Adamus Resources Limited (ASX:ADU)
Perth, May 1, 2009 AEST (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
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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