Adamus Resources Ltd

Published : December 16th, 2008

EPA GIVES GREEN LIGHT FOR MINING AT GHANA GOLD PROJECT

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ASX / MEDIA RELEASE

 

EPA GIVES GREEN LIGHT FOR MINING AT GHANA GOLD PROJECT

 

16 December 2008

 

Adamus Resources Limited (ASX: ADU) has taken a major step toward commencement of mining at its Southern Ashanti Gold Project (SAGP) in Ghana, with the approval of the Environmental Permit (Permit) by the Environmental Protection Agency (EPA).

 

The Permit means that Adamus has now received all approvals required to commence mining at the SAGP.

 

Adamus Resources Chief Operating Officer, Mark Connelly said the EPA approval was a major milestone and fundamental step forward in the development of the Project.

 

"The approval and permitting works have been a priority for Adamus during 2008 and we are delighted to have successfully completed this step and move closer to bringing the Project into commercial operation," he said.

Approval of the Permit is the culmination of extensive baseline environmental studies which formed the Environmental Impact Statement (EIS) submitted to the EPA. Adamus also conducted extensive community consultation program and public hearings on the ground in Ghana.

 

"We have worked very closely with the EPA and other stakeholders since February 2008 to ensure that all recommendations and conditions have been met," he said.

 

Mr. Connelly said Adamus was aiming to commence development at the SAGP during 2009 and was targeting annual production of up to 100,000 ounces of gold by 2010..

 

The Company has estimated gold mineral resources at the SAGP of approximately 28.4Mt @ 1.78g/t for 1,630,000oz (Measured and Indicated) and 6.43Mt @ 1.64g/t for 340,000oz (inferred). The Permit follows granting of the SAGP mining licences in April 2008 and the increase in the Company's mineral resource and ore reserve estimates, which were announced in February 2008 and April 2008 respectively.

 

During 2008, Adamus has also increased its holding within the highly prospective Ashanti Gold Belt to 626 square kilometres with the option to acquire nearby tenements from Newmont Ghana Gold Limited.

 

 

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 exploring, realising and expanding the economic potential of the Southern Ashanti Gold Project in Ghana, West Africa. The Project encompasses approximately 626km? of

tenure in the Ashanti Gold Belt - host to over 100moz 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 mineral resources was compiled by Ron Heeks, an employee of Adamus Resources Limited, who is a Member of The Australasian Institute of Mining and Metallurgy 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. Ron Heeks 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. Ron Heeks 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 do 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.

 

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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