Adamus Resources Limited - Project Finance Facility Drawdown Commences

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PERTH, Western Australia, Aug. 16 /CNW/ - Adamus Resources Limited (ASX:ADU) is pleased to announce that as scheduled it has executed final documentation and commenced drawdown under its project debt facility with Macquarie Bank Limited (Facility). Adamus has drawn down an initial US$15m of the total Facility amount of US$70m.

The Facility proceeds will be progressively applied to completion of the development of the Nzema Gold Project, which is scheduled to commence production in first quarter of 2011. The loan amortisation schedule requires full repayment of the Facility by September 2014.

A number of procedural conditions subsequent will be met in due course.

About Adamus

Adamus Resources Limited is a Perth-based company developing a gold mine in Ghana, listed on Australian Securities Exchange (ASX), TSX Venture Exchange (TSX-V) and Frankfurt Stock Exchange Open Market (FSE).

The Company's primary focus is on exploring, realising and expanding the economic potential of the Southern Ashanti Gold Project in Ghana, West Africa. The Project encompasses approximately 665km(2) of tenure in the Ashanti Gold Belt - host to over 100moz of gold and the Project boasts excellent access to port and road infrastructure. Ghana is a stable West African country with a long history and some of the world's largest gold mining operations. Gold production is vital to the national economy. Members of the Adamus Board and management team have proven records in mineral exploration, project development and project financing.

    
    Kind regards

    ADAMUS RESOURCES LIMITED

    (signed)

    Mark Bojanjac
    Managing Director/CEO
    

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release

For further information: please see our website: www.adamusresources.com.au or contact: Mark Bojanjac - Managing Director/CEO, [phone], email: [email protected]; Mark Connelly - Executive Director/COO, [phone], email: [email protected]; For media enquiries contact: Brian Thornton - Farrington National, [phone], email: [email protected]