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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Allied Gold | LSE:AGLD | London | Ordinary Share | AU000000ALD4 | ORD SHS NPV |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 34.125 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
RNS Number:3359T Allied Gold Limited 29 April 2008 For immediate release 29 April 2008 ALLIED GOLD LIMITED ("ALLIED" OR "THE COMPANY") QUARTERLY REPORT FOR THE PERIOD ENDED 31 March 2008 As required by the rules of the ASX, the Company has announced its quarterly report for the period ended 31 March 2008. HIGHLIGHTS * Allied Gold's 100% owned Simberi Oxide Gold Project, located in offshore Papua New Guinea, produced first gold in February 2008 * Simberi produced 18,895 oz of gold for the March quarter at a cash cost of AUD$363 per oz * Letter of Intent signed with Barrick Gold Corporation (Barrick), the world's pre-eminent gold producing Company, whereby Barrick will individually fund up to AUD$20 million of expenditure in order to gain a 70% interest in the exploration licence that encompasses Big Tabar and Tatau Islands * Barrick subscribed for 17,647,059 fully paid ordinary shares in Allied Gold at $0.85 per share upon execution of the Letter of Intent, thereby injecting AUD$15 million into Allied Gold * Drilling continues to deliver highly encouraging results on areas located outside of the current mine plan. Best results previously announced in exploration updates include: - 8m at 5.51 g/t gold from 1m at South Samat - 7m at 4.49 g/t gold from 1m at South Samat - 6m at 3.52 g/t gold from 5m at Sorowar West - 13m at 2.20 g/t gold from surface at Sorowar West - 22m at 2.14 g/t gold from surface at South East Sorowar - 5m at 4.81 g/t gold from 75m at South East Sorowar - 9m at 6.19 g/t gold from 41m at South East Sorowar SIMBERI OXIDE GOLD PROJECT - OPERATIONS The Simberi Oxide Gold Project poured its first gold in early February 2008 and the production ramp up through its newly constructed process plant at Simberi continues to progress well. Mining has been centered on the South Samat and East Samat pits. In particular South Samat has yielded good grade material, which has assisted in compensating for the late commissioning of the processing plant. The gold price received for sales during the March quarter was impacted by the fact that the vast majority of gold sold was delivered into the Company's gold hedging commitments at US$700/oz. Most of the waste mined was related to haul road construction and road sheeting activities. The EPCM Contractor has been issued with a list of items on the processing plant that require remediation. Project completion costs are forecast to be AUD$92.1 million, some AUD$11.7 million over the original budget. Costs incurred as at 31 March were AUD$87.5 million. Construction of the rope conveyor and overland conveyor to the ROM pad, which will carry ore from the Sorowar pit, is essentially complete and commissioning is advancing according to plan. EXPLORATION Simberi Island - ML 136 and EL 609 The fourth Company-owned drill rig arrived in January and the smaller diamond drill (DFM400) completed 67 metres of coring at Samat and 111 metres at Adora testing an IP anomaly. At the end of the month the rig was converted to auger to undertake grade control drilling. A total of 415 grade control auger holes were completed at Samat and Sorowar for a total length of 2,077 metres. The two reverse circulation (RC) drills commenced drilling at Sorowar - south east, north west and west of the proposed pit. These drills collectively completed 6,492 metres of RC in 71 drill holes at Sorowar and one rig installed 8 pre-collars for a total length of 723 metres at Pigiput in preparation for deep diamond tails targeting sulphides. The multipurpose drill (UDR650) finished RC drilling in the Samat area for a total length of 580 metres in 13 holes and then, after some scheduled maintenance, was converted to diamond and commenced drilling at Pigiput as part of the resource definition and exploration program designed by Golder Associates targeting the underlying sulphide mineralisation. By the end of the quarter one diamond tail had been sorted and 57 metres of core had been drilled. 2,950 metres of IP line was surveyed in January and the crews were dismantled pending analysis of all the IP information gathered to date. A report will be issued in the June quarter. Samat Drilling at Samat South focused on possible extension outside the pit design with a focus on the area north of the pit. Results of current program (holes RC 1436 to RC1440 inclusive) defined additional mineralisation outside the pit. Adora Drilling at Adora was aimed at testing shallow oxide targets and some deeper sulphide targets that had been defined by the IP surveys. The drilling revealed thin and scattered gold mineralisation and the IP target did result in gold mineralisation being encountered with a best intersection of 6.9m @ 8.11g/t gold from 47.1 metres. Sorowar Drilling at South East Sorowar confirmed the presence of surface and near-surface gold mineralisation in oxide materials, south east of the Sorowar final pit limit. One of the results tables also include results from two Monun Creek holes. Drilling of this area is continuing to define the extents of the mineralisation with a plan to undertake a resource estimate. The drilling at Sorowar West has identified a new area of mineralisation located within 300 to 400 meters of the RopeCon load out terminal. The drill hole intersections to date are extremely encouraging given that the mineralisation comprises oxide material at surface or near-surface. Drilling will continue north towards the Sorowar pit limit and south east. Additionally, drilling has commenced to the north west of the Sorowar pit and to date 22 holes for a total length of 2,314 metres has been completed, still