AGM December 2007 Quarterly Report - ASX · 2008. 1. 31. · In the 12 months to 31 December 2007...

REPORT FOR DECEMBER 2007 QUARTER

PRINCIPAL POINTS

DIRECTORS RECOMMEND SHAREHOLDERS REJECT TAKEOVER OFFER BY ZINIFEX

• Allegiance Mining NL received a take-over offer by zinc producer Zinifex Limited.

• Allegiance Directors have recommended that shareholders reject the Zinifex offer. AVEBURY NICKEL PROJECT IMPLEMENTATION

• Avebury nickel mine development and production are well advanced. 45,200 tonnes of run-of-mine ore has been delivered to the mill stockpile. Ore geometry and grades encountered to date are as expected.

• Mill construction is at full pace and commissioning is scheduled to commence by end 1st Quarter 2008. The main buildings are complete and key plant components are installed; pipework and wiring has commenced.

• Stage 1 of the project is designed to mill 900,000 tonnes of ore annually producing 8,500 tonnes of nickel (“Ni”) in concentrates. The business plan currently extends to June 2016 but the project is expected to expand production and extend its mine life because resources are continuing to expand each year.

MINE AREA RESOURCES

• Resources have expanded by 10% during 2007 and were reported in January 2008 at 14 million tonnes grading 1.04% Ni containing 145,600 tonnes of Ni at a 0.7% Ni cut-off grade. Ore Reserves are being revised based on the new, expanded resources and are expected to expand significantly.

• Drill hole A217 intersected 4.0m @ 1.8% Ni from a thick zone of 18.0m @ 1.1% at East Avebury, confirming the high prospectivity for mine extensions east of the current mine area.

• A new mine exploration target called North Viking has been discovered in the western part of the mine area. This presents an exciting opportunity for major resource extensions.

• Orebody widths are typically 10 metres to 40 metres in good ground conditions. REGIONAL EXPLORATION

• At Melba Flats, Mining Lease ML 2M/2007 has been granted and drilling has intersected high grades of nickel and copper and precious metals. Exploration is proceeding well.

FINANCE and CORPORATE

• Mr Shi Peirong, Vice Chairman and CFO of Jinchuan Group Ltd of China appointed as Director.

• Cash balance of $24 million as at 31 December 2007.

• An A$73 million loan facility has been signed with Allegiance’s banks, Société Générale and ANZ, comprising a US$45 million project finance facility plus cost overrun and working capital facilities.

• Project loan drawdown was approved by the banks and as at 31 December project debt stood at US$20 million (A$23 M). A further US$10 million (A$11 M) of project debt was drawn down on 9 January 2008.

• In the twelve months to 31st December 2007 the Company lost $2.44 million from the disposal of trading investments, and today has determined that a further $5.44 million loss has been incurred as a result of the decline in world markets.

SALES AGREEMENT

US$3.7 billion offtake agreement (before smelter charges) with Jinchuan Nickel Group of China remains a cornerstone agreement that brings major benefits to the Avebury Nickel Project.

This quarterly report is for the three months ending 31 December 2007.

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December 2007 Quarterly Report Allegiance Mining NL

2

CORPORATE OVERVIEW

Allegiance Mining NL is an emerging Australian nickel mining company focused on: • Avebury Nickel Project located eight kilometres

west of Zeehan on the West Coast, Tasmania, Australia which is in the final stages of construction; soon commissioning.

• Regional Nickel Exploration in the west coast region of Tasmania.

• Geothermal Energy Tasmania Holdings Limited (“GXT”), a company that has been incorporated to hold the Allegiance geothermal interests in Tasmania.

• On December 17, Zinifex Australia Limited made a takeover offer to purchase all of the ordinary shares in Allegiance Mining. On 17 January 2008 Allegiance Directors unanimously recommended that shareholders REJECT the Offer.

