6th Feb 2007 09:59
Allied Gold Limited06 February 2007 For immediate release 06 February 2007 ALLIED GOLD LIMITED ("Allied Gold") Divestment of Red Dam Project The Board of Allied Gold Limited (Allied) advises that it has entered into anAgreement for the Sale of its Red Dam Project (Red Dam) with Carbine ResourcesLimited (Carbine), an unlisted public company. The consideration for the sale of the tenement is 4,020,000 fully paid ordinaryshares in Carbine at an issue price of $0.20 each together with a non-refundablecash payment of $5,000. The Agreement is subject to a number of conditions precedent including, amongstother things, Carbine completing a capital raising of $3,000,000 and listing onthe Australian Stock Exchange (ASX) by no later than 30 June 2007. The Red Dam Project is located 45km north west of Kalgoorlie in WesternAustralia. Allied is focused on developing the Simberi Gold Project in Papua NewGuinea and the Board of Allied considers the sale of Red Dam to be in the bestinterest of shareholders. The Board of Carbine is well credentialed and highly capable of adding value tothe Red Dam Project. It is led by Rob Brierley, a Mining Engineer and formerwell-known research analyst, and complemented by mining industry stalwarts RonSayers and Wolf Martinick and experienced company secretary, Peter Torre. Upon the completion of Carbines capital raising, Allied will be a substantialshareholder in the company with a 13.6% interest. Carbine has progressed with its capital raising with a prospectus that has beenlodged with the ASIC. Carbine aims to raise $3,000,000 by issuing 15,000,000 shares at $0.20. Thecompany plans to commence exploration and evaluation of the Red Dam Project soonafter its listing on the ASX. Contact: Mark Caruso, Executive Chairman, Allied Gold Limited + 61 8 9353 3638 Roland Cornish, Beaumont Cornish Limited + 44 207 628 3396 This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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