Corporate PresentationCorporate PresentationMARCH 2010

Forward Looking StatementForward Looking Statement

Certain information regarding the Company including management's assessment of future plans and operations, tit t f d l ki t t t d li bl iti l d il i l k dmay constitute forward-looking statements under applicable securities laws and necessarily involve known and

unknown risks and uncertainties. Without limitation, statements relating to potential mineralization and resources, mining exploration and development, future plans and objectives of the Company and imprecision of mineral resources estimates, are forward looking statements that involve various degrees of risk. Certain important risk factors could cause the Company’s actual results to differ materially from those expressed or implied by suchfactors could cause the Company s actual results to differ materially from those expressed or implied by such forward looking statements including, without limitation, changes in the world wide price of mineral commodities and currency fluctuations, general market conditions, the uncertainty of future profitability and access to sufficient capital, risks inherent in mineral exploration, development, construction and mining operations, delays in obtaining or failures to obtain required governmental, environmental or other project approvals, environmental risks, access q g , p j pp , ,to labour and services and competition from other companies. As a consequence, actual results may differ materially from those anticipated in the forward-looking statements and caution should be exercised on placing undue reliance on forward looking information. The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.

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Principal ProjectsPrincipal Projects

• Lac Otelnuk Project, Nunavik, Québec, Canadad d h h l f b- Largest iron ore deposit in Canada with the potential of becoming

the second largest in the world

• Iron Ore Port Development, Brazil o O e o t e e op e t, a- Advancing permitting, engineering, and assembling team

to construct a deep sea terminal with annual throughputof 45 Mtpap

• Other Properties, Canada- Labrador Trough – December Lake Iron Ore Prospect,

Nunavik QuébecNunavik, Québec- Labrador Trough – Bedford Iron Ore Prospect, Newfoundland

and Labrador

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Global Iron Ore EnvironmentGlobal Iron Ore Environment

• Iron ore production dominated by the big three:ll d- Valle, RTZ, and BHP

• China is the largest consumer of Iron ore - Very little domestic production and reliant upon importse y tt e do est c p oduct o a d e a t upo po ts- Committee for Planning and Reformation stated policy of acquiring

equity in their source of supply- Inability to influence market price provides incentive to y p p

acquire resources

• Japan and Korea are reliant on imports- Competition and excess demand for product is driving- Competition and excess demand for product is driving

iron ore price

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Lac Otelnuk – LocationLac Otelnuk – Location

iStrategic Resource

• Located in Nunavik, Québec

• 160 km north of Schefferville160 km north of Schefferville

• 250 km south of Kuujjuaq

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Lac Otelnuk – South Zone ResourcesLac Otelnuk – South Zone Resources

2009 NI 43-101 Mineral Resource Estimate2009 NI 43-101 Mineral Resource Estimate (South Zone only)(Davis Tube Weight Recovery (“DTWR”) cut-off grade 18%)

Resource Classification

Tonnes(in Billions)

% FeHead

DTWR%

% SiO2

% FeDTC

Indicated 4.29 29.1 27.26 3.53 68.00Indicated 4.29 29.1 27.26 3.53 68.00

Inferred 1.97 29.2 26.55 3.51 68.12

Current mineral resource estimate conforms to the CIM standards for such mineral resource under the categories listed as reported by Watts, Griffis and McOuat Limited(“WGM”), a independent geological and engineering consulting firm. WGM completed an NI 43 101 T h i l R t th t d ib th l l ti th d l ThNI 43-101 Technical Report that describes the resource calculation methodology. The report is available on SEDAR (www.sedar.com). WGM has visited the site, collected independent core samples and reviewed all the QA/QC data received to date.

