Goldbard Cancels Agreement to Acquire
MIE Metals Corp.
Adriana Resources Inc. ("Adriana") - (TSX-V: ADI) and Goldbard Capital Corporation ("Goldbard" or the "Company") (TSX-V:GDB.P) announce that due to current market conditions Goldbard will not be proceeding with the acquisition (the "Transaction") of all the issued and outstanding shares of MIE Metals Corp. ("MIE"), a wholly owned subsidiary of Adriana, as announced on September 9th, 2008. Adriana will continue to review options to find a strategic partner for the MIE Ni-Cu-PGE and Uranium advanced projects.
"The Company continues to focus on advancing the development of its iron ore port facility in Brazil, its significant iron ore projects in Quebec and its vanadium-iron project in Finland," commented Michael Beley, President and CEO of Adriana.
For further information on the cancellation of the Transaction please contact:
Goldbard Capital Corporation
Vice President & Secretary
MIE Metals Corp.
President & Chief Executive Officer
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"
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.
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
Nov 12, 2008: News Releases: Goldbard Cancels Agreement to Acquire MIE Metals C... (more...)
Sep 11, 2008: News Releases: Adriana Closes $10 Million Financing (more...)
Sep 10, 2008: News Releases: Goldbard Enters Agreement to Acquire MIE Metals Co... (more...)
Aug 29, 2008: News Releases: Adriana Closes $2 million financing (more...)