Business Plan Update - Priorities and Progress:

1. Completed project financing for the Avebury Nickel Project. Progress: A capital raising of A$33.04 million was completed in early July 2007 as part of a A$38.49

million share placement to the company’s nickel customer, Jinchuan Nickel Group of China. A further placement of 6.8 million shares was made to Jinchuan in early October 2007 to extinguish the A$5 million subordinated loan (plus capitalised interest) by Jinchuan that had been made subsequent to the execution of an offtake sales agreement in April 2006. In late September 2007, a capital raising of A$30 million was completed by Merrill Lynch via an institutional placement to Australian and overseas institutions. In September 2007, Allegiance signed loan agreements for an A$73 million Project Finance facility to fund the project with its banks, Société Générale and ANZ. In December 2007, all conditions precedent were met and loan drawdowns have commenced.

2. Developed Avebury Nickel Project in a risk-managed manner. Progress: Construction commenced in 2006 prior to the major capital raisings to expedite

commissioning, targeted for the 1st Quarter 2008. All construction tasks other than the ore treatment facility were completed by Allegiance on or ahead of schedule in early 2007 and all long-lead mill components were ordered well in advance, thus reducing risk of major construction delays. Engineering design for the ore treatment facility is 98% complete and site construction is nearing commissioning.

3. Expanded resources to allow production to expand to more than 10,000 tonnes of nickel per year. Progress: Resources have increased by 46% since late 2005 as the company continues to discover new

ore zones which can supply ore to the Avebury Mill. The shallow eastwards extensions of the main Avebury lines of lode 1 to 2 kilometres east along strike is a significant positive development, including encouraging discoveries at Saxon-East Avebury, Bison and Bintje. A completely new line-of-lode has been discovered at Pontiac/Foundation Stone prospects located 1 to 3 kilometres north of the Avebury Mine. Exploration in this area is still at an early stage. Recently announced new ore-grade intersections demonstrate the potential for future resource expansions at North Viking in the western part of the Avebury mine area.

Offtake Agreement with Jinchuan Nickel Group

Allegiance has an agreement with China’s largest nickel company, Jinchuan Nickel Group Limited (“Jinchuan”) for the sale of nickel concentrates produced at favourable terms linked to the nickel LME price. Production estimates from Avebury over the current mine area resource-life exceed 140,000 tonnes of nickel metal contained in concentrates which, at 31st December 2007 nickel prices, will generate approximately US$3.7 billion (A$4.2 B) in gross revenue before smelter charges.

Burnie

HighwayRailway

ZeehanAvebury Nickel Project

100 kms

Launceston

Hobart

Melba

Zinc Refinery

Aluminium & Ferro-manganese SmeltersIron Pelletising

Furnaces

Hydro Power

TasmaNia Export to smelters

Ni

Figure 1: Location - Avebury Nickel Project

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New Director from the Jinchuan Nickel Group and New CFO Appointed

As announced on 3 October 2007, Mr Shi Peirong, Vice President and Chief Financial Officer of the Jinchuan Group Limited has been appointed as a Director of Allegiance Mining NL. Jinchuan’s Chief Australian Representative, Mr Zhang Yimin is Mr Shi Peirong’s Alternate Director.

As announced in mid December 2007, Allegiance appointed Mr Graham Hurwitz, BCom (Hons) CA as its Chief Financial Officer. Mr Hurwitz is a Chartered Accountant and is a Principal of WHK Horwath, a national firm of Chartered Accountants.

Financial Position

Cash on hand at 31 December 2007 totalled $24 million. Cash balance as at 25 January 2008 is $24 million (after drawdown of US$10 million (A$11 million) on 9 January 2008). During the September quarter, the company signed an A$73 million loan facility with its banks, Société Générale and ANZ, comprising a US$45 million project finance facility plus cost overrun and working capital facilities. In December 2007, after all conditions precedent had been satisfied, loan drawdowns on the project facility commenced and as at 31 December 2007, the company had a corporate debt totalling US$20 million (A$23 M). In the 12 months to 31 December 2007 the company lost $2.44 million (including unrealised losses of $0.18 million based on market value at 31 December 2007) from investments held for trading.

Subsequent

Finance

On 9 January 2008, a further US$10 million (A$11 M) was drawn down bringing total corporate debt to A$34 million.

