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Business News of Thursday, 27 September 2007

Source: GNA

Adamus to invest 100 million dollars in mining

Accra, Sept. 27, GNA - Adamus Resources Limited, an emerging gold company in Australia, Canada and Germany, on Thursday announced the commencement of their gold mining operations in the Western Region. Mr. Mark Bojanjac, Managing Director of the company, said they would invest up to 100 million dollars in their mining operations over the next two years.

Mr Bojanjac made the announcement at a cocktail party organized by the company to interact with other stakeholders in the gold mining industry.

"Adamus is an emerging producer that plans to be a major player in the mining business and this is coming at an ideal time when Ghana is making a big push for more strategic investment globally," he said. He said the company currently employed 120 people in its local exploration around Salman and Anwia and plans to employ about 450 people during the construction phase.

"We plan on making a significant investment in the business, the local infrastructure, the people and the communities of our operations. An integral part of Adamus' strategy is to maximize the utilization of local talents and resources through development and knowledge transfer," Mr Bojanjac said.

Mr. Mark Addo, Business Development and Commercial Manager of the company, said they had already interacted with the local communities and promised that owners of farm lands which would be affected through their operations would be compensated. He noted that they would satisfy the Environmental Protection Agency's approval and other international regulations. Mr John Hopkins, Chairman of the company said they looked forward to the support of the government for permits and approval to commence operations.

Adamus Resources Limited has been exploring for gold in Ghana over the past five years and is committed to realizing the potential of the Southern Ashanti Project. Drilling at the site has identified a resource of 1.6 million ounces of gold.