AGS ASX ANN today
30-01-2007 09:32 AM AGS Second Quarter Activities & Cashflow Report
http://www.asx.com.au/asx/statistics/showAnnouncementPDF.do?idsID=00688229
HIGHLIGHTS
Arkaroola Joint Venture (Uranium-Copper-Gold)
The mineral resource estimates for the higher-grade part of Four Mile West Uranium Prospect are in progress and are now scheduled for completion early in 2007.
Further high-grade uranium-equivalent responses from Four Mile include:
8.5 metres grading 0.679% pU3O8
1.5 metres grading 2.58% pU3O8
8.5 metres grading 0.420% pU3O8
Note: pU3O8 refers to the U3O8 grade estimated from PFN logging.
Maldon Project (Gold)
Maldon underground decline development advanced 245 metres during the quarter.
Construction of a water management dam commenced.
Warrina Project (Copper-Gold)
Alliance receives PACE funding to drill the Big NW target.
Drilling of pre-collar commenced at Big NW target.
East Frome Project (Base Metals)
Alliance has applied for a mineral exploration licence near Broken Hill, New South Wales.
Corporate
Post 30th September 2006, the Company announced the allotment and issue of 11,559,677 ordinary fully paid shares pursuant to its 1:18 non-renounceable entitlement issue prospectus dated 19 September 2006. The issue raised $7.74 million before costs.
Post 30th September 2006, Alliance has agreed to divest its 39.76% shareholding in unlisted Encore Metals NL (Encore) to Intec Ltd (ASX Code: INL) for a consideration is 7,952,200 Intec shares (valued at $954,264) and the right to purchase a further 7,952,200 shares at a price of 18 cents per share upon the earlier of 23 October 2008 or a decision by Intec to commence commercial treatment of the Zeehan Slags.
Cash balance at 31 December 2006 is $10.5 million.