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ADI UP 16.67% today to close at .245 on a volume of 39,000. That is a .035 gain from yesterday's close.
I hope world business conditions improve especially in contruction AND that this is not a bear rally!!!
Market response to Lac Otelnuk 43-101 news was very underwhelming and tepid IMO.
ADI has, in effect, shown that they have now $2 BILLION DOLLARS worth of iron ore (figured at a miniscule 50 cents per ton because its a rough resource not a near-to- production resource) and all the market can do is mange a little flutter of activiy.
The stock gained only 2.5 cents today for an increase of only 13.51%!
Well boys and girls, we have the Arcelor Mittal port agreememt extension which expires after 4/22/09.
Lets hope that Arcelor Mittal does the deal before the 2nd deadline runs out with ADI so that the sp of ADI can blast loose and start soaring like an eagle!
Adriana Reports 4.29 Billion Tonnes of Indicated Mineral Resources and 1.97 Billion Tonnes of Inferred Mineral Resources at Lac Otelnuk Iron Project
Monday March 23, 2009, 8:30 am EDT
http://finance.yahoo.com/news/Adriana-Reports-429-Billion-iw-14713886.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Mar 23, 2009 -- Adriana Resources Inc. ("Adriana" or the "Company") (CDNX:ADI.V - News)(WKN: A0F7EL) is pleased to report the recent completion of a National Instrument ("NI") 43-101 Mineral Resource estimate ("the estimate") using information from the 2007-2008 drill program on the South Zone of the Lac Otelnuk Iron Project, located in Nunavik, Quebec, Canada. The estimate was completed by Watts, Griffis and McOuat Limited ("WGM"), a geological and engineering consulting firm based in Toronto, Canada, and resulted in 4.29 billion tonnes of Indicated Mineral Resources and an additional 1.97 billion tonnes of Inferred Mineral Resources based on a Davis Tube Weight Recovery ("DTWR") cut-off grade of 18%. See table below:
Summary of Mineral Resource Estimate
(using a Davis Tube Weight Recovery ("DTWR") cut-off grade of 18%)
---------------------------------------------------------------------------
Resource Tonnes
Classification (in billions) %Fe Head DTWR % % SiO2 %Fe DTC
---------------------------------------------------------------------------
Indicated 4.29 29.08 27.26 3.53 68.00
---------------------------------------------------------------------------
Inferred 1.97 29.24 26.55 3.51 68.12
---------------------------------------------------------------------------
Bought 15,000 shares of ADI today. Bob Ferguson said company should have news of a "fairly substantial nature" out this week. Plus the V.P. of Exploration will be meeting with the Governor of the Brazillian state which will have the proposed ADI port.
Got my fingers crossed and hoping ADI doesn't dissapoint me the just plumb awful way DDN did!
Go Adriana! Go Baby Go! Make all the ADI shareholders go smiling to the bank!
Sumi, please look at this iron ore link. Its the best I have found so far on the web for iron prices.
Its not as good as the vanadium link I found because it doesn't supply a daily price quote...BUT it does supply price quotes by month and it has some details on the history of the Arcelor Mittal merger at the bottom of the linked page.
http://www.econstats.com/rt_ironore.htm
<a href="http://investorshub.advfn.com/boards/board.aspx?board_id=14850" My Diamond Board </a>
>EG, thanks for your efforts in finding a vanadium link with prices. I included it at the end of the I-Box and will include the iron link, once you locate the most appropriate one.
The minormetals.com site has a lot of current information, as well as the price information.
Thanks for your efforts.
sumi
Current Vanadium Prices
Adriana has an advanced stage property in Finland which has a 43-101 compliant resource of vanadium.
To find current "bid" and "ask" prices for both vanadium pentoxide and ferro vanadium simply click this link:
http://www.minormetals.com/index.aspx?mode=v
Sometimes its a little slow getting there. If you use it at night after the market closes, it will probably take less time getting there.
Summi, I spent a lot of time searching to find this site. What makes it so special is that you DON'T have to become a paid member to use it. :)
I found an iron prices site but it
is not as good as this vanadium site...so I'll keep looking from time to time to find a better iron page.
ADRIANA RESOURCES INC. - 2008 ANNUAL REPORT
http://www.adrianaresources.com/i/pdf/Adriana08ARv13.pdf
Your welcome Sumi. EOM
>Thanks for sharing your contact information with Mike Beley.
I'll be very happy with the 43-101 on Lac Otelnuk.
As you can see, you post is now a "sticky post."
sumi
I talked with Michael Beley today!
He told me that Adriana is pushing Watts Griffin a lot to get the 43-101 resource estimate out on the Lac Otelnuk iron ore property ASAP...(preferably before the PDAC meeting first week in March).
Mike said that once they have a 43-101, they will have a real long term extremely valuable asset which they will showcase to various big steel companies. "I would not be suprised if we announced a major JV on Lac Otelnuk."
He mentioned Valle raising iron ore costs to Asian steel makers and that they were hunting for new sources of supply.
In regards to the Brazillian port, he said if Adrianna gets the construction permit he will request Arcelor Metall complete the agreement with Adrianna.
Mike said that Adrianna is working hard for its shareholders.
That is all my people...that is all!
I bought 10,000 shares today at .16050 (.16) per share.
Adriana Confirms Lac Otelnuk Iron Deposit Over 22.5 Square Kilometres; Remains Open Along Strike
Thursday February 12, 9:15 am ET
http://biz.yahoo.com/ccn/090212/200902120511232001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Feb. 12, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI - News; WKN:A0F7EL) is pleased to announce the results from the 2008 delineation drill program on the South Zone of its Lac Otelnuk Iron Project in the Labrador Trough, Quebec, Canada. The program consisted of 40 diamond drill holes ("DDH") totaling 5,255 metres of BQ core. This program completes a 67 DDH campaign, where drilling was carried out on a regular grid with lines spaced 600 metres apart, and drill holes every 500 metres on the lines to cover an area 9 kilometres by 2.5 kilometres.
The results from the 2007/2008 drilling program at Lac Otelnuk confirm a large, flat lying and shallow iron formation over an approximate area of 22.5 square kilometres. The targeted formation remains open along strike to the northwest and southeast. "The Company has yet to drill test the North Zone, where drilling in the 1970s outlined the presence of a significant iron formation similar to that of the South Zone," commented Michael Beley, President of Adriana.
The Lac Otelnuk iron formation strikes northwest to southeast. It subcrops at surface and dips gently (from 2 to 5 degrees) to the northeast, eventually plunging under sedimentary formations. The western extent is terminated by erosion. Due to the gentle north-easterly dip and westerly sloping terrain, much of the sedimentary rocks that overly the South Zone have been stripped away by erosion, exposing the Upper Iron Formation.
"We look forward to the results of the National Instrument ("NI") 43-101 compliant Mineral Resource estimate that will add significant value to this project and Adriana's asset base," Michael Beley commented. "The work is currently underway with Watts, Griffis and McOuat Limited ("WGM"), a Toronto-based firm of independent consulting geologists and engineers."
The Lac Otelnuk iron formation is composed of individual stratigraphic units stacked one on top of each other, identified as Units 2 (upper), 3 (middle) and 4 (lower). For mapping and core logging purpose these Units have been sub-divided into 8 Sub-units identified as Sub-units 2A, 2B, 2C, 3A, 3B, 3C, 4A and 4B, on the basis of lithology and iron content. The highest concentration of magnetite occurs in the Upper Iron Formation (Unit 2) followed by the Middle Iron Formation (Unit 3) and the Lower Formation (Unit 4).
The uppermost five Sub-units, 2A to 3B, are considered to have the greatest resource potential, based on vertical and horizontal continuity, magnetite content, and depth. These five Sub-units combine to form a continuous vertical thickness averaging approximately 75 metres containing concentrations of magnetite in excess of 20% Davis Tube Weight Recovery (%DTWR). The Table presented below summarizes the drill results of all 67 holes for the upper 5 Sub-units, of which holes LO-S-1001 to LO-S-1027 were drilled in 2007. Sub-units 3C and 4A also contain significant intersections of iron which may eventually increase the overall thickness of the deposit.
Lac Otelnuk Drill Hole Summary - South Zone:
---------------------------------------------------------------------------
Head Grade Concentrate Grade
Drill Stratigraphic From To Length ----------- -----------------
Hole Units (m) (m) (m) %SiO2 %Fe %DTWR %SiO2 %Fe
---------------------------------------------------------------------------
76-130S-2 2a,2b,2c 18.36 61.82 43.46 40.8 31.2 34.8 5.34 65.8
LO-S-1001 2a,2b,2c 38.72 94.55 55.83 45.4 27.7 25.5 2.91 69.2
LO-S-1002 2b,2c 4.00 41.20 37.20 42.5 29.5 19.4 1.73 70.4
LO-S-1003 2b,2c,3a,3b 3.00 68.10 65.10 47.0 27.6 24.4 2.52 69.7
LO-S-1004 Lost in 2A
LO-S-1005 2a,2b,2c,3a,3b 1.23 87.58 86.35 44.3 31.1 28.8 2.64 66.2
LO-S-1006 2b,2c,3a,3b 3.55 48.80 45.25 49.4 25.7 26.5 3.75 68.8
LO-S-1007 2a,2b,2c,3a 1.72 50.67 48.95 37.0 27.5 29.5 3.29 69.2
LO-S-1008 2a,2b,2c,3a 2.36 62.65 60.29 46.3 29.2 29.5 3.36 69.4
LO-S-1009 2b,2c,3a 6.70 43.04 36.34 46.9 26.2 26.3 5.27 67.1
LO-S-1010 2b,2c,3a 1.00 61.31 60.31 43.7 29.8 19.4 1.85 70.7
LO-S-1011 2a,2b,2c,3a,3b 3.15 72.50 69.35 46.4 28.2 29.9 3.57 68.2
LO-S-1012 2a,2b,2c,3a,3b 7.53 100.54 93.01 45.0 29.3 30.0 3.94 67.9
LO-S-1013 2b,2c,3a,3b 1.89 49.02 47.13 46.3 27.3 20.9 2.20 69.7
LO-S-1014 2b,2c,3a,3b 2.38 59.33 56.95 46.7 27.7 25.0 2.45 69.7
LO-S-1015 2b,2c,3a,3b 3.16 59.00 55.84 42.4 29.6 22.5 2.22 69.6
LO-S-1016 2b,2c,3a,3b 2.91 57.95 55.04 42.8 27.4 20.2 2.03 67.7
LO-S-1017 2a,2b,2c,3a,3b 5.40 100.00 94.60 43.9 30.2 26.5 2.42 69.7
LO-S-1018 2b,2c,3a,3b 2.78 76.40 73.62 43.7 29.9 23.9 2.39 69.9
LO-S-1019 2a,2b,2c,3a,3b 3.00 79.38 76.38 45.0 28.4 24.7 1.96 69.9
LO-S-1020 2a,2b,2c,3a,3b 15.42 101.75 86.33 43.4 30.4 28.3 3.69 68.6
