Allied Gold gets go-ahead for TSX stock listing
06 November 2009
Allied Gold, the AIM and ASX listed mining outfit which runs the Simberi gold project in Papua New Guinea, has received conditional approval from the Toronto Stock Exchange for the listing of its ordinary shares on the exchange. The Australian company said it thought the new listing would be completed by November 12.
Apart from the 100% owned Simberi gold project and open-pit mine, Allied Gold's other assets include 100% of an exploration licence on the nearby Tatau and Big Tabar islands, subject to a farm-out agreement with Barrick Gold, as well as gold and silver exploration interests in Mexico.
In the year to June 2009, the company produced 72,609 ounces of gold at an average operating cash cost of around US$490/oz. At the end of the year it had A$20.5 million in cash on hand and no bank debt.
The company wants to add to the gold inventory on Simberi Island by defining additional resources and converting these known resources into reserves. In September it announced an offer to buy Australian Solomons Gold Ltd which, if it goes ahead, will form a larger, more diversified gold production and exploration company with material mining interests in the Pacific Rim.
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