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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 |
Hot Features
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RNS Number:0500T
Allied Gold Limited
24 April 2008
For immediate release 24 April 2008
Allied Gold Limited
("Allied Gold" or the "Company")
Simberi Gold Exploration Update
"This press release is not for dissemination in the United States and shall not
be disseminated to United States news services."
HIGHLIGHTS
* Drilling at Sorowar West has intersected a new zone of mineralisation.
Best results include:
- 6m at 3.52g/t gold from 5m within a broader zone of 9m at 2.50g/t gold
from 2m
- 13m at 2.20g/t gold from surface
- 7m at 2.66g/t gold from 15m within a broader zone of 11m at 1.84g/t gold
from 11m
- 12m at 2.38g/t gold from 47m
* Latest drill assay results from the Sorowar South East drilling confirms
a zone of shallow oxide mineralisation outside the current pit edge. Best
results include:
- 22m at 2.14g/t gold from surface within a broader zone of 30m at 1.75g/t
gold from surface
- 3m at 3.90g/t gold from surface within a broader zone of 5m at 2.64g/t
gold from surface
- 5m at 4.81g/t gold from 75m
* Drilling at Sorowar South East also included a sulphide intercept
consisting of 9m at 6.19g/t gold from 41m including 1m at 17.15g/t gold
from 46m
Sorowar Exploration Update
The latest assays from recent reverse circulation (RC) drilling carried out
adjacent to the Sorowar pit continues to define surface and near-surface oxide
mineralisation. The Sorowar deposit contains proven and probable reserves of 8.2
million tonnes at 1.30 g/t gold and 4.5 million tonnes at 1.41 g/t gold
respectively for a total ore reserve of 547,000 ounces. Commencement of mining
at the Sorowar deposit is scheduled for May 2008 and will provide the bulk of
the mill feed for the stage 1 Simberi Oxide Gold Project which will produce an
average 84,000 ounces of gold per year over a current 8 year mine life. The ore
from Sorowar will be delivered by the aerial conveyor (Ropecon) which is
currently undergoing commissioning.
Drilling south east of the pit to date has totalled 2,795 metres in 29 holes
including 5 Monun Creek diamond holes that have been reported previously.
Recently drilling commenced in an area west of the current pit and to date 24
holes for 2,063 metres have been drilled and some assay results have been
received as listed in this update. The drilling has identified a new area of
mineralisation at Sorowar. Testing of this area is continuing and drilling will
also recommence in the south east area now that additional encouraging results
have been received.
The tables at the end of this report give more details on the drill hole
intersections and the map below shows the locations of the holes and selected
assay intercepts.
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 in the area shown on the map
as "Area Not Drilled".
At the south east area the last phase of drilling has confirmed a zone of
surface and near-surface mineralised oxide material. Further drilling is planned
to define the extents of this zone and provide sufficient drill density to allow
a resource estimation to be carried out.
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.
A full copy of this announcement is attached as a link and is also available
from the Company's website, www.alliedgold.com.au,
http://www.rns-pdf.londonstockexchange.com/rns/0500t_-2008-4-24.pdf
ENDS
For further information, please contact:
Mark Caruso Tel: +61 8 93533638
Managing Director
Roland Cornish Tel: 0207 628 3396
Beaumont Cornish Limited
Competent Persons
The information in this Stock Exchange Announcement that relates to 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 release of the information 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.
Background
Allied Gold is a gold production company having commissioned its 100 percent
owned Simberi Oxide Gold Project in February 2008. The project is situated on
the northern most island of the Tabar Islands Group, located in the New Ireland
Province of eastern Papua New Guinea some 60 kilometres north-west of the Lihir
Gold Project, which hosts a 40 million ounce gold resource.
Simberi hosts measured, indicated and inferred mineral resources of
approximately 2.4 million ounces of gold and proven and probable ore reserves of
674,000 ounces of gold.
Allied's strategy is to add to the gold inventory on Simberi Island by defining
additional oxide and sulphide resources and converting these and known resources
into reserves with a view to expanding gold production from current levels of
84,000 ounces per annum.
Additionally it has a farm-in and joint venture agreement with the world's
pre-eminent gold production company whereby Barrick Gold Corporation is funding
up to AUD$20m of expenditure to earn a 70% interest in the exploration licence
that encompasses the adjacent Tatau and Big Tabar islands.