LO-S-1021 2a,2b,2c,3a,3b 21.20 101.49 80.29 43.0 30.3 27.9 4.68 67.6
LO-S-1022 2b,2c,3a,3b,3c 2.25 86.41 84.16 43.4 30.0 26.4 3.28 69.1
LO-S-1023 2b,2c,3a,3b 0.82 85.40 84.58 43.8 30.1 25.2 3.28 69.1
LO-S-1024 2a,2b,2c,3a,3b 11.65 107.54 95.89 43.0 30.4 29.2 5.71 66.8
LO-S-1025 2a,2b,2c,3a,3b 3.00 80.90 77.90 43.0 30.4 31.6 4.65 67.3
LO-S-1026 2a,2b,2c,3a,3b 1.14 71.75 70.61 43.5 30.4 30.2 4.73 66.7
LO-S-1027 2a,2b,2c,3a 1.35 72.86 71.51 43.2 30.3 27.9 4.01 67.8
LO-S-1028 2a,2b,2c,3a,3b 2.88 73.35 70.47 44.9 28.3 25.0 3.22 69.2
LO-S-1029 2a,2b,2c,3a,3b 1.10 79.10 78.00 44.8 29.1 26.5 3.76 68.5
LO-S-1030 2b,2c,3a,3b,3c 3.09 68.85 65.76 45.0 27.9 20.5 3.74 68.3
LO-S-1031 2a,2b,2c,3a,3b 0.39 72.28 71.89 44.5 28.9 23.0 3.47 68.8
LO-S-1032 2a,2b,2c,3a,3b 42.50 135.30 92.80 44.2 29.1 25.1 3.33 69.3
LO-S-1033 2a,2b 77.32 90.26 12.94 41.4 32.2 20.4 2.72 69.5
LO-S-1034 2b,2c,3a,3b 43.90 133.67 89.77 44.8 29.4 24.7 4.19 68.1
LO-S-1035 2a,2b,2c,3a,3b 45.12 135.60 90.48 45.7 29.0 23.0 3.98 68.3
LO-S-1036 2a,2b,2c,3a,3b 28.95 118.11 89.16 48.2 28.8 25.2 4.00 68.3
LO-S-1037 2a,2b,2c,3a,3b 7.74 103.46 95.72 44.7 29.4 24.2 3.05 69.3
LO-S-1038 2b,2c,3a,3b 4.75 79.74 74.99 46.4 28.2 21.3 2.88 69.2
LO-S-1039 2a,2b,2c,3a,3b 1.87 92.54 90.67 43.5 29.4 25.9 2.81 69.0
LO-S-1040 2a,2b,2c,3a,3b 1.70 90.46 88.76 44.7 28.9 24.7 2.70 68.9
LO-S-1041 2a,2b,2c,3a,3b 2.20 92.24 90.04 43.8 29.7 23.8 2.58 69.0
LO-S-1042 2b,2c,3a,3b 14.10 75.09 60.99 45.7 27.0 24.8 2.92 68.5
LO-S-1043 2b,2c,3a,3b 5.26 77.38 72.12 45.3 27.7 22.1 2.88 68.9
LO-S-1044 2b,2c,3a,3b 1.42 90.71 89.29 44.7 29.6 22.6 2.93 67.1
LO-S-1045 2a,2b,2c,3a,3b 3.35 90.94 87.59 44.5 29.3 27.7 3.48 68.5
LO-S-1046 2a,2b,2c,3a,3b 20.90 104.29 83.39 45.8 27.8 22.9 4.48 67.5
LO-S-1047 2a,2b,2c,3a,3b 22.36 106.48 84.12 44.0 28.0 22.3 4.33 67.4
LO-S-1048 2a,2b,2c,3a,3b 0.54 88.26 87.72 44.0 29.7 27.0 3.57 68.4
LO-S-1049 2b,2c,3a,3b 2.36 82.62 80.26 44.8 29.1 23.9 3.50 68.5
LO-S-1050 2b,2c,3a,3b, 4.31 77.16 72.85 45.1 27.4 23.8 3.77 67.9
3c,4a
LO-S-1051 2b,2c,3a,3b 3.64 64.02 60.38 46.4 27.8 25.7 3.67 68.3
LO-S-1052 2a,2b,2c,3a,3b 0.79 88.74 87.95 44.5 29.6 27.0 3.38 68.9
LO-S-1053 2a,2b,2c,3a,3b 30.48 114.43 83.95 46.4 26.3 21.2 4.49 67.2
LO-S-1054 2a,2b,2c,3a,3b 20.70 118.69 97.99 44.6 29.1 25.4 4.25 67.8
LO-S-1055 2a,2b,2c,3a,3b 42.42 161.80 119.38 44.7 28.2 25.3 4.32 67.5
LO-S-1056 2a,2b,2c,3a,3b 81.22 183.29 102.07 44.9 29.6 24.0 3.78 68.6
LO-S-1057 2a,2b,2c,3a,3b 72.00 172.02 100.02 43.4 30.4 30.0 3.14 68.4
LO-S-1058 2a,2b,2c,3a,3b 64.39 163.54 99.15 44.8 28.9 25.2 3.59 68.5
LO-S-1059 2a,2b,2c,3a,3b 77.40 169.94 92.54 44.0 29.8 22.0 3.18 68.7
LO-S-1060 2a,2b,2c,3a,3b 67.17 155.84 88.67 45.3 29.4 22.0 4.87 67.2
LO-S-1061 2a,2b,2c,3a,3b 41.15 134.42 93.27 45.0 29.5 24.4 4.65 67.4
LO-S-1062 3a,3b 3.59 29.05 25.46 48.5 26.6 25.4 5.31 67.0
LO-S-1063 2c,3a,3b 5.69 50.35 44.66 47.2 27.3 23.5 5.64 66.3
LO-S-1065 2c,3a,3b 1.67 54.30 52.63 45.0 27.8 28.2 3.36 69.2
LO-S-1066 2b,2c,3a,3b 2.70 63.54 60.84 45.4 27.7 24.6 3.59 69.1
LO-S-1067 2b,2c,3a,3b 2.95 66.70 63.75 46.0 27.5 24.4 3.15 68.9
LO-S-1068 2b,2c,3a,3b 1.72 70.40 68.68 44.6 28.5 24.6 2.94 69.6
---------------------------------------------------------------------------
Rio Tinto Sells Brazilian iron Ore Assetts
http://www.reuters.com/article/businessNews/idUSTRE50T0WO20090202?feedType=RSS&feedName=businessNews
futrcash
´¨The deposit is a Lake Superior-type (Mesabi Range) taconite iron formation. These types of deposits have been the principal source of iron ore mined in the world¨
Good to see Adrianna moving ahead.
Now if only the world economy would accomodate,and get out of its doldrums.
futrcash
Sumi, have you ever been able to talk directly with Michael Beley by phone?
Just curious. Of course, I know that they have 2 IR guys Bob Ferguson and Al something or other.
Call me spoiled but occasionally I like talking to the Boss.
I do it with the President/CEO of Uranium North and its sister company Diamonds North and get a lot more from him than I would get from any IR guy or gal.
I also get my emailed questions answered directly by the Pres/CEO of Motapa Diamonds.
In fact I need to send him a new batch of very specific questions which I hope to do tomorrow.
BTW, I think you...sumi and futrcash have added a lot (by your presence) to this Adriana website. :)
Adriana Commences Resource Estimate at Lac Otelnuk Iron Project
Thursday January 29, 9:00 am ET
http://biz.yahoo.com/ccn/090129/200901290508831001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Jan. 29, 2009) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI - News; WKN:A0F7EL) is pleased to report that as a result of the drilling programs on the Lac Otelnuk Iron Project in 2007 and 2008, the Company has commenced a National Instrument ("NI") 43-101 compliant Mineral Resource estimate with Watts, Griffis and McOuat Limited ("WGM"), a Toronto-based firm of independent consulting geologists and engineers.
"We are pleased to be in a position to advance the Lac Otelnuk Project to this next stage, and anticipate that the initial Mineral Resource estimate should be completed by the end of March 2009. This initial estimate will serve as a base from which the Company can potentially expand the iron resource to the northwest into the North Zone and also test the southeast extension of the deposit beyond the current limit of drilling," commented Michael Beley, President of Adriana.
Final drilling assay results were received from SGS Minerals Services in late January 2009, and have been entered into Adriana's database software programs and transmitted to WGM. Drilling results are expected to be announced shortly, followed by the results of the Mineral Resource estimate and a Technical Report compliant with NI 43-101 standards and guidelines and Canadian Institute of Mining, Metallurgy and Petroleum ("CIM") definitions.
About Lac Otelnuk Iron Project
The Lac Otelnuk Iron Project lies within the Labrador Trough in Northern Quebec. The deposit is a Lake Superior-type (Mesabi Range) taconite iron formation. These types of deposits have been the principal source of iron ore mined in the world. The Lac Otelnuk iron formation has been identified over a strike length of approximately 25 kilometres through mapping and exploration drilling in the 1970s.
A total of 67 diamond drill holes totaling 7,446 metres have now been drilled by Adriana on a nine kilometre portion of the deposit referred to as the South Zone (including 27 holes totaling 2,191 metres drilled in 2007). The 2008 drill campaign completed grid drilling of the South Zone at a drill spacing of 600 m by 500 m.
Drilling has shown that the Lac Otelnuk iron formation stratigraphy is very uniform, dips gently to the northeast and has a potential average thickness of approximately 83 metres. The South Zone is open along strike (both northwest and southeast) and down dip where it gently dips under the overlying cap rock and is constrained only by the increasing thickness of overlying cap rock. The western flank of the deposit outcrops and is delimited by surface erosion.
For further information on the Lac Otelnuk Iron Project please refer to Adriana's website at: http://www.adrianaresources.com/s/LacOtelnuk.asp
Mr. Frank Condon, P.Eng., a director of the Company and a qualified person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this news release.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the accuracy or adequacy of this release.
Contact:
Robert Ferguson
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
Ali Sinawi
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
(604) 629-0923 (FAX)
Website: www.adrianaresources.com
--------------------------------------------------------------------------------
Source: Adriana Resources Inc.
Two 4 one! Futrcash and sumi...
Good important post futrcash!
Sumi, don't be sad. Got the MTP.V board up and made you my assistant.
Motapa was up more than 20% today and has gained more than 50% in the last week. Yes its on very low volume and will probably remain that way for some time...but the company keeps producing solid positive results. :)
For example, the number of 20 carat diamonds they recovered increased markedly over prior batches of kimberlite.
Rio Tinto Shelves Brazilian Iron Ore Expansion
http://news.bbc.co.uk/2/hi/business/7824090.stm
futrcash
EG,
Had this news been announced in 2008, it might have been met with heavy selling.
Now is a new year with last year's tax loss selling and retrenchment of hedge funds behind us for a while.
You can't beat Michael Beley and Richard Barclay has the head of companies. They're a major reason that I'm invested in Adriana. I'm sure other long-term investors have the same sentiment and they won't be selling at these low levels.
sumi
Sumi, I'm not suprised at the extension by Arcelor (see my post # 91).
What did suprise me a little was after the news release there was no sign of any selling pressure.
Usually, when there is a delay (or even the slghtist hint of a delay) to something good...its taken by shareholders as very negative and they react accordingly.
Its either a testimony of the quality of the company or the reaction hasn't set in yet.
ArcelorMittal Extends Port Agreement With Adriana
Tuesday January 6, 9:30 am ET
http://biz.yahoo.com/iw/090106/0463911.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Jan 6, 2009 -- Adriana Resources Inc. ("Adriana" or the "Company") - (CDNX:ADI.V - News) announces that further to the Company's news release dated August 20, 2008 (the "August News Release") the Company and ArcelorMittal have agreed to extend the time to complete the definitive agreement contemplated in the Port Agreement (as such term is defined in the August News Release) from January 9 to April 22, 2009.
Michael Beley, President and CEO of the Company, stated, "Adriana continues to focus on obtaining a construction permit to develop a multi-partner, multi-use iron ore port facility in the State of Rio de Janeiro. The extension of the Port Agreement is positive news for Adriana and also indicates ArcelorMittal's commitment to the project. Adriana is focused on delivering iron ore to the global steel mills through the anticipated future ownership/control of iron ore resources within Brazil and also with future strategic partnerships with local iron ore producers to ensure a channel to market is developed to allow the independent and family mine operations can recognize global prices."
