Adriana Resources Inc.

Adriana Resources Inc.

February 20, 2008 11:17 ET

Adriana Signs Letter of Intent with Makivik Corporation

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 20, 2008) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI) is pleased to announce that in January 2008 the Company signed a Letter of Intent ("LOI") with Makivik Corporation ("Makivik") that establishes a committee that will serve as the formal forum for communications between Adriana and Makivik. Under the LOI, Adriana agrees to foster communications with Nayumivik Landholding Corporation of Kuujjuaq, the Northern Village of Kuujjuaq and the Kativik Regional Government.

Makivik is the development corporation mandated to manage the heritage funds of the Inuit of Nunavik provided for in the James Bay and Northern Quebec Agreement (JBNQA). Makivik's role includes the administering and investment of these funds, and in promoting economic growth through the assistance of the creation of businesses run by Inuit in Nunavik. Makivik promotes the preservation of Inuit culture and language as well as the health, welfare, relief of poverty, and education of Inuit in the communities.

Michael Beley, President of Adriana states, "This agreement establishes the Company's commitment to community education and involvement with respect to our activities in their region. This is a foundation for transparency of our activities that will have a social and economic impact on the community of Kuujjuaq, and throughout the Nunavik region."

About Adriana Resources Inc.

Adriana's goal is to become a fully integrated iron ore producer in Brazil 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