waiting assay results. Some exploration assays have been carried out on site in the process laboratory while the construction of the exploration assay laboratory and new sample preparation facility is being finished off, which is expected in the June quarter. Construction of the new core shed was nearly completed and is ready to receive samples at one end. The building will be finished in April. FARM-IN & EXPLORATION JOINT VENTURE ON TATAU AND BIG TABAR ISLANDS (EL609) WITH BARRICK GOLD CORPORATION Allied Gold signed a Letter of Intent ("LoI") in March 2008 with a wholly owned subsidiary of the world's largest gold mining Company Barrick Gold Corporation ("Barrick"). Contained in the LoI is for Barrick to acquire up to a 70% interest in exploration licence 609 on Big Tabar and Tatau Islands, part of the Tabar Island Group Project, through a Farm-in and Joint Venture. Barrick is required to sole fund AUD$8 million of exploration expenditure within four years to earn a 51% interest, with another AUD$12 million required within the next four year period to earn 70% in the exploration licence. Barrick has committed to a minimum expenditure of AUD$2 million in the first two years, but has budgeted to spend US$2.1 million in year one. If Barrick withdraws at any time after it has met the minimum expenditure but before it earns 51% equity in the joint venture, it will not retain any interest in the exploration licence. Additionally, Barrick subscribed for 17,647,059 shares at $0.85, representing 4.7% of the enlarged share capital of the Company, thereby injecting AUD$15 million into Allied Gold. The shares issued to Barrick are subject to voluntary escrow until 28 March 2010 or upon the date that Barrick meets the Minimum Expenditure as set out under the Terms of the LoI. The execution of the agreement provides for a significantly more expedient manner to further explore, evaluate and exploit the exploration potential on Tatau and Big Tabar islands, whilst Allied focuses on optimising performance of its recently commissioned Simberi Gold Project. Susequent to period-end, Allied Gold has issued 1,000,000 fully paid ordinary shares to Kennecott Explorations (Australia) Ltd, a 100% owned subsidiary of Rio Tinto Limited, and 352,112 fully paid ordinary shares to Nuigini Mining as consideration for relinquishment the each Company's Claw Back right under the original Purchase Agreement to acquire the Simberi Island and Tatua and Tabar Islands projects. CORPORATE Cash and Debt At 31 March 2008, Allied Gold Limited had AUD$14.77million cash in hand. The Simberi Finance Facility was drawn down to AUD$23.4 million at period-end. Gold Hedging Allied has outstanding hedging commitments of 153,630 ounces (ozs) of gold at an effective price of US$700/oz for delivery between June 2008 and December 2011. The Participating Gold Forward Option that the Company has entered into allows Allied to participate in any upside in the price of gold for 40% (representing 61,452 ozs) of the Company's hedging commitment while remaining protected at US$700/oz at all times as a worst case on the entire 153,630 ozs hedged. Securities on Issue As at 31 March 2008 issued securities comprise; - 374,833,613 fully paid ordinary shares listed on the Australian Stock Exchange (ASX) and on the London Alternative Investment Market (AIM) - 2,970,000 unlisted options exercisable at $0.50 expiring 11 December 2008 - 1,000,000 unlisted options exercisable at $0.40 expiring 31 December 2008 - 1,000,000 unlisted options exercisable at $0.44 expiring 31 December 2008 - 750,000 unlisted options exercisable at $0.80 expiring 31 December 2008 - 713,261 unlisted options exercisable at $0.72 expiring 30 June 2009 - 590,000 unlisted options exercisable at $0.50 expiring 30 October 2009 During the period, the Company completed two share placements. In January AUD$10.5 million was raised through the issue of 14,621,844 shares at AUD$0.72 per share to existing institutional investors and a further 17,647,059 shares were issued to a subsidiary of Barrick Gold Corporation at AUD$0.85 per share raising AUD$15.0 million in March. Additionally, 550,000 shares were issued after the exercise of $0.50 unlisted options and 713,261 unlisted options exercisable at $0.72 expiring 30 June 2009 were issued to Mirabaud Securities as part consideration for managing the January 2008 share placement. Copies of the full announcement along with the Quarterly Cash flow Report will be uploaded to the Companies website - www.alliedgold.com.au and can be viewed in due course. The full version of the announcement is also available as a link to this announcement: http://www.rns-pdf.londonstockexchange.com/rns/3359t_-2008-4-29.pdf For more information: Mark Caruso T:+61 8 93533638 Executive Chairman Roland Cornish T: +44 (0) 20 7628 3396 Beaumont Cornish Limited Competent Persons The information in this Stock Exchange Announcement that relates to Mineral Resources, Project Financial modelling, Mining, Exploration and Metallurgical results, together with any related assessments and interpretations, has been 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 release in the form and context in which it appears. The information in this Stock Exchange Announcement that relates to Ore Reserves has been compiled by Mr J Battista of Golder Associates who is a Member of the Australasian Institute of Mining and Metallurgy. Mr Battista has had sufficient experience in Ore Reserve estimation relevant to the style of mineralisation and type of deposit under consideration 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 Battista consents to the inclusion of the information contained in this release in the form and context in which it appears. This information is provided by RNS The company news service from the London Stock Exchange END MSCFKLFLVZBFBBD
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