The Port Agreement is subject to applicable regulatory and corporate approvals and the negotiation and execution of a definitive agreement by the parties. Full details on the Port Agreement can be found in the August News Release, available at www.sedar.com.
About ArcelorMittal.
ArcelorMittal is the world's leading steel company, with over 320,000 employees in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the company covers all of the key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognises that it has a significant responsibility to tackle the global climate change challenge: it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2007 ArcelorMittal had revenues of $105.2 billion USD and crude steel production of 116 million tonnes, representing around 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal visit: www.arcelormittal.com or to obtain a copy of the Early Warning Report filed by ArcelorMittal pursuant to applicable securities laws, please contact:
Haroon Hassan
General Manager, Corporate Communications
Head of Media Relations
7th Floor, Berkeley Square House
Berkeley Square
London, W1J 6DA
United Kingdom
Tel: +44 (0)20 3214 2847
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through strategic partnerships, acquisitions and development projects. The continued development of its iron ore port facility in Brazil, jointly owned by ArcelorMittal, will be a significant milestone in advancing that goal with Adriana having access to a minimum of 2 million tonnes of iron ore capacity that will grow as the Port develops in size. Adriana is committed to the acquisition of iron ore assets in South East Brazil that are strategically located and able to access the Port. The Company is continuing development of its 100% owned Lac Otelnuk, December Lake and Bedford iron properties in Quebec and Labrador & Newfoundland, respectively and actively pursuing iron ore acquisitions around the world and through its partnerships with ArcelorMittal, WorldLink Group and Athena. Adriana's management and technical team continue to review other opportunities to further enhance the Company's position as "The New Player in Iron Ore".
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Adriana Resources Inc.
Robert Ferguson
(604) 629-0250 or Toll Free: 1-877-629-0150
Adriana Resources Inc.
Ali Sinawi
(604) 629-0250 or Toll Free: 1-877-629-0150
(604) 629-0923 (FAX)
Website: http://www.adrianaresources.com
--------------------------------------------------------------------------------
Source: Adriana Resources Inc.
Sumi, the last batch of shares I bought in December cost me 17.2 cents a share American so about the same as your 18 cents per share. :)
I'm trying to squeeze positions from 3 companies into 4 companies and yes its hard to do. :)
IF I'm successful, January 2009 will be the greatest trading month in my life.
If I'm not successful, I can console myself that irregardless where the positions turn out to be, they are 4 very good resource explorers.
>In late November, I bought an additional batch of shares at 18 cents [American]. You might have done better, but these prices have been ridiculously low.
You are doing well at buying at these levels.
Hopefully 2009 will be much better.
sumi
Hey everybody! I bought some more ADI today. This is my second larger batch of shares. Hope to buy a third batch next week (fingers crossed).
How about the rest of you guys? Anything shaking in your neck of the woods?
Iron Ore Shipping represents 50% of All the World's Bulk Tonnage!
http://news.bbc.co.uk/2/hi/business/7777507.stm
futrcash
ArcelorMittal meets top European Leaders.
(Note: I excerpted this from a two page article reported in at least one entity of the German Press...)
Germany's Finance Minister Peer Steinbrueck reportedly rejected calls for it to spend more on tackling the economic crisis last month, saying that "just because all the lemmings have chosen the same path," that did not make it right.
Brown, Sarkozy and Barroso held talks for an hour before meeting around 50 businessmen from leading European companies including steelmaker ArcelorMittal, oil giant Total and mobile phone firm Vodafone.
A Global Downturn Puts the Brakes on China's Industry
http://www.nytimes.com/2008/11/26/business/worldbusiness/26chinasteel.html?pagewanted=1&_r=2
ps Amazing what this company is selling at now!
It's as if the market is skeptical with repect to continued world expansion.
At least for the near term.
I do know that the Australians have cut back production at their iron ore mines significantly, creating great hardship for their mining industry dependent economy.
futrcash
Adriana Completes 2008 Exploration Program at Lac Otelnuk Iron Project
Tuesday November 25, 1:07 pm ET
http://biz.yahoo.com/ccn/081125/200811250499425001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 25, 2008) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI - News) is pleased to announce the completion of the 2008 diamond drill exploration program at the Lac Otelnuk Iron Project located in Labrador Trough, Quebec, Canada. The diamond drill program was designed to define a National Instrument ("NI") 43-101 compliant inferred mineral resource estimate on the South Zone of the Lac Otelnuk iron deposit.
During 2008, Adriana drilled 41 holes totalling 5,255 metres of BQ core. All the holes were drilled on the South Zone of the Lac Otelnuk deposit, with the exception of one hole which was drilled to explore the potential of a new zone west of the North Zone. Of special interest, a single exploration hole located 2,000 m west of the baseline on Section 10 North, confirmed the significant western extension of the iron formation under a broad topographic high or ridge. This area was not previously explored. The drill hole was lost before reaching the lower stratigraphic units. Further drilling in this area is planned for 2009.
Michael Beley, President and CEO of the Company stated, "Drilling on the South Zone of the Lac Otelnuk Iron Project continues to identify a significant iron formation. The step-out hole, approximately two kilometres to the northwest, has identified a similar stratigraphic zone that previously was thought to have been eroded. The Lac Otelnuk iron deposit has the potential to be developed to help supply the long term iron requirements of global steel mills."
A total of 67 diamond drill holes totalling 7,446 m have now been drilled by Adriana on the South Zone (including 27 holes totalling 2,191 m drilled in 2007). The 2008 drill campaign completes grid drilling of a section of the iron formation, referred to as the South Zone, approximately 9 km long and 2.5 km wide, at a drill spacing of 600 m by 500 m. The drill spacing is believed to be sufficient to define an inferred mineral resource compliant with NI 43-101 standards. Complete assay results, being carried out by SGS Lakefield, are pending for the 2008 drill program and are expected to be completed before year end. Extensive Quality Control/Quality Assurance sampling procedures prepared and audited under the direction of Richard Risto, M.Sc., P.Geo., Watts, Griffis and McOuat Limited Senior Associate Geologist, are included in the Sampling and Assaying Protocols.
Drilling has shown that the Lac Otelnuk iron formation stratigraphy is very uniform, dips gently to the northeast and has a potential thickness of approximately 100 m where the stratigraphic section has not been eroded. Additional assays will determine the grade distribution within each of the eight stratigraphic units. The South Zone is open along strike (both northwest and southeast) and down dip where it gently dips under the overlying cap rock and is constrained only by the increasing thickness of overlying cap rock. The western flank of the deposit outcrops and is delimited by surface erosion.
During the 2008 field season, the Company also completed an aerial photograhic survey and an extensive Ground Differential GPS survey that will be used for future mineral resource estimation, baseline monitoring and conceptual open pit planning. Golder Associates has been retained to conduct environmental baseline studies and succesfully completed fall season surface and ground water sampling and analysis. Adriana's technical personnel and consultants are currently compiling all the 2007 and 2008 drill data and intends to retain an independent engineering firm to conduct mineral resource studies and prepare an updated NI 43-101 Technical Report upon completion of assaying.
Mr. Frank Condon, P.Eng., a director of the Company and a qualified person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this news release.
About Lac Otelnuk Iron Project
The Lac Otelnuk Iron Project is a Lake Superior type iron formation, or taconite, identified over a strike length of approximately 25 km, based on results from exploration drilling (36 holes) in the 1970s and geological and geophysical mapping. In 2007, the Company completed 27 diamond drill holes totaling 2,191 m on the South Zone of the Lac Otelnuk Iron Project.
For further information on the Lac Otelnuk Iron Project please refer to Adriana's website at: http://www.adrianaresources.com/s/LacOtelnuk.asp
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Robert Ferguson
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
Ali Sinawi
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
(604) 629-0923 (FAX)
Website: www.adrianaresources.com
--------------------------------------------------------------------------------
Source: Adriana Resources Inc.
Adriana Provides Update on Accelerated Permitting Process for Brazilian Iron Ore Port Facility Project
Thursday November 20, 12:24 pm ET
http://biz.yahoo.com/ccn/081120/200811200498630001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 20, 2008) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI - News) is pleased to announce a progress update on its iron ore port facility development project (the "Port") located in Sepetiba Bay, approximately 70 kilometers west of Rio de Janeiro in the State of Rio de Janeiro, Brazil. The Port is controlled through Brazore Ltda. ("Brazore"), of which the Company can earn up to a 75% interest. Adriana has earned 60% to date, with the remainder owned by Athena Resources L.L.C., a private investment firm based in New York, USA. Additionally, as stated in the press release dated August 20, 2008, ArcelorMittal, the world's leading steel company retains the right to acquire 80% of the Port upon the completion of a Definitive Agreement.
By a decree published on October 6, 2008 by Sergio Cabral, the Governor of the State of Rio de Janeiro, a Technical Group ("TG") has been formed to study the impacts of various port development projects in Sepetiba Bay. The stated objective of the TG is to harmonize private interests with the economic development policies of the State of Rio de Janeiro. The TG will analyze and make recommendations with respect to the significant environmental, economical and social impacts that may be brought about by the port development projects. Brazore has been invited to make a presentation of its port development project to the TG and anticipates making this presentation in mid December, 2008.
Michael Beley, President and CEO of the Company, stated, "Adriana welcomes the State's decision to respond to the urgency of dealing with the need for port capacity in Sepetiba Bay by providing a transparent and accelerated process. The formation of the Technical Group provides Brazore an opportunity to present its significant development proposal for its iron ore port facility located in the State of Rio de Janerio. Mr. Guilherme Andrade, recently appointed as Director of Port Development for Brazore, will play an integral role in defining Brazore's strategy to develop a world-class multi-use port. Mr. Andrade brings the extensive port development and operational experience in Brazil that is key to the ongoing port development proposal. Brazore, together with its strategic partner, look forward to developing a long standing relationship with the local communities, state and federal government associations. Adriana is committed to approaches that support long term sustainable development and continues to strive to become a leader in environmental and social responsibility."
The TG is made up of representatives of the State Economical Development, Energy, Industry and Services Secretariat (SEDEIS) and the State Environmental Secretariat (SEA) and is intended to provide an expedited process that balances economical, social and environmental interests. The TG has been asked to make its recommendations with respect to the port development projects in Sepetiba Bay within 90 days from the published date of the decree. Inherent in the analysis of the various port development projects is the wish of the State to not only efficiently rationalize the number of projects but as well to ensure that the needs for port capacity by both major and independent mining companies are addressed. In view of that goal, Brazore, together with its strategic partner, intends to enter into discussions with one or more of the other port development proponents who are seen to be logical potential partners.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through strategic partnerships, acquisitions and development projects. The continued development of its iron ore port facility in Brazil will be a significant milestone in advancing that goal. Adriana is committed to the acquisition of iron ore assets in southeast Brazil that are strategically located and able to access the port. The Company is continuing development of its 100% owned Lac Otelnuk, December Lake and Bedford iron properties in Quebec and Labrador & Newfoundland, respectively. Adriana's management and technical team continue to review other opportunities to further enhance the Company's position as "The New Player in Iron Ore".
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Robert Ferguson
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
Ali Sinawi
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
(604) 629-0923 (FAX)
Website: HTTP://www.adrianaresources.com
--------------------------------------------------------------------------------
Source: Adriana Resources Inc.
Adriana Resources Inc.: Goldbard Cancels Agreement to Acquire MIE Metals Corp.
