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PERTH, Western Australia, Oct. 23 /CNW/ - Adamus Resources Limited ("Adamus") (TSXV, ASX: ADU) is pleased to announce that it has selected Lycopodium Engineering as its preferred contractor to build the processing plant for its Southern Ashanti Gold Project in Ghana.
Lycopodium will work closely with Adamus' own engineers with a current target of first production by early 2011.
Detailed contract negotiations are now underway with practical completion expected during November 2010. Detailed design will commence during final contract negotiations. The contract is on an EPCM (Engineering, Procurement and Construction Management) basis. Each major equipment item will be tendered under Adamus' direct supervision.
Managing Director Mark Bojanjac said, "All tender submissions evaluated by Adamus proposed experienced teams of people dedicated to the build and pricing was surprisingly close and within our June 2009 Optimised Feasibility Study estimates for the plant build".
"Lycopodium has an experienced team based in Ghana who have delivered a number of plant implementations in the nation, including the recent expansion of Redback Mining's Chirano Project and the development of the plant for Newmont's Ahafo Project in late 2006".
"We selected Lycopodium on the basis of their good reputation and excellent track record in the area. Given that we have already begun the process of purchasing long lead-time items including the SAG mill, we remain confident of becoming a gold producer by early 2011".
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 665km(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.
ADAMUS RESOURCES LIMITED
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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 wel 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