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Adriana updates on Lac Otelnuk iron project

Thursday, Mar 26, 2009

Adriana Resources Inc report the recent completion of a National Instrument 43-101 Mineral Resource 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 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 cut off grade of 18%.

WGM modeled the upper five geological sub-units (2A, 2B, 2C, 3A and 3B) of the Lac Otelnuk iron formation for the Mineral Resource estimate. The estimate was done using an Inverse Distance to the power of one method with a block size of 10m x 10m x 5m high. Indicated Mineral Resources are defined as blocks being within 350 m of a drillhole intercept. Inferred Mineral Resources are interpolated out to a nominal 1,000 m on the fringe and at depth, as the entire 600 m x 500 m grid was not completed and some drill holes did not penetrate the entire stratigraphy, however, the units show excellent continuity.

Mr Michael Beley president of Adriana said that "Adriana is pleased to say that the South Zone of Lac Otelnuk can now be considered a world-class iron deposit, and the new resource estimate has exceeded our expectations, and is a significant milestone for the Company. The significance of this resource estimate will bring global attention to the project and also to Nunavik, Québec, Canada as a major iron ore player. Similar mineralization was identified along strike to the northwest for approximately 15 kilometres in the North Zone, through drilling completed in the 1970s. The North Zone has yet to be drilled by Adriana, but shows the true potential of the Lac Otelnuk project, as the Company believes the North Zone lies within the same iron formation as the South Zone and is the geological continuation of the Lac Otelnuk Deposit. Of note, a single exploration hole drilled by Adriana in 2008, located 2,000 meters 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, and the drill hole was lost before reaching the lower stratigraphic units.