23rd Nov 2006 11:45
Allied Gold Limited23 November 2006 FOR IMMEDIATE RELEASE 23 NOVEMBER 2006 ALLIED GOLD LIMITED ("Allied", "Allied Gold" or "the Company") DEVELOPMENT UPDATE The Directors of Allied Gold confirm that the development of the Simberi OxideGold Project remains on schedule for first gold production in the second half ofcalendar year 2007. Funding of the AUD$80 million of capital expenditurerequired to construct the project has been previously secured and the Companyremains well equipped to complete its transition from explorer to gold producer. As at 30 September 2006 Allied Gold had AUD$46.6 million in cash and an undrawnfinancing facility through RMB Resources of US$25 million (approximately AUD$33million). The Directors are unaware of the reason behind Zijin Mining Group Co.Limited not proceeding with the Memorandum of Understanding to take a 10% stakein Allied Gold as previously announced to the market on 25 September 2006despite attempts by the Company to determine such reasons. The Company remains committed to developing the Simberi project and iscontinuing actively exploring near mine and regionally. For enquiries in connection with the above, please contact: Mark CarusoChairman and Managing DirectorAllied Gold Limited+ 61 8 9353 [email protected] Roland CornishBeaumont Cornish Limited020 7628 3396 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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