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Adamus Resources Reaffirms Full Year Gold Production Guidance

09.06.2011  |  CNW

PERTH, Western Australia, June 9, 2011 /CNW/ --
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/


PERTH, Western Australia, June 9, 2011 /CNW/ - Gold producer Adamus Resources Limited (ASX: ADU) (TSXV: ADU) has met
all key production targets set since Commercial Production was declared
on 1 April 2011.  As a result, the newest gold producer in Ghana is on
track to achieve forecast gold production of 24,000 - 25,000 ounces, at
a cash cost of US$500-$550 per ounce, for the June 2011 quarter.


Mark Connelly, Managing Director and Chief Executive of Adamus Resources
commented: 'I am pleased to report that the Nzema Gold Project
production is progressing very well.  Our first two months' production
of 17,439 ounces, is in line with our guidance provided to the market
and we remain confident that the Nzema Gold Project will achieve
100,000 ounces of gold in its first full 12 months of operation.'


The pipeline of exploration projects remains on schedule with a small
team expected on the ground in Liberia later this month.  The team will
review Adamus' highly prospective concessions, conducting access
assessments and visiting areas of alluvial workings.


In addition, AMEC Minproc is expected to complete a Conceptual Trade-Off
Sulphide Study by 30 June 2011, allowing for an initial assessment of
the sulphide mineral resource.


'We are continuing with our aggressive campaign to define and advance
additional ore reserves and mineral resources.  Adamus provides an
excellent means for investors to get exposure to gold with a low risk,
high profit margin project in West Africa with strong cashflow and
significant upside potential,' Mr Connelly said.


About Adamus


Adamus Resources Limited is an explorer and mine developer, listed on
the 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 Nzema Gold Project in Ghana, West Africa and
exploring concessions in Liberia, West Africa.  The Nzema Gold Project
encompasses approximately 665km² of tenure in the Ashanti Gold Belt -
host to over 100moz of gold and 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.


Kind regards


ADAMUS RESOURCES LIMITED


'Signed'


Mark Connelly


Managing Director/CEO


Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.


Caution Regarding Forward Looking Information.


Certain statements included in this announcement constitute
forward-looking information, including, among other things, statements
regarding forecasted gold production, and expected cash costs. 
Forward-looking information is based upon a number of estimates and
assumptions made by the Company in light of its experience, current
conditions and expectations of future developments, as well as other
factors that the Company believes are appropriate in the
circumstances.  While these estimates and assumptions are considered
reasonable by the Company, they are inherently subject to business,
economic, competitive, political and social uncertainties and
contingencies.  Many factors could cause the Company's actual results
to differ materially from those expressed or implied in any
forward-looking information provided by the Company, or on behalf of,
the Company.  Such factors include, among other things, risks relating
to additional funding requirements, metal prices, exploration,
development and operating risks, competition, production risks,
regulatory restrictions, including environmental regulation and
liability and potential title disputes.  Investors are cautioned that
forward-looking information is no guarantee of future performance and,
accordingly, investors are cautioned not to put undue reliance on
forward-looking information due to the inherent uncertainty therein. 
Forward-looking information is made as at the date of this announcement
and the Company disclaims any intent or obligation to update publicly
such forward-looking information, whether as a result of new
information, future events or results or otherwise.


 

To view this news release in HTML formatting, please use the following URL: http://www.newswire.ca/en/releases/archive/June2011/08/c4243.html

please see our website:  www.adamusresources.com.au or contact:

Mark Connelly - Managing Director / CEO
61 8 9322 5943
email: mark.connelly@adamusresources.com.au



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