ASX Announcement Dated 22/01/07
ACTIVITY REPORT FOR THE QUARTER ENDED 31 DECEMBER 2006
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HIGHLIGHTS
- First gold production remains on track for October 2007. Significant progress has been made on the construction of the company’s 100% owned Simberi Oxide Project. Allied Gold has committed AUD$44.57 million to the project thus far, representing 55% of the total capital expenditure budget.
- On site construction of the processing plant has commenced with the foundations for the leach tanks, workshops and store area complete and works on the Run of Mine stockpile and grinding mill area underway.
- A revised resource estimate incorporating the June and September quarter drilling at the Pigicow and Bekou deposits has increased mineral resources by 43,000 ounces to 2.39 million ounces of gold. Pigicow (total resource of 105,370 ounces) and Bekou (48,917 ounces) are currently not part of the mine plan for the Simberi Oxide Project. However, both deposits are located in close proximity to the Samat North and Samat South deposits, which are scheduled for mining in year one.
- Initial data from an induced polarisation survey conducted on the Matanobol Creek area on Simberi Island has identified a significant chargeability anomaly. Induced polarisation work is also being conducted in the south west region of Tatau Island.
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