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To: LoneClone who wrote (66662)	8/31/2010 10:27:29 AM
From: LoneClone	Read Replies (1) \| Respond to of 194999

Allied Gold Limited: Financial Results 2009-10 Mon Aug 30, 7:00 AM ca.news.finance.yahoo.com TORONTO, ONTARIO--(Marketwire - Aug. 30, 2010) - Allied Gold Limited (TSX: ALG.TO)(ASX: ALD.AX)(AIM: AGLD) has reported a profit after tax of A$10.2 million for the year to 30 June 2010 compared to a loss in the previous year of A$7.07 million. Exploration expenditure was A$9.5 million and increased exploration activity is expected during 2010-11. Cash at 30 June 2010 stood at A$85.5 million. This excludes the drawn down, anticipated next month, of a US$35 million loan with the IFC/World Bank associated with the Gold Ridge gold project in the Solomon Islands. The 2009-10 financial results reflect a number of important financing, investment activities and accounting treatments including; Hedging: Allied is hedge free following the early prepayment and delivery of gold into its hedge book in March 2010. Business Acquisition: A gain of $37 million has been recognised as the difference between the net assets acquired and A$42 million paid for Australian Solomons Gold (ASG). (See Note 30 to the accounts) Corporate Transactions: Costs of A$13m were incurred relating to the acquisition of ASG, the associated capital raisings, and the company's TSX listing. Equity: The cash flow statement reflects a net inflow of A$150 million associated with equity raisings and expenses to fund acquisition of ASG and the development of the Gold Ridge project. Outlook In the 2010-11 financial year the 120,000 ozpa Gold Ridge development is due to pour first gold in March 2011, which will increase group gold production to a rate of 200,000 ozpa. Allied will invest approximately A$70 million at Gold Ridge in the next six months. As previously advised, Allied is reviewing expansion options for its Simberi gold mine in Papua New Guinea. Simberi remains on track to produce 18,000 ounces for the September quarter. A full complete version of the Company's financial results report to the ASX for the year ending June 30, 2010 and supporting documentation is available on the Company's website ( www.alliedgold.com.au), ASX ( www.asx.com.au), and SEDAR ( www.sedar.com). Forward-Looking Statements This press release contains forward-looking statements concerning the projects owned by Allied Gold. Statements concerning mineral reserves and resources may also be deemed to be forward-looking statements in that they involve estimates, based on certain assumptions, of the mineralisation that will be found if and when a deposit is developed and mined. Forward-looking statements are not statements of historical fact, and actual events or results may differ materially from those described in the forward-looking statements, as the result of a variety of risks, uncertainties and other factors, involved in the mining industry generally and the particular properties in which Allied has an interest, such as fluctuation in gold prices; uncertainties involved in interpreting drilling results and other tests; the uncertainty of financial projections and cost estimates; the possibility of cost overruns, accidents, strikes, delays and other problems in development projects, the uncertain availability of financing and uncertainties as to terms of any financings completed; uncertainties relating to environmental risks and government approvals, and possible political instability or changes in government policy in jurisdictions in which properties are located. Forward-looking statements are based on management's beliefs, opinions and estimates as of the date they are made, and no obligation is assumed to update forward-looking statements if these beliefs, opinions or estimates should change or to reflect other future developments. Contacts Simon Jemison Allied Gold Limited Investors and Media (Aust) + 61 (0) 418 853 922 Rebecca Greco Allied Gold Limited Investors (North America) + 1 416 839 8610 David Simonson Merlin PR (UK) + 44 (0) 20 7726 8400