Adriana Enters into Memorandums of Understanding with a Major Chinese Steel Company
Adriana Resources Inc. ("Adriana" or the "Company") - (TSX-V: ADI, WKN: A0F7EL) is pleased to announce that it has entered into two memorandums of understanding (together the "MOUs" and individually, a "MOU") with a major Chinese steel company ("Steel Co.").
Lac Otelnuk Project MOU
The first MOU addresses the Company's Lac Otelnuk iron ore property in Northern Qu�bec (the "Lac Otelnuk Project"). Steel Co. and Adriana have agreed to cooperate to bring the Lac Otelnuk Project into production, subject to (i) the negotiation and entering into of a definitive agreement and (ii) applicable regulatory approval.
As disclosed in the Company's news releases of March 23, 2009 and May 7, 2009, the Company completed a National Instrument 43-101 compliant mineral resource estimate and technical report (the "Report"). Pursuant to the Report, the following mineral resource estimate was defined:
A copy of the Report is available under the Company's SEDAR profile available at www.sedar.com. The Report is subject to the assumptions and conditions set out therein.
Brazil Iron Ore and Port MOU
Pursuant to the second MOU, Steel Co. and Adriana have agreed to cooperate on the investigation and acquisition of iron ore projects in Brazil and if projects are acquired the parties have further agreed to potentially cooperate with respect to the development of the Company's proposed deepwater port located in Brazil.
The terms of the cooperation are subject to (i) Steel Co. obtaining iron ore resources in Brazil, (ii) the negotiation and entering into of a definitive agreement (iii) applicable regulatory approval, (iv) the terms of the "Port Agreement". Further details of the "Port Agreement" are summarized in the Company's news releases dated August 20, 2008, January 6, 2009, April 22, 2009 and June 1, 2009, copies of which are available under the Company's SEDAR profile available at www.sedar.com.
The MOUs are non-binding and there can be no assurances that the definitive agreements will be successfully negotiated and executed, if at all.
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 Qu�bec, Canada.
For more information, contact Allen Palmiere at (416) 363-2200 or apalmiere@adrianaresources..com or visit the Company's website at www.adrianaresources.com.
Mike Petrina, P. Eng., Vice President Operations 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.
ON BEHALF OF ADRIANA RESOURCES INC.
(signed) "Allen J. Palmiere"
President and CEO
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 and permitting 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. Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise. A feasibility study has not been completed and there is no certainty the disclosed targets will be reached nor that the proposed operations will be economically viable.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
You can also view this News Release on our website at:
Suite 1580, One Bentall Centre
505 Burrard Street, Box 72
Canada V7Y 1C6
Toll Free: 877.629.0150
Jul 24, 2009: News Releases: Adriana Enters into Memorandums of Understanding w... (more...)
Jul 20, 2009: News Releases: Adriana Appoints Allen J. Palmiere to Board of Dir... (more...)
Jun 16, 2009: News Releases: Adriana Grants Incentive Stock Options (more...)
Jun 15, 2009: News Releases: Adriana Appoints Allen J. Palmiere as New Presiden... (more...)