Ann: Suspension from Official Quotation , page-16

The May 9, 2010 public release by Adamus on High Grade net and other newswires, said that with the $30 million capital raising handled by Pattersons at 36 cents the company is FULLY FUNDED to develop Southern Ashanti to 100,000 Oz per annum.

Quote (The company has a FIXED PRICE contract with Lycopodium for mine development which means costs should not blow out before first pour in 2011) End Quote

Quote (All of the large equipment orders are on time and on BUDGET, which worked well for us - Bojanjac said) End Quote

Loan - $US70 million with Macquarie Bank.

Hedging - 50 percent of output for the first 5 years, amounting to 27 percent of total reserves with first 15,000 ounces for Hedging payment due June 2011.

Overall, the hedging represents the delivery of 290,000 ounces of gold over the first 5.5 years at $US1,075/oz.

If these guys need more money then some financial issue has probably not been disclosed to shareholders.

The lack of transparency could cause all sorts of rumours to fly, and can only be detrimental to the company IMHO.

Were the company's finances audited, and subsequently was Bojanjac pushed, rather than graciously stepping down, because of some financial management irregularities?

The issue of Hedging may have come to a head at Adamus. Bojanjac was the initial instigator of the Hedge facility, others may have disagreed and wanted to raise capital in order to unwind the hedging, similar to what Lihir and Newcrest have previously done. If Bojanjac disagreed, maybe this is why he walked.

Who knows, and if this is capital raising, will the shareholders ever really find out the truth behind it all? I doubt it.

I just can not believe this, when compared to my other gold stock, Ramelius, with the highest grade gold recoveries in Australia. RMS have just returned millions to shareholders in a return of capital giving back 5 cents per share, and they have just bought a $40 million mine at Mt Magnet with gold profits, and will use a further 20 million on mine development from the profits of their gold sales - the cost to shareholders for all this is NOTHING, zilch, zero - these guys just keep giving money back to shareholders, and whats more, the ATO rulings make the returns tax free, and until very recently their price was less than Adamus.

Oh man, Adamus is a headache that no-one needs.

So if this capital raising is to unwind some hedging, we will get dilution, but if the gold price holds or increases, it is likely to be offset in the near future (once the mine is producing) by greater profits.

All supposition at this stage anyway.

Good luck to all shareholders.

Gw