Mr. Allen Palmiere reports

ADRIANA CONTINUES NEGOTIATIONS

According to Adriana Resources Inc., in furtherance of a press release made on March 23, 2011, regarding the closing of a private placement with Wisco International Resources Development & Investment Ltd., which also referenced a proposed joint venture agreement between Wisco and the company which was to be entered into by May 16, 2011, as of today's date, the joint venture agreement has not been signed. The parties continue to negotiate its terms.

The company recommenced diamond drilling on the Lac Otelnuk property on May 12 as part of its 2011 exploration program to increase and upgrade mineral resources on its Lac Otelnuk world-class iron deposit located in the Labrador trough, Nunavik, Quebec. A drill program of 113 BQ holes totalling approximately 16,000 metres is planned for 2011 including the completion of infill holes on the South zone of the deposit to upgrade indicated resources to the measured category, delineation drilling on the North zone of the deposit where most of the drilling was carried out in the 1970s and wide-spaced exploration drilling to test other undrilled targets. In addition, a yet-to-be-determined number of large-diameter (PQ) holes are proposed to collect bulk samples for metallurgical grindability testing.

The company has again retained Watts Griffis and McOuat to update the mineral resource estimate to include the results of 40 drill holes completed in 2010. Most of these holes are infill holes drilled on the South zone. A total of 108 diamond drill holes totalling 13,258 have been drilled on the South zone of the deposit since Adriana acquired the project.

The National Instrument 43-101 report in respect of the South zone was issued on behalf of the company by Watts, Griffis and McOuat, and filed under the company's profile on SEDAR in May, 2009.

As part of its 2011 Lac Otelnuk property program, the company has completed a geometallurgical study and has retained SGS Minerals to conduct bench-scale testing. Environmental baseline monitoring under the supervision of Golder Associates is also scheduled to resume in the spring.

The company has engaged Golder and Associates to undertake an environmental and social impact assessment (ESIA) of the project.

We seek Safe Harbor.