Strategem Buys Position in Adriana Ventures

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Ken Morgan
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VANCOUVER, BRITISH COLUMBIA – December 23, 2004 – Strategem Capital Corporation (“Strategem” or the “Company”) (TSX-V: SGE) announced today that it had purchased 2.7 million shares of Adriana Ventures Inc. (“Adriana” – NEX:ADI.H) by way of a private placement.

In conjunction with the private placement, Adriana appointed two seasoned mining veterans as directors, Mr. Richard J. H. Barclay and Mr. Michael J. Beley, B.Sc,. Adriana also appointed Mr. Beley as Chief Executive Officer and President and Mr. Barclay as Chief Financial Officer.

Adriana intends to identify mineral resource properties that it can acquire for exploration and development. It currently has cash as its only significant asset.

“We are very pleased to be involved in this early stage venture with Messrs. Beley and Barclay,” said Kenneth W. Morgan, CEO of Strategem. “These two gentlemen have a track record of
building successful resource companies, and we hope that Adriana will join that list.”

Mr. Barclay has more than 35 years of experience in the mining industry where he has a proven record of entrepreneurial success. Mr. Barclay began his career as a prospector and co-founded Bema Industries Ltd., a private exploration and consulting firm, serving as its chief financial officer and president from 1976-1990. Mr. Barclay was involved in co-founding and managing Bema Gold Corp. as a director and chief financial officer until 1992. With a desire to continue his entrepreneurial career, Mr. Barclay co-founded Eldorado Gold Corp., where he was intimately involved in the strategic management of the company’s growth from 1991 to 1998 as director, president and chief executive officer. During this period, Eldorado became an international, intermediate-sized gold producer with operations in the Americas and Europe.

Mr. Beley has more than 35 years of experience in the mining industry including the past president of the British Columbia and Yukon Chamber of Mines. Since 2001, he has been involved as a founder, director and vice-president corporate development with Polaris Minerals Corp., an industrial minerals group. Mr. Beley is also a director of Nevada Pacific Gold Ltd. and Energold Mining Ltd.

Mr. Beley’s career began in British Columbia as a geologist with Phelps Dodge, and in the early 1970s, he assumed the management of Manex Mining Ltd., a Smither’s-based mining and exploration service company. In 1976 Mr. Beley, together with Mr. Barclay, co-founded Bema Industries Ltd., a private exploration and consulting firm, serving as Bema’s first president. Mr. Beley was also involved in co-founding Bema Gold Corp. and its predecessor companies, serving as a director and vice-president until 1992. Together with Mr. Barclay and several other individuals, Mr. Beley co-founded Eldorado Gold Corp. He served as director and executive vice-president of corporate development from 1991 to 1998. He was involved in implementing the strategic plan that spearheaded Eldorado’s growth.

Mr. Barclay and Mr. Beley participated in the Adriana private placement and have subscribed for 600,000 and 500,000 common shares, respectively. Strategem subscribed for 2.7 million common shares in the private placement for $135,000, which represents approximately 24 per cent of the issued and outstanding common shares of Adriana on the closing of the private placement. Strategem purchased the shares for investment purposes. It may acquire additional shares.

About Strategem Capital

Strategem Capital Corporation is a publicly-traded merchant bank focused on the development of emerging companies with growth potential. The Company is currently focusing on companies
that explore or develop precious or base metals.

This release and prior releases are available on the Company’s Internet web site located at


“Kenneth W. Morgan”
Kenneth W. Morgan, CA, CPA
President, CEO and Director

The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.