Adamus Resources Ltd

Published : July 24th, 2007

Drilling Hits Target : 14m @ 11.5g/t

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14m @ 11.5g/t – DRILLING HITS TARGET

 

24 July 2007

 

Highlights

􀂃 14m @ 11.5g/t, including 4m @ 26.5g/t, Gold under Anwia

􀂃 On track to increase gold resource base to 2 million ounces

 

Adamus Resources (ASX:ADU) is excited to announce further excellent results from the ongoing targeted drill program on its Southern Ashanti Gold Project (SAGP) in Ghana. The intercept 14m @ 11.5g/t gold, including 4m @ 26.5g/t, lies 110 metres vertically below surface and 30 metres from the current Anwia open pit design limit. In conjunction with intercepts in holes on adjacent drill sections it clearly indicates potential for the pit to extend to depth and to the east.

 

 

Adamus’ Managing Director Mark Bojanjac said the result strongly endorses the potential of the holdings, and the imminent opportunity to grow its gold resource base to over 2 million ounces.

 

"With these drilling results and our further explorative work, we expect to be able to significantly increase our resource base."

 

"We have done the hard yards infill drilling and de-risking the resource, and now we are expecting to reap the benefit of the accretive drilling program. We have approximately 500 square kilometres of ground holdings, much of which has been only lightly explored, so the new management team is highly encouraged by these results."

 

"As a result of our previous work we have enough critical mass to develop. We now have immediate potential to boost estimated returns by adding reserves. The Company’s recently announced feasibility study shows additional mineable ounces add significantly to the economics of the SAGP," Mr Bojanjac said.

 

 

 

 

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, realising and expanding the economic potential of the Southern Ashanti Gold Project in Ghana, West Africa. The Project encompasses approximately 500km² of granted 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

 

Kind regards.

Mark Bojanjac

Managing Director/CEO

 

Information in this announcement pertaining to exploration results and mineral resources was compiled by Gary Brabham, a director 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.

 

 

Appendix 1

 

Southern Ashanti Gold Project

Anwia Diamond Drilling

Summary of Drill Intersections >10 gram metres Au

 

 

 

Notes

1) HQ core holes with RC pre-collars. * indicates intercept in RC portion.

2) RC samples collected in 1m intervals and riffle split. Sawn half core submitted for assay, normally in one metre intervals.

3) Assaying conducted by Transworld Laboratories, Tarkwa, Ghana using industry standard 50g lead collection fire assay with AAS

finish.

4) Reference standards, field duplicates and blank samples are routinely inserted at 1:20 and assays of quality control samples are

routinely monitored.

5) Assays are reported to 3 significant figures within the limits of 0.01g/t analytical precision.

6) Lower intersection cut-off grade 1g/t Au.

7) Minimum intersection width 2m; maximum included internal dilution 4m.

8) Cut grades calculated with 25g/t top cut.

9) NSI indicates no significant intercept.

 

 

 

 

 

 

***

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Issued by

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Ph: 08 9485 1254     Fax: 08 6263 0455

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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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