Allied Gold Limited Holds Official Re-Opening Ceremony at Gold Ridge Gold Mine
Published : March 23, 2011

GOLD RIDGE (SOLOMON ISLANDS)

Official re-opening ceremony held with Government and Community Leaders

Production ramp-up of 120,000 ozpa gold mine continues

( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

TORONTO, ONTARIO--(Marketwire - March 23, 2011) -

THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN THE USA AND SHOULD NOT BE DISSEMINATED TO USA NEWS SERVICES

Allied Gold Limited (TSX:ALG)(AIM:AGLD)(News - Market indicators) yesterday held an official re-opening ceremony at its 100%-owned 120,000ozpa Gold Ridge gold mine on Guadalcanal in the Solomon Islands with local political, community and landowner leaders.

First gold was poured two weeks ago and commissioning activities will continue as ramp up to full scale production occurs over the next several months.

Comment by Executive Chairman Mark Caruso:

"A year ago at a ceremony to mark the start of redevelopment, Allied Gold undertook to the people of the Solomon Islands and to our shareholder to rebuild and refurbish Gold Ridge. One hundred and fifty million dollars later, we have delivered ahead of time and on budget with no fatality or serious injury to any of our employees," he said.

"Most importantly we honoured our agreements and commitments including providing local jobs and we hope our success in redeveloping Gold Ridge will help restore the reputation of the Solomons and send a clear message to the international Investment world that the Solomon Islands is open for business and welcomes and supports investments in the mining industry.

"The challenge for us all now is to build on the momentum of this positive start. With the success and new wealth that will be created comes responsibility to manage and invest wisely for the next generation and that must now be the focus for the Solomons," he said.

Gold Ridge is expected to account for a quarter of the Solomon's gross national product. Gold Ridge employs approximately 600 people in mining and operational roles with 85% drawn from the Solomons. 

Allied Gold acquired Gold Ridge in 2009-10 through the takeover of Toronto-listed Australian Solomons Gold. Allied also operates the Simberi gold mine in Papua New Guinea.

ABOUT ALLIED GOLD

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).



Allied Gold Limited
Simon Jemison
Investor Relations & Media
+ 61 418 853 922
or
Allied Gold Limited
Rebecca Greco
Investor Relations, North America
+1 416 839 8610
or
Merlin PR, United Kingdom
David Simonson
+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.

PRODUCER
CODE : ALD.AX
ISIN : AU000000ALD4
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy

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.

Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
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
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
AUSTRALIA (ALD.AX)
34.40+1.21%
AUSTRALIA
AU$ 34.40
05/18 11:34 0.410
1.21%
Prev close Open
33.99 34.45
Low High
34.02 34.55
Year l/h YTD var.
27.90 -  34.40 15.98%
52 week l/h 52 week var.
26.18 -  34.40 23.25%
Volume 1 month var.
45,905 7.77%
24hGold TrendPower© : -8
Produces Copper
Develops
Explores for
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
MOST READ
Annual variation
DateVariationHighLow
202219.20%
20211.55%30.1022.20
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Mining Company News
Plymouth Minerals LTDPLH.AX
Plymouth Minerals Intersects Further High Grade Potash in Drilling at Banio Potash Project - Plannin
AU$ 0.12-8.00%Trend Power :
Santos(Ngas-Oil)STO.AX
announces expected non-cash impairment
AU$ 8.32+0.85%Trend Power :
Oceana Gold(Au)OGC.AX
RELEASES NEW TECHNICAL REPORT FOR THE HAILE GOLD MINE
AU$ 3.03+1.34%Trend Power :
Western Areas NL(Au-Ni-Pl)WSA.AX
Advance Notice - Full Year Results Conference Call
AU$ 3.83+0.00%Trend Power :
Canadian Zinc(Ag-Au-Cu)CZN.TO
Reports Financial Results for Q2 and Provides Project Updates
CA$ 0.12+4.55%Trend Power :
Stornoway Diamond(Gems-Au-Ur)SWY.TO
Second Quarter Results
CA$ 0.02+100.00%Trend Power :
McEwen Mining(Cu-Le-Zn)MUX
TO ACQUIRE BLACK FOX FROM PRIMERO=C2=A0
US$ 0.53+3.52%Trend Power :
Rentech(Coal-Ngas)RTK
Rentech Announces Results for Second Quarter 2017
US$ 0.20-12.28%Trend Power :
KEFIKEFI.L
Reduced Funding Requirement
GBX 0.68-3.40%Trend Power :
Lupaka Gold Corp.LPK.V
Lupaka Gold Receives First Tranche Under Amended Invicta Financing Agreement
CA$ 0.02-37.50%Trend Power :
Imperial(Ag-Au-Cu)III.TO
Closes Bridge Loan Financing
CA$ 3.60+0.00%Trend Power :
Guyana Goldfields(Cu-Zn-Pa)GUY.TO
Reports Second Quarter 2017 Results and Maintains Production Guidance
CA$ 1.84+0.00%Trend Power :
Lundin Mining(Ag-Au-Cu)LUN.TO
d Share Capital and Voting Rights for Lundin Mining
CA$ 10.52+2.83%Trend Power :
Canarc Res.(Au)CCM.TO
Canarc Reports High Grade Gold in Surface Rock Samples at Fondaway Canyon, Nevada
CA$ 0.30+1.72%Trend Power :
Havilah(Cu-Le-Zn)HAV.AX
Q A April 2017 Quarterly Report
AU$ 0.28-6.56%Trend Power :
Uranium Res.(Ur)URRE
Commences Lithium Exploration Drilling at the Columbus Basin Project
US$ 6.80-2.86%Trend Power :
Platinum Group Metals(Au-Cu-Gems)PTM.TO
Platinum Group Metals Ltd. Operational and Strategic Process ...
CA$ 1.85+5.11%Trend Power :
Devon Energy(Ngas-Oil)DVN
Announces $340 Million of Non-Core Asset Sales
US$ 72.58+2.31%Trend Power :
Precision Drilling(Oil)PD-UN.TO
Announces 2017Second Quarter Financial Results
CA$ 8.66-0.35%Trend Power :
Terramin(Ag-Au-Cu)TZN.AX
2nd Quarter Report
AU$ 0.05+6.67%Trend Power :