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Adamus Resources draws down US$15m financing for West Africa gold project

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Perth-based Adamus Resources (ASX: ADU) has reported that it has executed final documentation and commenced drawdown  of an initial US$15 million of the total facility amount of US$70 million, under its project debt facility with Macquarie Bank Limited, as scheduled.

The Facility proceeds will be progressively applied to completion of the development of the Nzema Gold Project in Ghana, West Africa, which is scheduled to commence production in first quarter of 2011.

The Project encompasses approximately 665km² of tenure in the Ashanti Gold Belt – host to over 100moz of gold and the Project boasts excellent access to port and road infrastructure.

The loan amortisation schedule requires full repayment of the Facility by September 2014.

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