Allied Gold Mining announces Claim Filed
02.08.2012 | Marketwire
QUEENSLAND, AUSTRALIA -- (Marketwire) -- 08/02/12 --
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PUBLICATION, RELEASE OR DISTRIBUTION, DIRECTLY OR INDIRECTLY, IN OR
INTO THE UNITED STATES OR ANY JURISDICTION IN WHICH SUCH PUBLICATION
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2 August 2012
Allied Gold Mining PLC
("Allied Gold" or "the Company")
$47 MILLION CLAIM FILED AGAINST GR ENGINEERING SERVICES LIMITED
Allied Gold advises that further to GR Engineering Services Limited's
(GRES) release of 5 June 2012 in which it disclosed that a counterclaim
of approximately $25 million by Gold Ridge Mining Limited (GRML), a
wholly owned subsidiary of Allied Gold Mining PLC (Allied Gold), for
amongst other things, loss of gold production had been brought before
the Arbitrator, the actual amount that has been brought before the
Arbitrator is approximately $47 million comprising:
. $4 million on account of rectification costs
. $1.15 million on account of false and misleading statements
by the GRES managing director,
. $24.9 million on account of gold loss; and
. $17.1 million on account of throughput loss arising directly
from defective work carried out by GRES
GRML is in the process of carrying out the work recommended by the
independent experts to meet the GRES warranty design criteria of 91%
gold recovery and 2.5 Mtpa throughput and has claims those costs from
GRES as part of the Arbitration.
For further information please contact:
Allied Gold Mining Plc (Investor and Media) - Joe Dowling, GM Investor
Relations and Communications +61 7 3252 5911
RBC Capital Markets (Corporate Broker) - Stephen Foss / Matthew Coakes
/ Daniel Conti +44 207 653 4000
Buchanan (Financial PR Advisor) - Bobby Morse / Cornelia Browne +44
207 466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
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