Adriana Completes Purchase of Brazilian Port
Land; Achieves First
Resources Inc. (the "Company" or "Adriana") - TSX-V:
ADI announces that it has completed the
purchase of Lots 1 and 2 of real property in Brazil comprising 771,818
square meters of contiguous shoreline land in Brazil for the development of
the Company's proposed iron ore port facility. The purchase was completed
through the Company's 75% owned subsidiary, Brazore Holdings Ltd., as
previously announced on August 22, 2007. The purchase of the adjacent Lot 3 comprising 85,757 square meters is expected to
be completed during the first quarter of 2008.
The Company completed the land acquisition utilizing proceeds from the $20
million non-brokered private placement of 18,181,817 common shares at $1.10
per share announced on November 14, 2007 and November 22, 2007. These funds
are now out of escrow.
The Environmental Regulatory Body of the State of Rio de Janeiro, Brazil
has announced in the Official Gazette, the formation of a working group
which will oversee the environmental studies related to the Company's iron
port facility. The "Gazetting" is equivalent to obtaining the
Preliminary License, as described in the Company's news release dated
September 24, 2007.
The Company's Brazilian environmental consultant, Acioli Pimentel Servi�os
de Engenharia Ltda. ("Acioli Pimentel"), has been engaged to
prepare an Environmental Impact Statement ("EIS") as part of the
licensing process in Brazil.
The EIS will include the environmental impact on the land and the coastal
waters where the proposed port facility will operate, and focus on the
effects of dredging the operating areas for the vessels and the impact on
the environment by the land installations. The study will also identify
possible mitigation and compensation measures that the Company may be
required to comply with in connection with the construction of the port
facility. The Company expects to obtain an Installation License in six to
nine months. This would allow for construction of the port to commence.
About Adriana Resources Inc.
Adriana's goal is to become an integrated iron ore producer in Brazil
through continued development of its iron ore port facility and through
acquisition of iron ore mineral resources. Adriana has mineral exploration
projects in Nunavut, Canada, an advanced iron ore project in Quebec, Canada
and is advancing an iron-vanadium development project in Finland. The
individuals comprising Adriana's Board of Directors have a proven record in
identifying and successfully developing mineral deposits through to
For more information, contact Robert Ferguson at (604) 629-0250 or toll
free at 1-877-629-0150 or visit the Company's website at
ON BEHALF OF ADRIANA RESOURCES INC.
"Michael J. Beley"
This release includes certain
statements that may be deemed "forward-looking statements". All
statements in this release that address future financings are
forward-looking statements. Investors are cautioned that any such
statements are not guarantees of future performance and that actual results
or developments may differ materially from those projected 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
Canada V7Y 1C6
Toll Free: 877.629.0150
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