Adriana Resources Inc.

Adriana Resources Inc.

November 07, 2013 08:30 ET

Adriana Files Third Quarter Ended September 30, 2013

TORONTO, ONTARIO--(Marketwired - Nov. 7, 2013) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI) reported it has filed its condensed consolidated financial statements for the three and nine months ended September 30, 2013 and the related Management Discussion and Analysis ("MD&A"). Both documents are available on SEDAR.

As at November 6, 2013, Adriana had cash and cash equivalents of $42 million.

Lac Otelnuk Mining Ltd. ("LOM"), a joint venture company with WISCO International Resources Development & Investment Limited ("WISCO"), of which Adriana owns 40% and WISCO owns 60%, had $19.7 million in cash and cash equivalents as at November 6, 2013.

On October 23, 2013, the Company announced that LOM awarded SNC-Lavalin Inc. the contract to provide a feasibility study for the Lac Otelnuk Project. The feasibility study is expected to cost approximately $13 million, and LOM management expects the feasibility study to be completed by the end of September 2014.

On October 30, 2013, the Company announced the completion of a new National Instrument 43-101 Standards of Disclosure for Mineral Projects Mineral Resource estimate (the "Estimate") using information from the historic and most recent drilling programs on the Lac Otelnuk Project. The Estimate was completed by Watts, Griffis and McOuat Limited, Consulting Geologists and Engineers of Toronto, Canada.

A copy of the October 23 and October 30, 2013 press releases are available on SEDAR.


Allen J. Palmiere, President and CEO

Certain information regarding the Company may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Certain important risk factors could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements. 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.

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