Adriana Issues Update On Port Project And Its Iron Ore Project In Quebec - Quick Facts
(RTTNews) - Adriana Resources Inc. (ADI.V) said Friday that it has received a notice from ArcelorMittal terminating the memorandum of understanding with Adriana relating to Arcelor's participation in Adriana's iron ore port facility development project located in Sepetiba Bay, about 70 kilometers west of Rio de Janeiro in the State of Rio de Janeiro, Brazil.
Adriana recently announced that it has submitted a new permit application for a deep sea terminal port with a capacity of 45 million tonnes per year. The company said it will continue to develop strategic working relationships with parties to maximize the potential of the deep sea terminal port.
Adriana also said that it is continuing discussions with a major Chinese steel producer for the potential development of Adriana's Lac Otelnuk world-class iron ore deposit located in the Labrador Trough, Nunavik Quebec containing a total of 4.29 million tonnes NI 43-101 indicated and 1.97 million tonnes NI 43-101 inferred resources.
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