Allied Gold Mining PLC: Proposed PNG legislation not expected to impact Allied Gold
14.09.2011 | Marketwire
QUEENSLAND, AUSTRALIA -- (Marketwire) -- 08/24/11 --
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24 August 2011
Allied Gold Mining PLC
('Allied Gold' or 'the Company')
Proposed PNG legislation not expected to impact Allied Gold
Allied Gold notes recent press speculation on possible future changes
to Papua New Guinea's (PNG) resources and minerals legislation.
Allied Gold has been advised by the PNG Chamber of Mines that any
potential changes to PNG's resources and minerals legislation would be
in respect of new rather than existing projects. Allied Gold also
believes its position with regard to licences and tenure is no
different to other major gold and resource companies in PNG including
Newcrest, Xstrata, Oil Search or Chevron.
The Company remains committed to the ongoing development of the Simberi
gold project. The rights of landowners in PNG have always been well
respected by Allied Gold's Simberi operation and are recognised through
the distribution of Royalty payments.
With regard to gold production at Simberi, output remains on track
(despite unseasonably wet conditions) and the Company expects to meet
its guidance of 16,000 to 18,000 ounces for the current quarter.
At the Company's newly commissioned Gold Ridge mine in the Solomon
Islands ramp up is continuing. So far this quarter since 1 July, Gold
Ridge has produced in excess of 11,000 ounces and the Company expects
to meet its guidance of 15,000 to 20,000 ounces for the September
quarter.
For further information:
Allied Gold Mining PLC 61 418 853 922
(Investors and Media) Simon Jemison
RBC Capital Markets 44 (0)20 7653 4000
(Joint Corporate Broker) Stephen Foss / Matthew Coakes / Daniel Conti
Oriel Securities Limited 44 (0)20 7710 7600
(Joint Corporate Broker) Jonathan Walker / Michael Shaw
Buchanan 44 (0)20 7466 5000
(Financial PR Advisor) Bobby Morse / James Strong
This information is provided by RNS
The company news service from the London Stock Exchange
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