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Gold/Mining/Energy : Mining News of Note

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To: LoneClone who wrote (66627)	8/31/2010 9:27:37 AM
From: LoneClone	Read Replies (1) of 194646

Allied in the black thanks to upgrade Monday August 30, 2010, 11:07 am au.biz.yahoo.com Allied Gold Ltd has posted a 244 per cent profit rise after substantially upgrading the value of its Solomon Islands project. The gold producer said it made profit after tax of $10.228 million for the year to June 30 compared to a loss in the previous year of $7.07 million. The result includes a $36.7 million gain in its Australian Solomons Gold business, bought for about $42 million in December last year. Australian Solomons Gold runs the Gold Ridge development on the island of Guadalcanal in the Solomon Islands. Once the mine begins production in March 2011, it is expected to boost Allied's gold production to 200,000 ounces per year, from 64,327 ounces in 2009/10. Allied is set to invest about $70 million at Gold Ridge during the next six months. During 2009/10, revenue at Allied fell 13 per cent to $67.56 million. Allied declared no final dividend.

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