Adriana Resources Inc.

Adriana Resources Inc.

November 20, 2008 12:24 ET

Adriana Provides Update on Accelerated Permitting Process for Brazilian Iron Ore Port Facility Project

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 20, 2008) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI) is pleased to announce a progress update on its iron ore port facility development project (the "Port") located in Sepetiba Bay, approximately 70 kilometers west of Rio de Janeiro in the State of Rio de Janeiro, Brazil. The Port is controlled through Brazore Ltda. ("Brazore"), of which the Company can earn up to a 75% interest. Adriana has earned 60% to date, with the remainder owned by Athena Resources L.L.C., a private investment firm based in New York, USA. Additionally, as stated in the press release dated August 20, 2008, ArcelorMittal, the world's leading steel company retains the right to acquire 80% of the Port upon the completion of a Definitive Agreement.

By a decree published on October 6, 2008 by Sergio Cabral, the Governor of the State of Rio de Janeiro, a Technical Group ("TG") has been formed to study the impacts of various port development projects in Sepetiba Bay. The stated objective of the TG is to harmonize private interests with the economic development policies of the State of Rio de Janeiro. The TG will analyze and make recommendations with respect to the significant environmental, economical and social impacts that may be brought about by the port development projects. Brazore has been invited to make a presentation of its port development project to the TG and anticipates making this presentation in mid December, 2008.

Michael Beley, President and CEO of the Company, stated, "Adriana welcomes the State's decision to respond to the urgency of dealing with the need for port capacity in Sepetiba Bay by providing a transparent and accelerated process. The formation of the Technical Group provides Brazore an opportunity to present its significant development proposal for its iron ore port facility located in the State of Rio de Janerio. Mr. Guilherme Andrade, recently appointed as Director of Port Development for Brazore, will play an integral role in defining Brazore's strategy to develop a world-class multi-use port. Mr. Andrade brings the extensive port development and operational experience in Brazil that is key to the ongoing port development proposal. Brazore, together with its strategic partner, look forward to developing a long standing relationship with the local communities, state and federal government associations. Adriana is committed to approaches that support long term sustainable development and continues to strive to become a leader in environmental and social responsibility."

The TG is made up of representatives of the State Economical Development, Energy, Industry and Services Secretariat (SEDEIS) and the State Environmental Secretariat (SEA) and is intended to provide an expedited process that balances economical, social and environmental interests. The TG has been asked to make its recommendations with respect to the port development projects in Sepetiba Bay within 90 days from the published date of the decree. Inherent in the analysis of the various port development projects is the wish of the State to not only efficiently rationalize the number of projects but as well to ensure that the needs for port capacity by both major and independent mining companies are addressed. In view of that goal, Brazore, together with its strategic partner, intends to enter into discussions with one or more of the other port development proponents who are seen to be logical potential partners.

About Adriana Resources Inc.

Adriana's goal is to become a fully integrated iron ore producer through strategic partnerships, acquisitions and development projects. The continued development of its iron ore port facility in Brazil will be a significant milestone in advancing that goal. Adriana is committed to the acquisition of iron ore assets in southeast Brazil that are strategically located and able to access the port. The Company is continuing development of its 100% owned Lac Otelnuk, December Lake and Bedford iron properties in Quebec and Labrador & Newfoundland, respectively. Adriana's management and technical team continue to review other opportunities to further enhance the Company's position as "The New Player in Iron Ore".


Michael J. Beley, President

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.

Contact Information

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