Wednesday November 12, 9:30 am ET
http://biz.yahoo.com/ccn/081112/200811120496693001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 12, 2008) - Adriana Resources Inc. ("Adriana") (TSX VENTURE:ADI - News) and Goldbard Capital Corporation ("Goldbard" or the "Company") (TSX VENTURE:GDB.P - News) announce that due to current market conditions Goldbard will not be proceeding with the acquisition (the "Transaction") of all the issued and outstanding shares of MIE Metals Corp. ("MIE"), a wholly owned subsidiary of Adriana, as announced on September 9th, 2008. Adriana will continue to review options to find a strategic partner for the MIE Ni-Cu-PGE and Uranium advanced projects.
"The Company continues to focus on advancing the development of its iron ore port facility in Brazil, its significant iron ore projects in Quebec and its vanadium-iron project in Finland," commented Michael Beley, President and CEO of Adriana.
For further information on the cancellation of the Transaction please contact:
Goldbard Capital Corporation
Jesse Kaplan
Vice President & Secretary
Telephone: 646-218-1400
Fax: 646-218-1401
Email: jkaplan@harborviewcm.com
MIE Metals Corp.
Gordon Addie
President & Chief Executive Officer
Telephone: 778-945-2140
Toll-free: 877-945-2140
Email: gaddie@miemetals.com
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Robert Ferguson
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
Ali Sinawi
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
(604) 629-0923 (FAX)
Website: www.adrianaresources.com
--------------------------------------------------------------------------------
Source: Adriana Resources Inc., Goldbard Capital Corporation
A nice mention of ADI in a iron ore trade publication. After you click on the link below, just scroll down and you'll see the ADI summary. Its short but interesting.
http://www.ironinvestingnews.com/129-iron-ore-industry-highlights.html
A wise buy signal on your part!
sumi
HEY! WHERE IS EVERYBODY? I love ADI and, at these prices, I think its a good deal even if the big 20% ADI 80% Arcelor iron ore port deal is put on the back burner for awhile.
ADI will be coming out with their 43-101 resource estimate before the end of 2008 which should show that they have a HUGE amount of iron ore at their 100% owned Lac Otelniuk property PLUS they have had a $10 milion dollar cash investment from Arcelor...so the company is in decent shape financially.
If Arcelor takes awhile to consumate the port deal, so be it...it gives every one a chance to add to our holdings of ADI at relatively and historically low prices. :)
Arcelor Mittal Consolidated Financial Statements Continued:
For Periods Ending December 31, 2007* & June 30, 2008
CASH FLOW STATEMENT
(millions of U.S. dollars)
Operating activities:
Net income 5 906 8 802
Adjustments to reconcile net income to net cash provided by operations:
Depreciation and impairment 1 985 2 855
Others (269) (779)
Changes in operating assets and
liabilities, net of effects from
acquisition (1 240) (4 664)
Net cash provided by
operating activities 6 382 6 214
Investing activities:
Purchase of property,
plant and equipment (2 318) (2 328)
Acquisition of net assets of
subsidiaries, net of cash
acquired (4 573) (4 282)
Acquisition of investments
accounted for under the equity
method - (1 541)
Other investing activities (net) - 168
Net cash used in
investing activities (6 891) (7 983)
Financing activities:
Proceeds (payments) from
payable to banks and long
term debts 2 708 5 434
Dividends paid (1 158) (1 290)
Other financing activities (net) includes (577) and (2 648) share buy back in 2007 and 2008, respectively
(534) (2 631)
Net cash provided by
financing activities 1 016 1 513
Net increase in cash
and cash equivalents 507 (256)
Effect of exchange rate
changes on cash 157 (137)
Cash and cash equivalents:
At the beginning of the period 6 020 7 860
At the end of the period 6 684 7 467
Arcelor Mittal Consolidated Financial Statements Continued:
For Periods Ending December 31, 2007* & June 30, 2008
(millions of U.S. dollars except share and per share data)
INCOME STATEMENT
Sales 51 699 67 649
Cost of sales* 41 589 54 003
Gross margin 10 110 13 646
Selling, general
and administrative 2 423 3 411
Operating income 7 687 10 235
Other income – net 83
-
Income from equity
method investments 349 881
Financing costs – net (192) (785)
Income before taxes 7 927 10 331
Income tax expense 2 021 1 529
Net income (including
minority interest 5 906 8 802
Attributable to :
Equity holders
of the parent 4 973 8 210
Minority interest 933 592
Net income (including
minority interest) 5 906 8 802
Earnings per common
share (in U.S. $'s):
Basic 3.60 5.87
Diluted 3.59 5.86
Weighted average common shares outstanding (in millions):
Basic 1 383 1 398
Diluted 1 385 1 402
*(including depreciation and impairment of 1 985 and 2 855 for the six months ended June 30, 2007 and June 30, 2008 respectively)
Arcelor Mittal Consolidated Financial Statements:
For Periods Ending December 31, 2007* & June 30, 2008
Current assets:
Cash and cash equivalents 7 860 7 467
Restricted cash 245 64
Assets held for sale (note 6) 1 296 966
Trade accounts receivables 9 533 14 795
Inventories (note 5) 21 750 27 591
Prepaid and other cur. assets 4 644 5 796
Total current assets 45 328 56 679
Non-current assets:
Goodwill and intangibles 15 031 17 854
Property, plant and equipment 61 994 66 350
Investments accounted for
using the equity method 5 887 8 797
Other investments 2 159 2 028
Deferred tax assets 1 629 2 214
Other assets 1 597 2 342
Total non-current assets 88 297 99 585
Total assets 133 625 156 264
LIABILITIES AND EQUITY
Current liabilities:
Short-term debt and current
portion of long-term debt 8 542 10 329
Trade accts. payable and other 13 991 19 134
Short-term provisions 1 144 1 516
Liabilities held for sale 266 502
Accrued expenses and
other current liabilities 7 275 9 650
Income tax liabilities 991 1 072
Total current liabilities 32 209 42 203
Non-current liabilities:
Long-term debt,
net of current portion 22 085 27 920
Deferred tax liabilities 7 927 8 309
Deferred employee benefits 6 244 6 521
Long-term provisions 2 456 2 474
Other long-term obligations 1 169 1 688
Total non-current liabilities 39 881 46 912
Total liabilities 72 090 89 115
Equity:
Equity attributable to
equity holders of the parent 56 685 63 067
Minority interest 4 850 4 082
Total equity 61 535 67 149
Total liabilities and equity 133 625 156 264
(*) These amounts are derived from the Company’s audited consolidated financial statements for the year ended December 31, 2007
EG, thanks for the information and welcome to this investment.
I was reading Peak Oil articles today and found something interesting that will have a positive bearing on our investing in iron ore in the Western hemisphere.
The following comment by Gail the Actuary was contained in the following link on the Oil Drum:
http://www.theoildrum.com/node/4560
Heading Out mentioned that he missed a bit of the program after lunch. Jeff Rubin, the economist from CIBC was scheduled to speak them. He was not able to be present in person, so sent a video. The topic was, "Triple Digit Oil Prices Will Reverse Globalization". In it, he showed a comparison of the cost of shipping a 40 foot container from China to the US. A few years ago, the cost would have been $3,000. It now costs $10,000. If oil rises to $150 a barrel, it will cost $15,000.
One place where this is already making a difference is with steel. Because of the high cost of shipping steel, it is now cheaper to make steel in the US than to ship it from China. There is relatively little labor involved in making steel, so their lower labor costs makes little difference compared to the higher shipping cost. He expects this type change to gradually impact goods with higher values relative to weight.
He expects that higher shipping costs will tend to make countries purchase goods from their closer neighbors, rather from long distances. In the case of the US, this means Mexico will sometimes have an edge over China in making goods to import.
If the above scenario holds true in a Peak Oil era, I believe that we will fare well in Adriana. Of course, only time will tell.
sumisu
Hello everybody. I am a shareholder of ADI having purchasd some shares this week at a price of .4575 cents U.S.
I talked to one of Adriana's IR people (Ali) who said that Adriana may simply hold shares in MIE as treasury stock rather than spinning them off to the shareholders...whichever was best for the company.
As a shareholder, I hope they spin off the shares to the shareholders.
The 43-101 compliant resource estimate will be released in the near future for Lac Otelniuk. It will show a resource of iron in situ (in the ground) worth at least one billion dollars (two billion tons of iron ore at $.50 a ton)...(which I think is pretty good progress in assets for a young exploration company).
Hope to acquire more ADI in the future but only time will tell on that. :)
Adriana Closes $10 Millon Financing
Thursday September 11, 6:12 pm ET
http://biz.yahoo.com/iw/080911/0433134.html
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Sep 11, 2008 -- Adriana Resources Inc. ("Adriana" or the "Company") (CDNX:ADI.V - News) announces the closing of an unsecured convertible debenture in the amount of $10,000,000 (the "Debenture"). The Debenture has a three-year term and bears interest at 7% per annum. The principal amount of the Debenture is convertible into common shares of the Company at a conversion price of $0.90 per share if exercised in the first two years of the Debenture and at a price of $0.99 per share if exercised in the third and final year of the Debenture. Interest on the Debenture is convertible at the market price of the Company's shares on any such conversion date.
The common shares issuable upon conversion of the Debenture will be reserved for listing on the TSX Venture Exchange and will be subject to a statutory hold period expiring on January 11, 2009.
In connection with the private placement, a finder's fee was paid in the amount of $125,000 or 5% of certain Debentures placed under the financing. Proceeds from the issue and sale of the Debenture will be utilized for the Company's ongoing commitments in Brazil and Canada.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through strategic partnerships, acquisitions and development projects. The continued development of its iron ore port facility in Brazil will be a significant milestone in advancing that goal. Adriana is committed to the acquisition of iron ore assets in South East Brazil that are strategically located and able to access the Port. The Company is continuing development of its Lac Otelnuk, December Lake and Bedford iron properties in Quebec and Labrador & Newfoundland, respectively. Adriana's management and technical team continue to review other opportunities to further enhance the Company's position as "The New Player in Iron Ore".
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Adriana Resources Inc.
Robert Ferguson
(604) 629-0250 or Toll Free: 1-877-629-0150
Adriana Resources Inc.
Ali Sinawi
(604) 629-0250 or Toll Free: 1-877-629-0150
(604) 629-0923 (FAX)
Website: http://www.adrianaresources.com
--------------------------------------------------------------------------------
Source: Adriana Resources Inc.
Goldbard Enters Agreement to Acquire MIE Metals Corp.
Wednesday September 10, 9:30 am ET
http://biz.yahoo.com/cnw/080910/goldbard_acquire_mie.html?.v=1
TORONTO, Sept. 10 /CNW/ - Goldbard Capital Corporation ("Goldbard" or the "Company") (TSX-V:GDB.P - News) and Adriana Resources Inc. ("Adriana") (TSX-V:ADI - News) are pleased to announce that they have entered into a letter of intent (the "Agreement") dated September 9, 2008, pursuant to which Goldbard shall acquire all of the issued and outstanding shares of MIE Metals Corp. ("MIE"), a wholly owned subsidiary of Adriana (the "Transaction"). Jennings Capital Inc. (the "Agent") is acting as advisor and agent to Adriana with respect to the Transaction.
About MIE
MIE is a private company incorporated under the laws of British Columbia with its head office in Vancouver, British Columbia. Through a wholly-owned subsidiary, MIE is involved in the exploration of nickel, copper, platinum and palladium mineralization associated with the Muskox Intrusion (the "MIE Project"), located in Nunavut, Canada, and uranium mineralization associated with the adjacent Hornby Bay Basin (the "Bear Valley Project"). The MIE Project and the Bear Valley Project are comprised of: (a) two Inuit Owned Lands Exploration Agreements covering 19,711 hectares; (b) 75 wholly-owned mineral claims covering 67,035 hectares; and (c) 42 mineral claims covering 37,194 hectares, held in a 50:50 joint venture with UNOR Inc.
