Adamus Resources Limited - October 2011 Pictorial Update
31 Outubro 2011 - 7:29AM
PR Newswire (Canada)
/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ PERTH, Western Australia, Nov.
3, 2011 /CNW/ - During October, Adamus Resources Limited (Adamus)
reported that positive drill results were received from resource
definition drilling at the Nfutu prospect (6kms west of the
plantsite) which remains open on strike. This supports
Adamus' strategy of exploring satellite deposits and identifying a
resource pipeline. OPERATIONS -- Mining during the month focussed
on Salman South 1A and North 1A. Unseasonal rainfall continued
throughout the month resulting in lower than forecast tonnes mined.
Additional trucks will be added to the mining fleet, allowing
increased daily mining rates during the dry season to add tonnages
to the ROM stockpiles. -- Stone pitching on Akango Phase I haul
road completed, Phase II commenced. Phase II haul road sheeted,
culverts completed and commissioned for use. Corridor clearing for
Phase III in progress. -- Construction of the explosives magazine
fencing and storage area in progress. Preparatory works for
tailings dam lift continued. -- Salman Village construction
progresses well with 85% of residential buildings completed.
EXPLORATION -- 47 holes were drilled at Nfutu to infill previous
drilling and convert the mineral resource from the Inferred
category to Measured and Indicated. The drilling confirmed the
continuity of gold mineralisation within two distinct mineralised
zones, which are similar in appearance to the Teleku Bokazo deposit
located 2.5km to the west. The latest drilling program is expected
to result in an increase to the existing mineral resource estimate,
with a mineral resource update to be available Q4 2011. -- Hotopo
infill drilling (31 holes for 2,974m) completed and rig mobilised
to Salman. Pad preparation completed at Nugget Hill (16), Teberu
(2), Salman SW (11) and Salman SE (4) for oxide drill program to
commence in November 2011. CORPORATE -- The Company released its
Quarterly Activities Report for the quarter ended 30 September
2011. Adamus exceeded production targets for the 2nd continuous
quarter and positive operating cashflow of $6.75M was achieved for
the 3 months ended 30 September 2011. -- The scheme booklet in
relation to the proposed merger with Endeavour Mining was released
during the month and a copy despatched to all shareholders.
Photographs appear on the Company's website at
http://www.adamusresources.com.au/Site Photos About Adamus 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 is 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 2011. Kind regards
ADAMUS RESOURCES LIMITED "signed" Mark Connelly Managing
Director/CEO 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. Information in this report pertaining to
exploration results was compiled by Martin Bennett, an employee of
Adamus Resources Limited, who is a Member of the Australasian
Institute of Geoscientists 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. Martin Bennett 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. Martin
Bennett consents to the inclusion in the report of the matters
based on this information in the form and context in which it
appears. Information in this announcement pertaining to ore
reserves was compiled by Glenn Williamson an employee of Mining
Resources Pty Ltd, who is a Member of The Australasian Institute of
Mining and Metallurgy. He qualifies as a "Qualified Person"
under Canadian National Instrument 43-101 - Standards of Disclosure
for Mineral Projects. Glenn Williamson 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. Glenn Williamson consents to the inclusion in the
report of the matters based on this information in the form and
context in which it appears. Information in this announcement
pertaining to mineral resources was compiled by Nic Johnson, an
employee of Hellman & Schofield Pty Ltd, who is a Member of The
Australian Institute of Geoscientists 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. Nic Johnson 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. Nic
Johnson consents to the inclusion in the report of the matters
based on this information in the form and context in which it
appears. 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. Adamus
Resources Limited CONTACT: Mark Connelly - Managing Director /
CEO+61 8 9322 5943email: info@adamusresources.com.auFor media
enquiries contact:David Ikin - Professional Public Relations+61 8
9388 0944email: david.ikin@ppr.com.au
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