Adamus Increases Ghana Gold Landholding



    
    /NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
    DISSEMINATION IN THE UNITED STATES/
    

    PERTH, Western Australia, Feb. 11 /CNW/ -

    
    Highlights:

    -   Increases Ghana exploration tenure by 17.5 square kilometres
    -   Within trucking distance from the Southern Ashanti Gold Project
    -   Good road access
    -   Surface mineralization already evident
    

    The Directors of Adamus Resources Limited (ASX:ADU) (the Company) are
pleased to announce that the Company has secured an option to acquire up to
100% of the Kanyankaw prospecting licence (Prospecting Licence) in Ghana from
Shankill Resources Limited (Shankill) (the Option). Shankill is a wholly owned
subsidiary of Moydow Mines International Inc.

    KANYANKAW PROSPECTING LICENCE

    The Prospecting Licence, which encompasses approximately 17.5 square
kilometres of prospective tenure, is located within a 30km radius of the
Company's existing Salman deposit.
    The Kanyankaw prospecting licence was mined underground in the early part
of the 20th century via several shafts, no records from this period exist. All
known mineralisation and targets are located in the southern potion of the
project area. Since 1987 companies including Ghana Gold, Cyprus Amax, Glencar
Mining and Moydow have explored the area by soil sampling and follow-up
drilling.
    The area can be broken to down into two types of mineralisation, narrow
high grade mineralisation and broad lower grade supergene enriched
mineralisation. The narrow high grade quartz reefs have been historically
underground mined and have since been mined by Galamsay miners. These reefs,
that can run to several ounces in grade are exposed in the deeply incised
river valleys that dissect the property. Reverse circulation drilling carried
out in 1992-1993 intersected several of these high grade zones within the
river valleys with the best result of:

    
                          -------------------------
                             2m @ 37 g/t gold
                          -------------------------
    

    The veins are considered of interest in their own right but more so for
forming the second style of mineralisation present on the tenement. This being
supergene mineralisation formed over the upper, oxide portion of the quartz
vein area. Soil geochemistry and the results from several holes drilled by
Mowdow in 2004 suggest the presence of a broad supergene horizon that has
formed on the plateaux area adjacent to the incised river valleys. Results
from the postulated supergene zone include:

    
                    ------------------------------------
                       21m @ 4.24 g/t from surface
                        6m @ 8.70 g/t from surface
                    ------------------------------------
    

    The supergene will form the initial target for Adamus as it has the
potential to provide both significant oxide tonnages and ounces for the
proposed Adamus mill.

    
    Proximity of Kanyankaw Prospecting Licence to SAGP

    To view Figure 1 - follow the link

    http://files.newswire.ca/706/Figure_1_Adamus_Resources_Ltd.doc

    Note: For further details on the Newmont Option, please refer to the
          Company's announcement of 5 August 2008.

    TERMS OF OPTION AGREEMENT

    Shankill has granted Adamus the Option to acquire up to 100% of Shankill's
interest in the Prospecting Licence, as follows:

    -   initial option fee of US$10,000;

    -   at any time during the option period of 12 months, Adamus shall have
        the right to acquire a 75% interest in the Prospecting Licence in
        consideration for the payment of A$150,000 or the issue of 250,000
        Adamus shares; and

    -   within 30 days of a decision to mine at Kanyankaw being made,
        Shankill may elect to transfer its remaining 25% interest to Adamus
        in consideration for a 2% net smelter return royalty on production
        from Kanyankaw.
    

    The Directors of Adamus believe the Option over the Prospecting Licence
provides an excellent opportunity for the Company to add further regional
exploration upside to the broader Southern Ashanti Gold Project.

    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 644km(2) of tenure in the Ashanti Gold Belt - host to over
100moz 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.

    
    Kind regards.

    (signed)

    Mark Bojanjac
    Managing Director/CEO
    

    Information in this announcement pertaining to exploration results and
mineral resources was compiled by Ron Heeks, an employee of Adamus Resources
Limited, who is a Member of The Australasian Institute of Mining and
Metallurgy 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. Ron Heeks 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. Ron Heeks 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 do 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.





For further information:

For further information: 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

Organization Profile

ADAMUS RESOURCES LIMITED

More on this organization


Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890