Adamus to Raise Up To A$30.5M via Placement and Rights Issue

/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/

PERTH, Western Australia, March 10 /CNW/ - Adamus Resources Limited (ASX andTSXV: ADU, "Adamus") is pleased to announce the raising of up to A$30.5 million to provide additional capital and accelerate exploration activities at the Company's highly prospective Southern Ashanti Project ("Project") in Ghana. The raising consists of:

    
    -   a placement of 25 million shares at $0.36 per share to raise
        A$9 million (Placement); and

    -   a 1 for 5 renounceable rights issue at $0.36 per share to raise up to
        A$21.5 million (Rights Issue).
    

The Company has received firm commitments for the Placement which was keenly sought by professional and sophisticated investors in Australia, Asia and Europe, and was significantly oversubscribed. Helmsec Global Capital Limited and Patersons Securities act as Joint Lead Managers for the Placement and the Rights Issue. Completion of the Placement is subject to TSX Venture Exchange approval. The Placement shares will be issued pursuant to applicable prospectus exemptions.

Adamus' Managing Director Mark Bojanjac said:

"The high calibre of new investors joining our share register as part of the placement, as well as the ongoing support of existing institutional shareholders, is testament to the quality of the work by our team in Ghana in developing and implementing the Southern Ashanti Project.

"With the funds to be raised under the equity raisings together with the Macquarie Bank Limited debt facility, the Project development is fully funded through to production. Furthermore, the Company will now have financial capacity to undertake additional exploration in 2010 aimed at expanding our existing Ore Reserve and Mineral Resource base as we develop the mine.

"To date, Adamus is on time and on budget in its construction of the Project. As such, we are well on track to becoming a 100,000+ oz pa gold producer within 12 months as planned."

The Placement will be settled in two tranches, with the initial tranche of 14 million new shares at $0.36 per share (Tranche 1) scheduled for completion on Tuesday, 16 March 2010. Participants in Tranche 1 will be eligible to participate in the Rights Issue. The subsequent Placement tranche of 11 million new shares at $0.36 per share (Tranche 2) is scheduled for completion on Thursday, 1 April 2010. Shares issued under Tranche 2 will not be entitled to participate in the Rights Issue.

Full details of the Rights Issue, including indicative timetable, will be provided in the Rights Issue prospectus which is expected to be lodged later this week.

About Adamus

Adamus Resources Limited is a Perth-based mineral exploration and development company, 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

    (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.

Caution Regarding Forward Looking Information.

Certain statements included in this announcement, including information regarding Adamus' plans with respect to its mineral properties, constitute forward-looking information. Forward-looking information includes, among other things, statements regarding expected operations. Forward-looking information is based upon a number of estimates and assumptions made by the Company in light of its experience, current conditions and expectations of future developments, as well as other factors that the Company believes are appropriate in the circumstances. While these estimates and assumptions are considered reasonable by the Company, they are inherently subject to business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause the Company's actual results to differ materially from those expressed or implied in any forward-looking information provided by the Company, or on behalf of, the Company. Such factors include, among other things, risks relating to additional funding requirements, metal prices, exploration, development and operating risks, competition, production risks, regulatory restrictions, including environmental regulation and liability and potential title disputes. Investors are cautioned that forward-looking information is no guarantee of future performance and, accordingly, investors are cautioned not to put undue reliance on forward-looking information due to the inherent uncertainty therein. Forward-looking information is made as at the date of this announcement and the Company disclaims any intent or obligation to update publicly such forward-looking information, whether as a result of new information, future events or results or otherwise.

For further information: Mark Bojanjac, Managing Director, CEO, Adamus Resources Limited, [phone], email: [email protected]; Media Advisors: Brian Thornton, Farrington National, Tel: [phone], [email protected]