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Market: TSX ASX LSE
Sector: Gold Mining
EPIC: ALG
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Allied Gold
www.alliedgold.com

Allied Gold operate in Australia and Papua New Guinea. The company's projects include the development of the Simberi Oxide Gold Project located in the Tabar Islands of Papua New Guinea, and exploration for gold and copper on the adjacent Tatau and Big Tabar Islands.

Full Allied Gold profile here
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Allied Gold ups total gold resource to 7.4 million ounces

10th Mar 2010, 5:32 pm
Allied Gold ups total gold resource to 7.4 million ounces

By Ross Louthean, Mineweb.com

The resource inventory for Allied Gold (ASX: ALD, TSX: ALG & AIM: AGLD) has been lifted significantly with added measured to indicated resources on Simberi Island, part of the Tabar Island group north of the Papua New Guinea mainland.

Executive chairman Mark Caruso said that the objective this year was to have 3 million oz of reserves and 10 million oz of resources on the Tabar Islands and at Gold Ridge in the Solomon Islands.

Simberi Island has a measured to inferred resource of 156 million tonnes grading 1.13 grams/tonne for 5.89 million oz - representing a 170% increase in resources.

Gold Ridge has resources of 37.8 million t @ 1.74 g/t for 2.11 million oz gold.

Caruso said the recent upgrade of resources on the Pigibo and Pigiput deposits on Simberi had helped lift resources there by about 1.3 million oz.

He described the significant resources lift as "testament to the enormous upside of the geological address that we operate in."

"Hence, the position and rationale for the company's buyback of the Tabar and Tatau island (projects) from Barrick was based on regaining control of 100% of the highly prospective 270 square kilometres exploration tenure in the Tabar Islands.

The company also had 130 sq km of "largely unexplored ground" at Gold Ridge in the Solomon Islands which has not been actively explored since 1996, other than limited drilling at the mine site.

A new drilling programme will be undertaken on Gold Ridge in the first half of this year.

An updated reserve statement on company deposits is expected by the end of June

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