/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
PERTH, Western Australia, Jan. 31 /CNW/ -
- More near-surface gold results from Avrebo including:
9m @ 2.15g/t, 27m @ 2.02g/t, 11m @ 3.87g/t, 5m @ 2.89g/t
- Follows initial drilling results from Avrebo announced 11 October
2007 which included:
29m @ 3.1 g/t, 8m @ 2.31 g/t, 2m @ 15.1 g/t,
1m @ 21.4g/t, 14m @ 1.87 g/t
- Additional mineral resources expected to be calculated
- Results to be included in next mineral resource and ore reserve
estimate upgrade scheduled for completion in the first quarter of
Emerging gold producer Adamus Resources Limited (ASX:ADU) is pleased to
announce further ongoing exploration success in its Ghana gold project, with
additional positive results from drilling at its Avrebo prospect revealing
more high grade gold mineralisation at shallow depths.
Results included intercepts of:
9m @ 2.15g/t Au 11m @ 3.87g/t Au
27m @ 2.02g/t Au 5m @ 2.89g/t Au
Note: full details of Avrebo drill results are provided in
In conjunction with previous drilling and trenching, the new results
indicate potentially economic gold mineralisation at shallow depths and from
surface over a 150-200m strike length. A program of RC drilling was completed
in November and December to infill the central 380 metre strike of the deposit
to nominal 20m x 20m spacing to provide sufficient assay data to calculate a
reliable mineral resource estimate. RC drilling totalled 2,114 metres in 31
holes (including precollars to diamond core holes). Fourteen holes were
extended with HQ core tails, testing mineralisation to 100-150 meters depth
over the central 120 metres of strike. Core drilling totalled 1,553 metres.
The lightly explored Avrebo prospect is part of the Company's flagship
Southern Ashanti Gold Project in Ghana, where Adamus has an existing gold
mineral resource of 17Mt @ 2.2g/t for 1,200,000 oz (Measured and Indicated)
together with 6.3Mt @ 1.9g/t for 390,000 oz (Inferred).
The Company's mineral resource and ore reserve base is currently being
re-calculated in light of current economic parameters and the previously
announced results of the Company's drilling program over the past nine months.
The updated mineral resource and ore reserve estimates are scheduled for
completion in the first quarter of 2008.
To view Figures 1, 2 & 3 please follow the link below:
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 500km(2) of tenure in the Ashanti Gold
Belt - host to over 60moz 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.
Information in this announcement pertaining to exploration results and
mineral resources was compiled by Gary Brabham, a consultant to Adamus, who is
a Member of The Australasian Institute of Mining and Metallurgy and a Member
of the Australian Institute of Geoscientists 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. Gary Brabham 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. Gary Brabham
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 does 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
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
For further information:
For further information: 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