Adamus Resources Limited - 2011 Annual Financial Report
13 September 2011 - 4:51AM
PR Newswire (Canada)
PERTH, Western Australia, Sept. 12, 2011 /CNW/ -- /NOT FOR
DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/ PERTH, Western Australia, Sept.
12, 2011 /CNW/ - Adamus Resources Limited ("Adamus" or the
"Company") (ASX and TSXV: ADU) advises that it has lodged its
Annual Financial Report for the year ended June 30, 2011, as per
its Australian regulatory requirements. A copy of the Annual
Financial Report can be found on the SEDAR website at
www.sedar.com. Adamus is starting to see the financial benefits
from the commencement of commercial production at its mine in Ghana
five months ago. The first quarter of commercial production,
commencing 1 April 2011, generated operating cash flows of A$9.2M
on commercial gold production of 26,015oz. Gold production for the
financial year ending 30 June 2012 is forecast to be between
100,000 and 105,000 ounces at a forecast cash cost of between
US$575 - 600 per oz, indicating ongoing profitable operations. The
2011 financial year has been a year of transformation for Adamus,
with the successful completion of construction and commissioning of
the processing plant at the Company's Nzema Gold Project. First
gold pour was achieved on 17 January 2011, followed by commencement
of commercial production on 1 April 2011. The successful completion
of the project is reflected in the consolidated statement of
financial position in the Company's 2011 Annual Financial Report,
particularly through the increase in property, plant &
equipment of A$69.9M. The drawn Project debt facility of US$60M is
also shown in the consolidated statement of financial position,
split between current and non current borrowings. The Group
recorded a loss for the 2011 financial year (after providing for
income tax) of A$68.0M (2010: A$82.5M loss). This included gross
profit of A$9.6M resulting from the first quarter of commercial
operations. This was offset by a movement in the non-cash
accounting loss on the gold forward hedge contract of A$42.7M
(2010: A$76.1M loss) and unrealised foreign exchange ("FX") losses
of A$22.1M (2010: A$2.2M profit). FX losses resulted mainly from
the revaluation of intercompany loans at balance date. There is
currently no intention to seek repayment of the intercompany loans
in the short term. Adamus' Managing Director Mark Connelly said:
"At a time of record gold prices, we now look forward to a full
year of production for the 2012 financial year." About Adamus
Adamus Resources is a gold producer, with its key asset located in
Ghana, West Africa. The company poured its first gold in January
2011, entered commercial production three months later and is on
target is to produce 100,000 ounces of gold annually from its
flagship Nzema Gold Project. The project includes open pit mining
operations, a processing facility and associated infrastructure to
mine and process ore. On current estimates the project has a
minimum life of 10 years. As well as continuing with an extensive
exploration program aimed at expanding its operations in Ghana,
Adamus is also targeting additional discoveries from its
significant landholding in Liberia. Both countries provide a
stable, mining-friendly political and economic environment for
Adamus to operate. Adamus is headquartered in Perth, Western
Australia. The company is listed on the Australian Securities
Exchange, TSX Venture Exchange and Frankfurt Stock Exchange Open
Market. In August 2011 the Company announced its intention to merge
with Endeavour Mining Corporation. Endeavour owns the Youga Gold
Mine in Burkina Faso, West Africa as well as a pipeline of
exploration and development projects in the region. If approved by
Adamus and Endeavour shareholders, the merger is likely to take
place in December 2011. Kind regards ADAMUS RESOURCES LIMITED
"signed" Mark Connelly 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 constitute forward-looking
information, including, among other things, statements regarding
forecasted gold production, and expected cash costs.
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. To view this news release in HTML
formatting, please use the following URL:
http://www.newswire.ca/en/releases/archive/September2011/12/c2474.html
p /p p Mark Connelly - Managing Director / CEObr/ +61 8 9322
5943br/ email: a
href="mailto:info@adamusresources.com.au"info@adamusresources.com.au /a
/p p iFor media enquiries contact:/i /p p David Ikin - Professional
Public Relationsbr/ +61 8 9388 0944br/ email: a
href="mailto:david.ikin@ppr.com.au"david.ikin@ppr.com.au/a /p
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