Adamus Resources Ltd

Published : November 27th, 2007

ADDING OUNCES AT ANWIA

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ASX & Media Release

 

27 November 2007

 

Adamus adding ounces at Anwia

 

Emerging gold producer Adamus Resources (ASX:ADU) is pleased to announce further exploration success at its Ghana based gold project, identifying gold mineralisation at its Anwia tenement within close proximity to its planned pit.

 

The drilling results, part of an ongoing and widespread exploration program at Adamus’ Southern Ashanti Gold Project (SAGP) in Ghana, have delineated a broad zone of moderate grade mineralisation over 200 metres strike with indications of improving grade at depth.

 

Seven core holes were completed at Anwia to depths of between 250 and 350 metres, aimed at mineralisation centred north-west of the planned open pit and at 150-200 metres depth below surface.

 

Results include intersections of:

􀂃 12.3m @ 2.35g/t

􀂃 3m @ 8.80g/t

􀂃 14m @ 2.06g/t

􀂃 18m @ 2.11g/t Au

 

Three core holes targeted the postulated down-plunge extension of the main Anwia mineralisation at depths of between 250 metres and 400 metres below surface. AWRCD126 and 127 intersected broad zones of low-grade mineralisation (eg, 24m @ 0.83g/t Au in AWRCD126) with occasional higher-grade intervals (eg, 1m @ 10.7g/t Au, also in AWRCD126).

 

The continuation of strong hydrothermal alteration to depth is encouraging. AWRCD128 was abandoned before reaching target depth because of excessive deviation.

 

Adamus Managing Director Mark Bojanjac said the extension would be the target of more detailed exploration.

 

“Our technical team considers any high-grade structure in close proximity to the pit would be readily accessible for underground mining by declining from the pit. The results of these holes, along with the impact of the higher gold prices on the proposed Anwia pit design, will be assessed prior to further drilling,” Mr Bojanjac said.

 

“These are further encouraging results, following recent drilling success at the Avrebo and Akropon deposits, as we aim to extend the resource base and extend mine life at the SAGP,” Mr Bojanjac said.

 

The recently increased gold price also serves to materially increase the projected returns.

 

Adamus is fast-tracking its flagship SAGP, where it currently has identified a growing resource of 17Mt @ 2.2g/t for 1,200,000 oz (Measured and Indicated) together with 6.3Mt @ 1.9g/t for 390,000 oz (Inferred).

 

An updated resource/reserve is scheduled for release in the next quarter.

 

 

 

 

 

 

About Adamus

 

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 realising 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 60moz of gold and the Project boasts excellent access to port and road infrastructure.

 

Ghana is a stable West African country with a long history 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 and project financing.

 

 

For further information please contact:

 

Mark Bojanjac – Managing Director/CEO

+61 8 9322 5943

email: mark@adamusresources.com.au

 

Mark Connelly – Executive Director/COO

+61 8 9322 5943

email: mark.connelly@adamusresources.com.au

 

 

 

Information in this announcement pertaining to exploration results and mineral resources was compiled by Gary Brabham, an employee of Adamus, who is a Member of The Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists and has more than 5 years experience in estimation of recoverable resources in gold deposits. He qualifies as a “Qualified Person” under Canadian National Instrument 43-101 – Standards of Disclosure for Mineral Projects. Gary Brabham has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a “Competent Person” as defined in the JORC Code. Gary Brabham consents to the inclusion in the announcement of the matters based on this information in the form and context in which it appears.

 

The TSX-V and ASX does not accept responsibility for the adequacy or accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contained herein.

 

Caution Regarding Forward Looking Statements.

 

Statements regarding Adamus' plans with respect to its mineral properties are forward-looking statements. There can be no assurance that Adamus' plans for development of its mineral properties will proceed as currently expected. There can also be no assurance that Adamus will be able to confirm the presence of additional mineral deposits, that any mineralization will prove to be economic or that a mine will successfully be developed on any of Adamus' mineral properties. Circumstances or management’s estimates or opinions could change. The reader is cautioned not to place undue reliance on forward-looking statements.

 

 

 

 

 

 

 

***

The new Spam Act commenced on 10 April 2004. This Act is aimed at reducing the amount of unauthorised emails you receive.  You have been receiving e-mails containing information and news releases from us on behalf of our clients because you are an important contact of Purple Communications, a boutique stakeholder communications consultancy.

 

Issued by

Purple Communications

Level 3, 28 Kings Park Road, WEST PERTH WA 6005

Ph: 08 9485 1254     Fax: 08 6263 0455

purple@purplecom.com.au    

 

 

 

Adamus Resources Ltd

PRODUCER
CODE : ADU.AX
ISIN : AU000000ADU5
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Adamus Resources is a gold producing company based in Australia.

Adamus Resources holds various exploration projects in Australia.

Its main asset in production is NZEMA in Ghana, its main asset in development is SOUTHERN ASHANTI GOLD PROJECT in Ghana and its main exploration properties are ALIVA in Ghana and SERPENTINE RIDGE PROJECT and BOLLINGER DIAMOND PROJECT in Australia.

Adamus Resources is listed in Australia, in Canada, in Germany and in United States of America. Its market capitalisation is AU$ 320.3 millions as of today (US$ 330.5 millions, € 260.7 millions).

Its stock quote reached its lowest recent point on October 05, 2001 at AU$ 0.05, and its highest recent level on January 16, 2004 at AU$ 1.59.

Adamus Resources has 447 904 191 shares outstanding.

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