AGLD Allied Gold

 

TIDMAGLD 
 
RNS Number : 9318F 
Allied Gold Limited 
21 January 2010 
 

 
 
FOR IMMEDIATE RELEASE    21 January 2010 
 
 
Allied gold limited 
 
 
("Allied", "Allied Gold" or "the Company") 
 
 
The Company sets out the following announcement due for release on the ASX. This 
is further to the AIM announcement made on 20 January 2010 'Pigiput Prospect 
Drilling Results': 
 
 
Media Release 
 
 
SIMBERI, PNG EXPANSION STUDIES ON TRACK TO DELIVER IN EXCESS OF 200,000OZ OF 
PRODUCTION 
 
 
100,000 ozpa sulphide expansion study progressing 
Highly encouraging drilling results at Pigiput 
Pigibo prospects Reserve upgrade due in March Quarter 
 
 
 
 
The announcement released on 21 January 2010 details the drilling results. 
 
 
Allied Gold Limited has released details of diamond core drilling from the 
Pigiput deposit at the Simberi gold mine in Papua New Guinea. The drilling is 
part of an ongoing 17,000m programme which is nearing completion. A 
resource/reserve upgrade will follow, underpinning a minimum 100,000oz per annum 
sulphide expansion pre-feasibility study which is due in coming months. 
 
 
Allied Gold Executive Chairman Mark Caruso said today the results were an 
integral part of the Oxide and Sulphide studies aimed at lifting gold production 
from the current 75,000 - 80,000ozpa to in excess of 200,000 ozpa in 2012 from 
both Simberi's oxide and sulphide ore open-pit sources. 
 
 
"Today's drilling results, particularly the recent result from SD068 which 
include a down hole intercept of 314m from 2.82g/t gold from 70m, continue to 
highlight the grade and depth potential of the Simberi mine and its associated 
satellite deposits of Pigiput and Pigibo," Mr Caruso said. 
 
 
"A point that should not be lost is that the Oxide and Sulphide mineralisation 
remains open and there is no doubt that the current 4.7moz resource will be 
increased substantially. We are in the right address in geological setting to 
find gold. We probably have a global resource which sits somewhere between 
5-10moz on Simberi alone". 
 
 
"The key to increasing production at Simberi is the oxide optimisation currently 
underway, and the sulphide expansion study which is due in the March quarter." 
 
 
"The drilling program of the past six months provides the basis for a 
significant resource upgrade in coming months which will allow us to deliver on 
our planned increase in production at Simberi. We will continue to dedicate 
significant exploration funding to unlock the potential of our Papua New Guinea 
Tabar Island Group exploration leases. 
 
 
Last year was a very significant year in transforming the Company and with a 
merger and associated capital raisings complete, we have the balance sheet to 
expedite our plans for Simberi in Papua New Guinea and Gold Ridge in Solomon 
Islands. With a resource base of 6.7moz and growing, we have all the inputs to 
increase our production to in excess of 300,000ozpa in the very near term and 
over a sustainable mine life of 10 years" he said. 
 
 
 
 
 
For more information: 
+----------------------------------------+-------------------------------+ 
| Mark Caruso                            | T:+61 7 93252 5911            | 
| Executive Chairman                     |                               | 
|                                        |                               | 
+----------------------------------------+-------------------------------+ 
| Roland Cornish                         | T: +44 (0) 20 7628 3396       | 
| Beaumont Cornish Limited               |                               | 
+----------------------------------------+-------------------------------+ 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
 DRLBXGDBCXDBGGB 
 

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