Allied Energy Announces Sampling Test Results and Sets Forth Future Strategy in Zambia
February 13 2008 - 1:15PM
PR Newswire (US)
NEW YORK, Feb. 13 /PRNewswire-FirstCall/ -- Allied Energy
Corporation (Pink Sheets: AGYP) is pleased to announce the receipt
of the Property Evaluation Report it commissioned on prospective
mineral concessions, collectively, the "property", in the area of
Choma, Zambia (collectively, the "Starfield Mine", also or formerly
known as the "Kasika Mine"). This area is part of the Southern Tin
Belt of Zambia, an African country which is known to be rich in
base metals, such as Copper, Tin, and Zinc. The report was prepared
by N. Tribe & Associates Ltd., Geological Consultants. Mr.
Tribe attended the property personally along with the President of
Allied Energy, Mr. L. James Porter and Brad Jorgensen, CEO of
Starfield Minerals Ltd. Mr. Tribe is a registered professional
engineer and consulting geologist. He is a "Qualified Person" and
independent of the Company, its management and shareholders. Mr.
Tribe's sampling approach consisted of cutting chip channel samples
across shear veins, as well as some sampling of eluvials. Mr. Tribe
noted that the property has firstly, shear veins and secondly,
eluvial, colluvial and alluvial deposits. In evaluation of the
abovementioned report, management has decided to progress with the
recommendation of the Property Evaluation Report. This
recommendation is that 280 meters of trenching be conducted in
order to further establish the potential of the property. A budget
has been proposed by Mr. Tribe and the Company's management will
finalize action steps in the coming weeks, which will be publicly
announced when appropriate. As previously reported, on October 31,
2007 Allied Energy entered into a Memorandum of Understanding with
Starfield Minerals Ltd., for the purpose of acquiring Starfield
itself or its sole asset, being the Starfield Mine, prospective for
tin, tantalum/tantalite and mica. Located in Southern Africa, the
Republic of Zambia is one of the world's principal tin producers
and is extensively resource rich in other metals and minerals.
While Allied Energy will initially focus on the development of the
Starfield Mine, it intends to concurrently aggressively pursue
possible additional acquisitions, joint ventures or mergers
complimentary to this initial transaction and discussions thereon
have commenced already. Production at the Starfield Mine is
currently conducted by artisanal workers using hand-labor in open
pits and extensive production efficiency can be achieved using
mechanization. Adjacent sites have been identified for potential
acquisition and exploitation as part of expanded exploration and
development activities. Trench results will be assayed and further
trenching and/or a program of diamond drilling will follow as
appropriate, for the purpose of establishing grade, volume and
tonnage of the deposit and thus the determination of mining
economic feasibility of the Starfield Mine property. Tin (Sn) is a
base metal of great importance and utilization in the
infrastructure of society; due to its low melting point, tin binds
easily to iron (steel), lead, copper, and zinc, which makes it an
important coating material for the prevention of rusting
(oxidation). The main industries that utilize tin are food
preservation, telecommunications, electric circuits,
semiconductors, and architectural engineering. The global tin
market in 2006 was estimated at 360,000 tonnes, for a value of
approximately US$5.5 billion. This number is expected to grow
significantly due to the rapid modernization and GDP growth of
large, emerging Asian economies such as China, India and Indonesia.
About Allied Energy Corporation: Allied Energy Corporation is a
publicly traded company actively seeking a potential acquisition
target within the natural resources sector. On October 31, 2007 the
Company entered into a Memorandum of Understanding to acquire
Starfield Minerals Ltd. or its assets. Starfield Minerals Ltd. owns
a Zambia, Africa based tin and tantalite deposit (the "Starfield
Mine") in the vicinity of Choma, Republic of Zambia. Forward
Looking Statements (SAFE HARBOR): This press release may include
certain statements that are not descriptions of historical facts,
but are forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements may include
the description of our plans and objectives for future operations,
assumptions underlying such plans and objectives, statements
regarding benefits of a proposed acquisition and other
forward-looking terminology such as "may," "expects," "believes,"
"anticipates," "intends," "projects" or similar terms, variations
of such terms or the negative of such terms. There are a number of
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements made herein. Such
information is based upon various assumptions made by, and
expectations of, our management that were reasonable when made but
may prove to be incorrect. All of such assumptions are inherently
subject to significant economic and competitive uncertainties and
contingencies beyond our control and upon assumptions with respect
to the future business decisions which are subject to change.
Accordingly, there can be no assurance that actual results will
meet expectations and actual results may vary (perhaps materially)
from certain of the results anticipated herein. Contact: Antonio
Treminio, Director, Investor Relations and VP, Mergers and
Acquisitions, Allied Energy Corporation, Tel: 212-315-9705, e-mail:
DATASOURCE: Allied Energy Corporation CONTACT: Antonio Treminio,
Director, Investor Relations and VP, Mergers and Acquisitions,
Allied Energy Corporation, +1-212-315-9705,
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