Website: http://www.adamusresources.com.au/Current: 86.4 mill...

Website: http://www.adamusresources.com.au/

Current: 86.4 mill shares and 9.34 mill unlisted options. Current share price 49 cents

Annual Report: Refer to 7 Oct:
http://stocknessmonster.com/news-history?S=ADU&E=ASX&Year=2005

Extract:
An independent resource estimate by SRK Consulting resulting in a 65% resource upgrade to 18 Mt @ 2.0g/t for 1,200,000oz Gold.

• Exploration drilling targeting parallel structures at Salman discovered the Footwall Lode located only 200m east of the main Salman Shear and extending over a minimum strike length of 1,000m.
• Soil sampling identified the Avrebo prospect, a large mineralized system extending over a combined strike length of 6km and located 10km to the southeast of the Salman Deposit.
• The intersection of high grade mineralization at the Anwia Deposit situated below the historic resource, including diamond core intersections in AWRCD 27 and 31 of 13m @ 12.9g/t and 8m @ 6.96g/t gold respectively.

The Company’s approach to exploration at the Southern Ashanti Gold Project has been to define resources to a high level of confidence through systematic and detailed exploration. This approach has resulted in over 85% of the Company’s current resources being defined as indicated and measured:..."

"Untested Strike
With the resources above confined to a strike of 5.5km there remains significant potential to add additional ounces from targeting the immediate northern extension of the Salman Deposit which continues for a further 3 kilometres along strike".

"Adamus owns 90% of the project with the Ghanaian government holding the remaining 10% interest".

28 July: Fourth Quarter Activities & Cashflow Reports
Extract: Outflow $1.527 mill. Cash: $4.589 mill.

"In addition to hosting the northern extension of the Salman Shear, the Akanko prospect also contains an historic, high grade gold mine located in a quartz vein containing visible gold.
The quartz vein is associated with a splay off the main Salman Shear, orientated in a north easterly direction, which to date has seen very little exploration.

The Company believes the historic mine is evidence that additional styles of mineralization exist within the broader Salman system, providing opportunities for further discoveries".


Gerry
Holds ADU (47 cents)
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