/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
PERTH, Western Australia, Sept. 8, 2011 /CNW/ - During August, Adamus Resources (ASX: ADU) and Endeavour Mining Corporation (TSX: EDV) announced they
had entered into a definitive Merger Implementation Agreement to
combine through an all-stock merger of equals transaction. We believe
this will create a leading West African gold production, development
and exploration company as a platform for future growth and
Additional oxide intersections from RC drilling along the Salman Trend
at the Nzema Gold Project in south-west Ghana were identified and an
update provided on work undertaken on the Liberian Mineral
Mining during the month was spread across Salman South 1A, 1B, 1C and 02
Processing plant and facilities continue to perform well, meeting design
specifications. Minor modifications have been completed or are proposed
to increase processing performance.
Salman Village residential housing continues to make good progress.
Initial work on Liberian Mineral Reconnaissance Licences discovered
large areas of alluvial and hardrock workings.
Drilling south of the Salman South 1C pit intersected extensions along
the mineralised trend.
Mineralised trend intersected to the east of the Nugget Hill 03 pit.
Additional drilling is planned with the aim of delineating a mineral
resource of sufficient size to support a new oxide pit.
Auger sampling is ongoing on the Asanta prospecting licence soil
anomalous zone, located at the southern end of the Salman trend.
Regional exploration was ramped up during the month with drilling
commenced at Awukyere (12 kms SE of plantsite) and Kanyankaw (22 kms
NNE of plantsite), whilst pads and access preparation commenced at
Hotopo (37 kms SW of plantsite).
Adamus Resources is a gold producer, with its key asset located in
Ghana, West Africa. The company poured its first gold in January 2011,
entered commercial production three months later and is on target to
produce 100,000 ounces of gold annually from its flagship Nzema Gold
Project. The project includes open pit mining operations, a processing
facility and associated infrastructure to mine and process ore. On
current estimates the project has a minimum life of 10 years.
As well as continuing with an extensive exploration program aimed at
expanding its operations in Ghana, Adamus is also targeting additional
discoveries from its significant landholding in Liberia. Both
countries provide a stable, mining-friendly political and economic
environment for Adamus to operate.
Adamus is headquartered in Perth, Western Australia. The company is
listed on the Australian Securities Exchange, TSX Venture Exchange and
Frankfurt Stock Exchange Open Market.
In August 2011 the Company announced its intention to merge with
Endeavour Mining Corporation. Endeavour owns the Youga Gold Mine in
Burkina Faso, West Africa as well as a pipeline of exploration and
development projects in the region. If approved by Adamus and
Endeavour shareholders, the merger is likely to take place in December
ADAMUS RESOURCES LIMITED
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:
Mark Connelly - Managing Director / CEO
+61 8 9322 5943
For media enquiries contact:
David Ikin - Professional Public Relations
+61 8 9388 0944