The MIE Project draws its name from one of the world's largest continental-type magmatic events. The Mackenzie Igneous Event deposited an estimated 5 to 10 million cubic meters of magma across Northern Canada. Rare geological events such as these are widely known to host large, rich platinum group element and copper-nickel deposits. For example, two of the world's largest such complexes, Bushveld in South Africa, and Norilsk-Talnakh in Russia, host numerous deposits and operating mines.
The Bear Valley Project is located in the eastern edge of the Hornby Bay Basin, which represents an under-explored sandstone basin with significant uranium potential that shares many geological characteristics with the Athabasca and Thelon Basins. Numerous high-grade unconformity style uranium deposits have been identified within the Athabasca Basin, and mining of these deposits currently generates approximately one third of the world's uranium production.
Gordon Addie, President and CEO of MIE stated "Twenty years ago I became intrigued with the area through my discovery of high grade surface samples of Ni-Cu-PGE massive sulphide mineralization along the eastern edge of the Muskox Intrusion. Over the last three years, the Adriana team developed a detailed geological and geophysical model that resulted in the successful intersection of a new disseminated, magmatic zone. We look forward to advancing the projects now under control of MIE through the related transaction."
The Transaction
Pursuant to the Transaction, Goldbard will acquire all of the issued and outstanding shares of MIE in exchange for the issuance to the shareholder of MIE of an aggregate of 8,000,000 common shares of Goldbard at a deemed price of $0.75 per Goldbard common share, for total consideration of $6,000,000. Concurrent with the closing of the Transaction, the outstanding Goldbard common shares, options and warrants will be consolidated on a 3.4 for 1 basis and the MIE shareholder will be entitled to receive 1 post-consolidation Goldbard common share for each one MIE common share. The Transaction is an arm's length transaction pursuant to the policies of the TSX Venture Exchange (the "Exchange" or "TSX-V").
Concurrent with completion of the Transaction, MIE shall repay: (i) in MIE common shares at a deemed price of $0.75 per share, the shareholder loans due to Adriana, estimated to be approximately $258,578, and certain other loans, estimated to be approximately $24,970 (collectively, the "MIE Loans"); and (ii) in cash, the shareholder loans due to Adriana, estimated to be approximately $280,000, plus expenses associated with the Transaction, and certain other loans, estimated to be approximately $24,970. The MIE common shares to be issued as part of the repayment of the MIE Loans are to be exchanged for Goldbard common shares as part of the Transaction using the above-mentioned conversion ratio.
The Transaction will constitute Goldbard's "Qualifying Transaction" as such term is defined in Policy 2.4 of the Exchange, and upon completion, will result in the listing of Goldbard as an Exploration and Mining Issuer. Upon completion of the Transaction, Goldbard intends to change its name to "MIE Metals Corp." or to a similar name.
Concurrent Financing
Concurrently with the closing of the Transaction, subject to regulatory approval, MIE shall have completed an offering (the "Concurrent Financing") of: (i) flow-through common shares of MIE ("Flow-Through Shares") for gross proceeds of a minimum of $2,000,000 and a maximum of $3,000,000; and (ii) units (the "Units"), each Unit consisting of one MIE common share and one-half of one MIE purchase warrant, for gross proceeds of a minimum of $1,000,000 and a maximum of $5,000,000. Each whole MIE purchase warrant entitling its holder to purchase one MIE common share for a period of two (2) years from the date of issuance. The MIE common shares to be issued as part of the Concurrent Financing are to be exchanged for Goldbard common shares as part of the Transaction and the MIE purchase warrants will convert into Goldbard warrants, in each case using the above-mentioned conversion ratio. The proceeds of the Concurrent Financing will be used for exploration expenditures on MIE's properties and working capital purposes.
The Agent has been engaged on a "best efforts" agency basis to complete the Concurrent Financing. The Agent will receive an agency fee equal to 7% of the gross proceeds of the Concurrent Financing and broker warrants (the "Broker Warrants") entitling the Agent to purchase that number of MIE common shares as is equal to 7% of the number of Units and Flow-Through Shares sold under the Concurrent Financing exercisable for a period of two (2) years from the date of issuance. The Agent will have the option, exercisable at any time up to 48 hours prior to the closing, to increase the size of the Concurrent Financing for additional aggregate proceeds of up to $2,500,000. The Concurrent Financing will close at the time of and will be conditional upon the closing of the Transaction.
Conditions Precedent
The parties' obligations to complete the Transaction are subject to the satisfaction of customary conditions precedent including:
(a) MIE shall have completed the Concurrent Financing for the proceeds
of not less than the minimum and not exceeding the maximum
specified above;
(b) Each of Goldbard and MIE conducting and completing to its
satisfaction, acting reasonably, their respective technical,
financial and legal due diligence investigation;
(c) MIE shall have prepared current qualifying technical reports with
respect to each of its material mining properties in accordance
with National Instrument 43-101, which report has been accepted by
the Exchange;
(d) the issuer resulting from the Transaction shall meet the minimum
listing requirements of no less than a Tier 2 issuer pursuant to
Policy 2.1 of the Exchange;
(e) Goldbard obtaining all requisite shareholder approvals (including
if required disinterested shareholder approvals) and requisite
regulatory approvals from the Exchange and the applicable Canadian
securities regulatory authorities such that the transaction
proposed herein will constitute a Qualifying Transaction;
(f) no material adverse change in the business affairs, financial
conditions or operations of Goldbard or MIE shall occur prior to
the closing of the Transaction; and
(g) Goldbard will have cash assets of not less than $1,400,000 will be
available for working capital.
Board of Directors and Management
Upon completion of the proposed Transaction, the directors and senior officers of the resulting issuer are anticipated to be:
Gordon Addie (Director, President and Chief Executive Officer): Mr. Addie has been the Vice President of Exploration for Adriana since July 2005. Mr. Addie has been involved with the acquisition and exploration of the properties now held by MIE since 1999, and first worked on the Muskox Intrusion in 1985-86. Mr. Addie is also Vice President of Hawthorne Gold Corp., a Canadian-based gold exploration and development company. Mr. Addie holds a B.Sc in Geology (1986) from the University of British Columbia and has over 20 years of exploration and mine geology experience.
Richard Barclay (Director and Chief Financial Officer): Mr. Barclay has been the Chief Financial Officer and director of Adriana since December 2005 where he oversaw the growth of the company and acquisitions of key projects in Brazil, Quebec, Nunavut and Finland. Mr. Barclay is also the Chief Executive Officer and director of Hawthorne Gold Corp. From 2002 until 2005, Mr. Barclay was Chief Executive Officer of Nevada Pacific Gold Ltd., formerly a TSX-V listed company which was acquired by U.S. GOLD in April 2007. He was a co-founder and the President, Chief Executive Officer and director of Eldorado Gold Corporation, from 1992 to 1998. Eldorado operated gold mines in Mexico, Brazil and Australia, and developed significant gold assets in Turkey. A co-founder of Bema Gold Corporation, he serviced as Chief Financial Officer and director of that TSX listed company from 1982 to 1992. Bema was acquired by Kinross Gold Corp. in April 2007.
Michael Beley (Director): Mr. Beley has been the Chief Executive Officer and director of Adriana since December 2005 where he oversaw the growth of the company and acquisitions of key projects in Brazil, Quebec, Nunavut and Finland. Mr. Beley has been a director of Hawthorne Gold Corp. From 2004 to 2007, Mr. Beley was a director of Nevada Pacific Gold Ltd., formerly a TSX-V listed company which was acquired by U.S. GOLD in April 2007. Mr. Beley was the Vice President Corporate Development and director of Polaris Minerals Corp., a TSX listed company, from 2002 until 2003 and is currently a director of its subsidiary, Orca Sand and Gravel Ltd. which is focused on the development of two construction aggregate quarries on Vancouver Island, B.C. Since 1996, Mr. Beley has been a director of Energold Drilling Corp., a TSX-V listed contract diamond drilling company servicing the mining industry. From 1999 to 2003, he was a director of Cardero Resources Corp., a TSX company. A co-founder of Eldorado Gold Corporation, Mr. Beley served as Vice President and director of this TSX listed company from 1999 to 2003, and from 1976 to 1992 was Vice President and director of Bema Gold Corporation, formerly a TSX listed company he also co-founded and which was acquired by Kinross Gold Corp. in 2007. Mr. Beley holds a B.Sc. from the University of British Columbia, is a fellow of the Geological Association of Canada and is past President of the British Columbia and Yukon Chamber of Mines.
Steven Berger (Director): A Director of Goldbard, Mr. Berger is the current Chief Financial Officer and Chief Operating Officer of Harborview Advisors LLC, a New York-based investment firm focused on providing capital to small emerging growth companies. From February 2004 to December 2006, Mr. Berger was the Chief Financial Officer of Global/CHC Worldwide LLC, a chemical coatings company, and from October 1999 to January of 2004, Mr. Berger was President of Morgan Harris & Co. where he was involved in equity trading. From June 2000 to June 2003, Mr. Berger was Chief Financial Officer of Virtual BackOffice Inc., a company that provided "virtual" secretarial services, and from June 1983 to June 1999, Mr. Berger was the treasurer, controller and chief compliance officer with LaBranche & Co., the parent corporation of LaBranche & Co. LLC, one of the oldest and largest specialists in equity securities listed on the New York Stock Exchange and the American Stock Exchange. Mr. Berger holds a Bachelor of Science degree in business administration with a concentration in finance from Boston University.
Jesse Kaplan (Director): Jesse A. Kaplan is a senior analyst at Harborview Advisors LLC, a New York-based investment firm focused on providing capital to small emerging growth companies. He is also the current Managing Director of Gandhi Holdings, LLC, a private investment company focused on private investments in real estate, Rocpart Inc., a private investment company focused on investments in the public and private markets, and Seek Capital Ltd., a private investment company focused on investments in the public market. From June 2005 to December 2006, Mr. Kaplan was the Director of Research for Palladium Capital Advisors, LLC, an NASD member investment bank, where he focused on raising capital for companies in the micro-cap space. Mr. Kaplan holds a Bachelor of Commerce degree from the University of Toronto. Mr. Kaplan completed the Canadian Securities Course in 2005 and has passed all three levels of the Chartered Financial Analyst program.
Sponsorship
Goldbard will apply to the Exchange for an exemption from the Exchange's sponsorship requirements. There is no guarantee that such exemption will be provided by the Exchange.
General
Completion of this Transaction is subject to a number of conditions, including but not limited to Exchange acceptance. The Transaction cannot close until the required Exchange approval is obtained. There can be no assurance that the Transaction will be completed as proposed or at all.
Investors are cautioned that, except as disclosed in the Filing Statement or Proxy Solicitation Circular to be prepared in connection with the Transaction, any information released or received with respect to the Transaction may not be accurate or complete and should not be relied upon. Trading in the securities of a capital pool company should be considered highly speculative.
The TSX Venture Exchange has in no way passed upon the merits of the proposed Transaction and has neither approved nor disapproved the contents of this press release. Additional press releases will be subsequently published in order to provide further details on the contemplated Transaction.
Trading in Goldbard's common shares on the Exchange is halted until trading is reinstated by the Exchange.
