Adriana Resources Inc.
TSX VENTURE : ADI

Adriana Resources Inc.

January 15, 2008 12:01 ET

Adriana Announces Conversion of Convertible Debentures

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 15, 2008) - Adriana Resources Inc. (the "Company" or "Adriana") (TSX VENTURE:ADI) announces the conversion of the $5,000,000 unsecured convertible subordinated debenture (the "Debenture") that was issued on October 17th, 2007 to Patriarco Holdings Ltd. ("Patriarco").

The Company issued 4,844,762 common shares to Patriarco, consisting of 4,761,905 shares that were converted at a share price of $1.05, and 82,857 shares that were converted at a share price of $1.03 for interested accrued from the Debenture. Upon conversion, Patriarco will own 17.17% of the issued and outstanding shares of the Company.

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 production.

ON BEHALF OF ADRIANA RESOURCES INC.

Michael J. Beley, President

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.

Contact Information

  • Adriana Resources Inc.
    Ali Sinawi
    (604) 629-0250 or Toll Free: 1-877-629-0150
    or
    Adriana Resources Inc.
    Robert Ferguson
    (604) 629-0250 or Toll Free: 1-877-629-0150
    (604) 629-0923 (FAX)
    Website: www.adrianaresources.com