluble iron and 25.08% magnetic iron within the North Zone and 1.145 billion tonnes of 33.06% soluble iron and 25.76% magnetic iron in the South Zone. The reader should be aware that these historic "mineral resource" estimates were prepared prior to the implementation of NI 43-101 and WGM has neither audited these estimates nor made any attempt to classify them according to NI 43-101 standards or the Council of the Canadian Institute of Mining, Metallurgy and Petroleum definitions ("CIM Standards"). They are presented because the Company and WGM consider them to be relevant and of historic significance. These estimates should not be relied upon and are provided as contextual information only.

About Adriana Resources Inc.

Adriana's goal is to become a fully integrated iron ore producer in Brazil 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


"Michael J. Beley"

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.

Suite 1818 - 701 West Georgia St
Vancouver, BC
Canada V7Y 1C6

Telephone: 604.629.0250
Fax: 604.629.0923
Toll Free: 877.629.0150


Feb 19, 2008: News Releases: Adriana Announces Update on Lac Otelnuk Drill Prog... (more...)

Feb 14, 2008: News Releases: Adriana Announces Brazilian Iron Ore Focus and Pro... (more...)

Jan 17, 2008: News Releases: MIE Project Update (more...)

Jan 15, 2008: News Releases: Adriana Announces Conversion of Convertible Debent... (more...)

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Adriana Resources Inc.

ISIN : CA00735P1062
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Adriana Res. is a iron development stage company based in Canada.

Adriana Res. holds various exploration projects in Brazil, in Canada and in Finland.

Its main exploration properties are MUSTAVAARA in Finland, BRAZORE LTDA and MACKENZIE IGNEOUS EVENT in Brazil and UNAD JV in Canada.

Adriana Res. is listed in Canada, in Germany and in United States of America. Its market capitalisation is CA$ 2.4 millions as of today (US$ 1.9 millions, € 1.7 millions).

Its stock quote reached its highest recent level on May 05, 2006 at CA$ 2.03, and its lowest recent point on October 12, 2023 at CA$ 0.02.

Adriana Res. has 157 554 238 shares outstanding.