This debt funding facility from Societé Generale and ANZ banks completes all funding arrangements required to take Allegiance into production early in 2008 and to aggressively progress both regional and near mine exploration. Allegiance has today determined that a loss of $5.44 million (including unrealised losses of $0.58 million based on market value at 25 January 2008) occurred this month from investments held for trading due to the decline in world markets . Aside from the holding in Gullewa Limited, the company held shares with a market value of $0.76 million at 25 January 2008.

New Intersections at North Viking On 24 January 2008, Allegiance announced its latest drill-hole intersection below the Viking Resource zone. The intersection vindicates the company’s stated optimism regarding continued growth in the Avebury resource base, which could underpin future major expansion of the Avebury operation.

Drill hole A218 (17m @ 1.4% Ni) lies 100 metres beneath the Viking resource zone. It is 200 metres east of drill hole A053 (14m @ 2.5% Ni). There are no other drill holes in between or below these holes so this presents an exciting opportunity for major resource extensions in this area.

Hedging Contracts

Nickel prices for Allegiance’s future nickel production remain unhedged and Allegiance’s project financing facility has no mandatory nickel metal price hedging requirements.

Allegiance has foreign exchange and interest rate hedging in place sufficient to provide prudent levels of cover for a proportion of the project loan as required under the project loan facility agreement.

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Tony Howland-Rose MSc, DIC, FGS, FIMMM, FAusIMM, MAICD, FAIG, CEng

Chairman

CHAIRMAN’S COMMENTS

The Zinifex Offer I am sure that you will, by now, be aware that the Zinifex Takeover Offer is currently $1.00. I would advise you to read both the Offer Document, dated 17 December, 2007, and the Allegiance Target Statement, dated 17 January, 2008. In the latter your Directors recommend that shareholders REJECT the unsolicited opportunistic Offer as inadequate. Since the discovery of Hole A001 a decade ago, Allegiance has made steady progress in evaluating the potential of the Allegiance Nickel Province while concentrating on developing the Avebury, Viking and associated deposits to production. Process plant completion is scheduled for the March, 2008 quarter, with first concentrate shipments in the June, 2008 quarter. Your Allegiance team believes the potential of the Allegiance Nickel Province lies initially with the Avebury mine. The mine exploits a significant nickel resource containing several deposits, and the nickel mineralisation is open along strike to the east and west, across strike and indeed to depth also. We believe that there is tremendous potential for this resource to be progressively increased over the next few years. Further potential lies in the Allegiance Nickel Province as a whole. At Godkin (dropped by Zinifex in August, 2007), a buried ultramafic was discovered carrying pentlandite (nickel suphide) over a decade ago. At Melba Flats, significant shallow intersections high in nickel and copper, carrying cobalt, platinum and palladium, have been intersected in a number of prospects (Gennets, Nickel Reward and Devereaux) over a 3 kilometre strike. As a result of persistent, but limited, exploration effort by Allegiance over the past decade, Melba has emerged as an exciting opportunity at depth for the discovery of major nickel-copper-gold-platinum group metals and further exploration potential. Other prospects include East Renison and Trial Harbour, which are both highly prospective for nickel. At the latter, nickel was mined in small quantities in the last century. The value of these specific prospects and the Allegiance Nickel Province is much enhanced by your Allegiance geological team’s expertise and ability to locate and define additional deposits within the Province, if they are there to find. Our discovery cost is a low 5c per lb of nickel in the ground, and our expected site cash cost including shipping is A$4.42 per lb payable nickel, which compared to the nickel price at 31 December 2007 of A$13.4 per lb gives a very healthy margin. This cash flow, commencing in the June 2008 quarter, will permit a much enhanced exploration program where I believe our expertise and Province experience will ensure continued exploration success in a most cost effective fashion. December Quarter Achievements Your company achieved some significant milestones in the quarter ending 31 December, 2007:

- Avebury nickel mine development and production are well advanced - 45,200 tonnes of run-of-mine ore has been delivered to the mill stockpile.

