Southern Ashanti Gold Project Ghana
Perth, Mar 3, 2009 AEST (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.
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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