ENDEAVOUR MINING AND ADAMUS RESOURCES TO MERGER AND CREATE A NEW GROWTH FOCUSED WEST AFRICAN GOLD PRODUCER

August 21, 2011 

GEORGE TOWN, Grand Cayman and PERTH, Western Australia, - Endeavour Mining Corporation ("Endeavour") (TSX:EDV) and Adamus  Resources Limited ("Adamus") (ASX:ADU, TSX-V: ADU, FSE: AXM) are  pleased to announce they have entered into a definitive Merger  Implementation Agreement ("MIA") to combine through an all-stock merger  of equals transaction creating a new growth focused West African gold  producer (the "Merged Entity").  Endeavour intends to invest at least  US$160 million from its current cash balance to relieve the constraints  of Adamus' Nzema project finance structure, including repayment of the  US$60 million project loan and at least US$100 million towards  reduction of hedged gold volumes.   The Merged Entity is forecasting 2011 gold production of 172,000 ounces from two mines (Youga Gold Mine  in Burkina Faso and Nzema Gold Mine in Ghana) at a cash cost per ounce  of US$575- $625(1).  The gold production rate is expected to be approximately 250,000  ounces per year by the end of 2013 from existing assets (including  Agbaou).  In addition, the Merged Entity has an acquisition growth  strategy to more than double this gold production rate by the end of  2013(2).

The merger will be implemented as a Scheme of Arrangement under the  Australian Corporations Act ("Scheme").  Adamus shareholders will  receive 0.285 of an Endeavour share for each Adamus share they hold.  This exchange ratio has been determined using the ratio of Endeavour's  and Adamus' volume weighted average trading prices over the 20 trading  days ended on August 19, 2011 on the TSX and ASX, respectively.  Upon  completion of the Scheme, existing Endeavour shareholders and Adamus  shareholders will own approximately 47.2% and 52.8%, respectively, of  the issued common shares of the Merged Entity.  On a fully-diluted  basis, which assumes all existing Endeavour and Adamus options,  warrants and share rights are exercised, the existing Endeavour  securityholders and Adamus securityholders would own approximately 55%  and 45%, respectively, of the issued shares of the Merged Entity.

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(1) Excludes royalties, refining, freight and non-cash adjustments

(2) There are no acquisitions currently being negotiated

Highlights of the Merger:

    --  Creates a leading West African gold production, development and
        exploration company as a platform for future growth and
        acquisitions.

    --  Combines experienced management teams and board of directors.

    --  Strong cash generation from two operating gold mines with pro
        forma 2011 gold production of 172,000 ounces (Youga Gold Mine,
        in Burkina Faso and Nzema Gold Mine, in Ghana) - de-risking the
        standalone companies.

    --  With a construction decision to be made in Q1 2012 for the
        Agbaou feasibility stage project in C�te d'Ivoire, the
        production growth profile is expected to be approximately
        250,000 ounces per year by the end of 2013 from existing
        assets.

    --  Adamus' proven mine building track record, having successfully
        commissioned the Nzema Gold Mine, will enhance the construction
        of the Agbaou feasibility stage project in C�te d'Ivoire.

    --  Extensive exploration portfolio in highly prospective regions
        of Ghana, Burkina Faso, C�te d'Ivoire, Liberia and Mali with a
        land package totaling over 10,400km(2).

    --  Pro forma financial strength totalling US$516 million from
        Endeavour's US$195 million cash and marketable securities,
        Adamus' US$21 million cash, a new, undrawn, credit-approved
        US$200 million revolving corporate loan facility provided by
        Unicredit Bank AG (subject to completion of the Scheme,
        execution of final facility agreements and satisfaction of the
        facility's conditions) and approximately US$100 million from
        any future exercise of all Endeavour options and warrants with
        an exercise price of CDN$2.50 or less.

    --  Financial strength will relieve constraints from Adamus' Nzema
        project finance structure and support the Merged Entity's
        growth objectives.  Post-closing, the Merged Entity intends to
        fully repay the Nzema US$60 million project debt and intends to
        invest at least US$100 million to significantly reduce gold
        hedging volumes.  This will result in greater leverage to the
        gold price, increased operating cashflow and EBITDA, and
        increased management flexibility.

Management & Governance

On completion of the Scheme, Neil Woodyer from Endeavour will be Chief  Executive Officer and Mark Connelly from Adamus will be Chief Operating  Officer, of the Merged Entity.  The Merged Entity's operational  management will be led from Perth, Australia and will report to the  Chief Operating Officer.

Michael E. Beckett will be Non-Executive Chairman of the Merged Entity.  In addition, the Board of Directors of the Merged Entity will comprise  three nominees from each of Adamus and Endeavour.  Adamus' nominees are  Mark Connelly, Martin Reed, and Dr. Antony Harwood.  Endeavour's  nominees are Neil Woodyer, Jorge L. Gamarci, and Wayne McManus.