- Mill construction is on schedule - Resources continue to expand - High prospectivity for mine extensions - North Avebury Extended discovered, a new mine exploration target - Mining lease granted at Melba Flats – high grades of nickel intersected - Mr Shi Peirong with Mr Zhang Yimin, as his alternate, join the Board - $24 million cash in hand - $73 million loan facility including Project Debt of US$45 million concluded with first drawdowns

of US$20 million ($A23 M)

As I complete these notes for this Quarter’s Report, stock markets have fallen significantly around the world. This makes careful consideration of the Offer, and the Directors’ REJECT recommendation, important to you. It is possible, but by no means certain, that Allegiance’s share price will soften in the short term should the Offer close unsuccessfully. You should seek professional advice, bearing in mind the state of stock markets at the time – make sure this advice relates to your situation. Such volatility in the stock markets, whilst alarming, can be expected (as always) to pass. I cannot forecast the nickel price, but the rapid industrialisation of large population countries including China, India, Brazil and Russia will continue. As it does so, the demand for nickel will increase. Meanwhile we will continue to take Allegiance and Avebury forward for the benefit of all our shareholders for the medium and long term. Mining has a long term horizon. Over the last decade you have trusted your Allegiance team to deliver and, to date, I believe we have!

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Allegiance has discovered what we believe to be a new nickel province in Tasmania’s mineral rich West Coast. Avebury, the first deposit, is now developed and the mill is under construction. This deposit is of simple metallurgy and capable of being upgraded to a premium concentrate. Nickel resources at Avebury are being regularly expanded and the regional exploration to date indicates a favourable environment for the location of additional deposits. Note: Sections of this report relating to the reporting of resources and exploration information were written by Tony Howland-Rose, Lindsay Newnham and Tim Callaghan in accordance with the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”). Messrs Callaghan and Howland-Rose are full-time employees of the Allegiance Group. Mr Newnham is a long-term consultant to Allegiance.

All three are corporate members of The Australasian Institute of Mining and Metallurgy (“AusIMM”) and/or the Australian Institute of Geoscientists; have a minimum of fifteen years experience in the field of activity being reported on and are the Competent Persons as defined in the JORC Code. This announcement accurately summarises and fairly reports their estimations and assessments and where required, they have consented in writing to the report in the form and context in which it appears.

Release date: 31 January 2008

For Further Information Contact: Tony Howland-Rose, Chairman: +61 2 9397 7777 or +61 (0)418 972 112. Subscribe for immediate updates and view electronic copies of reports on our website www.allegiance-mining.com.au

Figure 2: Location of the Avebury Nickel Project and Exploration Licences in Tasmania, Australia

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AVEBURY NICKEL PROJECT

Avebury Nickel Project Status

Project development is on schedule for commissioning in 1st Quarter 2008 as follows:

Calendar Year:

Task Quarter: Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2Mine Access Decline Establishment CompletedRegulatory Approvals CompletedResource-Reserve Infill Drilling CompletedFeasibility Study CompletedTrial Mining and Milling Tests CompletedExpansion of project scale by 50% to 900,000 tpa ore CompletedInfrastructure (roads, power, water, office & accommodation) CompletedVentilation & Service Shafts, Pump Station & Mine Power CompletedMine Contract and Mobilisation CompletedMine Development & Ore ProductionMill Site, Water Management & Tailings Storage Facility CompletedMill Design & EngineeringMillProcurement CompletedMill & Process Plant ConstructionMill & Process Plant CommissioningNickel Production

20082005 2006 2007

Avebury Mill, December 2007

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Project Description

The mine delivers broken ore to the surface stockpile. The ore will be fed to 3 crushers that reduce it to less than 9mm.

The large Primary Ball Mill will grind the ore to 100 microns (0.1mm) and during this process, a “flash flotation” device will extract any coarse-grained nickel sulphides into the concentrates.

Finely ground ore will pass through 3-stages of flotation to float-off nickel sulphide concentrates.

A magnetic separator, regrind mill and retreat flotation cells will recover nickel sulphides locked in magnetite.

Nickel sulphide concentrates get filtered to 8% moisture, ready for export to China.

.

