By Ebenezer SABUTEY
The Nzema Gold operation in Ghana is now set to become the Adamus first operating gold mine since the company’s existence.
Based on the production scheduled results, the average annual gold production will be 100,000 ounces in the first five years of plant operation.
The gold production will be higher during the mining of high grade ore from the lower levels of the Anwia stage 1 and 2 pits.
This was contained in the managing director’s review of the 2010 annual report of the company, which was out last week in Accra.
The Adamus resources group is being financed by management with an amount of US$70million in equity raisings, together with a debt facility of US$76million.
The managing director of the company, Mark Bojanjac, in his report, said tangible achievements have been demonstrated on site over the past year and production is only months away.
He stated that the financial year commenced with the gold industry as one of the first to emerge from the 2008/09 global financial downturn with improved gold prices.
Adamus has to date explored a small percentage of the 665km it controls in Ghana’s Ashanti Belt, a tenure surrounded by over 100moz gold. Significant additional free milling surface or shallow resource potential remains both at surface and at depth.
Adamus was granted three mining licenses in 2008, which entitles the company to mine continuously for 10 years, in March 2010.
This permit enables the company to commence open pit mining and ore extraction at the Nzema Gold Operations.
The selected mining method for the project is conventional open pit mining, including drilling, blasting, loading and hauling operations carried out by a mining contractor.
The Nzema Gold operation in Ghana is now set to become the Adamus first operating gold mine since the company’s existence.
Based on the production scheduled results, the average annual gold production will be 100,000 ounces in the first five years of plant operation.
The gold production will be higher during the mining of high grade ore from the lower levels of the Anwia stage 1 and 2 pits.
This was contained in the managing director’s review of the 2010 annual report of the company, which was out last week in Accra.
The Adamus resources group is being financed by management with an amount of US$70million in equity raisings, together with a debt facility of US$76million.
The managing director of the company, Mark Bojanjac, in his report, said tangible achievements have been demonstrated on site over the past year and production is only months away.
He stated that the financial year commenced with the gold industry as one of the first to emerge from the 2008/09 global financial downturn with improved gold prices.
Adamus has to date explored a small percentage of the 665km it controls in Ghana’s Ashanti Belt, a tenure surrounded by over 100moz gold. Significant additional free milling surface or shallow resource potential remains both at surface and at depth.
Adamus was granted three mining licenses in 2008, which entitles the company to mine continuously for 10 years, in March 2010.
This permit enables the company to commence open pit mining and ore extraction at the Nzema Gold Operations.
The selected mining method for the project is conventional open pit mining, including drilling, blasting, loading and hauling operations carried out by a mining contractor.
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