Adamus Resources Limited - October 2011 Pictorial Update
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
PERTH, Western Australia, Nov. 3, 2011 /CNW/ - During October, Adamus ResourcesLimited (Adamus)
reported that positive drill results were received from resource definition drilling at the Nfutu prospect (6kms west of the plantsite) which remains open on strike. This supports Adamus' strategy of exploring satellite deposits and identifying a resource pipeline.OPERATIONS
-- Mining during the month focussed on Salman South 1A and North
1A. Unseasonal rainfall continued throughout the month
resulting in lower than forecast tonnes mined. Additional
trucks will be added to the mining fleet, allowing increased
daily mining rates during the dry season to add tonnages to the
ROM stockpiles.
-- Stone pitching on Akango Phase I haul road completed, Phase II
commenced. Phase II haul road sheeted, culverts completed and
commissioned for use. Corridor clearing for Phase III in
progress.
-- Construction of the explosives magazine fencing and storage
area in progress. Preparatory works for tailings dam lift
continued.
-- Salman Village construction progresses well with 85% of
residential buildings completed.
EXPLORATION
-- 47 holes were drilled at Nfutu to infill previous drilling and
convert the mineral resource from the Inferred category to
Measured and Indicated. The drilling confirmed the continuity
of gold mineralisation within two distinct mineralised zones,
which are similar in appearance to the Teleku Bokazo deposit
located 2.5km to the west. The latest drilling program is
expected to result in an increase to the existing mineral
resource estimate, with a mineral resource update to be
available Q4 2011.
-- Hotopo infill drilling (31 holes for 2,974m) completed and rig
mobilised to Salman. Pad preparation completed at Nugget Hill
(16), Teberu (2), Salman SW (11) and Salman SE (4) for oxide
drill program to commence in November 2011.
CORPORATE
-- The Company released its Quarterly Activities Report for the
quarter ended 30 September 2011. Adamus exceeded production
targets for the 2nd continuous quarter and positive operating
cashflow of $6.75M was achieved for the 3 months ended
30 September 2011.
-- The scheme booklet in relation to the proposed merger with
Endeavour Mining was released during the month and a
copy despatched to all shareholders.
Photographs appear on the Company's website at http://www.adamusresources.com.au/Site Photos
About Adamus
Adamus Resources is a gold producer, with its key asset located in Ghana, West Africa. The company poured its first gold in January 2011, entered commercial production three months later and is on target is to produce 100,000 ounces of gold annually from its flagship Nzema Gold Project. The project includes open pit mining operations, a processing facility and associated infrastructure to mine and process ore. On current estimates the project has a minimum life of 10 years.
As well as continuing with an extensive exploration program aimed at expanding its operations in Ghana, Adamus is also targeting additional discoveries from its significant landholding in Liberia. Both countries provide a stable, mining-friendly political and economic environment for Adamus to operate.
Adamus is headquartered in Perth, Western Australia. The company is listed on the Australian Securities Exchange, TSX Venture Exchange and Frankfurt Stock Exchange Open Market.
In August 2011 the Company announced its intention to merge with Endeavour Mining Corporation. Endeavour owns the Youga Gold Mine in Burkina Faso, West Africa as well as a pipeline of exploration and development projects in the region. If approved by Adamus and Endeavour shareholders, the merger is likely to take place in December 2011.
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.
Information in this report pertaining to exploration results was compiled by Martin Bennett, an employee of Adamus Resources Limited, who is a Member of the Australasian 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. Martin Bennett 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. Martin Bennett consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
Information in this announcement pertaining to ore reserves was compiled by Glenn Williamson an employee of Mining Resources Pty Ltd, who is a Member of The Australasian Institute of Mining and Metallurgy. He qualifies as a 'Qualified Person' under Canadian National Instrument 43-101 - Standards of Disclosure for Mineral Projects. Glenn Williamson 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. Glenn Williamson consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
Information in this announcement pertaining to mineral resources was compiled by Nic Johnson, an employee of Hellman & Schofield Pty Ltd, who is 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. Nic Johnson 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. Nic Johnson consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.
Caution Regarding Forward Looking Information.
Certain statements included in this announcement, including information regarding Adamus' plans with respect to its mineral properties, constitute forward-looking information. Forward-looking information includes, among other things, statements regarding expected operations. 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.
Adamus Resources Limited
CONTACT: Mark Connelly - Managing Director / CEO
61 8 9322 5943
email: info@adamusresources.com.au
For media enquiries contact:
David Ikin - Professional Public Relations
61 8 9388 0944
email: david.ikin@ppr.com.au