Perth, Mar 3, 2009 (ABN Newswire) - Adamus Resources Limited (ASX:ADU)(PINK:ARLTF) is pleased to provide an update on recent developments at the Company's Southern Ashanti Gold Project (SAGP) in Ghana.
Following the grant of Mining Licences in April 2008 and completion of the Detailed Feasibility Study in June 2008, the company has continued to make rapid progress towards its first production target by year-end 2010.
A comprehensive environmental assessment program has now been completed, with the recent Approval of the Environmental Permit by the Environmental Protection Agency (EPA) of Ghana.
Commenting on the project, Adamus' Managing Director and CEO Mr Mark Bojanjac said, "We are very pleased with the progress being made at Southern Ashanti.
"The granting of the Environmental Permit represents a significant milestone, as Adamus has now received all approvals required to commence mining at Southern Ashanti.
"As such, we are well on the way to becoming a 100,000 ounce per year, low-cost, gold producer by the end of next year."
Adamus has identified a gold mineral resource of 1,630,000oz @ 1.78g/t (Measured and Indicated) and 340,000 oz @ 1.64g/t (Inferred) at the SAGP, with the expectation of substantially increasing the mineral resource in the year ahead. The Company also recently secured options to acquire the nearby Kanyankaw and Hotopo prospecting licences and the Banso reconnaissance licence, all of which have excellent potential for additional gold mineral resources.
Adamus well advanced with project financing arrangements Advanced discussions have taken place with a number of financial institutions regarding project financing for the SAGP.
At present, CAPEX for the project is anticipated to be approximately US$80 million (A$125 million).
The Company is currently updating project economics for capital expenditure, improved metallurgical recoveries, optimized mine-design and to accommodate the stronger gold price. These are all expected to positively impact the project economics. The update is due for completion by the end of March.
The Company recently secured a A$5 million interim convertible loan facility from Macquarie Bank and completed a further placement of A$1 million to Resource Capital Funds of Denver.
Adamus commences investor roadshow
Adamus will commence an investor roadshow today with presentations to a number of prominent broking houses and financial institutions. A copy of the presentation is available on the Company's website - www.adamusresources.com.au.
Following the grant of Mining Licences in April 2008 and completion of the Detailed Feasibility Study in June 2008, the company has continued to make rapid progress towards its first production target by year-end 2010.
A comprehensive environmental assessment program has now been completed, with the recent Approval of the Environmental Permit by the Environmental Protection Agency (EPA) of Ghana.
Commenting on the project, Adamus' Managing Director and CEO Mr Mark Bojanjac said, "We are very pleased with the progress being made at Southern Ashanti.
"The granting of the Environmental Permit represents a significant milestone, as Adamus has now received all approvals required to commence mining at Southern Ashanti.
"As such, we are well on the way to becoming a 100,000 ounce per year, low-cost, gold producer by the end of next year."
Adamus has identified a gold mineral resource of 1,630,000oz @ 1.78g/t (Measured and Indicated) and 340,000 oz @ 1.64g/t (Inferred) at the SAGP, with the expectation of substantially increasing the mineral resource in the year ahead. The Company also recently secured options to acquire the nearby Kanyankaw and Hotopo prospecting licences and the Banso reconnaissance licence, all of which have excellent potential for additional gold mineral resources.
Adamus well advanced with project financing arrangements Advanced discussions have taken place with a number of financial institutions regarding project financing for the SAGP.
At present, CAPEX for the project is anticipated to be approximately US$80 million (A$125 million).
The Company is currently updating project economics for capital expenditure, improved metallurgical recoveries, optimized mine-design and to accommodate the stronger gold price. These are all expected to positively impact the project economics. The update is due for completion by the end of March.
The Company recently secured a A$5 million interim convertible loan facility from Macquarie Bank and completed a further placement of A$1 million to Resource Capital Funds of Denver.
Adamus commences investor roadshow
Adamus will commence an investor roadshow today with presentations to a number of prominent broking houses and financial institutions. A copy of the presentation is available on the Company's website - www.adamusresources.com.au.
About Adamus Resources Limited
Adamus Resources Limited is a Perth-based mineral exploration company, listed on Australian Securities Exchange (ASX), TSX Venture Exchange (TSX-V) and Frankfurt Stock Exchange Open Market (FSE).
The Company's primary focus is on exploring, realising and expanding the economic potential of the Southern Ashanti Gold Project in Ghana, West Africa. The Project encompasses approximately 500km2 of tenure in the Ashanti Gold Belt - host to over 100moz of gold and the Project boasts excellent access to port and road infrastructure. Ghana is a stable West African country with a long history of mining and some of the world's largest gold mining operations. Gold production is vital to the national economy. Members of the Adamus Board and management team have proven records in mineral exploration, project development, mining operations and project financing.
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