GEX Georgina Energy Plc

 
TIDMGEX 
 
Glencar Mining plc 
 
                       Asheba Option Agreement 
 
                            23 June 2009 
 
Glencar Mining plc ("Glencar" or "the Company"), the AIM and IEX 
listed company with gold exploration interests in Africa, is pleased 
to announce the completion of an Option Agreement with Adamus 
Resources Limited (ASX:ADU) relating to its Asheba Project in Ghana. 
 
The Asheba Prospecting Licence, which encompasses approximately 24 
square kilometres in area, is located within a 30km radius of Adamus' 
existing Salman deposit. 
Glencar has carried out exploration on the Asheba Licence since the 
mid 1990s. Some significant mineralisation has been established in 
drilling programmes, but it was felt that considerable additional 
drilling would be required to demonstrate the full economic potential 
of the licence.  Because of Glencar's commitment to its properties in 
Mali at this time, it was decided to seek a partner for the Asheba 
licence. 
 
Adamus Resources Limited ("Adamus"), is a Perth-based exploration 
company, whose main focus is on realising the economic potential of 
its 90% owned Southern Ashanti Gold Project in Ghana, West Africa. 
Drilling on the Southern Ashanti Gold Project has identified a gold 
mineral resource of 30.2 million tonnes at 1.80 grams/tonne gold for 
1,750,000 ounces of gold (Measured and Indicated) and 6.98 million 
tonnes at 1.62 grams/tonne for 362,000 ounces of gold (Inferred). 
 
The project comprises a planned open pit mining operation, a 
processing facility and associated infrastructure to mine and process 
ore from defined resources at the Salman - Anwia Property in the 
Western Region of Ghana. Current estimates show the project to have a 
minimum life of 10 years at an average production rate of 100,000oz 
of gold per year.  Any additional ore established on the Asheba 
Property could be most economically extracted in conjunction with the 
mine and plant at Salman - Anwia. 
 
Terms of the Option Agreement 
 
On signing the agreement Glencar has been issued with 100,000 Adamus 
shares. The agreement provides Adamus with a 6 month period to review 
project data.   At end of 6 months, Adamus has the right to acquire a 
70% interest in the  licence in return for issuing Glencar with a 
further 1,000,000 Adamus shares.   Adamus will then have a further 2 
year period to explore the licence area.  If at the end of 2 year 
period, Adamus wishes to acquire the remaining 30%, Adamus will issue 
a further 2,000,000 shares to Glencar and in addition will grant to 
Glencar a 2% Net Smelter Royalty on any production from the 
property.   If Adamus doesn't wish to proceed to acquire the 
remaining 30%, Glencar has the right to buy the 70% back from Adamus 
for US$50,000 in Glencar shares or to elect to sell 
Glencar's remaining interest to Adamus for US$50,000 in Adamus 
shares. 
 
Glencar is pleased to become a shareholder in Adamus since we believe 
it has a successful future.  We believe the shares we expect to 
receive under the Option Agreement will be of increasing value as the 
Salman - Anwia Project is brought to production and any production 
established in the future on the Asheba Property will bring  a good 
return under the provision of a 2% net smelter return royalty. 
 
Adamus Resources Limited is listed on the Australian Securities 
Exchange (ASX), TSX Venture Exchange (TSX-V) and Frankfurt Stock 
Exchange Open Market (FSE). 
 
Hugh McCullough, EurGeol., PGeo, Managing  Director of Glencar, is  a 
member of the Institute of Geologists of Ireland.  He is a qualified 
person as defined in the Guidance Note  for  Mining, Oil  and  Gas 
Companies, March 2006, of the London Stock Exchange.  He has reviewed 
and approved   the   technical   information   contained   in   this 
announcement. 
 
For further information, please contact: 
 
 
Glencar Mining plc 
Hugh McCullough, Managing Director 
Tel:  +353 1 661 9974 
e-mail: info@glencarmining.ie 
 
 
 
Davy Corporate Finance 
Hugh McCutcheon, Head of Corporate Finance 
Brian Corr, Associate Director 
Tel:            +353 1 679 6363 
 
 
 
Bishopsgate Communications 
Nick Rome/Michael Kinirons 
Tel:    +44 20 7562 3350 
e-mail: nick@bishopsgatecommunications.com 
 
 
                           . 
 
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This announcement was originally distributed by Hugin. The issuer is 
solely responsible for the content of this announcement. 
 

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