After 11 months of construction, the Nzema gold project has moved into commercial production and Adamus Resources (ADU-V, ADU-A) is confident the new open-pit mine in southwestern Ghana will be able to turn out 100,000 ounces of gold in its first full 12 months of operation.
In April the mine produced 8,300 ounces of gold and the company forecasts production in the June 2011 quarter of between 24,000 and 25,000 ounces of gold at an average head grade of 1.6 to 1.7 grams gold per tonne.
Cash costs are anticipated to fall in the range of US$500 to US$550 per oz.
Adamus is focused on exploring the southern extension of the Ashanti Gold Belt and has about 665 sq km of tenements and options in the area.
Nzema — pronounced “en zimmer” (the name of the people and the local region in which the project is located) — is about 280 km west of the capital, Accra.
At a cut-off grade of 0.8 gram gold per tonne, Nzema has measured and indicated resources of 30.2 million tonnes grading 1.78 grams gold per tonne for 1.75 million ounces of contained gold. Inferred resources add 6.98 million tonnes at a grade of 1.62 grams gold for contained gold of 363,000 ounces.
The company’s major shareholders are Macquarie Bank with 16%, JP Morgan with 8.5%, Matthews Capital Partners with 8% and Gardner & Hightime with 7%.
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