News

May 12, 2008

Adamus Resources Now Has The Winning Post Of Gold Production Firmly In Sight

By Charles Wyatt

Australian-listed Adamus Resources is well on its way to production at its South Ashanti Gold Project in Ghana, but investors don’t seem to have appreciated that fact as yet. Maybe that is because at one time the company seemed to be intent on drilling forever, rather than getting into cash flow. But management changes last year, when exploration men gave way to developers, are indicative that this is no longer the case. In the last couple of weeks the company had its mining leases approved for the Salman deposit which means that it now has exclusive rights to work, develop, and produce within the Salman and the Anwia South mining lease areas for an initial, but renewable, 10 year period. Adamus can now get on with developing the Salman and Anwia deposits, as well as additional deposits discovered within these immediate districts.

In racing parlance the Adamus horse has cleared the last big jump in the back straight and is now well into its stride. The next jump is the Environmental Impact Assessment, and chief operating officer Mark Connelly is confident that this will be cleared by the end of July. At the same time the company is rejigging its bankable feasibility study, produced in the summer of last year when the price of gold was only US$660 per ounce. It’s now about US$$200 higher, and that’s bound to make quite a...