Adriana Resources Inc.

Adriana Resources Inc.

June 15, 2009 16:01 ET

Adriana Appoints Allen J. Palmiere as New President & CEO

VANCOUVER, BRITISH COLUMBIA--(Marketwire - June 15, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI) is pleased to announce the appointment of Allen J. Palmiere as the Company's new President and Chief Executive Officer. Michael Beley, the current President and Chief Executive Officer, has stepped-down from such positions and will take on the new position of Chairman of the Board.

Mr. Palmiere brings over 35 years of extensive experience in senior executive and leadership roles in the mining industry. Prior to joining Adriana, Mr. Palmiere held the positions of Chairman and also President and CEO of HudBay Minerals Inc. Mr. Palmiere also previously served as Treasurer of Northgate Exploration Ltd., Chief Executive Officer and Chief Financial Officer of Breakwater Resources Ltd., Chief Financial Officer of Zemex Corporation, and Executive Chairman of Barplats Investments Limited.

"I look forward to the challenges of this new role including working with the experienced team that has been established," said Mr. Palmiere. "This is an exciting time for Adriana, as significant progress has been made in reaching its goal of becoming a fully integrated iron ore producer. Adriana, with its new additions to the Board of Directors, and its management team, will be developing its new corporate strategy to build upon the foundation that is in place and to move forward to create additional significant value in its iron ore assets and development projects."

The Company wishes to thank Michael Beley for his hard work, leadership and contribution over the past four years and his continued support and guidance in his new role as Chairman. Mr. Beley was able to build solid relationships and partnerships with strategic industry leading companies that are now assisting Adriana to advance its projects to position the Company to become a significant player in the iron ore industry.

"As the largest shareholder of Adriana, Worldlink (Canada) Resources Ltd. ("Worldlink") welcomes the new addition of Allen Palmiere to the executive management team of Adriana and is pleased to see Michael Beley remain with the Company as Chairman. Mr. Palmiere's solid track record of elevating a company's position in the marketplace and enhancing shareholder value will play a key role in advancing the overall corporate strategy at Adriana," commented Paul Yeou, President of Worldlink.

"Mr. Palmiere is recognized as an aggressive leader by bringing a new level of management and making significant contributions at each of the companies he has worked. His extensive management and operational experience, combined with his proven leadership skills, will play a key role as Adriana advances its corporate strategy at each of the Company's iron projects and continues to expand into the future. Allen is a great addition to the team at Adriana, and the directors and the entire management team join me in welcoming Allen to his new position," said Michael Beley, new Chairman of the Board.

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, Chairman

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 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)