Adriana Resources Inc.

Adriana Resources Inc.

June 01, 2009 08:41 ET

ArcelorMittal Extends Port Agreement With Adriana

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 1, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") - (TSX VENTURE:ADI) announces that further to the Company's news releases dated August 20, 2008 (the "August News Release"), January 6, 2009 and April 22, 2009, the Company and ArcelorMittal have agreed to amend the current Port Agreement (as such term is defined in the August news Release). The principal amendments include:

- A commitment by ArcelorMittal to fund a significant portion of Adriana's monthly costs incurred in connection with its port permitting process in Brazil;

- A commitment by ArcelorMittal to fund 80% of substantial third party consultant costs incurred in connection with Adriana's port permitting process in Brazil;

- Deferral of annual interest payments due to ArcelorMittal and subject to the approval of the TSX Venture Exchange, the extension of the unsecured convertible debenture dated September 10, 2008, issued by Adriana in favour of ArcelorMittal for a period of one year; and

- Extension of the Port Agreement for a period of 6 months (to November 30, 2009) to be followed by further extensions of 6 months if required.

"The Company continues to work closely with ArcelorMittal to advance its port development project in Brazil, and is pleased with ArcelorMittal's commitment in assisting Adriana to fund the advancement of the project through the combination of cash payments and interest deferrals," Michael Beley, President and CEO of the Company stated.

The Port Agreement is subject to applicable regulatory and corporate approvals and the negotiation and execution of a definitive agreement by the parties. Full details on the Port Agreement can be found in the August News Release, available at

About ArcelorMittal

ArcelorMittal is the world's leading steel company, with operations in more than 60 countries.

ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.

Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognises that it has a significant responsibility to tackle the global climate change challenge; it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.

In 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10 per cent of world steel output.

ArcelorMittal is listed on the stock exchanges of Paris (MT), Amsterdam (MT), New York (MT), Brussels (MT), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).

For more information about ArcelorMittal visit: or to obtain a copy of the Early Warning Report filed by ArcelorMittal pursuant to applicable securities laws, please contact:

ArcelorMittal Corporate Communications

Giles Read (Head of Media Relations) +44 20 3214 2845
Arne Langner +352 4792 3120
Jean Lasar +352 4792 2359
Lynn Robbroeckx +352 4792 3193

About Adriana Resources Inc.

Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.


Michael J. Beley, President and CEO

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 and permitting 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.

Forward-looking statements are based on the expectations and opinions of the Company's management on the date the statements are made. The assumptions used in the preparation of such statements, although considered reasonable at the time of preparation, may prove to be imprecise and, as such, undue reliance should not be placed on forward-looking statements. The Company expressly disclaims any intention or obligation to update or revise any forward-looking statements whether as a result of new information, future events or otherwise.

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 of accuracy of this release.

Contact Information

  • Adriana Resources Inc.
    Robert Ferguson
    1 (604) 629-0250 or toll free at + 1 (877) 629-0150
    Adriana Resources Inc.
    Ali Sinawi
    1 (604) 629-0250 or toll free at + 1 (877) 629-0150