Adriana Closes $2 Million Financing

Fri Aug 29, 6:19 PM

VANCOUVER, BRITISH COLUMBIA--(Marketwire - Aug. 29, 2008) - Adriana Resources Inc. ("Adriana" or the "Company") (TSX VENTURE: ADI.V) 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.

Contacts

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