Adriana Files First Quarter Ended March 31, 2015
TORONTO, ONTARIO--(Marketwired - May 8, 2015) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI) reported it has filed its consolidated financial statements for the three months ended March 31, 2015 and the related Management Discussions and Analysis. Both documents are available on SEDAR.
As at May 8, 2015, Adriana had cash and cash equivalents of $35.4 million.
Lac Otelnuk Mining Ltd. ("LOM"), a joint venture company with WISCO International Resources Development & Investment Limited ("WISCO"), of which Adriana owns 40% and WISCO owns 60%, had cash of $6.9 million as at May 8, 2015.
In April, LOM completed a Feasibility Study on the Lac Otelnuk Project and filed a NI 43-101 Technical Report on SEDAR. With the completion of the NI 43-101 Technical Report, LOM has downsized the technical team which was engaged specifically for the purpose of the Feasibility Study. The feasibility phase of the LOM Project is complete and the shareholders of LOM are very pleased with the robust and attractive economic results. Mr. Allen J. Palmiere, President & C.E.O. of Adriana said "I would like to thank our technical team, led by Dr. Xiaogang Hu for their contributions to the LOM Project and I wish them well in their future endeavours". The LOM Montreal office located at 625 René-Lévesque Boulevard West, 7th floor will close effective May 15, 2015.
The next phase of the LOM Project entails the review and assessment of the Feasibility Study and consideration of the production decision by the shareholders of LOM. Market conditions obviously play a role in this decision, but the results of the Feasibility Study are encouraging.
LOM decided not to renew three blocks of mineral claims including the December Lake mineral claims as they are non-essential claims and not necessary for the long-term mine or infrastructure of the Lac Otelnuk Project. In addition, not renewing certain claims will reduce maintenance expenses associated with the mineral claims.
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.
Contact
Adriana Resources Inc.
Allen Palmiere
President & CEO
apalmiere@adrianaresources.com
Adriana Resources Inc.
Connie Dos Santos
Director, Investor Relations
416-363-2200
cdossantos@adrianaresources.com
www.adrianaresources.com