Adriana Resources Inc.

Adriana Resources Inc.
Goldbard Capital Corporation

November 12, 2008 09:30 ET

Adriana Resources Inc.: Goldbard Cancels Agreement to Acquire MIE Metals Corp.

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2008) - Adriana Resources Inc. ("Adriana") (TSX VENTURE:ADI) and Goldbard Capital Corporation ("Goldbard" or the "Company") (TSX VENTURE:GDB.P) announce that due to current market conditions Goldbard will not be proceeding with the acquisition (the "Transaction") of all the issued and outstanding shares of MIE Metals Corp. ("MIE"), a wholly owned subsidiary of Adriana, as announced on September 9th, 2008. Adriana will continue to review options to find a strategic partner for the MIE Ni-Cu-PGE and Uranium advanced projects.

"The Company continues to focus on advancing the development of its iron ore port facility in Brazil, its significant iron ore projects in Quebec and its vanadium-iron project in Finland," commented Michael Beley, President and CEO of Adriana.

For further information on the cancellation of the Transaction please contact:

Goldbard Capital Corporation
Jesse Kaplan
Vice President & Secretary
Telephone: 646-218-1400
Fax: 646-218-1401

MIE Metals Corp.
Gordon Addie
President & Chief Executive Officer
Telephone: 778-945-2140
Toll-free: 877-945-2140

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 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)