TORONTO, ONTARIO, Nov. 19, 2010 (Marketwire) -- (TSX VENTURE:ADI) wishes to clarify reports from media sources originating from China that the Company has entered into a preliminary agreement with Wuhan Iron and Steel for the development of the Lac Otelnuk project in northern Quebec. The Company has been in discussions with potential joint venture partners, however at this time the Company has not entered into a binding agreement for the development of the project. Discussions are continuing and should they result in a definitive agreement, the Company will make the appropriate disclosure.
Adriana will continue to focus on developing strategic relationships with third parties to advance our Lac Otelnuk Property located in the Labrador Trough, Nunavik, Quebec and to maximize the potential of the deep-sea port facility located in the state of Rio de Janeiro, Brazil.
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding the Company, including the Company's plans to increase and upgrade mineral resources and management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Without limitation, statements relating to potential mineralization and resources, exploration results, mining and development, future plans and objectives of the Company and imprecision of mineral resources estimates, are forward-looking statements that involve various degrees of risk. 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, risks inherent in mineral exploration, development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, environmental risks, access to labour and services and competition from other companies. 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.
Adriana Resources Inc.