REPORT FOR QUARTER AND HALF YEAR 30 JUNE 2011
28.07.2011 | Marketwire
QUEENSLAND. AUSTRALIA -- (Marketwire) -- 07/28/11 --
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28 July 2011
ALLIED GOLD MINING PLC
ALLIED GOLD REPORT FOR QUARTER AND HALF YEAR 30 JUNE 2011
155% increase in production quarter-on-quarter
Gold Ridge commissioning remains on track
Allied Gold Mining Plc ('Allied' or 'the Company') provides the
following summary and overview of its activities for the quarter ended
30 June 2011.
Highlights
Corporate
* Move from the London Stock Exchange's AIM to Main Market on 30
June 2011 - FTSE 250 admission targeted for H2 2011
* Capital raising of US$92 million net of transaction costs to fund
Simberi expansion, restructure debt, exploration
and working capital
* Frank Terranova appointed CEO and Managing Director; Founding
Chairman Mark Caruso moves to a Non-Executive position.
* Year end changed to 31 December.
* Cash at Bank as at 30 June US$83m with interest bearing
liabilities of US$58m. No gold hedging.
* Unaudited loss of US$4.6m for the quarter.
Operations
* 155% increase in group production in Q2 2011 (28,344oz) compared
to Q1 2011 (12,728oz)
* 25% increase in production for the half year to 30 June 2011
(41,072 oz) compared to the half year to 30 June 2010 (32,847oz)
* At Simberi (PNG) 67% increase in gold production in Q2 2011
(18,131oz) at a gross cash costs of US$822/oz compared to Q1 2011
(10,876oz)
* At Simberi (PNG), 11% decrease in production for the half year to
30 June 2011 (28,998oz) at gross cash costs of US$877/oz compared
to the half year to June 2010 (32,847oz)
* At Gold Ridge, first full quarter of production (10,213 oz) and
12,074 ounces for the half year with progressive ramp
up throughout calendar 2011.
* Extensive group exploration campaign ($10m - $15m FY 2011 budget)
continues at Simberi and Gold Ridge
* Production for CY 2011 on track for approximately 100,000oz
ramping up to over 200,000oz in CY 2012
Frank Terranova, Chief Executive Officer and Managing Director of
Allied, commented:'With two operating mines, increasing exploration
activity and a robust
balance sheet, Allied is now well positioned as an emerging mid tier
Pacific Rim gold producer. The next twelve months will see production
grow rapidly and our migration to the London Stock Exchange's Main
Market marks a new chapter in Allied's growth.'
For further information please contact:
Allied Gold Mining Plc (Investor and Media) - Simon
Jemison, 61 418 853 922
RBC Capital Markets (Corporate Brokers) - Stephen Foss / Matthew Coakes
/ Daniel Conti 44 (0) 207 653 4000
Buchanan (Financial PR Advisor) - Bobby Morse / Charles O'Brien /
Katharine Sutton 44 (0) 207 466 5000
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This information is provided by RNS
The company news service from the London Stock Exchange
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