27/03/2008
The world’s largest gold producer, Barrick Gold, is putting £7 million into Papua New Guinea (PNG)-focused Allied Gold.
Toronto-based Barrick has signed a letter of intent with AIM-quoted Allied, which envisages the Canadian group paying up to £9 million in two tranches over eight years for a 70 per cent share in Allied’s Simberi exploration licence covering Big Tabar and Tatau Islands near PNG. When the letter of intent is executed, Barrick is subscribing to new Allied shares at the equivalent of 39p.
Allied chairman Mark Caruso says ‘we now have a gold-mining operation to manage some 1.75 million oz of measured, indicated and inferred mineral resources on Simberi Island that are currently outside of ore reserve status and numerous ore-grade intercepts and drill targets to follow up on’. Recommended by Growth Company Investor at 37.25p last month, Allied shares are up 5.5p today at 40p and look relatively promising.
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