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Message: ArcelorMittal Extends Port Agreement with Adriana

ArcelorMittal Extends Port Agreement with Adriana

posted on Jun 01, 2009 08:12AM
ArcelorMittal Extends Port Agreement with Adriana

Adriana Resources Inc. ("Adriana" or the "Company") - (TSX-V: ADI) announces that further to the Company's news releases dated August 20, 2008 (the "August News Release"), January 6, 2009 and April 22, 2009, the Company and ArcelorMittal have agreed to amend the current Port Agreement (as such term is defined in the August news Release). The principal amendments include:

  • A commitment by ArcelorMittal to fund a significant portion of Adriana's monthly costs incurred in connection with its port permitting process in Brazil;
  • A commitment by ArcelorMittal to fund 80% of substantial third party consultant costs incurred in connection with Adriana's port permitting process in Brazil;
  • Deferral of annual interest payments due to ArcelorMittal and subject to the approval of the TSX Venture Exchange, the extension of the unsecured convertible debenture dated September 10, 2008, issued by Adriana in favour of ArcelorMittal for a period of one year; and
  • Extension of the Port Agreement for a period of 6 months (to November 30, 2009) to be followed by further extensions of 6 months if required.

"The Company continues to work closely with ArcelorMittal to advance its port development project in Brazil, and is pleased with ArcelorMittal's commitment in assisting Adriana to fund the advancement of the project through the combination of cash payments and interest deferrals," Michael Beley, President and CEO of the Company stated.

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 operations 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 2008, ArcelorMittal had revenues of $124.9 billion and crude steel production of 103.3 million tonnes, representing approximately 10 per cent of world steel output.

ArcelorMittal is listed on the stock exchanges of Paris (MT), Amsterdam (MT), New York (MT), Brussels (MT), 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:

ArcelorMittal Corporate Communications

Giles Read (Head of Media Relations) +44 20 3214 2845
Arne Langner +352 4792 3120
Jean Lasar +352 4792 2359
Lynn Robbroeckx +352 4792 3193

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 Québec, Canada.

For more information, contact Robert Ferguson or Ali Sinawi at + 1 (604) 629-0250 or toll free at + 1 (877) 629-0150 or visit the Company's website at www.adrianaresources.com.

ON BEHALF OF ADRIANA RESOURCES INC.

"Michael J. Beley"
President and CEO

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