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Allied Gold’s Gold Ridge project remains on track for first gold

Allied Gold’s Gold Ridge project remains on track for first gold

Allied Gold (LON:AGLD) said its fully owned and funded 120,000 ozpa (ounces per annum) Gold Ridge development in the Solomon Islands remained on track for first gold in March 2011 as the company successfully commenced the resettlement of an initial 15 families from the mining lease area and achieved new project construction milestones.

The construction of 302 houses at the rate of 30 a month commenced in July to house 1900 residents in accordance with agreements previously reached between the Gold Ridge Community and Landowners Council (GRCLC) and Allied Gold's operating subsidiary Gold Ridge Mining Limited (GRML).

Back in June, the company secured a US$35 million IFC/World Bank loan associated with the Gold Ridge refurbishment and it is now anticipating drawing down these funds at the end of August 2010.

Construction activities at the project have continued to accelerate with three additional leach tanks under construction, instrumentation and cabling being put in place, an expansion of the ROM to hold 150,000 t (tonnes) and general refurbishment activities.

“With six months until first gold it is great to see construction and community milestones being achieved in equal measure - and we aim to keep it that way,” said Chairman of Allied Gold Mark Caruso.

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