TORONTO, ONTARIO--(Marketwire - Feb. 27, 2013) - Adriana Resources Inc. ("Adriana") - (News - Market indicators) is pleased to announce the award of a Limited Notice to Proceed ("LNTP Agreement") to SNC-Lavalin Inc. ("SNC-Lavalin"), for Lac Otelnuk Mining Ltd. ("LOM" or "Company"). Adriana owns 40% of LOM which is a joint venture company with WISCO International Resources Development & Investment Limited ("WISCO") which in turn holds the Lac Otelnuk Property in Nunavik, Québec.
Under the LNTP Agreement, SNC-Lavalin will review production options, proceed with a metallurgical evaluation, and conduct trade-off studies. LOM and SNC-Lavalin are currently discussing a definitive agreement which, if executed by both parties, would provide for the preparation by SNC-Lavalin of a Feasibility Study ("FS") for the Lac Otelnuk Property. Allen J. Palmiere, President & CEO, said "SNC-Lavalin is a recognized leader in the industry and with the company's expertise, we are confident that we can move this project forward. The LNTP Agreement is welcome news for the Company and I anticipate an exciting year ahead."
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding Adriana and LOM, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Certain important risk factors could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements including, without limitation, changes in the world wide price of mineral commodities and currency fluctuations, general market conditions, the uncertainty of future profitability and access to sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and caution should be exercised on placing undue reliance on forward looking information.