Adamus Resources Ltd

Published : November 28th, 2011

ADU - Adamus Shareholders Support Merger with Endeavour Mining Corporation

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Monday, 28 November 2011
 

ADAMUS RESOURCES SHAREHOLDERS SUPPORT MERGER WITH ENDEAVOUR MINING CORPORATION

 I am pleased to report that the Company�s shareholders have voted overwhelmingly in support of the proposed merger with Endeavour Mining Corporation.

The merger will lead to the creation of a new growth-focused West African gold producer.

The combined company, to be known as Endeavour, will have a strong portfolio of assets including two operating gold mines � Nzema Gold Mine in Ghana and Youga Gold Mine in Burkina Faso � with estimated gold production of 172,000 ounces during 2011.  

Gold production is expected to increase to approximately 250,000 ounces per year by the end of 2013.  Furthermore, the Company has a number of exploration opportunities in Ghana, Burkina Faso, C�te d�Ivoire, Mali and Liberia which have the potential to bring additional growth to the business in future years.

As a combined entity, the Company will have a greater financial strength.  It intends to fully repay Adamus� Nzema US$57 million Nzema project debt and invest at least US$100 million to significantly reduce gold hedging volumes. This will result in greater leverage to the gold price, increased operating cashflow and EBITDA, and increased management flexibility.

The merger is expected to be completed during December 2011.  Under the new structure, I will be Chief Operating Officer and will oversee the Company�s operations from Perth, while Neil Woodyer from Endeavour will be Chief Executive Officer.

This is a merger of equals which puts the platform in place for the next stage of the Company�s development.  Not only does it create scale, it gives us a much stronger balance sheet which will enable us to pursue additional growth opportunities as they arise.

Click here to see the Results of the Scheme Meeting
http://www.adamusresources.com.au/media/11-11-28%20Scheme%20Meeting%20Results.pdf

 

MARK CONNELLY
Managing Director / Chief Executive Officer


Adamus Resources
Level 2, 45 Richardson Street, West Perth, Western Australia, Australia, 6005

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Data and Statistics for these countries : Australia | Burkina Faso | Ghana | Liberia | Mali | All
Gold and Silver Prices for these countries : Australia | Burkina Faso | Ghana | Liberia | Mali | All

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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Annual reports of Adamus Resources Ltd
Annual Report 2007
Nominations of Adamus Resources Ltd
8/21/2009Appointement Project managers FINAL
Project news of Adamus Resources Ltd
12/19/2011Endeavour Mining And Adamus Resources Complete Merger
12/6/2011ADU - Endeavour merger with Adamus Resources has become effe...
12/5/2011Endeavour Mining Merger with Adamus Resources has Become Eff...
9/21/2011ADU - Endeavour CEO Neil Woodyer discusses benefits of merge...
8/22/2011ADU - Merger of Equals of Adamus Resources and Endeavour Min...
7/28/2011ADU - Adamus Delivers Above Forecast Gold Production
4/19/2011ADU - Hon Joel Fitzgibbon applauds Adamus Resources
3/1/2011(Aliva) - Aliva Dilling Extends Main Oxide Zone
1/14/2010(Southern Ashanti Gold Project)Construction progress - Southern Ashanti Gold Project
8/10/2009(Southern Ashanti Gold Project)A$40M Placement for Project Development
7/24/2008(Southern Ashanti Gold Project) New Discovery at Bokrobo
8/2/2007(Southern Ashanti Gold Project)Drill rigs secured for Ghana expansion
7/24/2007(Southern Ashanti Gold Project)Drilling Hits Target : 14m @ 11.5g/t
7/5/2007(Southern Ashanti Gold Project)New drilling program targets more ounces
6/14/2007Advances - Positive Feasibility Study
Corporate news of Adamus Resources Ltd
11/28/2011ADU - Adamus Shareholders Support Merger with Endeavour Mini...
8/24/2011Financial Post-Endeavour to merge with Adamus
8/21/2011Endeavour Mining and Adamus Resources to Merge and Create a ...
7/15/2011ADU - MD/CEO Mark Connelly discusses Adamus' operations and ...
6/9/2011ADU - Adamus Resources reaffirms full year gold production g...
12/21/2009CREDIT-APPROVED FINANCE PACKAGE
12/16/2008EPA GIVES GREEN LIGHT FOR MINING AT GHANA GOLD PROJECT
1/31/2008Drill Results at Avrebo show Additional Ounces
11/27/2007ADDING OUNCES AT ANWIA
10/11/2007POSITIVE DRILL RESULTS AT AVREBO POINT TO NEW RESOURCE
8/21/2007 New Gold Disccovered at "Abosso"
7/3/2007raises $7.7 million at 64 cents to further develop flagship ...
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