MD&A FOR QUARTER AND HALF YEAR ENDED 30 JUNE 2011
QUEENSLAND, AUSTRALIA -- (Marketwire) -- 08/15/11 --
Allied Gold Mining Plc
ALLIED GOLD MD&A FOR QUARTER AND HALF YEAR ENDED 30 JUNE 2011
Following the announcement of the results for the quarter and half year
ended 30 June 2011 on 28 July 2011, Allied Gold Mining Plc ('Allied' or'
the Company') is pleased to announce its Financials and Management
Discussion and Analysis (MD&A') for the same period.
The highlights are reiterated below, followed by the MD&A. The
financials have been released simultaneously.
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 $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 $83 million with interest bearing
liabilities of $59m. No gold hedging.
* Unaudited loss of US$4.6 million 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.
For further information please contact:
Allied Gold Mining Plc (Investor and Media)
Simon Jemison
61 418 853 922
RBC Capital Markets (Joint Corporate Broker)
Stephen Foss
Matthew Coakes
Daniel Conti
44 (0) 207 653 4000
Oriel Securities (Joint Corporate Broker)
Jonathan Walker
Michael Shaw
Ashton Clanfield
44 (0) 207 710 7600
Buchanan (Financial PR Advisor)
Bobby Morse
Charles O'Brien
Katharine Sutton
44 (0) 207 466 5000
To view full text of the announcement, click on pdf link below:
http://www.rns-pdf.londonstockexchange.com/rns/3549M_1-2011-8-15.pdf
This information is provided by RNS
The company news service from the London Stock Exchange
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