Adriana Resources Inc.
TSX VENTURE : ADI

Adriana Resources Inc.

October 19, 2007 09:30 ET

Adriana Signs Proposal for Iron Ore Port Design and Procurement

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Oct. 19, 2007) - Adriana Resources Inc. (the "Company" or "Adriana") (TSX VENTURE:ADI) has accepted a proposal from Seabulk Systems Inc. ("Seabulk") of Richmond, British Columbia, to provide engineering services through the permitting, design and procurement stages of the proposed Brazilian iron ore port facility held by the Company's 75% owned subsidiary, Brazore Holdings Ltd. ("Brazore").

Seabulk is currently working with Acioli Pimentel Servicos de Engenharia Ltda., the Brazilian firm who are undertaking all technical and legal consulting services required as part of the environmental approval process. Seabulk's services in this stage will include directing local consultants to organize field work and oversee geotechnical and surveying contractors. Seabulk has been and will continue to undertake these duties on an as required basis.

Seabulk has also agreed to undertake the design of the barge loading terminal including site work, railcar receiving, ore storage and reclamation and barge loading. The design is expected to take approximately six months from instructions to proceed and is estimated to cost approximately $600,000. The engineering work will commence in conjunction with the ongoing environmental permitting and geotechnical work which is estimated also to take approximately six months. The advancement of these studies will allow the bidding process and construction of the port facility to commence immediately upon the receipt of the environmental permits. Seabulk will also work closely with Brazore to procure major equipment such as the railcar dumper, stacker and the barge loader.

Adriana has expertise in exploration, development and commercialization of mineral resources and Seabulk brings expertise in the area of engineering and development of ports and dry bulk shipping solutions. The combination of the two partners create an integrated solutions resource-based enterprise fully capable of mining ore and delivering ore products to the end user.

About Seabulk Systems Inc.

Seabulk Systems Inc. specializes in providing bulk transportation logistic solutions. Through a process of value engineering, Seabulk develops innovative and cost-effective materials handling systems for ports, mines, quarries, shippers and ship operators. A turnkey 'design and build' contractor, Seabulk has worked with clients to help reduce up-front and maintenance costs, improve flexibility in cargo handling and address environmental concerns. After assessing a client's needs, Seabulk's engineers are involved in the planning, development, construction and operation of original prototype systems that produce decisive cost benefits. As industry innovators, Seabulk Systems is changing the way the world moves its materials - and improving transportation systems around the world.

About Adriana Resources Inc.

Adriana Resources Inc. is a mineral exploration and development company with advanced and early staged mineral projects in Brazil, Finland and Canada. The individuals comprising Adriana's Board have a proven record in identifying and successfully developing mineral deposits through to production. Adriana is focused on developing a world class iron ore port facility in Brazil and bringing our advanced mineral project in Finland to production.

ON BEHALF OF ADRIANA RESOURCES INC.

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 and permitting, 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 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