Adriana Announces Preliminary Economic Assessment on Iron Ore Project

Adriana Resources Inc. (TSXV:ADI) reports that it has received positive results from a Preliminary Economic Assessment for a 50 million tonne per annum operation on the Lac Otelnuk Iron Ore Project located in Nunavik, Quebec.

The press release is quoted as saying,

The project as contemplated includes mining and concentrating an average of 175 million tonnes of iron mineralization per year, pelletizing 50 million tonnes of concentrate, constructing an 815 kilometer railway and constructing the necessary port capacity to accommodate Chinamax ore carriers. As announced January 17, 2011, Adriana has entered into a Binding Framework Agreement with WISCO International Resources Development & Investment Limited “WISCO” with respect of an investment into Adriana and an investment into the Lac Otelnuk Project. The investment into Adriana was completed in March (see press release dated March 23, 2011) and negotiations are ongoing with respect of the investment into the Project. Subject to the closing of a definitive agreement for the investment in the Project, a definitive feasibility study is planned to commence during 2011.

For the complete press release, click here.