Perth, May 1, 2009 (ABN Newswire) - Following the grant of Mining Licences in April 2008 and completion of the Detailed Feasibility Study in June 2008, Adamus Resources Limited (ASX:ADU)(PINK:ARLTF) 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 Approval of the Environmental Permit by the Environmental Protection Agency (EPA) of Ghana at the end of 2008. As such, the SAGP is now fully permitted through to production.
Adamus has identified a gold Mineral Resource of 1,750,000oz @ 1.80g/t (Measured and Indicated) and 362,000 oz @ 1.62g/t (Inferred) at the SAGP, with the expectation of substantially increasing the mineral resource in the year ahead. The Company also 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 and all within trucking distance to Salman.
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, optimised 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 in the second quarter of 2009.
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.
For the complete Adamus Resources Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60573-ASX-ADU-445338.pdf
A comprehensive environmental assessment program has now been completed, with the Approval of the Environmental Permit by the Environmental Protection Agency (EPA) of Ghana at the end of 2008. As such, the SAGP is now fully permitted through to production.
Adamus has identified a gold Mineral Resource of 1,750,000oz @ 1.80g/t (Measured and Indicated) and 362,000 oz @ 1.62g/t (Inferred) at the SAGP, with the expectation of substantially increasing the mineral resource in the year ahead. The Company also 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 and all within trucking distance to Salman.
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, optimised 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 in the second quarter of 2009.
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.
For the complete Adamus Resources Quarterly Report, please see the link below;
http://www.abnnewswire.net/media/en/docs/60573-ASX-ADU-445338.pdf
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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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