Forward Looking Information
Certain information in this news release is forward-looking within the meaning of certain securities laws, and is subject to important risks, uncertainties and assumptions. This forward looking information includes, among other things, information with respect to Goldbard's beliefs, plans, expectations, anticipations, estimates and intentions, such as the Goldbard's acquisition of MIE, the completion of the proposed Concurrent Financing. The words "may", "could", "should", "would", "suspect", "outlook", "believe", "anticipate", "estimate", "expect", "intend", "plan", "target" and similar words and expressions are used to identify forward-looking information. The forward looking information in this news release describes the Goldbard's expectations as of the date of this news release.
The results or events anticipated or predicted in such forward-looking information may differ materially from actual results or events. Material factors which could cause actual results or events to differ materially from a conclusion, forecast or projection in such forward-looking information include, among others, general economic conditions, adverse industry events, Goldbard's ability to make and integrate acquisitions, industry and government regulation and in satisfaction of the conditions of the Agreement, as well as MIE's ability to implement its business strategies, competition, currency fluctuations, risks associated with mineral exploration and other risks. Goldbard cautions that the foregoing list of material factors is not exhaustive. When relying on Goldbard's forward-looking information to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and potential events. Goldbard has assumed a certain progression, which may not be realized. It has also assumed that the material factors referred to in the previous paragraph will not cause such forward-looking information to differ materially from actual results or events. However, the list of these factors is not exhaustive and is subject to change and there can be no assurance that such assumptions will reflect the actual outcome of such items or factors.
The forward-looking information contained in this news release represents the expectations of Goldbard as of the date of this news release and, accordingly, is subject to change after such date. However, Goldbard expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
For further information
Goldbard Capital Corporation: Jesse Kaplan, Vice President & Secretary, Telephone: (646) 218-1400, Fax: (646) 218-1401, Email: jkaplan@harborviewcm.com
MIE Metals Corp.: Gordon Addie, President & Chief Executive Officer, Telephone: (778) 945-2140, Toll-free: (877) 945-2140, Email: gaddie@miemetals.com
--------------------------------------------------------------------------------
Source: Goldbard Capital Corporation; Adriana Resources Inc.
Adriana Closes $2 Million Financing
Friday August 29, 6:19 pm ET
http://biz.yahoo.com/ccn/080829/200808290482967001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2008) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE:ADI - News) announces it has closed its non-brokered private placement for proceeds of $1,999,965. The private placement consisted of 2,352,900 flow-through shares priced at $0.85 per share. No warrants were issued in connection with the private placement. The shares are subject to hold periods in accordance with TSX Venture Exchange policies and applicable securities laws. The Company paid a finder's fee of $120,000 or 6% of the gross proceeds raised, and 94,116 finder's options equal to 4% of the aggregate number of flow-through shares sold. Each finder's option entitles the holder thereof to purchase one common share at an exercise price of $1.00 per common share for a period of 12 months from the closing. Proceeds of the financing will be used for continued drilling and exploration of the Company's Lac Otelnuk property in Quebec and the Bedford prospect in Newfoundland and Labrador that will qualify as Canadian Exploration Expenses (CEE) in accordance with the Income Tax Act (Canada) and be renounced for the 2008 taxation year.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the accuracy or adequacy of this release.
Contact:
Robert Ferguson
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
Ali Sinawi
Adriana Resources Inc.
(604) 629-0250 or Toll Free: 1-877-629-0150
(604) 629-0923 (FAX)
Website: www.adrianaresources.com
--------------------------------------------------------------------------------
Source: Adriana Resources Inc.
Michael Beley: Two phone calls can change the world
PAUL HAAVARDSRUD
From Saturday's Globe and Mail
August 22, 2008 at 6:00 AM EDT
http://www.reportonbusiness.com/servlet/story/RTGAM.20080822.r-decision23/BNStory/robAtWork/?page=rss&id=RTGAM.20080822.r-decision23
CALGARY — Six weeks ago, Michael Beley was leaving the London office of the world's biggest steel maker when it hit him: Half a world away, his proposed sea port was going to become a reality.
Plans for a $250-million (U.S.) port off the Brazilian coast, seemingly distant only a day earlier, were suddenly within reach. Holding the keys to a small but vital piece of a much larger deal being chased by India's ArcelorMittal, his Vancouver-based Adriana Resources Inc. is a case study into how a tiny company can have big plans become a reality virtually overnight.
“We were looking for a way to get our port developed and also go out and acquire an iron resource. Now, here comes a group that will effectively assist us in funding the port, acquire an iron resource of their own to put through the port, and also assist us in acquiring [an iron resource],” says Mr. Beley, 69.
“You've heard of the concept of leaping into the air and clicking your heels together? Well, that's it.”
How did tiny Adriana manage to get in bed with a global steel behemoth as part of an $850.5-million deal inked this week to develop iron ore assets in Brazil? The answer can be traced to two phone calls. Adriana
A career gold industry executive, Mr. Beley and a partner, Richard Barclay, started Adriana roughly three years ago, figuring that rocks, not nuggets, had the shinier future. Industrial demand from emerging markets such as China, Mr. Beley calculated, would likely drive up prices for base metals such as iron ore.
They got started by picking up a small iron ore project in Quebec, along with a mining play in Nunavut. At a conference in Toronto soon after, the pair bumped into a newsletter writer, an old acquaintance who liked the story of two veteran gold bugs with global experience shifting to iron ore, and wrote them up.
A New York limited partnership, Athena Resources LLC, read the piece and cold-called Adriana. Looking for experienced people to help with a South American project, the partners at Athena Resources LLC laid out the merits of building an iron ore port in Brazil. Mr. Beley didn't know much about ports then, but he had done work with a West Coast company that did. They liked what they saw. Flights to Rio de Janeiro were soon booked.
Brazil and Iron Ore
The trick in the iron ore business isn't in exploring for supply, which is abundant, but in getting it to market cheaply. Iron ore, the feedstock in steel making, is rarely found right next to steel plants – making transportation a major cost. In Brazil, the world's second-largest iron ore producer, Adriana arrived at an ocean-side spot that was a mere 300 kilometres from iron ore mines, with an added bonus of a railway running by the front door. After nearly a year of bureaucratic wrangling, Adriana locked up the port location in January.
ArcelorMittal
When the phone rings and ArcelorMittal is on the other end asking for a meeting, Mr. Beley will tell you it's like a dream come true for a junior mining company. Created in a blockbuster 2006 merger, ArcelorMittal accounts for 10 per cent of global crude steel production. Lakshmi Mittal, the world's fourth richest man, who holds a 44-per-cent stake in the firm, has said the steel maker wants to self-supply 75 per cent of its iron ore by 2014, up from 45 per cent currently.
ArcelorMittal was considering an $810-million offer for Brazilian iron ore assets from London Mining PLC. Without a port facility, however, ArcelorMittal would be unable to ship the iron ore and the deal would be scuttled.
What's next
After a whirlwind round of negotiations, Adriana agreed to sell an 80-per-cent stake in the Brazilian port to ArcelorMittal for $40.5-million. While Mr. Beley wanted Adriana to keep a bigger stake, in return for gaining control of the port ArcelorMittal agreed to help Adriana secure its own Brazilian mining project, while also keeping Adriana in the loop on other opportunities. For Mr. Beley, the potential of future deals with ArcelorMittal makes becoming a minority partner in the port worth the risk.
“I want to be able to go and show ArcelorMittal the balance of our assets and what we're doing and what we're capable of doing,” Mr. Beley says. “On the other side of the coin _ for them to buy us out is nothing, but if I can show that I can make a difference to their bottom line, then we'll be here for a while.”
Special to The Globe and Mail
>Thanks; this was the only way to go for a small company. They keep part of the action, 20% in Brazil's future iron ore port, and they will have about $65 million in the bank.
Michael Beley and Richard Barclay command tremendous respect earned from their success as co-founders of Bema Gold and later as co-founders of Eldorado Gold. These gentlemen were my primary reason for investing in Adriana.
As I understand it, Beley and Barclay were approached with the idea of the iron ore port, they did not seek it. They immediately recognized Brazil's emerging market potential and developed the idea into a reality.
I knew there was a port bottleneck in Brazil but did not anticipate Arcelor needing a port for future expansion plans. Had I known of this development, I might not have taken profits on 40% of my portfolio. But profits are profits.
sumi
PS I will be updating the iBox, as the number of outstanding shares has increased to around 115 million; I will call the company for the exact number.
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Congrats Sumi. Your post is excellent and very positive for Adrianna's future.
ArcelorMittal buys London Mining out of Brazil
Wed Aug 20, 2008 7:29am EDT
By Julien Ponthus and Tom Miles
http://www.reuters.com/article/marketsNews/idCALK31482720080820?rpc=44
BRUSSELS/HONG KONG, Aug 20 (Reuters) - Top global steelmaker ArcelorMittal SA said on Wednesday it would pay $810 million for the Brazilian iron ore assets of London Mining Plc boosting its self-sufficiency in raw materials with a lucrative deal for the small UK-based mine developer.
"It's more than our market capitalisation by about 50 percent, so we're happy with that price," London Mining's CEO Christopher Brown told Reuters by phone from London.
One investment banker familiar with the assets said he was surprised at the high price tag, as it showed there was a still strong interest in what he thought was low quality iron ore.
London Mining plans to pay out 50 percent of the proceeds in a special dividend and to spend some of the rest on building its portfolio, before listing in London next year. Its shares were up 21 percent by 1038 GMT, while Arcelor's were up 3.6 percent.
Arcelor, which has been making several acquisitions a month to feed its growth, is likely to continue its aggressive purchases of iron ore and coking coal resources worldwide.
It said it could invest another $700 million to raise production at London Mining Brasil, which has an estimated 1,059 million tonnes of measured, indicated and inferred iron ore resources.
Arcelor aims to raise its iron ore self-sufficiency to 75 percent by 2012 from 45 percent currently and has recently raised its coal self-sufficiency to 20 percent from 15 percent after buying mines in Russia and the United States this year.
Among its targets is Namisa, a much bigger Brazilian iron ore mining business being sold in whole or part by CSN (CSNA3.SA: Quote, Profile, Research, Stock Buzz), according to sources with knowledge of that sale process, which is likely to conclude by early October.
But the London Mining assets may not give it any advantage in the Namisa bidding since, although the two use the same railway for exports, there is little scope for synergy.
"Unlike in Australia, it's not about the railways, it's about the ports," Brown said.
To solve the port problem, Arcelor also reached an agreement with Canada's Adriana Resources (ADI.V) on development of an iron ore port facility in the State of Rio de Janeiro, allowing it to export to steel mills elsewhere in the Atlantic Basin.
Arcelor will also buy up to 19.9 percent of Adriana's shares. RBC Capital Markets advised Arcelor on both deals while London Mining was advised by UBS and Kaupthing Singer and Friedlander.
GREATER LONDON
For the Oslo-listed London Mining, the sale proceeds, which it said were tax-exempt, will help pay for a recent South African acquisition and offer it the chance to develop a global set of assets.
"We've got two large projects in Greenland and Saudi Arabia that we're trying to do together," Brown said, noting that Saudi finance and energy were both cheap. "We would take concentrate from Greenland and turn it into pellets in Saudi Arabia."
The company is also close to buying a producing iron ore mine, which would cost about $46 million, and $75 million of coal assets in South America. After those, it could list on the London Stock Exchange, possibly as soon as early 2009.
"We really want production cashflows. We need to get our story straight. We'll stop doing acquisitions after the next couple and then do (the listing)," Brown said.
It also hopes to put an iron ore mine in Mexico into production this year. Brown described it as a "low-risk gamble" but said that if the planned total production of 75,000 tonnes a month was successful, it might seek more projects nearby.
London Mining also has an iron ore mine in Sierra Leone which it wants to put back into production, although a dispute with the government has led to a standstill.
