Adamus Resources Ltd

Published : June 14th, 2007

Advances - Positive Feasibility Study

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STOCK

EXCHANGE

CODES

 

ASX: ADU

TSXV: ADU

FSE: AXM

 

 

 

SHARE

INFORMATION

 

ASX Share

Price : A$0.62

 

Issued Shares :

116.3M

 

Market Cap:

A$72.1M

 

Unlisted

Options :

2.95M

 

 

 

RESOURCES

 

Measured:

0.86mozs

12mt

2.3g/t

 

Indicated:

0.31moz

5.0mt

1.9g/t

 

Inferred:

0.39mozs

6.3mt

1.9g/t

 

MARKET

CAP/OZ

A$46

 
Adamus Advances – Positive Feasibility Study

 

ASX and Media Release

14 June 2007

 

Emerging gold producer Adamus Resources Limited (‘Adamus’ or ‘the Company’) (ASX:ADU) has further advanced its Southern Ashanti Gold Project (’SAGP’ or the ‘Project’) in West Africa, with the feasibility study confirming the resource and economic potential of the Project.

 

Adamus’ Managing Director Mark Bojanjac said “the principal objectives of the feasibility study had now been achieved, including JORC compliant reporting of resources and reserve estimates, along with operating and capital costs estimates for a 1.3Mtpa throughput scenario”.

 

Total measured, indicated and inferred gold resources of the Salman and Anwia deposits in the SAGP have been increased to 1.6 million ounces, with more than 73% now in the measured and indicated category.

 

The SAGP is located in southern Ghana, West Africa. The Project consists of a contiguous block of granted tenure covering approximately 500 square kilometres on the southern extension of the Ashanti Gold Belt, host to over of 60 moz of gold. Ghana has a long mining history and the Project is located to take advantage of excellent access to port and road infrastructure.

 

“The feasibility study has allowed Adamus to upgrade its resource and financial estimates for the Southern Ashanti Gold Project.  We have now largely de-risked the Project and the Board is encouraged by the regional potential of its ground holding,” Mr Bojanjac said.

 

“Adamus’ strategy is to advance and grow these assets as quickly as possible, while maintaining our aggressive exploration approach,” Mr Bojanjac said.

 

Work on the feasibility study commenced in the first quarter of 2006.  The study was coordinated by Adamus using the services of experienced independent consultants including Lycopodium Engineering Pty Limited, Knight Piesold Consulting, SGS Environment and Mining Solutions Consultancy Pty Limited.

 

The feasibility study estimates average annual gold production of approximately 100,000 ounces over the first five and a half years of mine life and is based on the development of a 1.3 million tonne per annum (Mtpa) processing facility, treating the Anwia and Salman deposits over a six and a half year period.  The studied plant configuration consists of crushing, SAG milling, gravity recovery, pre-leach thickening and a six stage CIL circuit.

 

Total cash costs per ounce are estimated to be US$354.  Cash operating costs include all mining, processing and administration costs, royalties (3% of gross revenue) and excludes sustaining capital and mine closure costs.  Operating costs have been estimated by Lycopodium Engineering Pty Ltd in consultation with Adamus.  Mining costs have been calculated by Mining Solutions Consultancy Pty Ltd based on budget pricing received from experienced Ghana active mining contractors.

 

The Base Case economic model has been run at a gold price of US$660 per ounce and estimates total project cash flows to be A$184.6 million (pre capex and tax).  Ore reserve estimates have been calculated using the more conservative gold price of US$575 per ounce.  The study assumes power sourced from the Ghanaian power grid.

 

The Company has also run an Expected Case scenario, which demonstrates the potential impact of an assumed increases in total production on the economics of the Project, with Estimated total cash flows of A$218.9M (pre capex and tax).  The Company’s exploration and development activities in 2007 will focus on the most prospective areas of the Project in terms of endeavouring to prove up additional ore reserves.

 

 

About Adamus

 

Adamus Resources Limited is a Perth-based mineral exploration company, listed on Australian Stock Exchange (ASX), Toronto Stock Exchange Venture Exchange (TSX-V) and Frankfurt Stock Exchange Open Market (FSE).

 

The Company’s primary focus is on exploring and realising the economic potential of the Southern Ashanti Gold Project in Ghana, West Africa. The Project encompasses 500km2 of granted tenure in the Ashanti Gold Belt – host to over 60moz of gold and some of the largest gold mines in the world. Ghana is a stable West African country with a long history of large-scale gold mining. 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


Further information and detail on the feasibility study available on the Adamus Resources website: www.adamusresources.com.au

 

***

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.   If you do not wish to receive such emails from Purple, please click mailto: purple@purplecom.com.au subject=UNSUBSCRIBE or reply to this email and put UNSUBSCRIBE in the subject line and we will not email you again.

 If you do not reply, we will continue sending you relevant news and information via email. However, all future emails will allow you to unsubscribe.

 

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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Annual Report 2007
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8/21/2009Appointement Project managers FINAL
Project news of Adamus Resources Ltd
12/19/2011Endeavour Mining And Adamus Resources Complete Merger
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9/21/2011ADU - Endeavour CEO Neil Woodyer discusses benefits of merge...
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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"
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