Adriana Provides Project Update for Lac Otelnuk
TORONTO, ONTARIO -- (Marketwire) -- 10/22/12 -- Adriana Resources Inc. ("Adriana") - (TSX VENTURE: ADI) is pleased to announce that an additional 174 diamond drill holes totaling 19,100 meters from May to mid-October 2012 have been drilled on the Lac Otelnuk Project in Nunavik Quebec. Adriana owns 40% of Lac Otelnuk Mining Ltd. ("LOM" or "Company") which holds the Lac Otelnuk Property. Drilling in 2012 included 148 BQ delineation and definition holes to expand and upgrade the current mineral resources, ten NQ hydrogeology monitoring wells, eleven NQ geotechnical holes to investigate sub-surface conditions relative to the proposed tailings facility, and five large diameter PQ holes to collect core samples for metallurgical grindability tests. A total of 395 holes (47,745.8 meters) have been drilled on the Lac Otelnuk Property since 2007.
The Company expects to complete the delineation and definition drilling by the end of October and commence demobilization for the winter, but will continue to operate two PQ drilling rigs until December to collect bulk sample material for metallurgical pilot plant testing in early 2013. On completion of BQ drilling and assaying, the Company intends to retain Watts, Griffis and McOuat Limited ("WGM"), Consulting Geologists and Engineers, to update the current National Instrument 43-101 Mineral Resource estimate reported August 8, 2012 on www.sedar.com. The current Resource was estimated by WGM to contain 11.35 billion tonnes of Measured and Indicated Resources and an additional 12.39 billion tonnes of Inferred Resources based on a Davis Tube Weight Recovery cut-off grade of 18%. The Measured and Indicated Resource extends over a continuous strike length of 20 kilometers and the Indicated Resource adds an additional 16 kilometers to the strike length of the deposit.
The Company will also continue with bench-scale metallurgical testing at SGS Canada Inc. ("SGS") to evaluate the effectiveness of using High Pressure Grinding Rollers (HPGRs) as an alternative to Semi-Autogenous Grinding (SAG) to treat the taconite "ore". SGS has also completed Environmental Characterization Tests on "ore, waste rock and tailings" materials relative to mining, processing and waste disposal.
The Company has engaged Golder and Associates to undertake an Environmental and Social Impact Assessment ("ESIA") of the Project, and they have completed the environmental baseline fieldwork. This is the third season that Golder Associates has been working on the Lac Otelnuk Property. Golder and Associates have begun the Social Assessment portion of the ESIA and will be meeting and consulting with the effected communities.
The Company is currently reviewing all potential infrastructure solutions and is in the process of selecting an engineering firm to move forward with a feasibility study. We are anticipating that the feasibility study will begin before year end.
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding Adriana, 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 including, without limitation, changes in the world wide price of mineral commodities and currency fluctuations, general market conditions, the uncertainty of future profitability and access to sufficient capital. 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.
Contacts:
Adriana Resources Inc.
Allen Palmiere
President & CEO
416-363-2200
apalmiere@adrianaresources.com
Adriana Resources Inc.
Connie Dos Santos
Director, Investor Relations
416-363-2200
cdossantos@adrianaresources.com
www.adrianaresources.com
