Published : August 31, 2011
QUEENSLAND, AUSTRALIA--(Marketwire - August 31, 2011) -
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31 August 2011
Allied Gold Mining PLC
("Allied Gold" or the "Company")
EXPLORATION UPDATE - GOLD RIDGE, GUADALCANAL SOLOMON ISLANDS
Ongoing exploration at Allied Gold's Gold Ridge mine in the Solomon
Islands confirms extensions of gold mineralization in the Charivunga
area, between the four currently defined Gold Ridge pits.
Assay results for samples from the first four core holes demonstrate
encouraging down hole intersections including 131m @ 1.73g/t gold from
218m drilling depth (GDC003) and 70m @ 3.23g/t gold measured from 243m
drilling depth (GDC004). A full set of assay results are provided in
Table 2
Since April 2011, seven core holes totaling 2,500m have been drilled in
the Charivunga Prospect area. To date, gold mineralisation has been
identified over a strike length of 450m in a NE-trending corridor up to
250m wide. Gold mineralisation, intermittently present from surface,
is most consistent and of better grade from approximately 200m to 300m
below surface.
Allied Gold will spend a further US$7.5 million over the next 15-18
months on exploration in the Solomon Islands at Gold Ridge and
surrounding areas of Guadalcanal. The Company's gold exploration
programme is just one of a number on Guadalcanal, with Newmont and
Anglogold Ashanti also in the area exploring for large scale
copper-gold systems.
Allied Gold Managing Director and CEO Mr Frank Terranova commented:
"The initial drilling results targeting the Charivunga Prospect area
provide significant encouragement for a gold system linking our pits in
Gold Ridge. The currently estimated reserves at Gold Ridge of 1.2
million ounces reflect the relatively limited exploration effort and
sporadic drilling in the past decade by the project's former owners. We
are now stepping up the exploration intensity and the initial target is
to make incremental extensions to the currently defined four open
pits.""With more drilling we hope to significantly build on the resource
base
and demonstrate over the next 6-9 months the potential for possible
resource additions in areas like the Charivunga Mineralised Zone and
production expansions to the currently defined 10 year Gold Ridge mine
life."
To see the full press release including all drill hole data and
schematic diagrams of the Charivunga Mineralised Zone please download
the following pdf
http://www.rns-pdf.londonstockexchange.com/rns/2981N_-2011-8-31.pdf.
For further information:
Allied Gold Mining PLC RBC Capital Markets (Joint Corporate Broker)
(Investor and Media) Stephen Foss / Matthew Coakes / Daniel Conti
Simon Jemison +44 (0) 207 653 4000
+61 418 853 922
Buchanan (Financial PR Oriel Securities (Joint Corporate Broker)
Advisor) Michael Shaw/Simon Edwards
Bobby Morse / James +44 (0) 207 710 7600
Strong
+44 (0) 207 466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
Contacts: RNS Customer Services 0044-207797-4400 Email Contact http://www.rns.com