3rd Oct 2008 10:45
FOR IMMEDIATE RELEASE 3 October 2008
allied gold limited
("the Company")
Resignation of a Director and Chief Executive Officer
Allied Gold Limited (Allied) advises that Mr Richard Johnson has resigned as a Director and Chief Executive Officer of the Company effective immediately.
Executive Chairman Mr Mark Caruso will fulfill the Chief Executive role. Mr Caruso has remained active in the daily management of Allied Gold, therefore integrating the roles will be a seamless and timely process.
Under Mr Caruso's direct management, Allied Gold has experienced significant production increases over the past weeks and this positive trend is expected to continue over the coming period.
A summary of the production and exploration performance is expected to be provided in the coming days with the September quarterly update scheduled for release towards the middle of October.
The Company also advises that Mr Johnson held 55,000 ordinary shares in the Company at the date of his resignation and the following options:
- 1,000,000 Unlisted Options Exercisable at $0.80 expiring on 31 December 2010 - 1,000,000 Unlisted Options Exercisable at $1.00 expiring on 31 December 2010 - 1,000,000 Unlisted Options Exercisable at $1.25 expiring on 31 December 2010 - 1,000,000 Unlisted Options Exercisable at $1.50 expiring on 31 December 2010 - 1,000,000 Unlisted Options Exercisable at $2.00 expiring on 31 December 2010
For enquiries in connection with the above, please contact:
Mark CarusoChairman and Managing DirectorAllied Gold Limited+ 61 8 9353 3638[email protected]
Roland CornishBeaumont Cornish Limited020 7628 3396
Background
Allied Gold is a gold production company having commissioned its 100 percent owned Simberi Oxide Gold Project in February 2008. The project is situated on the northern most island of the Tabar Islands Group, located in the New Ireland Province of eastern Papua New Guinea some 60 kilometres north-west of the Lihir Gold Project, which hosts a plus 40 million ounce gold resource.
Simberi contains measured, indicated and inferred mineral resources of approximately 2.4 million ounces of gold and proven and probable ore reserves of 674,000 ounces of gold.
Allied's strategy is to add to the gold inventory on Simberi Island. This will be achieved by defining additional oxide resources and conversion of these and known resources into reserves with a view to expanding annualised gold production from current levels of 84,000 ounces, and to generate and drill test gold and base metals targets identified on the nearby Tatau and Big Tabar islands. As at June 2008, exploration on Tatau and Big Tabar Islands is being undertaken by Barrick Gold as part of a JV arrangement with Allied.
Related Shares:
ALD.L