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PERTH, Western Australia, Aug. 16 /CNW/ - Adamus Resources Limited (ASX:ADU) is pleased to announce that as scheduled it has executed final documentation and commenced drawdown under its project debt facility with Macquarie Bank Limited (Facility). Adamus has drawn down an initial US$15m of the total Facility amount of US$70m.
The Facility proceeds will be progressively applied to completion of the development of the Nzema Gold Project, which is scheduled to commence production in first quarter of 2011. The loan amortisation schedule requires full repayment of the Facility by September 2014.
A number of procedural conditions subsequent will be met in due course.
Adamus Resources Limited is a Perth-based company developing a gold mine in Ghana, 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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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: email@example.com; Mark Connelly - Executive Director/COO, +61 8 9322 5943, email: firstname.lastname@example.org; For media enquiries contact: Brian Thornton - Farrington National, +61 2 9332 4448, email: email@example.com