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|Adriana Resources Signs Two MOU's With Chinese Steel Co|
|= Regarding Lac Otelnuk Project (Canada), iron ore project (Brazil) =|
Canadian company Adriana Resources announced July 24, that it has entered into two Memorandums of Understanding (MOU's) with a major Chinese steel company ("Steel Co."); the first regarding cooperation to bring the Company's Lac Otelnuk iron ore property in Canada, and the second to cooperate on the investigation and acquisition of iron ore projects in Brazil. The name of the Chinese MOU partner has not been revealed. Further details of each MOU follow:|
<Lac Otelnuk Project>
The first MOU addresses Adriana Resources' Lac Otelnuk iron ore property in Northern Quebec. Adriana and Steel Co have agreed to cooperate to bring the Lac Otelnuk Project into production, subject to (1) the negotiation and entering into of a definitive agreement and (2) applicable regulatory approval.
Adriana completed a National Instrument 43-101 compliant mineral resource estimate and technical report, defining the following mineral resource estimate:
- Indicated: 4.29 billion tonnes at 29.08% Fe Head, and 68.00% Fe DTC
- Inferred: 1.97 billion tonnes at 29.24% Fe Head, and 68.12% Fe DTC
<Brazil Iron Ore and Port>
Under the second MOU, Adriana and Steel Co have agreed to cooperate on the investigation and acquisition of iron ore projects in Brazil and if projects are acquired the parties have further agreed to potentially cooperate with respect to the development of Adriana's proposed deepwater port located in Brazil.
The terms of the cooperation are subject to (1) Steel Co obtaining iron ore resources in Brazil, (2) the negotiation and entering into of a definitive agreement (3) applicable regulatory approval and (4) the terms of the "Port Agreement" announced on Aug 20 2008 and Jan 6 2009.
Adriana has it that the MOU's are nonbinding and there can be no assurances that the definitive agreements will be successfully negotiated and executed, if at all.
In addition, Adriana is implementing joint development of an iron ore exporting facility in the tenement owned by ArcelorMittal in Sepetiba, Brazil.
|last modified : Fri 31 Jul, 2009 [09:55]|