Adamus Resources Reaffirms Full Year Gold Production Guidance
June 08 2011 - 9:04PM
PR Newswire (Canada)
PERTH, Western Australia, June 9, 2011 /CNW/ -- /NOT FOR
DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ PERTH, Western Australia, June
9, 2011 /CNW/ - Gold producer Adamus Resources Limited (ASX: ADU)
(TSXV: ADU) has met all key production targets set since Commercial
Production was declared on 1 April 2011. As a
result, the newest gold producer in Ghana is on track to achieve
forecast gold production of 24,000 - 25,000 ounces, at a cash cost
of US$500-$550 per ounce, for the June 2011 quarter. Mark
Connelly, Managing Director and Chief Executive of Adamus Resources
commented: "I am pleased to report that the Nzema Gold Project
production is progressing very well. Our first two months'
production of 17,439 ounces, is in line with our guidance provided
to the market and we remain confident that the Nzema Gold Project
will achieve 100,000 ounces of gold in its first full
12 months of operation." The pipeline of exploration projects
remains on schedule with a small team expected on the ground in
Liberia later this month. The team will review Adamus' highly
prospective concessions, conducting access assessments and visiting
areas of alluvial workings. In addition, AMEC Minproc is expected
to complete a Conceptual Trade-Off Sulphide Study by 30 June 2011,
allowing for an initial assessment of the sulphide mineral
resource. "We are continuing with our aggressive campaign to define
and advance additional ore reserves and mineral resources.
Adamus provides an excellent means for investors to get exposure to
gold with a low risk, high profit margin project in West Africa
with strong cashflow and significant upside potential,"
Mr Connelly said. 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
Nzema Gold Project in Ghana, West Africa and exploring concessions
in Liberia, West Africa. The Nzema Gold Project encompasses
approximately 665km² of tenure in the Ashanti Gold Belt - host to
over 100moz of gold and 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. 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. Caution Regarding
Forward Looking Information. Certain statements included in this
announcement constitute forward-looking information, including,
among other things, statements regarding forecasted gold
production, and expected cash costs. 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. To view this news release in HTML formatting,
please use the following URL:
http://www.newswire.ca/en/releases/archive/June2011/08/c4243.html p
align="justify" please see our website: a
href="http://www.adamusresources.com.au"www.adamusresources.com.au/a
or contact: /p table tr valign="top" td align="left" Mark Connelly
- Managing Director / CEObr/ +61 8 9322 5943br/ email: a
href="mailto:mark.connelly@adamusresources.com.au"mark.connelly@adamusresources.com.au/a
/td /tr /table
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