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Alliance Resources continues discussions to sell the Maldon Gold Project

Published: 19:58 22 Sep 2010 AEST

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Victorian based Alliance Resources (ASX:AGS) is still in discussions with newly formed Octagonal Resources to purchase the Maldon Gold Project, 30kms southwest of Bendigo, from Alliance.

Octagonal is considering consolidating a number of projects in central Victoria, with Maldon as a production hub.

Historic Maldon production from reef mining is reported at about 1.95 million tonnes at an average grade of 28 g/t, for 1.75 million ounces of gold.

No terms of sale have yet been agreed and, if the sale were to proceed, shareholder approval will be sought.

Alliance undertook major development work at Maldon aimed at bringing the Alliance South gold lode into production.

This development work was subsequently suspended in late 2008 to conserve cash to meet Alliance’s commitments to the Four Mile Uranium Project.

The decline and other mine infrastructure, including an operational-ready CIL gold treatment plant, have been fully maintained.

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