Simberi Gold Production Resumes (4253E)
April 06 2011 - 9:13AM
UK Regulatory
TIDMAGLD
RNS Number : 4253E
Allied Gold Limited
06 April 2011
FOR IMMEDIATE RELEASE 6 April 2011
allied gold limited
("the Company")
"This press release is not for dissemination in the USA and
shall not be disseminated to USA news services"
SIMBERI GOLD PRODUCTION RESUMES
Allied Gold Limited has resumed gold production at its
100%-owned Simberi gold mine in Papua New Guinea.
In the interests of major stakeholders and with the full support
of Landowners and its national employees Allied Gold today
successfully petitioned the PNG National Court of Justice to return
to work.
Simberi is expected to return quickly to steady state production
- with 6,000 ounces expected in the month of April. During March,
the Company took the opportunity to advance a number of planned
plant maintenance activities and mining operations were
continued.
The run of mine (ROM) stock pile has been built to 90,000 tonnes
with 75,000 tonnes at Pigiput and 15,000 tonnes at the Sorowar pit.
Additionally, a significant amount of waste has been pre-striped in
all pits.
Gold Ridge Commissioning
At the Gold Ridge mine in the Solomon Islands, commissioning is
progressing well since the first gold pour on the 8(th) of
March.
Ore on the ROM pad, predominantly from the Valehaichichi pit,
stands at 200,000 tonnes with the mine fleet increasing
productivity towards 14,000 tonnes per day of ore and waste. In the
Namachamata pit, some pockets of ore have been taken and the main
pit area is scheduled to be accessed in late May.
The mill throughput has been progressively increased with rates
achieved of 85%-90% of the planned 310 tonnes per hour production
rate. The first gold sales from Gold Ridge are expected this
month.
For more details, please contact:
Simon Jemison Investor Relations & Media +61 418 853 922
Rebecca Greco Investor Relations, North America +1 416 839
8610
David Simonson c/. Merlin PR +44 20 7726 8400
Beaumont Cornish Limited
Roland Cornish
Beaumont Cornish Limited
T: +44 (0) 20 7628 3396
ABOUT ALLIED GOLD
Allied Gold is an emerging 200,000 ounce per annum gold producer
with production and exploration assets in Papua New Guinea and the
Solomon Islands approximately 3 hours by plane from Brisbane,
Australia. The company's 100%-owned Simberi gold mine is 85
kilometres from Lihir Island in the Tabar Islands group in Papua
New Guinea. Simberi commenced gold production in 2008, produced
64,000 ounces in 2009-10 and its process plant is being expanded to
a throughput of 3.5 Mtpa to produce 100,000 ounces per annum by
late 2011. Allied Gold acquired Gold Ridge in the Solomon Islands
in late 2009 when it acquired Toronto-listed Australian Solomons
Gold. Allied has invested $150 million to refurbish and redevelop
Gold Ridge which is expected to produce an average 120,000 ounces
per annum for a minimum ten years. Allied Gold Limited is listed on
the ASX, TSX and the London AIM exchanges
Forward-Looking Statements
This press release contains forward-looking statements
concerning the projects owned by Allied Gold. Statements concerning
mineral reserves and resources may also be deemed to be
forward-looking statements in that they involve estimates, based on
certain assumptions, of the mineralisation that will be found if
and when a deposit is developed and mined. Forward-looking
statements are not statements of historical fact, and actual events
or results may differ materially from those described in the
forward-looking statements, as the result of a variety of risks,
uncertainties and other factors, involved in the mining industry
generally and the particular properties in which Allied has an
interest, such as fluctuation in gold prices; uncertainties
involved in interpreting drilling results and other tests; the
uncertainty of financial projections and cost estimates; the
possibility of cost overruns, accidents, strikes, delays and other
problems in development projects, the uncertain availability of
financing and uncertainties as to terms of any financings
completed; uncertainties relating to environmental risks and
government approvals, and possible political instability or changes
in government policy in jurisdictions in which properties are
located. Forward-looking statements are based on management's
beliefs, opinions and estimates as of the date they are made, and
no obligation is assumed to update forward-looking statements if
these beliefs, opinions or estimates should change or to reflect
other future developments.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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