Board of Directors' Recommendations

The Board of Directors of Adamus unanimously recommends to Adamus  shareholders that they approve the Scheme (in the absence of a superior  proposal for Adamus and subject to an Independent Expert opining that  the Scheme is in the best interests of Adamus shareholders).  Each  director of Adamus will vote the voting rights attached to all Adamus  shares over which he has control in favour of any resolutions to be  considered at the Adamus shareholders' meeting to implement the Scheme  and any other transaction in connection with the Scheme (in the absence  of a superior proposal for Adamus and subject to an Independent Expert  opining that the Scheme is in the best interests of Adamus  shareholders).

The Board of Directors of Endeavour unanimously recommends to Endeavour  shareholders that they vote in favour of the resolutions to be  considered at the Endeavour shareholders' meeting (in the absence of a  superior proposal for Endeavour).  Each director of Endeavour will vote  the voting rights attached to all Endeavour shares over which he has  control in favour of the resolutions to be considered at the Endeavour  shareholders' meeting (in the absence of a superior proposal for  Endeavour).  GMP Securities L.P. has stated to the Board of Directors  of Endeavour that the consideration to be offered is fair, from a  financial point of view, to the Endeavour shareholders. The Board of  Directors of each of Adamus and Endeavour have determined that the  proposed business combination is in the best interests of their  respective shareholders based on a number of factors, including  financial advice received from their respective financial advisors.

Commenting on the business combination Mark Connelly, Managing Director  and CEO of Adamus said:

   "This transaction delivers considerable value to Adamus
    shareholders through the combination of our proven mine development
    skills and materially enhanced financial flexibility from
    Endeavour.  This enables accelerated growth through the combined
    portfolio of development and exploration projects."

Neil Woodyer, CEO of Endeavour commented:

   "This combination will create a stronger and better positioned
    company with the financial strength to grow through strategic
    acquisitions.  Merging with Adamus is a significant step forward as
    we seek to become a mid-tier gold producer.  Our financial strength
    will unlock value and increase operating flexibility through our
    ability to repay the Nzema project finance facility, significantly
    reduce Nzema's gold hedge and fully fund development of Agbaou.  We
    look forward to working with Mark Connelly and his team's West
    African mine building experience which will enhance our Agbaou mine
    development team and future projects."

Michael E. Beckett, Chairman of Endeavour commented:

   "As Chairman, I am pleased to recommend this combination which
    includes a solid plan for complementary integration of management
    skills from both organizations.  The combined company led by Neil
    Woodyer and Mark Connelly will be well positioned to achieve its
    exciting growth objectives."

Transaction Structure and Terms

Pursuant to the MIA entered into between Endeavour and Adamus, it is  proposed that Endeavour will acquire all the issued ordinary shares of  Adamus by way of a Scheme of Arrangement under the Australian  Corporations Act 2001.  Under the terms of the Scheme, Adamus  shareholders will receive 0.285 Endeavour common shares for each  existing Adamus ordinary share they hold.  Endeavour shareholders will  continue to hold their existing Endeavour common shares.  It is  expected that Adamus shareholders resident in Australia will generally  be eligible for capital gains tax rollover in respect of the proposed  merger, subject to obtaining a class ruling from the Australian Tax  Office.

Endeavour plans to establish an Australian listing of its shares to  increase its international profile and enable Adamus shareholders to  trade the new Endeavour shares they receive on the ASX.

The merger is subject to regulatory, Australian Court, shareholder, and  third party approvals, together with other customary conditions.  Regulatory approvals include approval by the Australian Foreign  Investment Review Board, and ASX and TSX approvals in respect of the  issue of new Endeavour shares under the Scheme.

A Scheme Booklet setting out the terms of the merger, Independent
 Expert's Report and the reasons for the Adamus Directors'
 recommendations is expected to be circulated to all Adamus shareholders
 in October 2011.  A meeting of Adamus shareholders to consider the
 Scheme is expected to be held in November 2011 and the merger is
 expected to be implemented by December 2011.  The merger is conditional
 upon approval by 75% of the number of votes cast, and 50% of the number
 of Adamus shareholders present and voting, at the meeting of Adamus
 shareholders.

In addition to the approval by Adamus shareholders, the merger is
 conditional upon Endeavour shareholders approving the issuance of
 Endeavour shares required to implement the merger by a simple majority
 of the Endeavour shares that are voted at a shareholder meeting to be
 held in November 2011.

The MIA also contains customary and reciprocal deal protection
 mechanisms, including no shop and no talk provisions, matching and
 notification rights in the event of a competing proposal and a mutual
 break fee payable by Endeavour or Adamus in specified circumstances.

