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Published in Stocks and Investing on Thursday, December 31st 2009 at 10:00 GMT by Market Wire
TORONTO, ONTARIO--(Marketwire - Dec. 31, 2009) - Adriana Resources Inc. ("Adriana" or the "Company")(TSX VENTURE:ADI) announces that it has closed the first tranche of a non-brokered private placement of 1,350,000 flow-through common shares at $0.89 per share (the "Offering") for gross proceeds of C$1,201,500. All securities issued under the Offering will be subject to a four-month hold period expiring on May 1, 2010. Finder's fees totaling 5% of the gross proceeds of the Offering are payable by the Company to certain third parties. Proceeds from the Offering will be used by the Company to fund exploration expenditures to increase and upgrade mineral resources on its Lac Otelnuk project in Quebec.
Adriana is currently focused on the advancement of its Lac Otelnuk world-class iron ore deposit located in the Labrador Trough, Nunavik Quebec. The Company issued a National Instrument 43-101 compliant Technical Report and Mineral Resource Estimate pursuant to which the following mineral resource estimates were defined for the South Zone of the property:
| Resource Classification for the South Zone of the Property | Tonnes (in Billions) | %Fe Head | DTWR % | % SiO2 | %Fe DTC |
| Indicated | 4.29 | 29.08 | 27.26 | 3.53 | 68.00 |
| Inferred | 1.97 | 29.24 | 26.55 | 3.51 | 68.12 |
A copy of the Report was filed on SEDAR on May 7, 2009 and is available under the Company's SEDAR profile at [ www.sedar.com ]. The Report is subject to the assumptions and conditions set out therein.
Mr. Frank Condon, P.Eng., a director of the Company and also a QP, has reviewed and approved the disclosure contained in this news release.
ON BEHALF OF ADRIANA RESOURCES INC.
"Allen J. Palmiere"
President and CEO
Certain information regarding the Company, including the Company's plans to increase and upgrade mineral resources and management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Without limitation, statements relating to potential mineralization and resources, mining exploration and development, future plans and objectives of the Company and imprecision of mineral resources estimates, are forward looking statements that involve various degrees of risk. 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, risks inherent in mineral exploration, development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, environmental risks, access to labour and services and competition from other companies. 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.
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 press release.
