/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
PERTH, Western Australia, Sept. 4 /CNW/ - Adamus Resources Limited
("Adamus" or the "Company") (TSXV, ASX: ADU) is pleased to announce that a new
3.5 MW SAG mill, supplied by Outotec Pty Ltd, is to be delivered ahead of
schedule and below previous cost estimates. The purchase is part of Adamus'
plan to source longer lead-time items for the Southern Ashanti Gold Project
("Southern Ashanti") to successfully achieve targeted project completion in
Commenting on the SAG mill purchase Adamus' Managing Director, Mark
Bojanjac said, "Having successfully completed the recent $40 million equity
raising, Adamus is now focused on delivering gold production in a timely and
cost effective manner. The SAG mill purchase paves the path for Southern
Ashanti to produce gold by the end of 2010.
The supply contract on offer is for a larger mill which will be delivered
at a cheaper price in almost half the time of previous estimates.
Besides the securing of major plant items, Adamus has also added a number
of key personnel as we progress to the construction phase at Southern Ashanti.
Our recent hiring of Craig Wilson and Jeremy Langford, whom both have
expertise and direct on-ground experience with constructing mines in the Ghana
region over the past year, provides the core management team for
infrastructure and plant construction.
Given that all permitting has already been granted, key management
personnel assembled and project debt financing is nearing completion, Adamus
is well placed to achieve first gold pour at Southern Ashanti by year-end
SAG Mill Order
Adamus has ordered a 5.5m diameter, 7.3m length grate discharge Semi
Autogenous Grind ("SAG") Mill with a 3,500kW drive from Outotec, one of the
world's largest suppliers of specialist grinding mills.
The mill contract has a 45 - 50 week build time and Adamus anticipates
installation of the SAG mill at Southern Ashanti in late 3Q 2010. This
proposed delivery time halves the time expected from the initial feasibility
study in 2007, and is a two thirds of the quoted delivery time in the 2008
updated schedule. A considerably better price than originally estimated was
The mill will be capable of processing at a rate of up to 2.1mtpa of ore
when fed soft oxide material for the first few years and will have a minimum
throughput of 1.6mtpa on the harder Anwia sulphide ore scheduled towards the
end of the project.
Adamus expects to average 2.0mtpa throughput or better with blended ore
Plant Build Contract
Discussions are well advanced in selecting a contractor from the
shortlisted parties to construct the processing plant for Southern Ashanti.
Adamus anticipates completion within the next 6 weeks. By ordering the mill
now, Adamus has reduced the build-time while final detailed contractor
negotiations are finalised.
During discussions, Adamus has been impressed with the renewed ability of
contractors to provide timely responses and dedicate quality teams of people
to the assignment. This is a significant improvement in industry experience
since last year and as a result we expect an efficient and smoother build
program with more certainty achieving contract prices.
More key staff appointments are in train as the company moves forward
into production. Amongst these appointments being interviewed is the
in-country Operations Manager.
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.
For further information:
For further information: please see our website:
www.adamusresources.com.au or contact: Mark Bojanjac - Managing Director/CEO,
+61 8 9322 5943, email: firstname.lastname@example.org; Mark Connelly - Executive
Director/COO, +61 8 9322 5943, email: email@example.com;
For media enquiries contact: Brian Thornton - Farrington National, +61 2 9332
4448, email: firstname.lastname@example.org