The MIA may be accessed via SEDAR (www.sedar.com), under the profiles of Endeavour and Adamus, the electronic filing
 system for the disclosure of Canadian public companies.  The MIA will
 also be released to the ASX by Adamus in a contemporaneous
 announcement.

Indicative Timetable for Completion

Advisors and Counsel

Adamus' financial advisor is CIBC Australia Ltd and its Australian legal
 counsel is Allion Legal and its Canadian legal counsel is Fraser Milner
 Casgrain LLP.

Endeavour has retained GMP Securities L.P. to provide an independent
 Fairness Opinion and its Canadian legal counsel is Stikeman Elliott and
 Australian legal counsel is Allens Arthur Robinson.

Qualified Person

Mr. David Laing, MIMMM and Senior Vice-President, Operations of
 Endeavour, is the Qualified Person who has reviewed and approved
 Endeavour's mining technical information included in this news release.

Mr. Martin Bennett, Member of the Australasian Institute of
 Geoscientists and General Manager Exploration and Business Development
 of Adamus, is the Qualified Person who has reviewed and approved
 Adamus' mining technical information included in this news release.

Conference Calls and Webcast Information

Two live joint conference calls, hosted by Mark Connelly, Managing
 Director/CEO of Adamus and Neil Woodyer, CEO of Endeavour, have been
 scheduled to accommodate Australian and North American time zones.
 Interested parties are invited to participate.

An Endeavour and Adamus joint management presentation is available on
 the homepage of the Endeavour at www.endeavourmining.com and Adamus websites at www.adamusresources.com.au.

Monday, August 22, 2011 - 10:30am (Sydney), 8:30am (Perth)

    Which is equivalent to Sunday, August 21, 2011 - 8:30pm (Toronto),
    5:30pm (Vancouver)

    Please access from Adamus and Endeavour websites, the V-Call website at
    www.investorcalendar.com,
    or by calling the operator prior to the scheduled start time at the
    following numbers:

    Australia          0011-800-2246-2666

    North America  +1-201-689-8565 or toll-free +1-877-407-0778

Monday, August 22, 2011 - 11:00am (Toronto),  8:00am (Vancouver),
 11:00pm (Perth)

    Which is equivalent to Tuesday, August 23, 2011 - 1:00am (Sydney)

    Please access from Endeavour and Adamus websites, the V-Call website
    at
    www.investorcalendar.com
    or by calling the operator prior to the scheduled start time at the
    following numbers:

    Australia          0011-800-2246-2666

    North America  +1-201-689-8565 or toll-free +1-877-407-0778

About Endeavour Mining Corporation

Endeavour is a gold producer committed to growing its business and
 enhancing shareholder value. Endeavour owns the Youga Gold Mine in
 Burkina Faso, and an attractive pipeline of exploration and development
 projects in West Africa. Endeavour owns the Agbaou feasibility stage
 project, one of the largest undeveloped gold deposits in C�te d'Ivoire,
 and has a 40% interest in the permitting stage Finkolo Gold Joint
 Venture in Mali. Endeavour also has a 38.5% interest in Namibia Rare
 Earths Inc., which owns the Lofdal Rare Earth Project in Namibia.

For more information, please visit www.endeavourmining.com

About Adamus Resources Limited

Adamus' primary focus is on expanding the economic potential of the
 Nzema Gold Project in Ghana, West Africa. First gold production was
 achieved in January 2011 and commercial production was declared on 1
 April 2011. The Nzema Project encompasses approximately 665km� of
 tenure in the Ashanti Gold Belt in Ghana. Adamus also holds three
 Mineral Reconnaissance Licenses in the Republic of Liberia, covering an
 area of 3,107km� making Adamus one of the largest exploration property
 holders in Liberia.

For more information please visit www.adamusresources.com.au

Neither the Toronto Stock Exchange nor TSX Venture Exchange has reviewed
 and do not accept responsibility for the adequacy or accuracy of this
 release. The foregoing information may contain forward-looking
 information relating to the future performance of Endeavour Mining
 Corporation, Adamus Resources Limited, and the combined entity.
 Forward-looking information, specifically, that concerning future
 performance including forecasted gold production, is subject to certain
 risks and uncertainties, and actual results may differ materially.
 These risks and uncertainties are detailed from time to time in
 Endeavour and Adamus' filings with the appropriate securities
 commissions.

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For more information, please contact:

Stephen Roberts
Director -- Investor Relations
Tel: 604.609.6130

Vanguard Shareholder Solutions
Tel: 604.608.0824
Toll free: 1.866.341.4111

www.endeavourmining.com
investor@endeavourmining.com