Simberi December Gold Production (1590Z)
10 Janvier 2011 - 9:42AM
UK Regulatory
TIDMAGLD
RNS Number : 1590Z
Allied Gold Limited
10 January 2011
FOR IMMEDIATE RELEASE 10 january 2011
allied gold limited
("the Company")
"This press release is not for dissemination in the USA and
shall not be disseminated to USA news services"
Simberi (PNG) Exceeds December Quarter Gold Production
-- 18,921 ounce produced during December quarter
-- Simberi produced its 200,000th ounce in December
-- Oxide Gold Expansion on track to deliver Gold output of
100,000 oz pa in December Quarter 2011
Allied Gold Ltd's 100%-owned Simberi gold mine in Papua New
Guinea exceeded budgeted production and produced 18,921 ounces of
gold in the December quarter - the third consecutive quarter in
excess of 18,000 ounces.
Mill throughput at Simberi is running at 2.3 million tonnes per
annum due to the successful completion of an optimization
de-bottlenecking programme during 2010. The planned Oxide Expansion
is underway and will lift mill throughput to 3.5 million tonnes per
annum and lift gold output to 100,000 oz pa by late 2011.
Pre-mining development for the enhanced production profile has been
accelerated through the delivery of a larger haulage & loading
fleet.
Preliminary data for the three months to 31 December 2010 show
Simberi processed approximately 580,000 tonnes at a grade of 1.14
g/t with 18 921 ounces of gold produced.
Gold production for the six months to 31 December 2010 was
37,126 ounces with 1,153,504 tonnes processed at a grade of 1.11
g/t.
Simberi's total cash cost for the December quarter is expected
to be between US$650-US$675 per ounce, subject to inventory
adjustments and final review in coming weeks.
The realised gold price for the quarter was approximately
US$1,370 per ounce.
More detail on Simberi's production performance will be
available as part of the company's quarterly report due in
late-January.
First gold from Allied Gold's 100%-owned fully-funded 120,000 oz
pa Gold Ridge gold mine in the Solomon Islands remains on budget
for the March quarter. Combined with gold production from Simberi
(PNG) this will lift Allied's gold production towards a 220,000 oz
pa early in 2011.
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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