Under construction

EXPORT & SALE TO CHINA

Tailings Thickener

Tailings Dam Mine Fill

Concentrate Filter

MINE

Ore Stockpile

Infrastructure: roads, power, water,

offices, accomm-odation, mine

contract, engineering contract & staff

3-stage Crushing to 9mm size

Completed

FlotationRetreat

Primary Ball Mill

Flash Flotation

3-stage Flotation

Concentrate Thickener

MillRegrind Ball

Magnetic Separator

CycloneRegrind

Flash Flotation NickelConcentrates

Nickel Concentrates

Non-magnetic Tailings

Tailings

NickelConcentrates

Magnetics

Final Nickel Concentrates

Completed components are coloured green. Work-in-progress is coloured yellow.

Figure 3: Avebury Nickel Project Components

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Figure 4:

Detailed Process Flow Diagram for the Avebury Nickel Project

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Safety

Underground mining contractor Barminco achieved a noteworthy 1 year lost-time-injury (LTI) free period during December, although subsequently 1 LTI was incurred by Barminco, together with 1 LTI to a Metplant construction contractor.

Nevertheless, safety procedures continue to be strictly enforced to ensure that a safe working culture prevails especially as on site manpower numbers increase.

Mine

Avebury mine is a large, operating nickel mine. Mine development and ore production commenced in December 2006 with Barminco Limited as mining contractor. Production statistics are as follows:

Mine Development Metres

Metres Advanced This Quarter metres

Dec. ’06 to Date metres

Comments

Decline Development 189 639

Incline Development 194 542

Excludes 1,150 metres of decline developed prior to Dec 2006

Level Development 288 1,175 Excludes 373m prior to Dec 2006

Sill Development on ore 563 946 Excludes 50m prior to Dec 2006

Total Jumbo Development 1,234 3,302 Excludes 1,573 prior to Dec 2006

Vertical Development - 543 3 raise bore shafts

Ore Production This Quarter Dec. ’06 to Date

Tonnes and Grade Tonnes Grade % Ni Tonnes

Grade % Ni

Comments

Viking 25,350 0.9% 28,250 0.9%

Central Avebury - - 7,450 0.6% Includes remainder of 2006 trial milling of ore from Central Avebury.

North Avebury 3,050 1.2% 9,500 1.4%

Others - - - 0.0%

Approx 3,730 tonnes reclassified as Central ore.

Total 28,400 0.9% 45,200 0.9%

ROM Ore Stockpile This Quarter Dec. ’06 to Date

Tonnes and Grade Tonnes Grade % Ni Tonnes

Grade % Ni

Comments

Opening Stockpile 16,800 1.0% 3,700 0.6% Includes trial ore from 2006

Ore Delivered from Mine 28,400 0.9% 41,500 1.0% Mined since 1 January 2007

Ore Milled - 0.0% - 0.0%

Closing Stockpile 45,200 0.9% 45,200 0.9%

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The mine work is proceeding well. Two declines are under construction:

1. North Avebury decline to access the North Avebury orebody and eastward extensions; and

2. Viking Decline to access the Viking orebody and westward extensions.

The mine has now accessed all three main orebodies: North Avebury, Viking and Central Avebury. Ground conditions are being described as being “good for mining”.

Infrastructure and Services

Tasmanian State Grid electrical power is reticulated throughout the mine and the underground pump station is operating well within design – water flow rates are easily managed. All site roads and water management systems are complete. Water dams and wetlands are operational.

The Viking ventilation shaft and fan is fully operational and the smaller services shaft is equipped and servicing mine operations as designed. The third 190 metre deep Avebury ventilation shaft was successfully raise-bored during the September Quarter and an exhaust fan is scheduled to be installed in April.

Processing Plant

Foundations are effectively complete, steel fabrication is largely completed and erection of the steel structures has proceeded well during the Quarter. Installation of key mill equipment is substantially complete.

All long-lead items for both the mine and the processing plant have been secured via fixed price contracts in time to meet the construction completion timetable which currently has a target date of late 1st Quarter 2008. The major primary ball mill has been installed on schedule and within budget and construction of the crushers, thickeners and filtration components is well underway.

Tailings Dam

Construction of the tailings dam was completed on schedule during the March quarter, thus completing on schedule all engineering tasks managed by Allegiance’s staff and Project Management Team.

