Allied Gold Limited
ASX : ALD
AIM : AGLD
TSX : ALG

Allied Gold Limited

March 09, 2011 07:00 ET

Simberi (PNG) Update Tank Repairs Near Completion, PNG Dept. to Review

TORONTO, ONTARIO--(Marketwire - March 9, 2011) -

THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE USA AND SHOULD NOT BE DISSEMINATED TO USA NEWS SERVICES

Allied Gold Limited (TSX:ALG)(ASX:ALD)(AIM:AGLD) expects to complete repair works on the tailing mixing tank late today at Simberi, Papua New Guinea.

Repair work on the worn tailings mixing tank, which is located on shore approximately 150 meters from the processing plant has progressed well and will be completed by no later than Friday.

The PNG department of Environment and Conservation (DEC) is expected to visit Friday following on from their visit of last week to review the site and repairs.

Contrary to PNG media reports of offshore impacts to the marine environment, the company is aware of no such impacts. The mine ceased processing ore immediately when the incident occurred and as a result has not been producing waste tailings. 

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. 

Contact Information

  • Allied Gold Limited
    Simon Jemison
    Investor Relations & Media
    + 61 408 004 848