Adamus Resources Ltd

Published : July 05th, 2007

New drilling program targets more ounces

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New drilling program targets more ounces

 

ASX and Media Release

 

5 July 2007

 

Highlights

􀂃 22,000 metres of exploration drilling scheduled for the next six months.

􀂃 Targeting highly prospective Anwia & Bokrobo deposits.

􀂃 Long-term agreement signed with drilling contractors to secure rigs.

􀂃 Pursing potential acquisition opportunities to add additional ounces.

 

Emerging gold producer Adamus Resources Limited (ASX: ADU - Adamus or the Company) has commenced an extensive drilling program on highly prospective targets at its Southern Ashanti Gold Project (SAGP) in Ghana, with a view to increasing its resource base within the next six months. Work has already commenced.

 

Following the recent release of the feasibility study, and whilst undergoing various permitting procedures Adamus is focused on further improving economics with the addition of further ounces to its projected mineable gold reserve.

 

Adamus Managing Director Mark Bojanjac said the extensive drilling program was underway, with 22,000 metres of drilling scheduled for the next six months.

 

“The feasibility study established that we have critical mass for the SAGP. Additional mineable reserves will substantially improve the future profitability of the Project,” Mr. Bojanjac said.

 

"It shows that every mineable ounce we now find will generate more than US$300 profit per ounce, at current gold prices".

 

“We have been highly encouraged by the prospectivity of our ground holding, particularly the depth potential at Anwia and the potential for further high-grade discoveries at Bokrobo. Having dedicated the bulk of our time and effort during the past twelve months to confirmatory drilling and other work necessary for the feasibility study, we are now firmly focused on accretive exploration.”

 

"Adamus is also pursing some potential acquisition opportunities that could also add ounces within trucking distance to the Salman deposit" Mr. Bojanjac said.

 

Anwia

Diamond drilling at Anwia from November 2006 through April 2007 targeted and delivered extensions to open pit mineralization. The deposit has only been drilled to 140 metres depth. This is the first program to specifically target extensions deeper than that.

 

A new program of diamond drilling started in June. Ten holes, ranging in depth from 250 to 550 metres, will test target mineralization between 200 and 400 metres below surface. The program totals 800 metres in RC pre-collars and 2,500 metres of core drilling and should be completed by early August.

 

Bokrobo

Assay results are currently coming in for samples from recent diamond drilling at Bokrobo prospect (Anwia South). Several holes intersected unexpected alteration, quartz veining and disseminated pyrite mineralization in a granitic dyke and adjacent metasediments to the west of the main Bokrobo lode. Results are expected shortly. Drilling to date has only been to approximately 100 metres depth.

 

Geological and structural interpretations are underway to guide further drilling.

 

Akanko

Infill RC drilling at Akanko North is ongoing in a 5,000 metre program designed to define shallow gold resources over the 800 metres of strike that has previously only been scout drilled. We are currently drilling in wet weather.

 

Akanko North is presently only drilled on 200m spaced traverses and has not yet been included in resource estimates. This program is aimed at converting it to a mineable reserve.

 

Conversion to reserves

The total measured, indicated and inferred gold resource of the Salman and Anwia deposits (using a 1g/t lower cut grade) has increased to 1,600,000 ounces with over 73% now in the

Measured and Indicated category.

 

Some of the estimated resource has yet to be drilled to reserve status. The Company’s exploration and development activities will complete this drilling, to prove up additional mineable reserves.

 

Specific conversion activities for the next six months include:

􀂃 Conversion of inferred resources inside current pit designs to ore reserves.

􀂃 Calculation of open pit ore from the Bokrobo prospect at Anwia South.

􀂃 Modest depth extensions demonstrated by recent diamond

drilling at Anwia.

 

This work will bring additional ounces into reserve from known prospects in order to confirm a move from Base Case to

Expected Case.

 

Other targets identified after a target ranking exercise from SAGP tenements, to be drilled during the second half of 2007

include:

􀂃 Akropon

􀂃 Avrebo

􀂃 Anwia North

􀂃 Bernard

 

Resource and reserve updates will be undertaken as information is collated from these drilling campaigns in the next six months.

 

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

 

 

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.

 

 

 

 ***

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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