Taken from Mining News, Wednesday 18 January 2006Adamus building...

Taken from Mining News, Wednesday 18 January 2006
Adamus building Ghana ground
Ben Sharples
Wednesday, January 18, 2006 Drilling at the Salman
deposit at Adamus
Resources' Southern
Ashanti project in Ghana
GOLD explorer Adamus Resources has moved to consolidate the ground around its Southern
Ashanti gold project in Ghana, acquiring the Anwia South project for around $US2.5 million in
cash and scrip.
Adamus acquired the ground from local-based Nkroful Mining – whose shareholders are private investors from
London – for $US1.7 million in scrip and $US750,000 in cash.
Adamus managing director Hamish Halliday told MiningNews.net as part of the due diligence process the company
put a couple of diamond drill holes into the ground, returning a standout hit of 6m at 148 grams per tonne of gold.
"That sort of project with those sorts of high grades is exactly what was needed to give the project an extra shot in
the arm to really make it shine," Halliday said.
"It's on the southern and western border of the Anwia project so it fits in nicely into our current tenement package,
increasing it by about 20%.
"It's certainly a similar in style to what we see at Anwia, it is not related in a linear fashion, but it certainly is part of
the same system.
"The key point for us is its high grade, we're looking at 8 to 10 gram dirt so the impact that has on our project is
significant…that's really why we went through with the acquisition."
Adamus said the new project, which covers around 80 square kilometres, was significantly under-explored and was
open along strike at depth.
"Subject to finalising everything, [Anwia South] will be a high priority…and I see it as a significant part of our focus
of the next 6-12 months as we go through feasibilities," Halliday said.
Adamus is looking to give the go-ahead for a feasibility study early this year into a possible 100,000 ounce per
annum mining operation, with possible first production flagged for late 2007.
"We're still finalising our scoping study and at this stage it looks fantastic," Halliday said. "We don't see any reason
why we won't be able to push the button on a feasibility study, and we'll get something out to the market on that by
the end of January."
Shares in Adamus hit a 52-week high of 88c in February before slipping to a 52-week low of 34.5c in September.
The stock gained 2c (2.9%) during morning trade to 71c.