Adamus delivers 40% increase Measured & Indicated Gold Resources


    PERTH, Western Australia, Feb. 19 /CNW/ -


    -   Substantial increase of 470,000 oz gold Measured and Indicated
        mineral resources at the Southern Ashanti Gold Project (SAGP)
    -   Combined Measured and Indicated mineral resource now 1,630,000 oz
        gold @ 1.78g/t
    -   Additional Inferred mineral resource now 340,000 oz gold @ 1.64g/t
    -   Approximately 85% Measured and Indicated Category
    -   Upgraded Ore Reserve calculation expected this quarter.
    -   SAGP Feasibility Study being updated to reflect current gold price
        and Ore Reserve upgrade.

    Emerging gold producer Adamus Resources (ASX and TSXV: ADU) has delivered
a substantial increase in resources at its Southern Ashanti Gold Project
(SAGP) in Ghana. The resource upgrade features a 40% increase in measured and
indicated gold resources, and takes Adamus' SAGP resource profile to:

    28.4Mt @ 1.78 g/t for  1,630,000 oz  gold (Measured and Indicated)
            6.43Mt @ 1.64 g/t for  340,000 oz  gold (Inferred)

    The SAGP resource was recalculated independently to incorporate
information from the 2007 program of RC and diamond drilling.
    Adamus CEO Mark Bojanjac said successful infill drilling had
significantly increased resource confidence for the project, and provided a
further boost for the SAGP.
    "These results represent another significant increase in level of
drill-proven confidence in the SAGP mineral resources, and reflect improved
project economics driven by a substantial increase in the prevailing gold
price," Mr Bojanjac said.
    "With further scope to expand our resource base we are now increasing our
future ounce targets."
    Mr Bojanjac said an independent Ore Reserve calculation was currently
underway, to reflect prevailing revenue and cost parameters.
    "The gold price has risen over US$250 per oz since the announcement of
our initial Feasibility Study results only eight months ago. Adamus is
expecting this to significantly enhance the already strong project economics,"
he said.
    "Measured and Indicated mineral resource categories currently comprise
almost 85%, with more than 1.1 million ounces being in the Measured Resource
    "Successful in-fill drilling converted much of the existing inferred
material into the higher confidence Measured and Indicated status".
    "The extremely high level of conversion demonstrates the robust nature of
the orebody and should increase the Ore Reserve estimate as these resource
categories ultimately lead to Proven and Probable Reserves," Mr Bojanjac said.

    To view figures 1, 2 & 3 follow the link below:

    Adamus believes there is considerable scope to add accretively to the
SAGP mineral resources at both the Salman and Anwia projects, and from a
number of identified high-potential additional deposits.
    The majority of current mineral resources lie within 80 metres of the
surface, and are predominantly open with depth, which supports the significant
potential to increase resources with deeper drilling. Adamus' ongoing
exploration efforts will include a focus on deeper targets at Salman, and
closer spaced drilling at Akanko at the northern end of Salman. The Anwia
deposit in particular is scheduled for a detailed specialist review of
structural geology.
    The Company is also continuing its exploration and planned upgrade of
recently discovered and extended deposits at Bokrobo, Aliva, and Avrebo.
Drilling at these deposits is designed to add additional mineral resources,
and with further in-fill drilling, more Ore Reserve ounces in the near term.
    To target these high priority deposits, a new program of RC and diamond
core drilling commenced the first week of February as part of the 2008
exploration campaign.

    Upgraded Reserve Calculation

      Following the mineral resource upgrade, Adamus expects to deliver
         an upgrade in the Ore Reserve estimate for the SAGP during
                            this current quarter.

    The Company has conducted a detailed review of the capital and operating
costs used in the Company's positive feasibility study, which was released
last June.
    The updated costing, together with the new resource and a gold price more
reflective of the current market, will be used to independently calculate an
upgraded Ore Reserve.
    The previous Reserve calculated at US$575 per oz yielded a very
favourable result. Since that time there has been a large upgrade of
previously excluded inferred mineralisation into the resource base, and
combined with the significantly improved gold price, this is expected to auger
well for the new Ore Reserve upgrade and overall project economics.

           An updated feasibility study with the new Ore Reserve is
             well-underway with release scheduled this quarter.

    "The initial ore reserve estimate was estimated using a US$575/oz gold
price which yielded a positive feasibility study result. With gold now over
US$900/oz we anticipate compelling development economics," Mr Bojanjac said.

    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 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 of mining 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, mining operations and project financing.

    Kind regards.


    Mark Bojanjac
    Managing Director/CEO

    Information in this announcement pertaining to mineral resources was
compiled by Ron Heeks, an employee of Adamus Resources Ltd, 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 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
    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

For further information:

For further information: Mark Bojanjac, Managing Director, CEO, +61 8
9322 5943, email:; Mark Connelly, Executive
Director, COO, +61 8 9322 5943, email:

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