News

June 18, 2009

Adamus Gives The Green Light To Development At Its Gold Mine In Ghana: The Next Step Is To Raise The Funding

By Charles Wyatt

A lot has been going on at ASX-listed Adamus Resources in the last few weeks – all good – and chief executive Mark Bojanjac will be in London later this month to bring investors up to date. The main thrust of his message will be that Adamus is going to get into production at its Southern Ashanti gold project in Ghana now that the figures in the original feasibility study have been improved vastly by a very effective optimisation programme. As a result, the board of directors has given the green light to develop a mine and Mark will doubtless be going over in his mind the problems he faced when developing the Boroo gold mine in Mongolia back in 2003 just at the time when Cameco was taking control of AGR Resources, the then operator of Boroo. It is a long and complex story which Minesite covered at the time, but the point is that Boroo did get into production, and it is always worth backing a winner. Mark also points out that at that time Boroo was the first gold mine to be developed in Mongolia.

This time round Mark is operating in a country with a well tested mining legislation and a government that is friendly to miners, provided they stick to the law. Gold mining, after all, has gone on in Ghana for hundreds of years, hence its previous name of Gold Coast. Adamus also has its major project on the prolific Ashanti gold belt with neighbours such as the big Tarkwa  and the smaller Abosso gold mines, both of which  are operated by Gold Fields, and further away on the same...