Adriana Resources Inc.

Adriana Resources Inc.

January 10, 2008 11:21 ET

Adriana Completes Purchase of Brazilian Port Land; Achieves First Permitting Milestone

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 10, 2008) - Adriana Resources Inc. (the "Company" or "Adriana") (TSX VENTURE:ADI) announces that it has completed the purchase of Lots 1 and 2 of real property in Brazil comprising 771,818 square meters of contiguous shoreline land in Brazil for the development of the Company's proposed iron ore port facility. The purchase was completed through the Company's 75% owned subsidiary, Brazore Holdings Ltd., as previously announced on August 22, 2007. The purchase of the adjacent Lot 3 comprising 85,757 square meters is expected to be completed during the first quarter of 2008.

The Company completed the land acquisition utilizing proceeds from the $20 million non-brokered private placement of 18,181,817 common shares at $1.10 per share announced on November 14, 2007 and November 22, 2007. These funds are now out of escrow.

The Environmental Regulatory Body of the State of Rio de Janeiro, Brazil has announced in the Official Gazette, the formation of a working group which will oversee the environmental studies related to the Company's iron port facility. The "Gazetting" is equivalent to obtaining the Preliminary License, as described in the Company's news release dated September 24, 2007.

The Company's Brazilian environmental consultant, Acioli Pimentel Servicos de Engenharia Ltda. ("Acioli Pimentel"), has been engaged to prepare an Environmental Impact Statement ("EIS") as part of the licensing process in Brazil. The EIS will include the environmental impact on the land and the coastal waters where the proposed port facility will operate, and focus on the effects of dredging the operating areas for the vessels and the impact on the environment by the land installations. The study will also identify possible mitigation and compensation measures that the Company may be required to comply with in connection with the construction of the port facility. The Company expects to obtain an Installation License in six to nine months. This would allow for construction of the port to commence.

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.


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.
    Robert Ferguson
    (604) 629-0250 or Toll Free: 1-877-629-0150
    (604) 629-0923 (FAX)