The diverse portfolio of projects might normally be of interest to a steelmaker such as Arcelor, but Brown said it and other bidders had signed non-compete agreements and pledged not to mount a takeover bid.
But he added: "If somebody comes along and everybody wants to sell, we're not going to stand in their way." (Additional reporting by Michael Flaherty)
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Adriana Partners With ArcelorMittal
Wednesday August 20, 4:00 am ET
VANCOUVER, BRITISH COLUMBIA--(MARKET WIRE)--Aug 20, 2008 -- Adriana Resources Inc. ("Adriana" or the "Company") - (CDNX:ADI.V - News) is pleased to announce that it has reached an agreement (the "Port Agreement") with ArcelorMittal, the world's leading steel company, on the principal terms for the development of an iron ore port facility in the State of Rio de Janeiro, Brazil (the "Port"). The Port will be constructed on lands acquired by Adriana in January 2008 (the "Joint Venture").
Highlights
Adriana will partner with ArcelorMittal to advance an iron ore strategy to become a fully integrated iron ore producer. The Joint Venture will include the following material elements:
- Through a series of transactions, ArcelorMittal will acquire 80% of the Port for total consideration of approximately $40.5 million USD with Adriana holding the remaining 20%;
- ArcelorMittal has agreed to acquire up to 19.9% of the Company's common shares which represents up to $25 million CDN (or up to approximately 24,900,000 common shares) in two private placements and will also be granted a seat on Adriana's Board of Directors;
- The parties will each fund their pro rata portion of the Port development costs estimated to total approximately $250 million USD for the 10 million tonne per annum ("Mtpa") port;
- ArcelorMittal will assist Adriana in sourcing funding for Adriana's portion of the Port development costs ("Port Debt");
- The parties will share in the capacity of the Port, in proportion to their ownership and Adriana expects to have a minimum of 2 million tonnes iron ore throughput with the planned development of the Port to 10Mtpa;
- ArcelorMittal and Adriana have agreed to investigate future strategic and mutually beneficial world-wide opportunities; and
- Upon closing the Port Agreement and related financings, Adriana expects to have over $65 million CDN in working capital inclusive of the above referenced private placements with ArcelorMittal.
Michael Beley, President and CEO of the Company stated, "Three years ago, Adriana recognized the surging mineral super cycle and through strategic partnerships with Athena and WorldLink, quickly identified the need for a new iron ore port facility in Brazil that would create an export opportunity to deliver iron ore to the "End User". Today we have partnered with the leading steel corporation in the world to export iron ore from Brazil. Partnering with ArcelorMittal is a significant milestone in the advancement of our Brazilian iron ore strategy. ArcelorMittal brings the global expertise in mining, ports, seaborne shipping logistics and the ability to finance large infrastructure and mining projects through to operation."
Aditya Mittal, Chief Financial Officer and Member of ArcelorMittal's Group Management Board, stated, "The planned port facility at Sepetiba Bay in Brazil is the ideal captive solution to deliver access to the export market for ore from the Iron Quadrangle region."
Background to the Port Development
The acquisition of the Port lands was disclosed in the Company's news release dated January 10, 2008. In summary, the Company purchased a total of 771,818 square meters of land on the coast of Brazil (Bay of Sepetiba) for the development of an iron ore port facility. The purchase of an additional 85,757 square meters is expected to be completed during the third or fourth quarter of 2008. Since January 2008, the Company has been developing key strategic relationships and establishing a team of mining, port engineering, shipping and iron ore trading professionals to assist in advancing the Company's iron ore strategy.
Prior to the Port Agreement, the Company had commenced the engineering and permitting required to develop a port facility capable of handling 5 - 10Mtpa of iron ore at inception and increasing to a potential 50 million tonnes by year five through the accelerated development of a deep water port facility. The Port Agreement is the culmination of the Company's strategy in Brazil to develop the port facility with an end-user of iron ore. Given the capital-intensive nature of the project, the Company expects that the Port Agreement will establish the required funding, technical and regional expertise, and industry recognition to move the project through to completion and revenue generation.
Pursuant to the terms of the Port Agreement, ArcelorMittal has agreed to jointly develop the Port with the Company and acquire 80% of the Port for a lump-sum payment of approximately $40.5 million USD. The Company will retain the remaining 20% of the Port with pre-emptive rights until the Port reaches a capacity of 20Mtpa.
ArcelorMittal will use reasonable endeavours to assist Adriana in obtaining its portion of the Port Debt. Each party undertakes that it will be responsible for servicing and repaying its respective share of the Port Debt, consistent with its percentage ownership. The Company believes this support will substantially minimize dilution to the Company's common shareholders. In addition, ArcelorMittal will own 80% of the proposed port capacity while the remaining 20% will be retained by the Company. Port capacity in excess of 20Mtpa will be subject to further negotiation and may result in the Company increasing its utilization rights.
The two companies also agreed to co-operate to explore future strategic and mutually beneficial world-wide opportunities, although neither party is obliged to enter into any agreements.
Pursuant to the terms of the Port Agreement, the Company has agreed to acquire all of the third party owned interests in Brazore Holdings Ltd. ("Brazore Barbados"), of which the Company currently beneficially owns 60% of the outstanding issued share capital. The acquisition cost for the minority interest, held by Athena Resources L.L.C. ("Athena"), will be $19.6 million USD. The Company and Athena have agreed that up to $19.6 million USD of the purchase price will be paid in shares of the Company at a deemed price of $1.10 CDN. In 2006, Athena brought the Port opportunity to Adriana based on Adriana management's previous successful track record within Brazil and ability to advance projects on a global scale. Adriana and Athena continue to work closely together to review other opportunities within Brazil.
In addition to the consolidation of the minority interest in Brazore Barbados, the Company has agreed to acquire the minority interests of its Brazilian subsidiary for consideration of approximately $3.5 million USD. The Company and the minority interest holders have agreed that up to $1 million USD of the purchase price may be paid in shares of the Company at a deemed price of $1.10 CDN.
The Company's agreement with the WorldLink Group in respect of port utilisation has been amended to match the Company's Port off-take capacity of 20%. No further obligations are contemplated in connection with the WorldLink agreement.
The Port Agreement is subject to applicable regulatory and corporate approvals and the negotiation and execution of a definitive agreement by the parties which is anticipated to be concluded by September 30, 2008 (the "Definitive Agreement").
Upon completion of the proposed transactions Adriana will move forward with three strategic alliances: ArcelorMittal, WorldLink Group and Athena Resources L.L.C. Such partnerships and supported iron ore strategy will allow minimal dilution for shareholders for future project financings.
Private Placements
In connection with the transaction, ArcelorMittal has agreed to participate in a non-brokered private placement for proceeds of $6.45 million CDN (the "Debenture"). The Debenture will have a three-year term and will bear interest at 7% per annum. The principal amount of the Debenture is convertible into common shares of the Company at a conversion price of $0.90 if exercised in the first two years of the Debenture and at a price of $0.99 if exercised in the third and final year of the Debenture. Interest on the Debenture will be convertible at the market price of the Company's shares on such conversion date. Up to 7,166,667 common shares of the Company will be reserved for listing on the TSX Venture Exchange (the "TSX-V") as the maximum number of securities issuable to ArcelorMittal upon conversion for the principal of the Debenture (or approximately 10% of the current issued and outstanding common shares of the Company). Additional common shares of the Company will be reserved for listing on the TSX-V to satisfy the conversion related to the interest on the Debenture. The Debenture is subject to regulatory approval and the Debenture and Common Shares issuable upon conversion of the Debenture will be subject to applicable statutory hold periods from the date the Debenture is issued.
The Company expects that it will issue additional debentures to other parties on the same terms as above (together the "Debentures") bringing the intended gross proceeds of the debt offering of up to $9 million CDN. Proceeds from the issue and sale of the Debentures will be utilized for the Company's ongoing commitments in Brazil and Canada, as well as the acquisition of the minority interests in Brazore Barbados and Brazore Brazil as described above.
Upon completion of the Definitive Agreement, ArcelorMittal has agreed to invest additional capital into the Company by way of a non-brokered private placement of common shares (the "Share Placement") and intends to acquire up to 19.9% of the Company's common shares after taking into account potential shares issued upon the conversion of its Debentures and the Share Placement. It is anticipated that the gross proceeds of the proposed Share Placement will be up to $18 million CDN at $1.10 per common share (representing approximately 18,000,000 common shares) and will be utilized for funding the Company's proportionate share of development costs in connection with the port facility and for additional working capital.
The acquisition of the minority interests in Brazore Barbados and Brazore Brazil, the Debenture financing and the proposed Share Placement all remain subject to regulatory approval and all securities issued in connection with the proposed transaction will be subject to a hold period of not less than 4 months from the date of issue of the securities.
About ArcelorMittal
ArcelorMittal is the world's leading steel company, with over 320,000 employees in more than 60 countries.
ArcelorMittal is the leader in all major global steel markets, including automotive, construction, household appliances and packaging, with leading R&D and technology, as well as sizeable captive supplies of raw materials and outstanding distribution networks. With an industrial presence in over 20 countries spanning four continents, the Company covers all of the key steel markets, from emerging to mature.
Through its core values of sustainability, quality and leadership, ArcelorMittal commits to operating in a responsible way with respect to the health, safety and wellbeing of its employees, contractors and the communities in which it operates. It is also committed to the sustainable management of the environment and of finite resources. ArcelorMittal recognises that it has a significant responsibility to tackle the global climate change challenge: it takes a leading role in the industry's efforts to develop breakthrough steelmaking technologies and is actively researching and developing steel-based technologies and solutions that contribute to combat climate change.
In 2007 ArcelorMittal had revenues of 105.2 billion USD and crude steel production of 116 million tonnes, representing around 10 per cent of world steel output.
ArcelorMittal is listed on the stock exchanges of New York (MT), Amsterdam (MT), Paris (MTP), Brussels (MTBL), Luxembourg (MT) and on the Spanish stock exchanges of Barcelona, Bilbao, Madrid and Valencia (MTS).
For more information about ArcelorMittal visit: http://www.arcelormittal.com or to obtain a copy of the Early Warning Report filed by ArcelorMittal pursuant to applicable securities laws, please contact:
Haroon Hassan
General Manager, Corporate Communications
Head of Media Relations
7th Floor, Berkeley Square House
Berkeley Square
London, W1J 6DA
United Kingdom
Tel: +44 (0)20 3214 2847
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through strategic partnerships, acquisitions and development projects. The continued development of its iron ore port facility in Brazil, jointly owned by ArcelorMittal, will be a significant milestone in advancing that goal with Adriana having access to a minimum of 2 million tonnes of iron ore capacity that will grow as the Port develops in size. Adriana is committed to the acquisition of iron ore assets in South East Brazil that are strategically located and able to access the Port. The Company is continuing development of its 100% owned Lac Otelnuk, December Lake and Bedford iron properties in Quebec and Labrador & Newfoundland, respectively and actively pursuing iron ore acquisitions around the world and through its partnerships with ArcelorMittal, WorldLink Group and Athena. Adriana's management and technical team continue to review other opportunities to further enhance the Company's position as "The New Player in Iron Ore".
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.
Contact:
Contacts:
Adriana Resources Inc.
Robert Ferguson
(604) 629-0250 or Toll Free: 1-877-629-0150
Adriana Resources Inc.
Ali Sinawi
(604) 629-0250 or Toll Free: 1-877-629-0150
(604) 629-0923 (FAX)
Website: http://www.adrianaresources.com
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Source: Adriana Resources Inc.
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Adriana sure appears serious about becoming a Major Iron Ore producer.
Wonder if those massive ore transporting freighters and railroad locomotives will run on Soy bio-diesel?
futrcash
"posts are imo...please confirm by doing "original" dd.
futrcash..."
