Lac Otelnuk Property-Limited Notice to Proceed
TORONTO, ONTARIO -- (Marketwire) -- 02/27/13 -- Adriana Resources Inc. ("Adriana") - (TSX VENTURE: ADI) is pleased to announce the award of a Limited Notice to Proceed ("LNTP Agreement") to SNC-Lavalin Inc. ("SNC-Lavalin"), for Lac Otelnuk Mining Ltd. ("LOM" or "Company"). Adriana owns 40% of LOM which is a joint venture company with WISCO International Resources Development & Investment Limited ("WISCO") which in turn holds the Lac Otelnuk Property in Nunavik, Quebec.
Under the LNTP Agreement, SNC-Lavalin will review production options, proceed with a metallurgical evaluation, and conduct trade-off studies. LOM and SNC-Lavalin are currently discussing a definitive agreement which, if executed by both parties, would provide for the preparation by SNC-Lavalin of a Feasibility Study ("FS") for the Lac Otelnuk Property. Allen J. Palmiere, President & CEO, said "SNC-Lavalin is a recognized leader in the industry and with the company's expertise, we are confident that we can move this project forward. The LNTP Agreement is welcome news for the Company and I anticipate an exciting year ahead."
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding Adriana and LOM, 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
