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PERTH, Western Australia, Nov. 27 /CNW/ - Adamus Resources (ASX: ADU, "Adamus or "Company"") is pleased to provide an update on developments at the Company's 1.1Moz Southern Ashanti Project in Ghana.
- Village site clearing completed
- Plant site clearing commenced
- High level government meetings held
- Personnel appointments
Plant Site Clearing Commenced
Following on from the completion of siteworks and clearing for the relocation of the Salman Village, and ongoing siteworks for the route of the new power supply from the Ghanaian National electricity New Village site clearing grid, clearing of the plant site commenced on 23 November 2009.
Clearing commenced following completion of crop compensation payments and community consultations. Initial works will involve an access road, setting up of a site office and connection to the existing power line to provide power for construction.
Adamus continues to make excellent progress with plant-build engineers on schedule to commence construction in January 2010. As announced last month, Lycopodium Engineering was selected as the preferred contractor to build the processing plant for Adamus' Southern Ashanti Project and we are currently in final contract negotiations and detailed plant design.
During a visit by senior Adamus management in November 2009, CEO, Mark Bojanjac, and COO, Mark Connelly, met with Ghana's Vice President John Dramani Mahama.
In addition, meetings were held with both regulatory agencies; the Minerals Commission and Environmental Protection Agency of Ghana to update on project status. Both offices expressed appreciation for the company and the updates. Further meetings were held in Accra and at site and included various government Ministers, Regional Councils and local Chiefs.
Adamus continues to add key personnel to its project team including the following recent appointments :
Steve Jones, Commercial Manager
Steve brings extensive commercial and regional experience to the project team having worked over the last 8 years for successful gold companies operating in Ghana. Prior to joining Adamus, his most recent role was as Finance Manager, Red Back Mining, Ghana and prior to that Financial Controller for Newmont's Ahafo Project also in Ghana. Holding a Bachelor of Business Accountancy, Steve will be responsible for all commercial and financial matters in addition to managing administration functions.
Jane Allen, Senior Geologist
Jane holds a Bachelor of Applied Science (Applied Geology) and joins Adamus with previous African experience in Mali and the Democratic Republic of Congo with Avion Gold Corporation and African Mining Consultants respectively. Jane will be responsible for all aspects of mining and exploration geology and will be tasked with the initial setup of mining geology systems.
In addition, Adamus has added to the team an Environmental Manager, HR Manager, Financial Manager and Purchasing & Logistics Manager; all positions filled by suitably qualified Ghanaian candidates.
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
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 material y 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: 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