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Nzema Sulphide Study

The Nzema project commenced production in January 2011 based on a ~1Moz Au reserve within a chain of shallow oxide pits along the Salman Trend. In the weathered zone the gold is free milling and can be extracted by a standard CIL technique. At the base of the currently optimised pits the transitional ore is refractory and is not economic to process through a CIL circuit.

Limited drilling of the sulphide zone prior to 2010 indicated that the gold mineralisation extends below the oxide transition with only minor variation in width and grade. The sulphide ore represents a large potential resource that could provide a growth opportunity for Adamus.

Resource definition drilling of the sulphide zones was commenced in August 2010. Phase 1 drilling was designed to test the sulphide zone at 50m intervals to a vertical depth of 100m. Drilling commenced at the Teberu 04 and Nugget Hill pits and was then extended to Salman South and Salman Central in late 2010, with drilling continuing into 2011. Excellent results were delivered from Teberu and Salman South.

Best results from Teberru 04 include:
SNRC983 16m @ 3.34g/t Au from 74m
SNRC985 8m @ 4.37g/t Au from 77m

Phase 1 of the sulphide drilling program at Salman South-Central and Nugget Hill - Teberru is nearing completion and a resource update is planned for mid-2011.

Similarity of the Salman Trend sulphide ore to adjacent BIOXtm operations in Ghana suggests a flotation concentrate will be suitable for bacterial oxidation processing. Preliminary metallurgical testwork on samples of sulphide ore from Salman have returned encouraging results. The testwork was undertaken by SGS Minerals Limited in Perth under the supervision of Mr Allan Brown who has over 40 years metallurgical experience, including many years operational BIOX plant experience obtained in plants in several countries.

AMEC Minproc was engaged in early 2011 to conduct a scoping study on the sulphide ore.

Location Plan

Salman-Akanko Trend Sulphide Potential 1

Long Section - Looking West

Salman-Akanko Trend Sulphide Potential 2

Long Section - Looking West

Salman-Akanko Trend Sulphide Potential 3

Long Section - Looking West

Cross Section – Salman 551450N

Cross Section – Teberru 553800N