Adriana Resources Inc.

Adriana Resources Inc.

November 11, 2010 16:07 ET

Adriana Announces Closing of Second Tranche Non-Brokered Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 11, 2010) - Adriana Resources Inc. ("Adriana" or the "Company") - (TSX VENTURE:ADI) is pleased to announce that it has closed the second tranche of its non-brokered private placement (the "Private Placement") today by issuing 13,108,107 Common Shares of the Company at a price of $0.37 per share for gross proceeds of approximately $4.8 million. This brings the total proceeds received to $6.8 million and the total number of shares issued pursuant to the private placement to 18,513,511 Common Shares. The Company expects to close the final tranche of the Private Placement prior to the end of November. In connection with the completion of the Private Placement, the Company will pay a finder's fee in the amount of $560,000.

All securities issued pursuant to the Private Placement will be subject to a four-month hold period from the date of the closing.

Adriana will continue to focus on developing strategic relationships with third parties to advance our Lac Otelnuk Property located in the Labrador Trough, Nunavik, Québec and to maximize the potential of the deep sea port facility located in the state of Rio de Janeiro, of Brazil.


Allen J. Palmiere, President and CEO

Certain information regarding the Company, including the completion of the Private Placement, the Company's plans to increase and upgrade mineral resources and management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Without limitation, statements relating to potential mineralization and resources, exploration results, mining and development, future plans and objectives of the Company and imprecision of mineral resources estimates, are forward-looking statements that involve various degrees of risk. Certain important risk factors could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements including, without limitation, changes in the world wide price of mineral commodities and currency fluctuations, general market conditions, the uncertainty of future profitability and access to sufficient capital, risks inherent in mineral exploration, development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, environmental risks, access to labour and services and competition from other companies. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and caution should be exercised on placing undue reliance on forward looking information.

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 or accuracy of this press release.

Contact Information