Friday, April 27, 2012

Adamus targets 250,000 ounces of gold

Adamus Resources Limited, a subsidiary of Endeavour Mining Corporation, has said it is on course to achieve its targetted production of 250,000 ounces of gold by the end of 2013. The company hopes to hit the mark from its two operating mines -- Nzema in Ghana and Youga in Burkina Faso – and has an extensive 2012 exploration programme estimated at US$30million. Its current annual production is 180,000 ounces. Mr. Mark Addo, Vice President for Sustainability, made this known at a press briefing in Accra. He indicated that as part of the company’s plan to resettle communities within its concession area, it acquired a 250-acre site at Salman and constructed 706 residential buildings, 29 public structures -- including schools and a health centre -- and 17 boreholes. The company resettled a total of 2,200 people. Mr. Addo said as part of the company’s corporate social responsibility programme, it has established the Nzema Gold Scholarship Programme to support brilliant students pursuing secondary, tertiary or vocational education within its operational area. “The company is now in a strong financial position as a result of additional capital injection following the merger with Endeavour Mining Corporation,” he said. Adamus Resources Limited last year announced the merger of the two entities, expected to position the combined entity as one of the leading West African gold production, development and exploration companies. Endeavour is expected to invest about US$160million to improve the finances of Adamus’ Nzema gold project, including the repayment of a US$60million loan and US$100million toward the reduction of hedged gold volumes. Endeavour and Adamus shareholders own approximately 47.2% and 52.8% respectively of the issued common shares of the merged entity.

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