QUEENSLAND. AUSTRALIA--(Marketwire - Jul 28, 2011) -
THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY JURISDICTION IN WHICH SUCH RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL 28 July 2011 ALLIED GOLD MINING PLC ALLIED GOLD REPORT FOR QUARTER AND HALF YEAR 30 JUNE 2011 155% increase in production quarter-on-quarter Gold Ridge commissioning remains on track Allied Gold Mining Plc ("Allied" or "the Company") provides the following summary and overview of its activities for the quarter ended 30 June 2011. Highlights Corporate * Move from the London Stock Exchange's AIM to Main Market on 30 June 2011 - FTSE 250 admission targeted for H2 2011 * Capital raising of US$92 million net of transaction costs to fund Simberi expansion, restructure debt, exploration and working capital * Frank Terranova appointed CEO and Managing Director; Founding Chairman Mark Caruso moves to a Non-Executive position. * Year end changed to 31 December. * Cash at Bank as at 30 June US$83m with interest bearing liabilities of US$58m. No gold hedging. * Unaudited loss of US$4.6m for the quarter. Operations * 155% increase in group production in Q2 2011 (28,344oz) compared to Q1 2011 (12,728oz) * 25% increase in production for the half year to 30 June 2011 (41,072 oz) compared to the half year to 30 June 2010 (32,847oz) * At Simberi (PNG) 67% increase in gold production in Q2 2011 (18,131oz) at a gross cash costs of US$822/oz compared to Q1 2011 (10,876oz) * At Simberi (PNG), 11% decrease in production for the half year to 30 June 2011 (28,998oz) at gross cash costs of US$877/oz compared to the half year to June 2010 (32,847oz) * At Gold Ridge, first full quarter of production (10,213 oz) and 12,074 ounces for the half year with progressive ramp up throughout calendar 2011. * Extensive group exploration campaign ($10m - $15m FY 2011 budget) continues at Simberi and Gold Ridge * Production for CY 2011 on track for approximately 100,000oz ramping up to over 200,000oz in CY 2012 Frank Terranova, Chief Executive Officer and Managing Director of Allied, commented:"With two operating mines, increasing exploration activity and a robust balance sheet, Allied is now well positioned as an emerging mid tier Pacific Rim gold producer. The next twelve months will see production grow rapidly and our migration to the London Stock Exchange's Main Market marks a new chapter in Allied's growth." For further information please contact: Allied Gold Mining Plc (Investor and Media) - Simon Jemison, +61 418 853 922 RBC Capital Markets (Corporate Brokers) - Stephen Foss / Matthew Coakes / Daniel Conti +44 (0) 207 653 4000 Buchanan (Financial PR Advisor) - Bobby Morse / Charles O'Brien / Katharine Sutton +44 (0) 207 466 5000 Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/2458L_1-2011-7-28.pdf This information is provided by RNS The company news service from the London Stock Exchange END
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