28th Nov 2007 09:56
Allied Gold Limited28 November 2007 FOR IMMEDIATE RELEASE 28 NOVEMBER 2007 Allied Gold Limited ("Allied", "Allied Gold" or "the Company") RESULTS OF AGM AND DIRECTORS DEALINGS The Company announces that at the Annual General Meeting of the Company heldtoday, all the resolutions, including those required to issue 4,000,000 Optionsover Ordinary Shares (the "Options") to Mark Caruso, 2,000,000 Options to Anthony Lowrie, were duly passed. The Options approved for issue are as follows: To Mark Caruso, 4,000,000 Options exercisable at 45c expiring on 31 December2009; and To Anthony Lowrie, 1,000,000 Options exercisable at 40c and 1,000,000Options at 44c both expiring on 31 December 2008. Once exercised, they will increase the number of Ordinary Shares in issue from342,014,710 to 348,014,710 (assuming that no other Options are exercised and noother Shares issued) In addition, at the AGM the Company presented and updated on its exploration activities. The key points presented were: - Maiden production at a rate of 84,000 ounces per annum is due to commence in late December from the Simberi Oxide Gold Project in the Tabar Islands.- The Company already expects to increase annual gold production at Simberi to approximately 135,000 ounces which represents a 60% lift against initial planned production rates.- Production gains would come from new plans to boost Simberi's current 2.2 million tonne per annum carbon-in-leach (CIL) processing plant, to at least 3.2 million tpa.- The CIL expansion is scheduled to come on line in the second half of 2009. 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 Notes Allied Gold owns the Simberi gold project outright. It has current reserves and in-pit resources totalling 17.7 million tonnes ofore grading on average 1.37 grams per tonne gold, for a contained 785,000ounces. Simberi has a current mine life of just over eight years for an initial recoveryestimate of 692,000 ounces. First ores will be mined from the Samat ore body which is closest to the coastalprocessing plant and wharf built by Allied Gold. Mainstream mining will move to the Sorowar pit in the first half of next year. Output from these deposits will be carried by overhead conveyor - now nearingcompletion - to the processing plant on the coast. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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