Sorowar West Drill Hole Intercepts
Hole TIG North TIG East RLm Dip/Azio From m To m Intercept m Au Grade g/t Oxidation
RC1459 209905.8 43841.1 210.0 -90/000 30 34 4 0.91 SU
Sorowar West including 30 32 2 1.14 SU
47 59 12 2.38 SU
66 67 1 1.09 SU
RC1463 210019.4 43962.5 212.9 -90/000 32 36 4 1.02 SU
Sorowar West 19 39 20 1.00 SU
44 64 20 1.23 SU
including 45 60 15 1.34 SU
and 62 64 2 1.32 SU
76 94 18 0.72 SU
including 91 93 2 1.05 SU
RC1526 209884.8 43883.7 191.2 -90/000 0 13 13 2.20 OX SU
Sorowar West including 0 11 11 2.48 OX
RC1527 209911.0 43929.3 192.1 -90/000 NSA
S West
RC1528 209886.9 43966.8 194.9 -90/000 0 4 4 1.36 OX
Sorowar West including 0 3 3 1.59 OX
44 49 5 0.82 SU
including 47 48 1 1.78 SU
55 67 12 0.75 SU
including 59 60 1 2.00 SU
and 66 67 1 1.06 SU
100 104 4 1.36 SU
RC1529 209913.2 43974.3 195.9 -90/000 0 9 9 0.99 OX, TR, SU
Sorowar West including 2 5 3 1.57 OX
64 68 4 1.37 SU
including 65 68 3 1.59 SU
RC1530 209948.7 43984.4 195.6 -90/000 2 11 9 2.50 OX
Sorowar West including 5 11 6 3.52 OX SU
27 33 6 1.14 SU
including 27 29 2 2.03 SU
61 67 6 0.78 SU
including 64 66 2 1.03 SU
85 88 3 0.96 SU
108 110 2 1.02 SU
RC1531 210018.1 44068.5 202.8 -90/000 11 22 11 1.84 SU
Sorowar West including 15 22 7 2.66 SU
SE Sorowar Drill Hole Intercepts
Hole TIG North TIG East RLm Dip/Azio From m To m Intercept m Au Grade g/t Oxidation
RC1509 209514.1 44603.4 171.1 -55/129 0 11 11 1.27 OX
SE Sorowar including 1 7 6 1.71 OX
Sample not received at lab (11-12m) 12 14 2 1.31 OX
including 12 13 1 1.88 OX
RC1510 209529.6 44594.1 172.2 -90/000 42 69 27 1.42 OX
SE Sorowar including 47 66 19 1.73 OX
74 80 6 4.09 OX SU
including 75 80 5 4.81 OX SU
RC1511 209529.5 44597.3 171.8 -60/045 0 10 10 0.94 OX
SE Sorowar including 2 6 4 1.46 OX
73 79 6 1.28 OX
including 73 77 4 1.60 OX
RC1513 209571.8 44557.6 178.1 -60/045 27 50 23 1.44 OX
SE Sorowar including 27 44 17 1.60 OX
and 47 50 3 1.44 OX
101 102 1 1.85 TR SU
113 116 3 1.02 SU
RC1515 209650.4 44529.6 196.4 -60/045 NSA
SE Sorowar
RC1516 209669.4 44507.3 191.9 -60/045 NSA
SE Sorowar
RC1517 209697.2 44540.3 204.3 -60/045 NSA
SE Sorowar
RC1525 209780.4 44434.9 195.3 -60/045 15 26 11 0.91 SU
SE Sorowar including 23 25 2 2.34 SU
RC1533 44486.5 209559.5 171.4 0 30 30 1.75 OX SU
SE Sorowar including 0 22 22 2.14 OX SU
RC1534 209610.9 44470.0 176.9 -60/045 30 37 7 1.32 TR
SE Sorowar including 30 35 5 1.66 TR
63 75 12 0.71 SU
including 70 71 1 1.26 SU
92 100 8 1.20 SU
including 95 100 5 1.49 SU
RC1535 209433.7 44576.9 119.8 -60/045 41 50 9 6.19 SU
SE Sorowar including 46 47 1 17.15 SU
Top of hole assays received, awaiting results for 63 - 120m
RC1537 209446.2 44466.9 125.3 -60/045 91 92 1 2.68 SU
SE Sorowar 137 142 5 0.82 SU
including 141 142 1 2.15 SU
RC1538 209512.9 44421.2 131.6 -90/000 0 5 5 2.64 OX
SE Sorowar including 0 3 3 3.90 OX
13 23 10 1.41 SU
including 14 23 9 1.51 SU
81 88 7 1.08 SU
RC1539 209599.7 44415.6 145.8 -60/045 0 5 5 1.01 OX, TR
SE Sorowar including 0 2 2 1.30 OX
8 11 3 0.93 OX
18 28 10 0.97 TR
including 21 27 6 1.14 TR
64 75 11 0.72 SU
including 64 66 2 1.20 SU
and 69 70 1 1.07 SU
137 142 5 0.82 SU
including 141 142 1 2.15 SU
Assaying for gold by fire assay (50gm) with AAS finish
Simberi mineralization types are:
Ox = oxide material - extremely weathered (average cyanide recovery >90%)
Tr = transitional material - distinctly weathered (average cyanide leach
recovery 50 - 90%)
Su = sulphide material - slightly weathered to fresh (average cyanide leach
recovery
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