Adamus Resources Ltd

Published : October 11th, 2007

POSITIVE DRILL RESULTS AT AVREBO POINT TO NEW RESOURCE

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MEDIA RELEASE

 

11 October 2007

 

Positive Drill Results at Avrebo Point to New Resource

 

Emerging gold producer Adamus Resources (ASX:ADU) is pleased to announce further exploration success at its Ghana gold project, with positive results from drilling at its Avrebo prospect revealing high grade gold mineralisation at shallow depths.

 

A RC drilling completed was conducted at the Avrebo prospect in August with 2,375 metres drilled in 33 holes, including five pre-collars for proposed diamond core holes.  Best intercepts included:

 

29m @ 3.31g/t Au

2m @ 15.1g/t Au

25m @ 2.19g/t Au

1m @ 29.3g/t Au

14m @ 1.87g/t Au

1m @ 21.4g/t Au

8m @ 2.31g/t Au

 

 

In conjunction with previous drilling and trenching, the new results indicate potentially economic gold mineralisation at shallow depths and from surface over a 150-200m strike length.  These results together with the recently announced results at Abosso demonstrate the potential for Adamus' tenure to deliver ongoing discoveries.  Adamus will now conduct more detailed work to further define the mineralisation.

 

The lightly explored Avrebo prospect is part of the Company’s flagship Southern Ashanti Gold Project in Ghana, where Adamus has an established resource of 1.6 million ounces. The current drilling program is focussed on building the resource base within the highly prospective region, to expand production and extend mine life.

 

Drilling coverage at Avrebo was based on 40 metre spaced cross-sections to approximately 60 metres vertical depth (cross section overpage). This is now sufficient to allow the calculation of a first- pass resource estimate.

 

Shallow high grade gold mineralisation at Avrebo lies within an exceptionally strong and broad envelope of hydrothermal alteration (sericite-carbonate-fuchsite) and low- grade (~ 0.2 g/t) gold. The higher gold grades are associated with a series of stacked quartz veins and disseminated pyrite within basalts.

 

Avrebo Cross Section

 
A series of step-out diamond core holes is planned to test the mineralisation between 80 and 120 metres below surface. Diamond drilling is scheduled to re-commence mid-October 2007.

 

Avebro Cross Section
Showing Planned Diamond Drilling

 

 

Notes

1.  All holes drilled by reverse circulation

2.  All samples collected in 1m intervals and riffle split.

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 0.5g/t Au, top-cut grade of 20g/t applied to high assays.

7.  Maximum included internal dilution 2m.

 

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 500km� of 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.

 

 

 

***

 

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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