Allied Gold plans 200,000 oz/y by 2013 and to list on TSX

Allied gold with current gold production from its Simberi mine in Indonesia is looking to the TSX to provide added liquidity in its stock as it builds up output to more than 200,000 oz/year by 2013.

LONDON - 

Queensland headquartered gold miner Allied Gold (ASX:ALD; AIM:AGLD) has received conditional approval from the Toronto Stock Exchange ("TSX") for the listing of its ordinary shares on the TSX.

Subject to final approval, the shares will commence trading on the TSX around November 12, 2009. The shares will trade on the TSX under the ticker symbol "ALG".

Allied Gold produced 72,609 ounces of gold in 2008/09 from its 100% owned Simberi gold project and open-pit mine located on Simberi Island, the northern most island of the Tabar Islands Group in Papua New Guinea.

Average operating cash cost was A$651/oz (around US$490/oz). The company has A$20.5 million in cash on hand and no bank debt.

The company strategy is to define additional resources and conversion of these and known resources into reserves.

It aims for production of 80,000 ounces of gold in its fiscal year ended June 30, 2010. The goal is to expand annualised gold production to greater than 200,000 ounces by the 2013 financial year.

The company is assessing potential oxide plant expansion from 2.2Mtpa to around 3.0Mtpa to boost production.

Executive chairman of Allied Gold Mark Caruso said "the TSX is one of the most active markets in the world for resource companies and particularly gold producers. Over time, we believe this will result in increased recognition of the underlying value of Allied Gold and we look forward to engaging actively with the Canadian investor community."

Recently Allied made an offer to acquire all of the issued and outstanding shares of Australian Solomons Gold Limited (TSX: SGA) on the basis of 0.85 of an Allied Gold share for every one ASG share

Published courtesy of Proactive Investors - www.proactiveinvestors.co.uk

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