EXPLORATION ’92 — LATIN AMERICA ROUNDUP — Adrian completes

The proceeds of a recent private placement will be used by Adrian Resources (VSE) to fund the second phase of exploration on the Cerro Petaquilla copper-gold project in Panama.

The junior can earn a 40% interest in the project from Minnova (TSE). Work to date, including that of previous operators, outlined reserves in two deposits totalling 875 million tons grading 0.6% copper (at a 0.3% cutoff grade).

The recent financing involved Prime Equities International (VSE), which sold 1.5 million Adrian shares on a delayed delivery basis. Prime also agreed to buy, by way of private placement, 1.5 million units of Adrian at 70 cents per unit (one share and one share-purchase warrant).