Adriana Resources Inc.

Adriana Resources Inc.

August 11, 2008 09:15 ET

Adriana Announces $2 Million Financing

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 11, 2008) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI) announces it has arranged, subject to regulatory approval, a non-brokered private placement for proceeds of $2,000,000. The private placement consists of 2,352,941 flow-through shares priced at $0.85 per share. No warrants will be issued in connection with the private placement. The shares will be subject to hold periods in accordance with TSX Venture Exchange policies and applicable securities laws. The Company anticipates paying finders fees on funds sourced to eligible finders in respect of certain shares placed under the financing. Proceeds of the financing will be used for continued drilling and exploration of the Company's Lac Otelnuk property in Quebec and the Bedford prospect in Newfoundland and Labrador that will qualify as Canadian Exploration Expenses (CEE) in accordance with the Income Tax Act (Canada) and be renounced for the 2008 taxation year.

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

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 accuracy or adequacy 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)