Adamus to commence Ghana mine construction in 2007

West Perth-based gold explorer Adamus Resources Ltd says it expects to complete its Bankable Feasibilty Study on its US$57 million (A$79 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 continuing to be an upward trending gold market and have elected to fast track the Bankable Feasibility Study as much as possible.