Gold Exploration in West Africa

[FL]

Adamus (Sydney:ADU, ADU.V) to defend Hightime Investment’s claim

Mining Weekly http://www.miningweekly.com

By: Esmarie Swanepoel
29th March 2011

PERTH (miningweekly.com) - Gold-miner Adamus Resources said on Tuesday it would defend court action, after a shareholder filed a writ in the Supreme Court of Western Australia.

Hightime Investment, which is controlled by shareholder Robert Gardner, alleged it had entered into an agreement with Adamus in April or May of 2003, under which Hightime asserted that it allowed Adamus to apply for, and obtain an exploration licence over ground near the Southern Ashanti geological belt, in Ghana.

Adamus told the market on Tuesday that it believed that Hightime’s claim had no merit, adding that it would be “vigorously” defended.

Adamus has been involved in Ghana since 2002, and in 2003 took on the expansion of its project area. In September 2003, the miner executed agreements to acquire 90% of the Anwai deposit, and take a controlling interest tenure covering both the northern and southern strike extensions of the main Salman trend.

A few days later the gold miner applied for a further 241 km2 of ground, following the start of drilling at what was then known as the Southern Ashanti gold project.

Adamus recently became Ghana’s newest gold miner, with the first gold pour at the Nzema gold project.

The Nzema project currently hosts a resource estimate of 1,75-million tons, with the feasibility study into the project supporting a 100 000-oz/y operation, for a ten-year life-of-mine.


Edited by: Mariaan Webb