Adamus Resources Limited - Open Pit Mining Contract Awarded and Pre-Production Mining Commenced
October 28 2010 - 9:35PM
PR Newswire (Canada)
PERTH, Western Australia, Oct. 29 /CNW/ -- /NOT FOR DISTRIBUTION TO
UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED
STATES/ PERTH, Western Australia, Oct. 29 /CNW/ - Adamus Resources
Limited (ASX:ADU) is pleased to announce the award of the open pit
mining contract to African Mining Services ("AMS"), a wholly owned
subsidiary of Ausdrill Limited, for the Nzema Gold Project in
Ghana. Adamus has issued a letter of intent to AMS for a 3 year
contract worth approximately US$58 million for drilling, blasting,
loading, hauling ore and waste, crusher feed and pit dewatering
services. Mr Mark Connelly, CEO of Adamus Resources said "AMS was
chosen from five tendering companies based on overall costs,
extensive project experience in Ghana and their capability to
deliver suitable equipment and servicing arrangements. In addition,
AMS have had a long association with Adamus in Ghana having
performed exploration and grade control services on site and we
look forward to strengthening the relationship between the two
companies". It is anticipated that AMS will commence work on site
in November 2010. Grade control works and compensation has secured
full access to all areas in the 2011 and 2012 mine plan. FIRST ORE
TRUCKED TO ROM PAD In the interim, a local contractor managed by
Adamus has commenced trucking ore from the Nugget Hill and Teburu
pits to the ROM pad. The final stages of construction of the plant
site and associated facilities remain on schedule with Adamus
targeting first gold pour in Q1 2011. (signed) Mark Connelly
Managing Director/CEO About Adamus Adamus Resources Limited is an
explorer and mine developer, listed on the 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. 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
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. Mark Connelly - Managing Director/CEO, +61 8 9322 5943,
email: mark.connelly@adamusresources.com.au; For media enquiries
contact: Brian Thornton - Farrington National, +61 2 9332 4448,
email: bt@farrington.com.au
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