Update of Proposed Adamus Resources Limited Scheme of Arrangement for Merger with Endeavour Mining Corporation

    




 NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR  DISSEMINATION IN THE UNITED STATES 

 PERTH, Western Australia, Nov. 10, 2011 /CNW/ - On 22 August 2011,  Adamus Resources Limited    (Adamus) and Endeavour Mining Corporation  (Endeavour) announced their intention to merge through an all-stock merger of  equals, to be implemented as a scheme of arrangement under the Corporations Act 2001 (Cth) (Scheme). 

 On 25 October 2011, Adamus dispatched the scheme booklet setting out  important information in relation to the Scheme and Merger (Scheme Booklet). 

 Adamus notes that Endeavour has today announced the sale of its Debt  Finance and related M&A advisory business (the Advisory Business).  The full announcement made by Endeavour is attached (see http://cnw.ca/8Mud5). 

 Endeavour has confirmed to Adamus that the Advisory Business is an  immaterial non-core asset, and the consideration to be received by  Endeavour for the sale of the Advisory Business has been negotiated on  commercial arms length terms. 

 The Independent Expert, Ernst & Young, has considered Endeavour's sale  of the Advisory Business and confirmed to Adamus that they agree it is  an immaterial non-core asset that is being divested.  Accordingly, the  Independent Expert has confirmed the sale of the Advisory Business will  not affect their opinion, which remains, that the Merger is in the best  interests of Adamus shareholders. 

 Based on the information provided to Adamus by Endeavour and  confirmation from the Independent Expert that their opinion has not  changed, and in accordance with section 12.26 of the Scheme Booklet,  the Adamus Board considers that the sale of the Advisory Business by  Endeavour is not a significant new matter that has arisen that would  have required to be included in the Scheme. 

 In the absence of a superior proposal, the Directors of Adamus  unanimously recommend that Adamus shareholders vote in favour of the  Scheme and the Directors advise that they intend to vote all Adamus  shares held by them in favour of the Scheme. 

 ADAMUS RESOURCES LIMITED 

 (signed) 

 Ian Cunningham COMPANY SECRETARY 

 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. 

Adamus Resources Limited


CONTACT:  Ian Cunningham, Company Secretary at [phone] 


    

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