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Allied Gold Limited: Executive Management Changes
Published : June 13, 2011
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TORONTO, ONTARIO--(Marketwire - June 12, 2011) - Allied Gold Limited (TSX:ALG)(AIM:AGLD)(News - Market indicators) -

THE INFORMATION CONTAINED HEREIN IS RESTRICTED AND IS NOT FOR PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OR ANY JURISDICTION IN WHICH SUCH PUBLICATION RELEASE OR DISTRIBUTION WOULD BE UNLAWFUL

Allied Gold Limited provides the following update on proposed changes to the Executive Management Team to support the Company's growth and further enhance its compliance with Corporate Governance best practice principals.

The current Executive Chairman, Chief Executive Officer and founder of the Company, Mr Mark Caruso, will move into the role of Non-Executive Chairman and current Executive Director and Chief Financial Officer Mr Frank Terranova will move to the role of Chief Executive Officer and Managing Director.

Mr Terranova has been with Allied Gold for over three years and has served on the Board of the company for over two years and over that time has played a significant role in its evolution into a mid tier gold producer.

Mr Stephen Kelly, having previously served as Allied Gold's Group Financial Controller and Group Finance Manager will take on the role of Chief Financial Officer. Mr Kelly is a Chartered Accountant with over twenty five years of international experience in the areas of external and internal audit, risk management and compliance, treasury and corporate finance across a range of industry sectors including mining, infrastructure, property development and banking and finance.

In addition, Mr Peter Williams has recently joined Allied Gold as Group General Manager Operations to oversee the Company's major production assets at Simberi (PNG) and Gold Ridge (Solomon Islands). Mr Williams started his mining career with Bougainville Copper in 1971 and he has broad international and minerals industry experience. Prior to joining Allied Gold, Mr Williams was Managing Director and Chief Operating Officer of ASX-listed Focus Minerals.

To ensure a seamless handover to the newly appointed Chief Executive Officer, Mr Frank Terranova, Mr Caruso will remain primarily responsible for delivery of the Gold Ridge Project from its commissioning phase into steady state production.

Mark Caruso, Executive Chairman of Allied Gold, commented:

"My intention has always been to take Allied Gold's world class assets to significant levels of production, and to correspondingly build value for the Company's shareholders. I believe with the successful commissioning of Gold Ridge earlier this year, the planned ramp-up at Simberi, and with the prospective move to a Main Board Listing in London this summer, that now is the right time to develop Allied Gold's management structure further to prepare for the Company's next phase of growth. The move to a Non Executive position will enable me to spend more time on Allied Gold strategic planning initiatives.

I am fully supportive of Frank Terranova taking on the Chief Executive role. He is a close colleague, and has shared much of the responsibility for the existing investment profile of the Company.

I will continue to work closely with Frank, and I am confident that he will navigate the Company to its next phase of growth, development and performance. I also welcome Stephen and Peter to their new roles, and believe that this strengthened Management Team will rise to the challenges and opportunities ahead to continue Allied Gold's growth into one of the preeminent gold companies of choice for the investment community"

Frank Terranova, Chief Financial Officer of Allied Gold, commented:

"Firstly, I would like to thank Mark for his tremendous contribution as the founder of the company and growing Allied Gold into the significant Pacific Rim gold producer it is today. I would describe his efforts in achieving this as truly extraordinary, which has consistently provided all those around him with a clear example of what it takes to succeed at Allied Gold. Mark will remain involved in the company, especially in the delivery of the Gold Ridge project as it successfully ramps up into full production, and I look forward to working with him and the Board in setting the strategic direction going forward.

Having been involved with the Company over the past three years, I am very proud to step into the role of CEO of the company. As we approach the date of our full listing on the Main Board of the London Stock Exchange I remain focused on fulfilling Allied Gold's tremendous potential to grow into a leading gold producer."

The management changes are fully endorsed by the Board. To support the process a formal Transition Committee which includes the Chairman of the Audit, Risk and Compliance Committee Mr Harvey, the Chairman Mr Caruso, the Chief Executive Officer Mr Terranova and the Company Secretary Mr Torre has been created by the Board to oversee the transition over the next six months.

The Board is fully committed to adhering to the principles of good corporate governance enshrined in the Corporate Governance Code, and as such is currently assessing its composition with respect to the provisions of the Corporate Governance Code.

These changes will come into effect following the Company's proposed admission to the Main List of the London Stock Exchange.



