Simberi (PNG) Update (0679D)
16 März 2011 - 2:49PM
UK Regulatory
TIDMAGLD
RNS Number : 0679D
Allied Gold Limited
16 March 2011
FOR IMMEDIATE RELEASE 16 March 2011
allied gold limited
("the Company")
"This press release is not for dissemination in the USA and
shall not be disseminated to USA news services"
SIMBERI (PNG) UPDATE
-- Tank repair complete. Production ready to resume, pending
satisfaction of PNG Government department review
-- No impact from recent tsunami activity in Pacific Ocean
Allied Gold Limited has completed repairs to a tailing mixing
tank at its 100% owned Simberi gold mine in Papua New Guinea.
All is in readiness for a return to gold production, however the
Company is awaiting formal approval by the PNG Department of
Environment and Conservation ("DEC") to recommence production.
The DEC, late today, (PNG time) ordered Simberi to not resume
production until such time as the Company submits detailed design
to show a bunding/containment system to be built around the tank,
an additional leak monitoring system, and additional environmental
monitoring and re-commissioning plans for the tailings mixing
tank.
Many of these plans and programmes are already in place and such
request will be submitted to the DEC. DEC officers were on site
last week. When the DEC provides written authorisation, Simberi
will recommence production.
As previously advised, the repair work involved fixing an
onshore pipe and valve to the onshore tailings mixing tank. The
onshore tailings mixing tank (approximately 8metres high by 8
metres wide) is some 150 metres from the process plant. It dilutes
the process tailings with ten parts sea water before it is then
safely disposed into the sea.
Within 60-90 minutes of being alerted to the leak (which
occurred at night ), Simberi management stopped processing.
Contrary to media reports the leak - which was in the form of
diluted tailings material - occurred after being processed through
the mixing tank and did not impact sea life such as whales or
dugongs.
Tsunami Update
Simberi operations were unaffected by the recent tragic events
in Japan on Friday and subsequent tsunami activities in the Pacific
region. As part of standard operating protocols management engaged
with the local community and police department to ensure
pre-emptive measures were taken.
For more details, please contact:
Simon Jemison Investor Relations & Media +61 418 853 922
Rebecca Greco Investor Relations, North America +1 416 839
8610
David Simonson c/. Merlin PR +44 20 7726 8400
Beaumont Cornish Limited
Roland Cornish
Beaumont Cornish Limited
T: +44 (0) 20 7628 3396
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.
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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