Australian Solomons Gold Limited
TSX : SGA

Australian Solomons Gold Limited

November 06, 2009 08:30 ET

Australian Solomons Gold's Mails Supplemental Statement / Notice of Change

TORONTO, ONTARIO--(Marketwire - Nov. 6, 2009) - Australian Solomons Gold Limited ("ASG" or the "Company") (TSX:SGA) announces that it has mailed to its shareholders a Supplemental Statement/Notice of Change which supplements the Target's Statement/Directors' Circular of ASG dated October 16, 2009 which was mailed to shareholders in connection with the offer by Allied Gold Limited (through its wholly-owned subsidiary AGL (ASG) Pty Ltd.) ("Allied Gold") to purchase all of the issued and outstanding ordinary shares of ASG ("ASG Shares") on the basis of 0.85 of an ordinary share of Allied Gold for each ASG Share (the "Offer"). The Supplemental Statement/Notice of Change updates the disclosure in the Target's Statement/Directors' Circular regarding "The Combined Strength Of ASG and Allied" as set forth on page 7 of the Target's Statement/Directors' Circular, based on information contained in Allied Gold's Quarterly Report for the period ended September 30, 2009.

In a Target's Statement/Directors' Circular, ASG's Board unanimously recommended that ASG's shareholders accept the Offer and tender to it. The recommendation of ASG Board's continues to be that shareholders accept the Offer.

The Target's Statement/Directors' Circular and Supplemental Statement/Notice of Change are available under ASG's profile on SEDAR at www.sedar.com. A copy of Allied Gold's Quarterly Report is available on the Australian Securities and Investment Commission's website at www.asx.com.au and on Allied Gold's website at www.alliedgold.com.au.

About ASG

ASG is developing the Gold Ridge Project, a former producing mine, located on Guadalcanal in the Solomon Islands. The mine operated from August 1998 to June 2000 and produced approximately 210,000oz gold during this period. ASG acquired the project in May 2005, completed a Feasibility Study in April 2007 to redevelop the Gold Ridge Project., ASG is currently working on finalising the financing plan in preparation for this redevelopment task and is expected to commence operations during Q1 2011. The Gold Ridge Project has a Measured and Indicated Resource base of 1.6 million ounces with an Inferred category of a further 0.5 million ounces.

Cautionary Statement Regarding Forward-Looking Information

All statements, trend analysis and other information contained in this press release relative to markets for ASG's trends in resources, recoveries, production and anticipated expense levels, as well as other statements about anticipated future events or results constitute forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "believe", "plan", "estimate", "expect" and "intend" and statements that an event or result "may", "will", "should", "could" or "might" occur or be achieved and other similar expressions. Forward-looking statements are subject to business and economic risks and uncertainties and other factors that could cause actual results of operations to differ materially from those contained in the forward-looking statements. Forward-looking statements are based on estimates and opinions of management at the date the statements are made. Some of these risks, uncertainties and other factors are described under the heading "Risk Factors" in the Company's annual information form available on www.sedar.com. ASG does not undertake any obligation to update forward-looking statements even if circumstances or management's estimates or opinions should change. Investors should not place undue reliance on forward-looking statements.

Please note that the Head Office of ASG is located in Queensland, Australia and is 14 hours ahead of Toronto time.

ABN 96 109 492 373

The Toronto Stock Exchange has neither approved nor disapproved the contents of this press release.

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