Gold Ridge Opening Ceremony (4709D)
23 3월 2011 - 7:15PM
UK Regulatory
TIDMAGLD
RNS Number : 4709D
Allied Gold Limited
23 March 2011
FOR IMMEDIATE RELEASE 23 March 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"
GOLD RIDGE (SOLOMON ISLANDS)
Official re-opening ceremony held with Government and Community
Leaders
Production ramp-up of 120,000 ozpa gold mine continues
Allied Gold Limited yesterday held an official re-opening
ceremony at its 100%-owned 120,000ozpa Gold Ridge gold mine on
Guadalcanal in the Solomon Islands with local political, community
and landowner leaders.
First gold was poured two weeks ago and commissioning activities
will continue as ramp up to full scale production occurs over the
next several months.
Comment by Executive Chairman Mark Caruso:
"A year ago at a ceremony to mark the start of redevelopment,
Allied Gold undertook to the people of the Solomons Islands and to
our shareholder to rebuild and refurbish Gold Ridge. One hundred
and fifty million dollars later, we have delivered ahead of time
and on budget with no fatality or serious injury to any of our
employees," he said.
"Most importantly we honoured our agreements and commitments
including providing local jobs and we hope our success in
redeveloping Gold Ridge will help restore the reputation of the
Solomons and send a clear message to the international Investment
world that the Solomon Islands is open for business and welcomes
and supports investments in the mining industry.
"The challenge for us all now is to build on the momentum of
this positive start. With the success and new wealth that will be
created comes responsibility to manage and invest wisely for the
next generation and that must now be the focus for the Solomons,"
he said.
Gold Ridge is expected to account for a quarter of the Solomon's
gross national product. Gold Ridge employs approximately 600 people
in mining and operational roles with 85% drawn from the
Solomons.
Allied Gold acquired Gold Ridge in 2009-10 through the takeover
of Toronto-listed Australian Solomons Gold. Allied also operates
the Simberi gold mine in Papua New Guinea.
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 Merlin PR, United Kingdom +44 20 7726 840
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.
Not an offer of securities or solicitation of a proxy
This communication is not a solicitation of a proxy from any
security holder of Allied Gold, nor is this communication an offer
to purchase or a solicitation to sell securities. Any offer will be
made only through an information circular or proxy statement or
similar document. Investors and security holders are strongly
advised to read such document regarding the proposed business
combination referred to in this communication, if and when such
document is filed and becomes available, because it will contain
important information. Any such document would be filed by Allied
Gold with the Australian Securities and Investments Commission, the
Australian Stock Exchange and with the U.S. Securities and Exchange
Commission (SEC)
This information is provided by RNS
The company news service from the London Stock Exchange
END
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