|By Marketwired .||
|May 8, 2014 06:04 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 05/08/14 -- Adriana Resources Inc. ("Adriana" or the "Company") - (TSX VENTURE: ADI) today announces that it has filed its condensed consolidated financial statements for the three months ended March 31, 2014 and the related Management Discussion & Analysis on SEDAR.
The Company has cash on hand of $40 million and Lac Otelnuk Mining Ltd. ("LOM") has cash on hand of $10 million as at May 8, 2014. LOM is a joint venture company that holds the Lac Otelnuk Property in Nunavik, Quebec of which Adriana owns 40% and WISCO International Resources Development & Investment Limited owns 60%.
The Company also announces that it will grant stock options on May 12, 2014 to certain directors and officers of the Company entitling them to purchase an aggregate of 925,000 common shares of the Company, pursuant to the Company's Incentive Stock Option Plan approved by the shareholders. Each stock option will entitle the holder thereof to purchase one common share at an exercise price to be determined at the close of the business day on May 12, 2014. The stock options term shall be for a period of five years subject to vesting restrictions over a period of 18 months.
The Feasibility Study for the Lac Otelnuk Project continues to progress and SNC-Lavalin Inc. has been engaged in different phases of the studies since February 2013. Currently, the studies on all components of the project, including the Mine and Process Plant, Product Delivery System, Power Transmission Line and the Port De-watering and Storage infrastructures are all in progress and on schedule. LOM expects the full Feasibility Study to be completed by the end of 2014. It is planned that further environmental baseline data collections, environmental impact and social impact studies on different components of the project, will start after the confirmation of the project feasibility.
ON BEHALF OF ADRIANA RESOURCES INC.
Allen J. Palmiere, President and CEO
Certain information regarding the Company may constitute forward-looking statements under applicable securities laws and necessarily involve known and unknown risks and uncertainties. Certain important risk factors could cause the Company's actual results to differ materially from those expressed or implied by such forward-looking statements. As a consequence, caution should be exercised on placing undue reliance on forward looking information.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this press release.