Perth, April 6, 2006 AEST (ABN Newswire) - Australian gold explorer, Adamus Resources Limited (ASX: ADU), says it expects to complete its Bankable Feasibilty Study on its US$57 million Ghana gold project, by December this year.
Addressing the 2006 Gold Conference in Perth today, Adamus Managing Director, Mr Hamish Halliday, said all key drivers of the project were being fast-tracked.
"The Company expects to complete financing arrangements and commence construction on the Southern Ashanti Gold Project within the first quarter of 2007," Mr Halliday said.
"Feasibility study drill out on Southern Ashanti is virtually complete and we expect final environmental, geotechnical, hydrological and metallurgical studies to be concluded in the second and third quarter," he said.
"We have achieved critical mass on the project with our resource base there now exceeding 1.5 million ounces of gold.
"The Company is unhedged in what we see continues to be an upward trending gold market and have elected to fast track the Bankable Feasibility Study as much as possible.
"The exploration program on the key targets at Southern Ashanti is also being accelerated with testing now underway on numerous high priority targets - and we expect to spend A/US $4 million on this work between now and December."
Southern Ashanti has a total resource of 22 million tonnes @ 2.1 g/t for 1.5 million ounces.
Contact
Kevin Skinner
Senior Consultant
FIELD PUBLIC RELATIONS
231 South Road
MILE END SA 5031
Tel: (08) 8234 9555
Fax: (08) 8234 9566
Mob: 0414 822 631
kevin@fieldpr.com.au
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