Perth, Dec 16, 2008 AEST (ABN Newswire) - Adamus Resources Limited (ASX:ADU)(CVE:ADU)(PINK:ARLTF) has taken a major step toward commencement of mining at its Southern Ashanti Gold Project (SAGP) in Ghana, with the approval of the Environmental Permit (Permit) by the Environmental Protection Agency (EPA).
The Permit means that Adamus has now received all approvals required to commence mining at the SAGP.
Adamus Resources Chief Operating Officer, Mark Connelly said the EPA approval was a major milestone and fundamental step forward in the development of the Project.
"The approval and permitting works have been a priority for Adamus during 2008 and we are delighted to have successfully completed this step and move closer to bringing the Project into commercial operation," he said.
Approval of the Permit is the culmination of extensive baseline environmental studies which formed the Environmental Impact Statement (EIS) submitted to the EPA. Adamus also conducted extensive community consultation program and public hearings on the ground in Ghana.
"We have worked very closely with the EPA and other stakeholders since February 2008 to ensure that all recommendations and conditions have been met," he said.
Mr. Connelly said Adamus was aiming to commence development at the SAGP during 2009 and was targeting annual production of up to 100,000 ounces of gold by 2010.
The Company has estimated gold mineral resources at the SAGP of approximately 28.4Mt @ 1.78g/t for 1,630,000oz (Measured and Indicated) and 6.43Mt @ 1.64g/t for 340,000oz (inferred). The Permit follows granting of the SAGP mining licences in April 2008 and the increase in the Company's mineral resource and ore reserve estimates, which were announced in February 2008 and April 2008 respectively. During 2008, Adamus has also increased its holding within the highly prospective Ashanti Gold Belt to 626 square kilometres with the option to acquire nearby tenements from Newmont Ghana Gold Limited.
Contact
Mark Bojanjac - Managing Director/CEO
TEL: +61 8 9322 5943
Mark Connelly - Executive Director/COO
TEL: +61 8 9322 5943
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