ASX Announcement Dated 31/01/08
QUARTERLY REPORT FOR THE QUARTER ENDED 31 DECEMBER 2007
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“This press release is not for dissemination in the United States and shall not be disseminated to United States news services.”
HIGHLIGHTS
- Gold production imminent at Allied Gold’s 100% owned Simberi Oxide Gold Project, located in offshore Papua New Guinea. First gold production is anticipated in February 2008.
- Project construction is complete and commissioning is well advanced, with teething problems associated with mechanical and electrical equipment failures essentially ironed out.
- Exploration activities on target areas located outside of the current mine plan continue to deliver highly encouraging results. Best results include:
- 35m at 2.35 g/t gold from surface
- 1m at 5.36 g/t gold from 69m
- Geophysical and soil geochemical surveys on Simberi, Tatau and Big Tabar islands continue to identify new drill targets.
- Subsequent to quarter-end, Allied Gold raised approximately AUD$10.5 million through an institutional share placement to existing shareholders. These funds were applied to project development expenditure as an alternative to drawing down further on the existing Finance Facility, and were raised at a share price of AUD$0.72.
- Richard Johnson was appointed as Chief Executive Officer in early January 2008.
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