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Annual reports of Adriana Resources Inc.
2008 Annual Report
Annual Report 2007
Financings of Adriana Resources Inc.
5/22/2011Continues Negotiations
2/15/2011Announces Signing $28 Million Private Placement With WISCO
12/31/2009Announces Flow-Through Private Placement Closing
12/17/2009Announces C$4 Million Flow-Through Financing and New Chairma...
11/15/2007Announces $30 Million Private Placement
Option Grants of Adriana Resources Inc.
9/18/2009Engages Investor Relations Specialists & Grants Incentive St...
8/19/2009Grants Incentive Stock Options
6/16/2009Grants Incentive Stock Options
6/26/2008Grants Incentive Stock Options
Nominations of Adriana Resources Inc.
4/9/2013The Company Appoints a Director, Metallurgical
3/11/2013Announces Resignation of a Director of the Company
2/4/2013The Company Appoints a Director, Environment and Sustainabil...
7/20/2009Appoints Allen J. Palmiere to Board of Directors
11/20/2008Appoints Director of Port Development for Brazil Operations
6/25/2008Appoints Joseph Fodor as Executive Vice President
5/16/2008Appoints Michael Petrina Vice President Operations
4/2/2008Appoints Paul Yeou to the Board of Directors
Project news of Adriana Resources Inc.
10/23/2013(Lac Otelnuk)The Company Awards Feasibility Study Contract for Lac Otelnu...
8/15/2013(Lac Otelnuk)on Corporate Position And Progress on Lac Otelnuk Project
10/22/2012(Lac Otelnuk)Provides Project Update for Lac Otelnuk
3/20/2011(Lac Otelnuk)Announces Assay Results
1/17/2011(Lac Otelnuk) Adriana Announces Strategic Partnership with WISCO
2/12/2009(Lac Otelnuk)Confirms Lac Otelnuk Iron Deposit Over 22.5 Square Kilometre...
1/29/2009(Lac Otelnuk)Commences Resource Estimate at Lac Otelnuk Iron Project
11/25/2008(Lac Otelnuk)Completes 2008 Exploration Program At Lac Otelnuk Iron Proje...
7/9/2008(Lac Otelnuk)Drills 1,730 Meters at Lac Otelnuk; Completes Geophysics on ...
6/4/2008(Lac Otelnuk)Commences 2008 Diamond Drill Program on the Company's 100% O...
5/29/2008Reaches Milestone in Brazil Port Permitting
4/3/2008(Lac Otelnuk)Reports Results at Lac Otelnuk - Drills 95.8m of 30.4% Fe
2/19/2008(Lac Otelnuk)Announces Update on Lac Otelnuk Drill Program
1/10/2008(Brazore Ltda) Completes Purchase of Brazilian Port Land; Achieves First P...
Corporate news of Adriana Resources Inc.
5/30/2016Adriana Files Financial Statements for the Quarter Ended Mar...
5/9/2016Adriana Provides Shareholder Update
4/1/2016Adriana Announces Change Of Director And Change Of CFO
3/31/2016Adriana Announces Change of Director and Change of CFO
2/26/2016Adriana Files Annual Financial Statements Ended December 31,...
1/4/2016Adriana Funds the Lac Otelnuk Joint Venture beyond 2020
11/6/2015Adriana Files Third Quarter Financial Statements Ended Septe...
8/6/2015Adriana Files Second Quarter Financial Statements ended June...
4/23/2015Adriana announces that it has filed a NI 43-101 Technical Re...
4/23/2015Adriana announces completion of the Feasibility Study on the...
4/22/2015Adriana Announces Completion of the Feasibility Study on the...
3/6/2015Vista Partners Publishes March 2015 Macroeconomic & Investme...
2/26/2015Adriana Files Financial Statements for the Year Ended Decemb...
2/6/2015Vista Partners Publishes February 2015 Macroeconomic & Inves...
11/6/2014Adriana Files Third Quarter ended September 30, 2014
10/21/2014Adriana Announces its Participation in Feasibility Study for...
9/18/2014Adriana Grants Incentive Stock Options
8/8/2014Adriana Files Second Quarter Ended June 30, 2014
7/3/2014Vista Partners Publishes July 2014 Macroeconomic & Investmen...
6/17/2014Adriana Grants Incentive Stock Options
5/8/2014Adriana Announces Results of the Financial Quarter ended Mar...
4/4/2014Vista Partners Publishes April 2014 Macroeconomic & Investme...
10/30/2013Announces Completion of Mineral Resource Estimate
4/13/2011(Lac Otelnuk)Announces Positive Preliminary Economic Assessment on Lac Ot...
1/25/2011Adriana Res. announces grant of 947.500 incentive options at...
12/1/2009BNN - Chinese Demand For Iron Ore - Interview with Adriana C...
11/25/2009Announces Management and Board Changes
8/17/2009Announces Approval Of Amended Arcelormittal Convertible Debe...
7/24/2009Enters into Memorandums of Understanding with a Major Chines...
6/1/2009ArcelorMittal Extends Port Agreement with Adriana
3/9/2009& Stock Research Portal
1/6/2009Arcelormittal Extends Port Agreement with Adriana
11/12/2008Goldbard Cancels Agreement to Acquire MIE Metals Corp.
11/5/2008Iron sector hit by global slowdown
9/12/2008Closes $10 Million Financing
9/10/2008Goldbard Enters Agreement to Acquire MIE Metals Corp.
8/25/2008featured in the Globe and Mail
8/20/2008Partners With ArcelorMittal
8/11/2008Announces $2 Million Financing
7/2/2008We're Moving!
6/20/2008featured in Global Mining Finance
5/9/2008 Shareholders Approve Shareholder Rights Plan
5/9/2008Announces Dr. Anthony Patriarco Joins Board of Directors
4/8/2008 Adopts Shareholder Rights Plan
3/25/2008 Acquires Labrador Trough Iron Prospect
2/20/2008 Signs Letter of Intent with Makivik Corporation
2/14/2008Announces Brazilian Iron Ore Focus and Project Spin-Out
1/15/2008 Announces Conversion of Convertible Debentures
11/22/2007 Closes First Tranche of $30 Million Financing; Exercises Po...
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