ASX / MEDIA RELEASE
EPA GIVES GREEN LIGHT FOR MINING AT GHANA
GOLD PROJECT
16 December 2008
Adamus Resources Limited (ASX: ADU) has taken a major
step toward commencement of mining at its Southern Ashanti Gold Project (SAGP)
in Ghana,
with the approval of the Environmental Permit (Permit) by the Environmental
Protection Agency (EPA).
The Permit means that Adamus has now received all
approvals required to commence mining at the SAGP.
Adamus Resources Chief Operating Officer, Mark
Connelly said the EPA approval was a major milestone and fundamental step
forward in the development of the Project.
"The approval and permitting works have been a
priority for Adamus during 2008 and we are delighted to have successfully
completed this step and move closer to bringing the Project into commercial
operation," he said.
Approval of the Permit is the culmination of extensive
baseline environmental studies which formed the Environmental Impact Statement
(EIS) submitted to the EPA. Adamus also conducted extensive community
consultation program and public hearings on the ground in Ghana.
"We have worked very closely with the EPA and
other stakeholders since February 2008 to ensure that all recommendations and
conditions have been met," he said.
Mr. Connelly said Adamus was aiming to commence
development at the SAGP during 2009 and was targeting annual production of up
to 100,000 ounces of gold by 2010..
The Company has estimated gold mineral resources at
the SAGP of approximately 28.4Mt @ 1.78g/t for 1,630,000oz (Measured and
Indicated) and 6.43Mt @ 1.64g/t for 340,000oz (inferred). The Permit follows
granting of the SAGP mining licences in April 2008 and the increase in the
Company's mineral resource and ore reserve estimates, which were announced in
February 2008 and April 2008 respectively.
During 2008, Adamus has also increased its holding
within the highly prospective Ashanti Gold Belt to 626 square kilometres with
the option to acquire nearby tenements from Newmont Ghana Gold Limited.
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 626km? 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.
For further information please
contact:
Mark Bojanjac - Managing Director/CEO
+61 8 9322 5943
email: mark@adamusresources.com.au
Mark Connelly - Executive Director/COO
+61
8 9322 5943
email:
mark.connelly@adamusresources.com.au
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 Limited,
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 do 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 statements.
Issued by
Purple Communications
Level 3, 28
Kings Park Road, WEST PERTH
WA 6005
Ph: 08 9485 1254 Fax: 08 6263 0455
purple@purplecom.com.au