Allied Gold Limited: Simberi (PNG) Gold Production March Quarter Guidance
Published : March 06, 2011

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TORONTO, ONTARIO--(Marketwire - March 6, 2011) - Allied Gold Limited (TSX:ALG)(AIM:AGLD)(News - Market indicators) -


Gold production in the March quarter from Allied Gold Limited's 100%-owned Simberi gold mine in Papua New Guinea is expected to be at the lower end of a 15,000 ounce to 18,000 ounce per quarter guidance range, however gold sales maybe towards the upper end of the guidance range.

The company's March quarter results will be released in mid-April and its full year (2010-11) production guidance for Simberi currently remains unchanged at 72,000 ounces.

Milling and processing at Simberi was suspended late last week to repair a valve and some onshore piping to the tailings mixing tank. Though not considered major, the repair work is below the water table and requires continuous de-watering to provide access. The repair programme is underway and expected to take up to 7 days to complete.

Gold production for the months of January and February was a combined 10,700 ounces and gold sales were 11,700 ounces. Gold sales in the March quarter maybe higher than the ounces produced.

Notwithstanding the current maintenance repair, the Simberi processing plant continues to perform above its name plate capacity of 2 million tonnes per annum (mtpa).

Construction activities including pouring concrete footings for a lime slaker and civil works for additional leach tanks as part of a previously approved $32 million expansion to lift throughput from 2.5mtpa (approx 70,000 ozpa) to 3.5mtpa (approx 100,000 ozpa) commenced in February. This work is expected to be completed in the December quarter.

Comment by Executive Chairman Mark Caruso: "Simberi had a great December quarter, and while we are aiming to repeat it the reality is we will fall short. The good thing is work on the expansion to 100,000 ounce per annum is moving ahead and exploration results from Simberi at Botlu pit continue to show the potential for oxide and sulphide resource extensions."

Commissioning of Allied Gold's 100%-owned fully-funded 120,000 ozpa Gold Ridge mine in the Solomon Islands is progressing well with first gold imminent.


Allied Gold is an emerging 200,000 ounce per annum gold producer with production and exploration assets in Papua New Guinea and the Solomon Islands approximately 3 hours by plane from Brisbane, Australia. The company's 100%-owned Simberi gold mine is 85 kilometres from Lihir Island in the Tabar Islands group in Papua New Guinea. Simberi commenced gold production in 2008, produced 64,000 ounces in 2009-10 and its process plant is being expanded to a throughput of 3.5 Mtpa to produce 100,000 ounces per annum by late 2011. Allied Gold acquired Gold Ridge in the Solomon Islands in late 2009 when it acquired Toronto-listed Australian Solomons Gold. Allied has invested $150 million to refurbish and redevelop Gold Ridge which is expected to produce an average 120,000 ounces per annum for a minimum ten years. Allied Gold Limited is listed on the ASX, TSX and the London AIM exchanges.

Competent Persons

The information in this Stock Exchange Announcement that relates to Mineral Exploration results and Mineral Resources, together with any related assessments and interpretations, have been verified by and approved for release by Mr C R Hastings, MSc, BSc, M.Aus.I.M.M., a qualified geologist and full-time employee of the Company. Mr Hastings has sufficient experience which is relevant to the style of mineralisation and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the "Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves". Mr Hastings consents to the inclusion of the information contained in this ASX release in the form and context in which it appears. Mr. C. R. Hastings is also a Qualified Person as defined by Canadian National Instrument 43-101.

Forward-Looking Statements

This press release contains forward-looking statements concerning the projects owned by Allied Gold. Statements concerning mineral reserves and resources may also be deemed to be forward-looking statements in that they involve estimates, based on certain assumptions, of the mineralisation that will be found if and when a deposit is developed and mined. Forward-looking statements are not statements of historical fact, and actual events or results may differ materially from those described in the forward-looking statements, as the result of a variety of risks, uncertainties and other factors, involved in the mining industry generally and the particular properties in which Allied has an interest, such as fluctuation in gold prices; uncertainties involved in interpreting drilling results and other tests; the uncertainty of financial projections and cost estimates; the possibility of cost overruns, accidents, strikes, delays and other problems in development projects, the uncertain availability of financing and uncertainties as to terms of any financings completed; uncertainties relating to environmental risks and government approvals, and possible political instability or changes in government policy in jurisdictions in which properties are located. Forward-looking statements are based on management's beliefs, opinions and estimates as of the date they are made, and no obligation is assumed to update forward-looking statements if these beliefs, opinions or estimates should change or to reflect other future developments.

Not an offer of securities or solicitation of a proxy

This communication is not a solicitation of a proxy from any security holder of Allied Gold, nor is this communication an offer to purchase or a solicitation to sell securities. Any offer will be made only through an information circular or proxy statement or similar document. Investors and security holders are strongly advised to read such document regarding the proposed business combination referred to in this communication, if and when such document is filed and becomes available, because it will contain important information. Any such document would be filed by Allied Gold with the Australian Securities and Investments Commission, the Australian Stock Exchange and with the U.S. Securities and Exchange Commission (SEC).

For more information, please contact

Allied Gold Limited
Simon Jemison
Investor Relations & Media
+ 61 408 004 848
Allied Gold Limited
Rebecca Greco
Investor Relations, North America
+1 416 839 8610
Merlin PR
David Simonson
United Kingdom
+44 20 7726 840
Data and Statistics for these countries : Australia | Guinea | New Guinea | Papua New Guinea | Solomon Islands | United Kingdom | All
Gold and Silver Prices for these countries : Australia | Guinea | New Guinea | Papua New Guinea | Solomon Islands | United Kingdom | All

Allied Gold Ltd.

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$ 35.9 billions as of today (US$ 25.9 billions, € 22.7 billions).

Its stock quote reached its lowest recent point on December 12, 2003 at AU$ 0.14, and its highest recent level on May 18, 2022 at AU$ 34.40.

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...
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
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 ...
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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