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Lac Otelnuk – South Zone ResourcesLac Otelnuk – South Zone Resources

• Drilling has outlined iron mineralization over a 9 x 2.5 km area in the South Zone –up to ~120m thick in placesup to ~120m thick in places

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Lac Otelnuk – North Zone Historical ResourcesLac Otelnuk – North Zone Historical ResourcesHistorical ResourcesHistorical Resources

• Diamond drilling in 1970s – presence of significant iron formation similar to South Zone (31 drill holes totaling 1 349 metres)Zone (31 drill holes totaling 1,349 metres)

• Drilling tested only one of three contiguous cherty-banded magnetite units – drilling by Adriana in South Zone tested all three stratigraphic units

1975 mine al eso ce estimates (non NI 43 101 compliant) fo No th Zone

Historical Resource Tonnes % %

• 1975 – mineral resource estimates (non NI 43-101 compliant) for North Zone prepared by MPH total 6.3 billion tonnes

Historical Resource Estimates for North Zone

Tonnes(in billions)

%Mag Fe

%TFe

Selected Magnetite IF 0.613 25.08 33.92

Other Magnetite IF 0 317 25 00 34 00Other Magnetite IF 0.317 25.00 34.00

Jasper Hematite-Magnetite IF 2.165 14.00 27.00

Banded Cherty Magnetite IF 3.223 15.00 26.55

Total 6.318 16.00 33.00

The historical resource estimates have not been confirmed in accordance with the standards in NI 43-101 and should not be relied upon.

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Lac Otelnuk Project – Peer AnalysisLac Otelnuk Project – Peer Analysis

Size of Iron Projects World Wide

Project Name Owner - Company Total Resources Tonnage – Billions

El Mutun (Bolivia) Jindal Steel and Power Ltd. 40.000

Hamersley Consolidated (Australia) Hamersley Iron Pty Ltd. (Rio Tinto Plc) 13.565

Mikhailovsky Gok (Russia) Metalloinvest 11.000

Musan (North Korea) Tonghua Iron & Steel (Group) Co. Ltd. 7.000( ) g ( p)

Suroyamsky (Russia) Local Government 6.400

LAC OTELNUK SOUTH ZONE (Québec, Canada)

ADRIANA RESOURCES INC. (4.29 indicated, 1.97 inferred)

6.260

Labmag (Québec, Canada) New Millennium Capital Corp. 5.742

Mt Newman (Australia) BHP Billiton Group 4.087

Bahia (Brazil) Bahia Mineracao Ltd. 4.000( )

Samarco/Samitri (Brazil) BHP Billiton Group 3.306

Source: Metals Economic Group – October 2008

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Lac Otelnuk Project – Peer AnalysisLac Otelnuk Project – Peer Analysis

354045

15202530

Tonnes(Billions)

05

105

El Mutun Hamersely Mikhailovsky Musan Suroyamsky LAC Labmag Mt. Newman Bahia Samarco/Consolidated Gok OTELNUK

SOUTHZONE

(4.29 indicated1.97 inferred)

Samitri

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Lac Otelnuk – Project ProgressLac Otelnuk – Project Progress

Technical• 2007/2008 – completed 67 drill hole program on 9 km x 2.5 km area of South Zonep p g• Q1/09 – completed NI 43-101 Mineral Resource Estimate South Zone only• Low stripping ratio – exposed at surface, thick flat lying deposit • Simple process flow sheet for concentrate (beneficiation and magnetic separation: 67-69% Fe) • Low impurity levels (i e P Cr S V Ti)Low impurity levels (i.e. P, Cr, S, V, Ti)

Community• 2008 – LOI with the Inuit Economic Development Group – Makivik Corporation• 2008 – Steering Committee with community, local and regional government bodies• 2008/09 – presented “Lac Otelnuk Infrastructure Concept” to Quebec Government to assist with

“Plan Nord” – Quebec Government’s election platform for northern economic development• 2009 – various community and government meetings