Allied Gold Limited
Australia
Simon Jemison
Investor and Media
+61-418-853-922
or
Allied Gold Limited
Canada
Rebecca Greco
Investor Relations
+1 416-839-8610
or
Allied Gold Limited
London
David Simonson
C/. MerlinPR
+44(0) 20 7736 8400
or
Beaumont Cornish Limited (Allied Gold's nominated adviser)
Roland Cornish
+44 (0) 207 628 3396
or
RBC Capital Markets (Allied Gold's sponsor)
+44 (0) 207 653 4000
Stephen Foss
Matthew Coakes
Daniel Conti
Data and Statistics for these countries : Australia | Canada | Solomon Islands | All
Gold and Silver Prices for these countries : Australia | Canada | Solomon Islands | All

Allied Gold Ltd.

PRODUCER
CODE : ALD.AX
ISIN : AU000000ALD4
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Allied Gold is a gold development stage company based in Australia.

Allied Gold produces gold, copper in Papua New Guinea, and holds various exploration projects in Australia and in Papua New Guinea.

Its main assets in production are SIMBERI MINING JV and JOHNSON CAMP (COPPER CHIEF / BURRO) in Papua New Guinea and its main exploration properties are MT DROMEDARY JV and MONAKOFF in Australia and TABAR ISLANDS in Papua New Guinea.

Allied Gold is listed in Australia. Its market capitalisation is AU$ 32.5 billions as of today (US$ 23.4 billions, € 20.5 billions).

Its stock quote reached its lowest recent point on December 12, 2003 at AU$ 0.14, and its highest recent level on January 19, 2022 at AU$ 31.14.

Allied Gold has 1 042 206 569 shares outstanding.

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In the News and Medias of Allied Gold Ltd.
4/11/2006Broker report
Financings of Allied Gold Ltd.
4/7/2011Completes A$93.8 Million Placement
Nominations of Allied Gold Ltd.
8/4/2011Mining PLC: Appointment of Joint Broker
6/13/2011: Executive Management Changes
1/8/2008 Appoints CEO as PNG mine readies for start
9/28/2007(Simberi Mining Jv) appoints PNG gold mine open pit operator
Project news of Allied Gold Ltd.
10/3/2011Mining PLC: Production Update
4/1/2011(Simberi Mining Jv): Simberi (PNG) Update-Plan to Recommence Production Later T...
4/24/2008(Simberi Mining Jv)SIMBERI GOLD EXPLORATION UPDATE
Corporate news of Allied Gold Ltd.
8/14/2012Results of Shareholder Meetings
8/2/2012St Barbara / Allied Gold: FIRB Approval Received
7/18/2012Posting of Scheme Document
7/11/2012NOTICE TO SHAREHOLDERS
6/29/2012Recommended Offer for St Barbara Limited
6/20/2012Results of Annual General Meeting
5/31/2012Mining Announces Board Member Update
4/30/2012Activities Report for March Quarter (Q1) 2012
3/7/2012announces ASX Appendix 4E Correction
3/2/2012Notification of Major interest in Shares
2/6/2012Mining announces Simberi Support
2/6/2012Mining announces Simberi Support
1/24/2012Activities report for December quarter 2011
1/5/2012December 2011 Quarter Update
10/25/2011Mining PLC: Simberi Update
10/7/2011Mining PLC - Block Listing Application
9/9/2011Mining - FTSE Indices
8/31/2011Mining PLC: Exploration Update
8/24/2011Mining PLC: Proposed PNG legislation not expected to impact ...
8/15/2011MD&A FOR QUARTER AND HALF YEAR ENDED 30 JUNE 2011
7/11/2011Mining PLC: Voting Rights and Capital
6/30/2011Mining Plc: Completion of Schemes and Commencement of Dealin...
6/17/2011: Publication of Prospectus in Connection With Proposed Move...
6/6/2011: Notification of Approval of Shareholder and Optionholder S...
5/31/2011: Notification of Cancellation of Admission to Trading on AI...
5/10/2011: Scheme of Arrangement-Notice of Shareholder Meetings
5/5/2011: Scheme of Arrangement-Court Orders Convening of Scheme Mee...
4/20/2011: UK Main Market Listing and Scheme of Arrangement
3/23/2011Holds Official Re-Opening Ceremony at Gold Ridge Gold Mine
3/6/2011: Simberi (PNG) Gold Production March Quarter Guidance
2/28/2011: Gold Production Imminent Commissioning Begins-Gold Ridge, ...
3/19/2008announces promising early production in PNG
8/2/2007Major hedge coup for Allied Gold
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AUSTRALIA (ALD.AX)
31.14-0.42%
AUSTRALIA
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