Adamus Resources - November 2011 Pictorial Update
05.12.2011 | CNW
PERTH, Western Australia, Dec. 5, 2011 /CNW/ - During November, Adamus Resources (Adamus) reported that shareholders voted overwhelmingly in favour of the merger with Endeavour Mining Corporation on 28 November 2011. The company's Annual General Meeting was also held on 28 November 2011.OPERATIONS
- Mining during the month focussed on Salman South 1A along with Salman North 1A and 1B. Tonnes mined during November were above forecast with additional tonnes added to ROM stockpiles.
- Stone pitching and gravel sheeting on Access Road Phase II commenced. Bush clearing and road construction of Access Road Phase 3 continues.
- Raising of tailing storage facility north embankment nearing completion.
- Explosives magazine construction completed and fencing underway.
- Salman Village construction progressed well with 90% of residential buildings completed. Resettlement remains on target for mid December 2011.
EXPLORATION
- Salman oxide reverse circulation drill program well underway with 36 out of 43 holes completed for total metres of 2,978.
- Auger soil sampling commenced on Hotopo and Salman prospecting licences.
- Following positive drill results from Nfutu prospect (6kms west of the plantsite), released in October 2011, further infill and extension drilling is planned with pad preparation underway.
CORPORATE
- The Scheme Meeting was held on 28 November 2011. Adamus shareholders voted in favour of the scheme of arrangement. The meeting results were consistent with the unanimous recommendation made by the Adamus directors and follow the approval by Endeavour shareholders of the merger resolution considered by them at a meeting of Endeavour shareholders, held on 25 November 2011. The Federal Court of Australia subsequently approved the merger on 2 December 2011.
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, 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.
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CONTACT:
Adamus Resources Limited
Mr Ian Cunningham - Company Secretary
on 61 8 9322 5943