Adriana Closes $10 Millon Financing

Adriana Resources Inc. announces the closing of an unsecured convertible debenture in the amount of $10,000,000 (the “Debenture”). The Debenture has a three-year term and bears interest at 7% per annum. The principal amount of the Debenture is convertible into common shares of the Company at a conversion price of $0.90 per share if exercised in the first two years of the Debenture and at a price of $0.99 per share if exercised in the third and final year of the Debenture. Interest on the Debenture is convertible at the market price of the Company’s shares on any such conversion date.

The common shares issuable upon conversion of the Debenture will be reserved for listing on the TSX Venture Exchange and will be subject to a statutory hold period expiring on January 11, 2009.

In connection with the private placement, a finder’s fee was paid in the amount of $125,000 or 5% of certain Debentures placed under the financing. Proceeds from the issue and sale of the Debenture will be utilized for the Company’s ongoing commitments in Brazil and Canada.

Adriana’s goal is to become a fully integrated iron ore producer through strategic partnerships, acquisitions and development projects. The continued development of its iron ore port facility in Brazil will be a significant milestone in advancing that goal. Adriana is committed to the acquisition of iron ore assets in South East Brazil that are strategically located and able to access the Port. The Company is continuing development of its Lac Otelnuk, December Lake and Bedford iron properties in Quebec and Labrador & Newfoundland, respectively. Adriana’s management and technical team continue to review other opportunities to further enhance the Company’s position as “The New Player in Iron Ore”.