Infrastructure• 2006 – completed preliminary cost estimate analysis for transport of concentrate to market via southern route • 2008 – completed initial engineering review of potential northern deep water port/shipping opportunity • 2009 – obtained letter of support from the Québec Ministry of Natural Resources expressing willingness to

contribute financially to cost of infrastructure developmenty p• 2010 – Quebec Hydro expressed support and willingness to fund 60% of electrical infrastructure

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Lac Otelnuk Project – Work ProgramLac Otelnuk Project – Work Program

2010 to Q2 2011• Complete 10 000 metres of diamond drilling• Complete 10,000 metres of diamond drilling • North Zone – program will test entire stratigraphy• South Zone – program to upgrade a portion of indicated to measured resources• Update NI 43-101 Mineral Resource Estimate

C l t t ll i l li d t ti• Complete geo-metallurgical sampling and testing• Complete scoping study for proposed development of the Project• Continue community relations

Ongoingg g• Continue communication/consultation with stakeholders including Inuit communities, administrative/political

organizations & Québec government• Continue discussions with governments for infrastructure development support• Develop strategic partnerships for mine development and iron ore off-take agreementsp g p p p g

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Lac Otelnuk Project – StrategyLac Otelnuk Project – Strategy

• Continue to develop resource – prove up the ultimate resource

• Perform Preliminary Economic Analysis or Scoping Study

• Sign an agreement with a strategic partner

• Perform a Bankable Feasibility Study

• Permitting and Design

• Construction

• Production

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Brazil Port Project – StrategyBrazil Port Project – Strategy

Opportunity

• The development of numerous iron ore projects in Brazil is constrained by lack of access to deep water ports

Strategy

• Permit a deepwater port and exchange interests in the port for interests in• Permit a deepwater port and exchange interests in the port for interests in iron ore resources

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Brazore Brazil – LocationBrazore Brazil – Location

• Iron Ore Port Facility, State of Rio de Janeiro, Brazil

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Brazore Brazil – Site LocationBrazore Brazil – Site Location

Brazore’s Proposed Rail Loop and Stockpile Site MRS Rail Line to

Strategic LocationLoop and Stockpile Site MRS Rail Line to

Iron Quadrangle • Port site is located on coast of Brazil 70 km west of Rio de Janeiro (Sepetiba Bay)

• MRS Railway runs directly through north edge of port site

• Site is suitable for port

D S

facility with annual throughput 45 Mt of iron ore

Deep Sea Terminal Site

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Brazore Brazil – Deep Sea Terminal LocationBrazore Brazil – Deep Sea Terminal Location

Benefits

• Opportunity to develop Port to handle 45 Mtpa iron ore

• Minimum impact and sensitive to environment due to underground / water tunnel and conveyor proposal

• Access to deep water location (20+ metres depth) -minimizes bottleneck on shipping lanes/channel

• Allows access to iron ore shipping vessels ( 250 000d t)(+250,000dwt)

• Multi-generational development /infrastructure project and employment opportunityopportunity

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Brazore Brazil – Project MilestonesBrazore Brazil – Project Milestones

Acquired Strategic Port Site Lots

• Purchased coastal industrial vacant lot on the mainland and strategic lot on the adjacent Itacuruçá Island

Development of Strategic Relationship/Partnership with Worldlink and Seabulk Systems Inc.

Permitting

• Environmental, engineering, legal and socio-economic consultants have completed all documentation and permit application and revised applicationcompleted all documentation and permit application and revised application has been submitted

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Brazore Brazil – Iron Ore SourcesBrazore Brazil – Iron Ore Sources

Brazore is looking to develop relationships with local independent iron mine operations (highlighted in purple) to export iron ore through its

d i f iliproposed iron ore port facility.

