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Company Information for Allied Gold Ltd

Company stock charts - 6 Month chart

Exchange ASX; ALD


View full financial data

Company Statement

Allied Gold Limited (Allied) is an Australia-based company engaged in the exploration for gold and other mineral resources and construction of gold producing infrastructure. We are a public listed company on both the Australian Stock Exchange and the London Stock Exchange (AIM).

Currently we operate in two geographical segments: Australia and Papua New Guinea. Our projects include the development of the Simberi Oxide Gold Project located in the Tabar Islands of Papua New Guinea. We are also undertaking exploration for gold and copper on the adjacent Tatau and Big Tabar Islands.

Along with this Allied Gold also has silver and base metals project in Mexico.


Current Operations

Tabar Island Gold Project
On 15th of November 2004 Allied Gold Limited (Allied) entered into an agreement with Simberi Gold Corporation (“SGC”) to acquire its interests in the Tabar Islands Gold Project in eastern PNG.

Under the terms of the Agreement Allied moved to an 87.5% interest in the Simberi Mining Joint Venture (ML136) on Simberi Island and a 100% interest in EL 609 which covers the remainder of the Tabar Island Group outside of ML 136.

Consideration for the acquisition was payment of C$4.0 million by Allied to SGC, which occurred during April 2005. Further to the Agreement, SGC retained a 12.5% free carried interest (“FCI”) in the Simberi Mining Joint Venture through to the earlier of a decision to mine or 31 December 2009, at which point the FCI would be converted into Allied shares at a minimum price of A$0.50 per share. The value of the conversion was to be based upon a Net Present Value calculated from the bankable feasibility study at the time of making the decision to mine.

In October 2005, Agreement was reached with SGC for Allied to purchase the outstanding 12.5% FCI in the Simberi Oxide Gold Project.

The purchase was satisfied by;

  • Payment of C$200,000 to SGC or its nominee,
  • The issue of two million fully paid Shares of Allied to SGC or its nominee,
  • The issue of two million Allied Options exercisable at 25 cents on or before 31 December 2006 to SGC or its nominee,
  • The issue of two million Allied Options exercisable at 50 cents on or before 31 December 2008 to SGC or its nominee, SGC has agreed to voluntary escrow on a portion of the fully paid Shares issued, viz;
  • 500,000 Shares for a period of 3 months from the Settlement Date,
  • 1,000,000 Shares (including the above shares) for a period of 6 months from the Settlement Date.


Mexico - Mapimi
Allied through its subsidiary company Nord Pacific de Mexico S.A de C.V. holds an exploitation licence covering 3,938ha in the Mapimi mining district of the Sierra Madre Occidental in the northeast part of the state of Durango, Mexico. The project area is situated about 45 kilometres north-northwest of the major cities of Gomez Palacio and Torreon.

Allied’s project area surrounds the historic Mapimi mining district (or Ojuela district) which historically produced high-grade silver, lead and zinc ore for Penoles at their smelter located at the nearby town of Mapimi during the period from about 1890 to 1920. Between 1920 and 1931 Mapimi ore was transported to smelters located at Torreon or Monterrey.

Hayward and Triplett (1931) report production from Penoles mining activities at Mapimi between 1893 to 1931 to be 3.8 million tonnes at 3.7g/t Au, 462g/t Ag and 14.9%Pb. Although production figures for the pre- and post Penoles production period (from 1892 to the early 1930’s) are less reliable, Megaw and others (1988) estimate overall production from the Mapimi mining centre (including Spanish production after discovery in 1598), principally from oxides of;

6 million tonnes:

in chimneys or pipes
- averaging
10% Pb, 15% Zn, 500g/t Ag, 3g/t Au

in mantos
- averaging
8.5% Pb, 11% Zn, 200g/t Ag

To better understand and assess the prospectivity of Allied’s property and to plan future exploration programmes, field reconnaissance work was carried out during the year. As a result of this work, Allied considers that the Mapimi property holds excellent potential for the discovery of oxide/sulphide bearing polymetallic carbonate-hosted replacement deposits with excellent existing road access, favourable topography, a nearby rail line and supportive local community for mining activities.

