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October 07, 2008


Adriana acquires Bedford Iron Prospect in Labrador

Adriana Resources Inc announced that it has signed a MoU to acquire a 100% interest in the Bedford Iron Prospect consisting of 94 mineral claims covering 2,350 hectares, located within the Labrador Trough of northeastern Labrador. Subsequently, Adriana staked an additional 82 mineral claims totaling 2,050 hectares, directly adjacent to the Bedford Iron Prospect claims, which brings the total combined land package to 4,400 hectares. The property is located 27 kilometers northeast of the town of Schefferville, Quebec on the east side of Howells River.

The Property, formerly held by the Iron Ore Company of Canada as part of its designated Blocks 19 and 103 holdings, covers a significant government aeromagnetic anomaly strategically located within 3 kilometers of the LabMag iron deposit and within 12 kilometers of the KeMag iron deposit, both held by New Millennium Capital Corp. The Property is also within close proximity to several Direct Shipping Iron Ore deposits previously owned by the Iron Ore Company of Canada which operated mines in the area from 1954 to 1982. New Millennium Capital Corp. recently announced plans to develop a Direct Shipping Ore operation in order to take advantage of current shortages of iron ore in the world market place.

Adriana can acquire a 100% interest in the Property from Bedford Resources Partners Inc by making escalating payments totaling USD 200,000 over the six year option period, including USD 15,000 in the first year and by conducting exploration designed to advance the project to pre feasibility stage, within the option period. Pursuant to the MOU, Adriana is to pay Bedford a 1.5% royalty from the sale of iron mined from the property, subject to the Company's option to buy down 50% of the royalty at fair market value at anytime following completion of a bankable feasibility study.

Adriana also has an option to earn 100% interest in the Lac Otelnuk Iron Project located 165 kilometers northeast of Schefferville, within the Labrador Trough, where the Company has an advanced diamond drilling program designed to delineate a multi-billion tonne NI 43-101 compliant inferred resource. Technical staff and helicopter support assigned to the Lac Otelnuk project will be available to support early stage exploration on the Bedford Iron Prospect during the coming summer field season.

The Lac Otelnuk Project is located 165 kilometers northwest of Schefferville at Quebec, in the Labrador Trough and consists of 600 mineral claims covering approximately 28,920 hectares. The Lac Otelnuk deposit is a Lake Superior type iron formation which has been identified over a strike length of approximately 25 kilometers based on geological and geophysical mapping and exploration drilling in the 1970s. The deposit is nearly flat lying and dips gently to the northeast.