ArcelorMittal

The Iron Quadrangle of Minas Gerais contains in excess of 10 billion tonnes high grade iron ore thatgrade iron ore that could provide years of annual throughput at Brazore’s Port Facility

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Adriana – Corporate GoalsAdriana – Corporate Goals

Advance Québec Iron Ore Strategy:

• Continue to develop/expand significant iron ore resources

• Achieve strategic partnership

• Develop a world class operation

Advance Brazilian Iron Ore Strategy:

• Advance permitting and engineering/design of 45 Mtpa port facility

• Develop Iron Ore Port Facility; secure iron ore resources

Continue to Create World Class Team & Partnerships

• Continue to build new partnershipsContinue to build new partnerships

• Continue to build a strong operational and management team

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Experienced LeadershipExperienced Leadership

Allen J. Palmiere, President & CEO35+ years of extensive experience in senior executive and leadership roles in the mining industry. Former positions of Chairman and President and CEO of HudBay Minerals Inc., President and CEO of Silk Road Resources Ltd., CEO and CFO of Breakwater Resources Ltd., CFO of Zemex Corporation, and Executive Chairman of Barplats Investments Limited.

Daniella E. Dimitrov, General Counsel and Corporate Secretary

N L C ld CFO

Daniella E. Dimitrov, General Counsel and Corporate Secretary16+ years experience in legal and corporate finance. Former positions include Senior Vice President, Strategic Initiatives of Raymond James, Chief Operating Officer of Dundee Securities, General Counsel of DundeeWealth and Dundee Corporation and counsel with a national law firm.

Norman L. Calder, CFO30+ years of extensive financial experience; positions include Director of Finance of TriNorth Capital Inc., Chief Financial Officer and Director of Finance of Centiva Capital, Inc., Chief Financial Officer of Silk Road Resources Ltd., and Treasurer of Breakwater Resources Ltd. Mr. Calder is a Member of Institute of Chartered Accountants.

Frank Condon, P.Eng., Director of Québec Operations, Director35 years in various positions with Noranda (1964 to 1999), including General Manager, Hopewell Phosphate Corp (1976 to 1986) where he was responsible for the acquisition, evaluation and development of the Hopewell Phosphate Mine.

Guilherme de Andrade, Director Port Development, Brazore Ltda.25+ years of port development, operations, logistics, and commercial and administration expertise, most recently with Companhia Siderúrgica Nacional (“CSN”) as the Terminal Operations Manager at the Port of Itaguai in the State of Rio de Janeiro, Brazil and as Terminal Manager for Alumina do Norte S.A, a subsidiary of VALE.

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State of Rio de Janeiro, Brazil and as Terminal Manager for Alumina do Norte S.A, a subsidiary of VALE.

Strong Board of directorsStrong Board of directors

Allen J. Palmiere, President & CEO35+ years of extensive experience in senior executive and leadership roles in the mining industry. Former positions of Chairman and President and CEO of HudBay Minerals Inc., President and CEO of Silk Road Resources Ltd., CEO and CFO of Breakwater Resources Ltd., CFO of Zemex Corporation, and y , , , p ,Executive Chairman of Barplats Investments Limited.

Donald K. Charter, ChairmanMr. Charter is currently the President of 3Cs Corporation, a private consulting and investment company. Mr. Charter previously was a partner at a national law firm where he practiced as a securities lawyer specializing in mergers and acquisitions and was the President and Chief Executive Officer of Dundee Securities Corporation.

Colin K. Benner, DirectorMr. Benner, a professional mining engineer, has extensive national and international experience in mining engineering and management in the mining

industry including leadership roles at EuroZinc Mining Corp., Lundin Mining Corp., HudBay Minerals Inc., Skye Resources Inc., PBS Coal Inc. and

Frank Condon, P.Eng., Director35 years in various positions with Noranda (1964 to 1999), including General Manager, Hopewell Phosphate Corp (1976 to 1986) where he was responsible for the acquisition, evaluation and development of the Hopewell Phosphate Mine.

Breakwater Resources Ltd. Mr. Benner is Executive Chairman of Creston Moly Corp., Chairman of Capstone Mining Corp.