Finding Fuel Efficient Metals
July 15, 2008
By Chris Mayer
Gaithersburg, Maryland, U.S.A.
http://www.whiskeyandgunpowder.com/Archives/2008/20080715.html
Ultra high-strength and super-light steels are the plastics of the 21st century. There is high demand for these steels for use in everything from jet engines to rail components. In turn, there is a big push for the quirky metals so critical in making them. And in those quirky metals are good opportunities for investors. One of them is vanadium.
For some industries, such as airlines, finding a more fuel-efficient way to do business is a matter of survival. According to a recent Financial Times article, it’s “triggered a massive jump in the price of obscure and scarce metals that are used to improve the fuel economy of jet engines.”
The quest for fuel-efficiency goes beyond just the airlines, of course. It extends to rail cars and automobiles, to power plants and high-speed drilling. Vanadium’s primary use: to strengthen steel. Combine it with titanium and you get the best strength-to-weight ratio of any engineered material. That makes it practically irreplaceable in aerospace and other industries. Companies also use vanadium to produce sulfuric acid, and in nuclear power plants. Vanadium also promises new advances in battery technology. Giant vanadium batteries power wind farms and solar power plants.
In the great infrastructure boom, vanadium takes its place at the table of other rare and obscure metals that are growing much more important. The price of vanadium, as with many of these metals, is way up. For most of last year, vanadium cost $40 per kilogram. In February, it hit $90 per kilogram. It has since come back some, but it rallied to over $80 again recently.
The rocketing vanadium price is no mystery. Demand is strong, while supplies are constrained. A big part of the supply constraint lies in South Africa. That’s because a massive electricity shortage is preventing many mines from operating at full capacity. As the CEO of Windimurra Vanadium, an Australian mining company, put it: “The market is very sensitive to power supply issues. Large South African miners are facing up to 15 percent restrictions to their power supply… The supply of vanadium will remain tight, and that’s factoring in a best scenario for South African producers, which is no guarantee.” In March, Xstrata, which produces about 12 percent of the world’s vanadium, said it would cut its deliveries by 10-15 percent in the second quarter. And Highveld, the world’s biggest producer of vanadium, said in February that power outages posed a “considerable threat” to future output.
The vanadium market also has some interesting quirks. For example, 98 percent of the world’s vanadium comes from only three countries — China, Russia and South Africa. South Africa, we know, has power issues. China’s Sichuan province, devastated by earthquake, was also a rich vanadium producer. Moreover, China is becoming as much a consumer of vanadium as a producer. So vanadium exports from China are dropping. Last year, China ended its export credits for vanadium because it needed the metal more at home. This year, China went further and put an export tariff in place.
China’s vanadium use per quantity of steel is still well behind the curve compared with the U.S.’ If China were to use as much vanadium as U.S. steel producers, the vanadium market would face a one-third increase in demand. That’s a pretty nice long-term tail wind for vanadium.
Russia’s Evraz Group is the world’s largest producer of vanadium, with about 27 percent of supply. I think it’s safe to say that Russia has been an uneven producer of certain commodities. And as the Russians like to change the rules of the game as it suits them, I would not rely too heavily on Russian supply. And finally, there are no stockpiles of vanadium or substitutes of equal quality.
So where are the opportunities?
It’s tough to find a good pure play that is easy to buy. Most of the producers are in China or South Africa or Australia. And these producers make lots of other metals. You wouldn’t buy Xstrata just because you like vanadium. You’d also have to understand a host of other metals that contribute much more to Xstrata’s bottom line than vanadium. One interesting company is Denison Mines. Vanadium could represent up to a third of Denison Mines’ revenues in 2008. The problem with Denison is that it is mainly a uranium play. To invest in Denison, you have to like uranium; you get the vanadium exposure as a bonus. Denison is probably cheap, although I haven’t looked at it in great detail.
Some of the best ideas are just in the prospecting stage or emerging as producers. There are a few in Australia, including Windimurra Vanadium and Reed Resources. Both have big vanadium resources and could each eventually represent 6-8 percent of global production.
One of my favorite vanadium ideas I’m keeping an eye on is Largo Resources (LGO.V: CDNX). Largo has the world’s highest-grade vanadium mine, in Brazil. It’s close to infrastructure and located in a mining-friendly state. The company should have a completed feasibility study in July. Production should start in 2010. It’s highly speculative, but promising.
The company also has a molybdenum and tungsten project in the Yukon, called Northern Dance. These metals are also important in infrastructure.
Scarcity is a great thing when you are an investor. Finding companies that own something scarce — with good long-term demand behind it — is a winning formula for finding good ideas.
Regards,
Chris Mayer
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Adriana Drills 1,730 Meters at Lac Otelnuk; Completes Geophysics on Bedford Iron Prospect
Wednesday July 9, 9:15 am ET
http://biz.yahoo.com/ccn/080709/200807090473087001.html?.v=1
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 9, 2008) - Adriana Resources Inc. ("Adriana" or the "Company") - (TSX VENTURE:ADI - News; WKN:A0F7EL) is pleased to announce the Company has completed an additional 13 drill holes totaling 1,730 meters as of July 7th, 2008 on the Company's 100% optioned Lac Otelnuk Iron Project in the Labrador Trough, Quebec. The diamond drill program is designed to define a National Instrument ("NI") 43-101 compliant inferred mineral resource estimate on the South Zone of the Lac Otelnuk iron deposit.
Adriana recently completed a general surface grab sampling program at the Bedford Iron Prospect, located in Labrador, to examine the iron formation that exists on the property. Results are expected shortly. The Company contracted MPX Geophysics to complete a 672 line-kilometer aeromagnetic (helicopter) geophysical survey at 100-meter spacings. The survey was completed on June 28th and the Company expects analysis of the results by August.
"Adriana continues to advance its strategic iron ore assets in the Labrador Trough. The Bedford Iron Prospect continues to have many similar characteristics to the Lac Otelnuk Iron Project and we look forward to defining this iron prospect," commented Michael Beley, President of Adriana. "Drilling at Lac Otelnuk is ahead of schedule, on budget, and the Company is confident that a NI 43-101 compliant resource estimate can be defined. The Labrador Iron Trough has the potential to become a strategic location for the development of significant iron resources to meet the global long term iron supply needs of steel mills."
About Lac Otelnuk Iron Project
The Lac Otelnuk Iron Project is a Lake Superior type iron formation, or taconite, identified over a strike length of approximately 25 kilometers, based on results from exploration drilling (36 holes) in the 1970s and geological and geophysical mapping. In 2007, the Company completed 27 diamond drill holes totaling 2,191 meters on the South Zone of the Lac Otelnuk Iron Project.
Results from 2007 drilling indicate good lateral continuity of the iron formation and a significant increase in stratigraphic thickness compared with drilling in the 1970s. The 2008 diamond drill program will focus on completing the remaining 40 drill holes (approximately 4,000 meters) required to test the 9,000-meter strike length of the South Zone; as recommended by Watts Griffis and McOuat Limited, a Toronto-based firm of independent consulting geologists and engineers contracted by Adriana to act as technical consultants to the project.
For further information on the Lac Otelnuk Iron Project please refer to Adriana's website at: http://www.adrianaresources.com/s/LacOtelnuk.asp.
About the Bedford Iron Prospect
The property is located in Labrador and is 27 kilometers northeast of the town of Schefferville, Quebec on the east side of Howells River. The Bedford Iron Prospect consists of 4,400 hectares and covers a significant government aeromagnetic anomaly strategically located within 3 kilometers of the LabMag iron deposit and within 12 kilometers of the KeMag iron deposit, both held by New Millennium Capital Corp. The Property is also within close proximity to several Direct Shipping Iron Ore deposits previously owned by the Iron Ore Company of Canada which operated mines in the area from 1954 to 1982.
Additional information on the Bedford Iron Prospect is available on Adriana's website at http://www.adrianaresources.com/s/BedfordIron.asp and is highlighted in a news release dated March 25, 2008.
Mr. Frank Condon, P.Eng., a director of the Company and a qualified person as defined by NI 43-101, has reviewed and approved the technical disclosure contained in this news release.
About Adriana Resources Inc.
Adriana's goal is to become a fully integrated iron ore producer through continued development of its iron ore port facility in Brazil, through acquisition of iron ore mineral resources in Brazil, and the advancement of the Lac Otelnuk Iron Project in Quebec, Canada.
ON BEHALF OF ADRIANA RESOURCES INC.
Michael J. Beley, President
Certain information regarding the Company including management's assessment of future plans and operations, may constitute forward-looking statements under applicable securities laws and necessarily involve risks associated with mining exploration and development, volatility of prices, currency fluctuations, imprecision of resource estimates, environmental risks, access to labour and services, competition from other companies and ability to access sufficient capital. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements.
The TSX Venture Exchange does not accept responsibility for the accuracy or adequacy of this release.
Contact:
Robert Ferguson
Adriana Resources Inc.
(604) 629-0250 or Toll Free 1-877-629-0150
Ali Sinawi
Adriana Resources Inc.
(604) 629-0250 or Toll Free 1-877-629-0150
(604) 629-0923 (FAX)
Website: www.adrianaresources.com
--------------------------------------------------------------------------------
Source: Adriana Resources Inc.
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INTRODUCTION
Adriana's goal is to become an integrated iron ore producer in Brazil through continued development of its iron ore port facility and through potential acquisition of iron ore mineral resources. Adriana has mineral exploration projects in Nunavut, Canada, an advanced iron ore project in Quebec, Canada and is advancing an iron-vanadium development project in Finland. The individuals comprising Adriana's Board have a proven record in identifying and successfully developing mineral deposits through to production.
On December 23, 2004, two respected, successful mining industry veterans, Michael Beley and Richard Barclay, joined forces again to create Adriana Resources Inc. The goal? To build their third, billion-dollar mining company.
Over the past three decades, Michael Beley and Richard Barclay have achieved widespread recognition as company builders in the mining industry. They have worked as a team for more than 30 years, first as co-founders of Bema Gold Corporation and later as co-founders of Eldorado Gold Corporation. Today, both these companies have a market capitalization of more than $1 billion each.
Since the inception of Adriana Resources, Michael and Richard have used their expertise to guide its growth and development during this critical period. Under their guidance, the company:
arranged financing totalling some $3.8 million,
acquired the MIE Nickel Copper PGE Project,
acquired an option to purchase the potentially world-class Lac Otelnuk Iron Property,
acquired the Mustavaara mine, a past producing Iron-Titanium- Vanadium mine in Finland,
created the Bear Valley Uranium Project, located in Nunavut, Canada,
signed an agreement with Unor Inc. creating the UNAD Uranium Joint Venture,
commenced field and airborne work on the MIE & Bear Valley Project,
completed a 43-101 report and initiated a bulk sample for the Mustavaara Mine Project,
initiated first phase of the work program at the Lac Otelnuk property,and
developed strategic partnerships.
While Adriana Resources is still in the early stages of development, the company can look back and be pleased at the progress that has been made. In a short time, Adriana is rapidly becoming a credible and potentially world-class mining company. The company is confident that by continuing to capitalize on their strengths they will achieve the objectives set for them to the benefit of all shareholders and stakeholders.
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ADRIANA WEB PAGE
http://www.adrianaresources.com/s/Home.asp
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SHARE STRUCTURE
Shares Outstanding | 72,707,945 |
Options (exercise prices between $0.26 and $1.36) | 8,405,000 |
Warrants | - |
Convertible Debentures (Exercise Prices (See Note 1 below)) | 11,111,109 |
Fully Diluted | 92,224,054 |
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CURRENT VANADIUM PRICES
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