Adamus Resources to raise over $28m for Ghana gold project

The Australian mining company, Adamus Resources says it is raising an amount of 30.5 million Australian dollars, approximately US28.5 million to invest in its exploration activities in Ghana.

A report by the Mining Weekly said Adamus intends to raise the amount through a share placement and rights issues.

The Managing Director of Adamus Resources, Mark Bonjanjac was quoted as saying that the funds raised together with a Macquarie Bank debt facility will make the Ghana exploration project fully funded through to production.

The project with an estimated 2.1 million ounces of gold was expected to start gold production in 2011.

By Emmanuel K. Dogbevi