TIDMAGLD
RNS Number : 6654Y
Allied Gold Limited
29 December 2010
FOR IMMEDIATE RELEASE 29 December 2010
allied gold limited
("the Company")
"This press release is not for dissemination in the USA and
shall not be disseminated to USA news services"
Commissioning of 120,000 ounce per annum Gold Ridge project
(100% owned) (Solomon Islands) to begin in February 2011
-- US$150M project on time and budget
-- 90,000 tonnes of ore delivered to ROM pad
-- Dry and wet commissioning of plant expected in February
-- Phased relocation of local landowners continues
successfully
-- Exploration to accelerate with mobilisation of diamond core
rig
The A$150 million refurbishment and redevelopment of Allied
Gold's fully-funded 100%-owned 120,000 ozpa Gold Ridge gold project
in the Solomon Islands is nearing completion with the project on
time and on budget.
Allied Gold anticipates wet and dry commissioning of the 2.5
Mtpa Gold Ridge process plant in February with first gold
production expected in the March quarter.
All major project components are either on site or being
installed with remaining refurbishment activities such as finishing
the reline of the SAG mill and instrumentation cabling due in
mid-January after a festive season break. Important items such as
process reagents are due to be delivered this week.
Comment by Executive Chairman Mark Caruso, "Redevelopment
activities are almost complete and with 600 people now on site we
look forward to commissioning Gold Ridge during the March quarter.
Combined with gold production from Simberi (PNG) this will lift
Allied's gold output towards 200,000 ozpa in 2011."
Mining of the Valehaichichi and Namachamata pits commenced in
October and to date approximately 90,000 tonnes of ore has been
delivered to the 175,000 tonne capacity Run of Mine (ROM) pad.
Much of the mining in November was of remnant surface ore and in
December the first drill and blast activities commenced in the
Valehaichichi pit. Earlier this month Gold Ridge took delivery of
Phase II of the larger fleet of mine equipment including six
Caterpillar 775F trucks and two Caterpillar 385 excavators. Gold
Ridge now operates continuously on a three shift roster and mine
operator training has been a key focus in recent months during
civil construction, the mining of ore and the mining of 200,000
tonnes of waste.
The phased relocation of local Gold Ridge landowners and
residents continues very successfully. Ninety people were moved to
the purpose built Bubalake village earlier this month and to date
approximately 220 of 1900 residents have been relocated or assisted
with housing. The housing design, the location of 27 villages on 30
sqkm of land outside the mine site and the sequencing of village
construction was determined through a regional census and wide
community consultation.
An 81 hole / 3590m RC drilling campaign testing mineralisation
in and around the planned Namachamata pit, was completed in early
December. A similar programme is scheduled for Valehaichichi in the
New Year. The mobilisation of a diamond core drill rig in the New
Year will result in the immediate testing of targets that have been
identified by an aggressive induced polarisation (IP) exploration
program.
The full announcement with pictures of the development can be
viewed as a link to this announcement and on the Company's
website.
http://www.rns-pdf.londonstockexchange.com/rns/6654Y_-2010-12-29.pdf
For more details, please contact:
Simon Jemison Investor Relations & Media +61 418 853 922
Rebecca Greco Investor Relations, North America +1 416 839
8610
David Simonson c/. Merlin PR +44 20 7726 8400
Beaumont Cornish Limited
Roland Cornish
Beaumont Cornish Limited
T: +44 (0) 20 7628 3396
Competent Persons
The information in this Stock Exchange Announcement that relates
to Mineral Exploration results and Mineral Resources, together with
any related assessments and interpretations, have been verified by
and approved for release by Mr C R Hastings, MSc, BSc,
M.Aus.I.M.M., a qualified geologist and full-time employee of the
Company. Mr Hastings has sufficient experience which is relevant to
the style of mineralisation and type of deposit under consideration
and to the activity which he is undertaking to qualify as a
Competent Person as defined in the 2004 Edition of the
"Australasian Code for Reporting of Exploration Results, Mineral
Resources and Ore Reserves". Mr Hastings consents to the inclusion
of the information contained in this ASX release in the form and
context in which it appears. Mr. C. R. Hastings is also a Qualified
Person as defined by Canadian National Instrument 43-101.
Forward-Looking Statements
This press release contains forward-looking statements
concerning the projects owned by Allied Gold. Statements concerning
mineral reserves and resources may also be deemed to be
forward-looking statements in that they involve estimates, based on
certain assumptions, of the mineralisation that will be found if
and when a deposit is developed and mined. Forward-looking
statements are not statements of historical fact, and actual events
or results may differ materially from those described in the
forward-looking statements, as the result of a variety of risks,
uncertainties and other factors, involved in the mining industry
generally and the particular properties in which Allied has an
interest, such as fluctuation in gold prices; uncertainties
involved in interpreting drilling results and other tests; the
uncertainty of financial projections and cost estimates; the
possibility of cost overruns, accidents, strikes, delays and other
problems in development projects, the uncertain availability of
financing and uncertainties as to terms of any financings
completed; uncertainties relating to environmental risks and
government approvals, and possible political instability or changes
in government policy in jurisdictions in which properties are
located. Forward-looking statements are based on management's
beliefs, opinions and estimates as of the date they are made, and
no obligation is assumed to update forward-looking statements if
these beliefs, opinions or estimates should change or to reflect
other future developments.
Not an offer of securities or solicitation of a proxy
This communication is not a solicitation of a proxy from any
security holder of Allied Gold, nor is this communication an offer
to purchase or a solicitation to sell securities. Any offer will be
made only through an information circular or proxy statement or
similar document. Investors and security holders are strongly
advised to read such document regarding the proposed business
combination referred to in this communication, if and when such
document is filed and becomes available, because it will contain
important information. Any such document would be filed by Allied
Gold with the Australian Securities and Investments Commission, the
Australian Stock Exchange and with the U.S. Securities and Exchange
Commission (SEC)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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