Completion of Compulsory Acquisition of Shares in Australian Solomons Gold Limited; Australian Solomons Gold Now a Wholly Owned Subsidiary of Allied Gold Limited
March 04, 2010 6:36 PM
TORONTO, ONTARIO--(Marketwire - March 4, 2010) -
NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES
Allied Gold Limited ABN 86 104 855 067 ("Allied Gold" or the "Company") (TSX: ALG)(ASX:ALD)(AIM:AGLD) has completed the compulsory acquisition of the remaining shares in Australian Solomons Gold Limited ("ASG") not already owned by it, pursuant to the Notice of Compulsory Acquisition Following Takeover Bid lodged with the Australian Securities & Investments Commission on January 13, 2010.
Accordingly, ASG is now a wholly-owned subsidiary of ALD.
About Allied Gold: The Simberi gold mine (60km from Lihir Island) has produced 150,000 ounces since production commenced in February 2008. Production in 2010 is expected to be approx 75,000-80,000 ounces, with an expansion later in the year to lift Simberi plant throughput from 2Mtpa to 3Mtpa and gold output towards 100,000 ozpa. The 100,000 ozpa Simberi sulphide project feasibility study is expected during 2011. Allied Gold acquired the Gold Ridge project in the Solomons Island in late 2009 and pre-development works are currently underway, with production of 120,000 ozpa expected in FY2012.
ACN 104855067
