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DISSEMINATION IN THE UNITED STATES
PERTH, Western Australia, Oct. 11 /CNW/ - Adamus Resources (ASX: ADU, "Adamus" or "the Company") is pleased to provide an update on developments at the Company's Southern Ashanti Gold Project (Southern Ashanti) in Ghana.
The Company is in the midst of a very busy period with sitework activities having commenced. Over the last two months, Adamus has announced :
- the securing of its first critical plant item, a 3.5MW SAG mill
- the appointment of a number of key personnel to the Board and
- $40 million of new equity raising in the first stage of project
Adamus has commenced work on two key siteworks projects :
- relocation of Salman Village, and
- determining the route of the new power supply from the Ghanaian
National electricity grid
Much of the infrastructure for project development will be conducted by Adamus' in-house engineering team. Critical preparatory items are being commenced now to better ensure project completion timing.
Relocation of Salman Community Village
Site clearing is now 60% completed on the new village site. The chosen site was purchased last year for the relocation of the Salman village. All social and environmental approvals have previously been granted.
One of Adamus' objectives with the village relocation is, where possible, to ensure the community villagers themselves are actively employed to participate in the building process and develop an active ongoing local building capacity and skills industry for their enduring benefit.
Adamus' initiative has been to trial-manufacture the bricks for the village on site. A demonstration house using these onsite made materials is currently being constructed.
The site has been accurately surveyed and compensation for cash crops is being negotiated. It is intended that plant site clearing will commence following the new village clearing in the current quarter. Adamus will prepare the site for the Plant-build engineers to commence construction in Q1 2010.
The plant engineering contractor will be selected this month from final tenders which were submitted on schedule during September.
A route has been chosen and surveyed to bring the Ghana National grid power up to 16kms from Essiama to the Southern Ashanti plant site. It is currently expected that the line will be constructed under the specific management of the local power authority, again an initiative of Adamus to utilize local skilled contractors where possible for the development of the infrastructure and related facilities.
Adamus expects the connection to be completed in Q3 2010.
ADAMUS RESOURCES LIMITED
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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: For further information: please see our website: www.adamusresources.com.au or contact: 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; For media enquiries contact: Brian Thornton - Farrington National, +61 2 9332 4448, email: firstname.lastname@example.org