Allied Delivers on September Quarter
06 October 2010 - 8:44PM
UK Regulatory
TIDMAGLD
RNS Number : 9429T
Allied Gold Limited
06 October 2010
FOR IMMEDIATE RELEASE
6 october 2010
allied gold limited
("the Company")
"This press release is not for dissemination in the United States and
shall
not be disseminated to United States news services."
Allied Gold delivers on SepTEMBER QUARTER
- 18,000 ounces in September Quarter IN LINE with Guidance
- Cash Costs US$660 per ounce, MArgin US$550 PER OUNCE
- FULL DETAILS IN QUARTERLY REPORT due MID-MONTH
Allied Gold Limited's 100% owned Simberi gold mine in Papua New Guinea produced
18,000 ounces in the September quarter in line with guidance.
Mill throughput at Simberi is running at 2.2 million tonnes per annum with
560,000 tonnes processed in the September quarter at a grade of 1.09 g/t and
recoveries at 91.3 percent.
Simberi's total cash cost for the quarter is expected to be approximately US$660
per ounce, but is subject to inventory adjustments and final review in the
coming week.
Full details of Simberi's production performance will be available as part of
the company's quarterly activities report due in mid-October.
Allied anticipates a similar performance in the December quarter before an
expansion of the oxide processing towards 100,000 ounces per annum starts to
take effect from mid-2011.
Refurbishment and construction activities at the fully-funded 120,000 ozpa Gold
Ridge mine in the Solomon Islands continues to progress well.
The US$135 million development is on time and on budget for first gold by March
2011, taking annualised gold production to 200,000 ounces across the group.
As at 1 October 2010 Allied's cash at bank stood at US$64 million.
For more details please contact:
Simon Jemison Investors and Media
(Aust) + 61 (0) 418 853 922
Rebecca Greco Investors
(North America) +1 416 839 8610
David Simonson Merlin PR
(UK) + 44 (0) 20 7726 8400
Beaumont Cornish Limited
Roland Cornish
T: +44 (0) 20 7628 3396
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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