Adriana Resources Inc.
TSX VENTURE : ADI

Adriana Resources Inc.

November 28, 2006 16:15 ET

Adriana Closes $990,000 Private Placement; Amends Otelnuk Option Agreement

VANCOUVER, BRITISH COLUMBIA--(CCNMatthews - Nov. 28, 2006) - Adriana Resources Inc. (the "Company") (TSX VENTURE:ADI) announces it has closed a non-brokered private placement for proceeds of $990,000. The private placement consisted of 1,100,000 flow through shares priced at $0.90 per share. The shares are subject to a hold period expiring March 27, 2007. No warrants were issued and no finder's fee was paid in connection with the financing. Proceeds of the financing will be used for continued exploration of the Company's mineral properties in Nunavut and Quebec.

The Company has also executed a Letter Agreement to the Option Agreement between the Company and Bedford Resource Partners Inc. ("Bedford") originally announced on December 2, 2005 and an Amendment Agreement originally announced on August 4, 2006. The Company has agreed, subject to regulatory approval, to issue 194,800 common shares to the property vendor for the first years advance royalty payment of $150,000 at a deemed price of $0.77 per share. The Company and Bedford are working together to explore and develop the Lac Otelnuk Iron Property. Copies of the agreements can be found on www.sedar.com.

About Adriana Resources Inc.

Adriana Resources Inc. is a mineral exploration and development company with advanced and early staged mineral projects in Canada and Finland. The individuals comprising Adriana's Board have an impressive record in their previous associations in identifying and successfully developing mineral deposits through to production.

ON BEHALF OF ADRIANA RESOURCES INC.

Michael J. Beley, President


The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy of this release.

Contact Information

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