Ronald P. Gagel, DirectorMr. Gagel is a chartered accountant with more than 30 years of professional experience, predominantly in the natural resources sector. Mr. Gagel is currently the Senior Vice President and Chief Financial Officer of FNX Mining Company. Prior to this, Mr. Gagel was the Chief Financial Officer of AurResources Inc.

Donald Siemens, DirectorMr. Siemens brings over 30 years of experience to the board as a Chartered Accountant, including 8 years in public practice as a partner with major accounting firms, 8 years in senior executive positions in industry and 18 years as a self- employed Financial Services executive. Currently, as an independent financial advisor, Mr. Siemens specializes in Corporate Finance, cross-border transactions and Mergers & Acquisitions.

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Strong Board of directorsStrong Board of directors

Robert G. Power, DirectorMr. Power brings corporate leadership and a broad range of experience in energy, environment, law and business. Mr. Power is the Board Chair of EuroMax Resources. He recently completed a 5-year term as Co-Chair of Blakes National Energy Law Group. Previously, he lead his own law and consulting firm, y p y gy p y gchaired Canada's largest foundation, the Ontario Trillium Foundation, and served in leadership roles in both the international ISO and national CSA environmental standards development processes.

Julio Carvalho, DirectorMr. Carvalho brings over 35 years of experience in the Brazilian mineral resource sector and is currently Chairman and CEO of Rio Novo Holdings S/A, which owns two developing gold projects in Brazil, and an executive director of Santa Elina Group in Brazil. Previously, Mr. Carvalho was President and CEO and a member of the board of directors of Peak Gold Limited (now New Gold Inc.).

Colin Blyth, DirectorMr. Blyth is a senior marketing and sales executive with 20 years of progressive international marketing and general sales management experience with diversified mining and refining companies generating annual revenue ranging from $600M to $3B. Mr. Blyth is currently the Vice-President, Sales and Marketing for CMC - Coal Marketing Company (USA) Inc. in Atlanta, Georgia, USA. Mr. Blyth was previously Vice-President Marketing -Asia for Elk Valley Coal Corporation and for 14 years held senior marketing positions with Teck Cominco Limited.

Paul Yeou, DirectorMr. Yeou is the President & Director of Worldlink (Canada) Resources Ltd., Vancouver, British Columbia, Canada. Worldlink is a private integratedMr. Yeou is the President & Director of Worldlink (Canada) Resources Ltd., Vancouver, British Columbia, Canada. Worldlink is a private integrated trading company engaged in import and export of iron ore, coal and other dry bulk commodities. Established in 1992, the Worldlink Group has built solid marketing channels, relationships and synergies with major steel mills and power plants throughout China and the Far East Asian countries. Worldlink has a joint venture each with Liuzhou Steel and Lianyuan Steel of China. The Group has also invested in building one of the largest private bulker ports in China with Zhejiang Energy Group, located in Zhoushan. Phase one of the construction, totalling USD$360 million with annual throughput of 30 million tonnes, will be completed in Q2 2008. Worldlink started exporting the first capesize Canadian iron ore to China in 2000, and the first capesize Canadian metallurgical coal to China in 2003.

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Corporate Share StructureCorporate Share Structure

TSX-V: ADI(as at February 12, 2010)

Shares Issued: 78,361,279Options: 8,405,000Warrants: n/aConvertible Debentures*: 11,111,109Fully Diluted: 97,594,05452 Week high/low: $0.72-$0.15Market Cap: ~$50.4 MillionMarket Cap: $50.4 Million

* $6,450,000 debenture convertible into common shares at $0.90 per share on or before September 10, 2010 and $0 99 pe sha e on o befo e Septembe 10 2012 $3 550 000 debent es con e tible into common sha esand $0.99 per share on or before September 10, 2012. $3,550,000 debentures convertible into common shares at $0.90 per share on or before September 10, 2010 and $0.99 per share on or before September 10, 2011.

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