SOURCE: Vista Partners LLC

Vista Partners LLC

December 04, 2013 09:15 ET

Vista Partners Initiates Coverage on Adriana Resources Inc. (TSX-V: ADI, OTC: ANARF); Target Price U.S. $1.30 / CAD $1.36

SAN FRANCISCO, CA--(Marketwired - Dec 4, 2013) - Vista Partners announced today that it has initiated coverage on Adriana Resources Inc. (TSX VENTURE: ADI) (PINKSHEETS: ANARF) ("The Company," or "ADI"); with a twelve month target price of U.S. $1.30 / CAD $1.36. Ross Silver, Principal Analyst at Vista Partners, stated, "Of significance when thinking about the Lac Otelnuk Mining Ltd. ("LOM") project is the defined resource (in all categories) of 27.48 billion tonnes and the potential of being able to potentially produce 50 million tonnes per annum for 100+ years. To put this resource into perspective, ALL of India's iron ore deposits add up to 28.5 billion tonnes. In addition, these are high grade (67.5% Fe) pellets. According to the Company, the LOM project is the largest discrete iron ore deposit in Québec and one of the largest in the world." Mr. Silver concludes, "ADI has a negative enterprise value, which means their current cash balance is greater than the market cap as of the date of the publishing of this report. In other words, the company currently has more cash per share on the balance sheet than the current share price."

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About Vista Partners:
Vista Partners LLC, founded in 2005, is a Registered Investment Advisor in the States of California and Oregon. The firm's professional staff has backgrounds in finance, corporate communications and investment banking.

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