Importantly, although the interpreted mineralised trend continues north into Allied’s concession under transported cover material, apart from historic workings which crop out in the western and eastern parts of the area, the majority of the prospective trend has never been drilled or subjected to modern exploration other than limited CSAMT orientation geophysical surveys. Accordingly, Allied considers that future work programmes should predominantly focus on geophysical prospecting and drilling


Geographical Spread

Tabar Islands, Papua New Guinea


Board of Directors and Key Management

Mr Mark Victor Caruso - Chairman & Managing Director
Mr Caruso is a Director of Zurich Bay Holdings Pty Ltd and Simto Australia Pty Ltd, both of which are involved in mining, earthmoving and civil engineering construction earthworks.
Mr Caruso is also a Director of Mineral Commodities Ltd.

Mr Anthony Lowrie - Non-executive Director
Mr Lowrie, was chairman of ABN AMRO Asia Securities Limited, having originally been a partner of Hoare Govett Ltd, which he joined in 1973, and is currently a managing director in ABN AMRO Bank, based in London.
Mr Lowrie is also currently a director of Kenmare Resources PLC, Quadrise Fuels International, the Thai Euro Fund and the Edinburgh Dragon Fund. His former directorships include JD Wetherspoon PLC.

Mr Gregory Hugh Steemson - Non-executive Director
Mr Steemson is a qualified geologist and geophysicist with an extensive background in exploration, development and management of mining projects. He is also a director of Mineral Commodities Limited (since January 2001) and Sandfire Resources NL (since June 2003). Former directorship of public listed companies in the last 3 years is Allied Mining & Processing Limited (June 2002 until July 2003).

Mr Peter Torre - Company Secretary
Mr Torre is a principal of Prospera Corporate and was previously a partner of an internationally affiliated firm of Chartered Accountants, where he also held the position of Chairman of the National Corporate Services Committee.
Mr Torre holds a Bachelor of Business, is a Chartered Accountant, a Chartered Secretary and a member of the Australian Institute of Company Directors. He has also completed a Graduate Diploma in Company Secretarial Practice.
Mr Torre is the Company Secretary of several ASX listed companies, is a Director of Carbine Resources Limited and is one of the founders of the charity organisation “A Better Life Foundation WA”. Besides acting as a non executive director of the Company he will also be the Company Secretary.

Company Address

34 Douglas Street
Milton
Queensland, Australia 4064

Telephone:+61 (07) 3252 5911
Facsimile:+61 (07) 3252 3552
Email:reception[at]alliedgold.com.au
Website:http://www.alliedgold.com.au

Annual General Meeting

November

Year End

30 June

Nominated Brokers

Mirabaud Securities Limited
21 St James's Square
London SW1 4JP

Nominated Advisors

Beaumont Cornish Limited
5th Floor, 10-12 Copthall Ave
London EC2R 7DE

Major Shareholders

HSBC CUSTODY NOMINEES (AUSTRALIA) LTD33.01%
COMPUTERSHARE CLEARING PTY LTD 9.34%
NATIONAL NOMINEES LIMITED 6.65%
MINERAL COMMODITIES LIMITED 5.75%
ANZ NOMINEES LIMITED 5.73 %

Related News

18/05/09 - Allied Gold Starts To Prepare For Additional Production From Sulphide Ore
16/02/09 - Allied Gold Exudes Confidence About The Future For Its Simberi Gold Mine, And Its Farm-in With Barrick
11/11/08 - Allied Gold Cuts Debt And Builds Production: Music To The Ears Of A Jaded Market
22/04/08 - Richard Johnson Settles In At Allied Gold, And Outlines Some Big Plans

Most Recent Statement

17/06/09 - Allied Gold Acheives 100,000Ozs Production Milestone
15/06/09 - Allied Gold Ore Reserves Exceed 1m Ounces
29/05/09 - Simberi Island Safety Incident
20/05/09 - Gold Resources Increase by 45% to 4.7million Ounces
05/05/09 - Change of Director`s Interest Notice
28/04/09 - Quarterly Activities Report

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