Staff Recruitment

Manpower at site currently stands at: 93 construction team, 63 mine contractors, 30 staff; a total of 186. All key senior operations management staff have been recruited, the recruitment of the mining staff has been completed successfully. The Mill workforce and other operational staff are scheduled to commence training in early 2008, ready for the commissioning phase of the project.

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kt N

i

0

20

40

60

80

100

120

140

160

180

200

2008200720062005

114kt

131kt

145kt

10.7% growth

14.9% growth

Not available

AVEBURY RESOURCE STATEMENT

Resources Increased 10% and Significant Upgrade to Measured Category

As foreshadowed in the last quarterly report, Allegiance has successfully completed its infill drilling program to upgrade and expand Mineral Resources at its Avebury Nickel Project located near Zeehan, West Coast Tasmania. This annual resource statement incorporates results received until December 2007 and the resulting revised Ore Reserves will be announced within a few weeks.

Resources Are Increasing Strongly

Total contained nickel in resources increased by 14,000 tonnes to 172,000 tonnes of nickel during 2007, which continues the pattern whereby resources of nickel (“Ni”) at Avebury have increased by 46% since late 2005. Resources at the Avebury Nickel Project have been increasing at a solid rate as exploration has proceeded and as the mine is being developed – see Figure 5 and 6 below.

This encouraging trend in the company’s nickel resource base has been achieved at a highly creditable exploration cost of 5 cents per pound (A$110 per tonne) of Ni in the ground, and despite the exploration emphasis being on the Avebury mine and near-mine extensions during the development of this, our first nickel mine.

Figure 5: Annual Avebury Global Resource Increase

0.4% Ni cut off [Nickel - thousands of tonnes (Kt Ni)]

Figure 6: Annual Avebury Global Resource Increase

0.7% Ni cut off [Nickel - thousands of tonnes (Kt Ni)]

kt N

i

0

20

40

60

80

100

120

140

160

180

200

2008200720062005

118kt

132kt

158kt

172kt

8.9% growth

19.7% growth

11.9% growth

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High Exploration Potential

During 2007, Allegiance Mining discovered its first ore-grade intercept of 8 metres averaging 1.0% Ni outside the main Avebury horizon at the Foundation Stone prospect, located some 1,500 metres north of the mine.

The Company has also recently announced the commencement of a major regional exploration drilling program, which has been long-planned and includes delineation drilling of the known nickel-copper-platinum resources at Melba Flats some 24 kilometres northeast of Avebury. New ore-grade intercepts have been reported.

Finally, recent drilling in the North Viking ore zone has demonstrated the extension at depth of Avebury style mineralisation well below the current Viking resource.

The three new discoveries at Foundation Stone, Melba Flats and North Viking Extension amply illustrate that only a small proportion of Allegiance’s nickel province has so far been explored and that the potential for a major expansion in the size of the company’s nickel business through exploration success in coming years is very high.

Details of New Resource Statement

The Avebury nickel sulphide system is known to extend in an east-west direction for more than 2,000 metres and the Company’s first mine at the Avebury Nickel Project, is being developed in the central one-third of that system (see Figures 7 and 8 below). The recently reported intersection at the Foundation Stone is still at the exploration stage and is excluded from resource estimates reported herein.

Upgrade of Resources in Avebury Mine

During 2007, close-spaced underground infill drilling from the extensions to the mine development openings was completed ahead of schedule. As a result, the strike length of the ore-body that has been infill-drilled within the immediate mine area was increased by 200 metres to 800 metres.

Furthermore, within that 800 metre strike-length, drives on ore and other ore accesses have been developed on several levels in all the main ore zones over a 300m strike length, thus exposing large sections of ore and providing bulk samples. The underground mine drilling program proceeded ahead of schedule, allowing additional detailed pre-production drilling to be completed – ore delineation and mine development remains well ahead of production.

This infill drilling and extensive development on ore has significantly improved geological confidence, therefore allowing the conversion of over 2 million tonnes of Inferred and Indicated Resources to the most rigorously defined Measured Resource category.

Near-Mine Resources

Surface drilling used two and, at times, three drill rigs to explore and extend resource zones to the east of the Avebury Nickel Project area and down-dip below the current mine area using longer surface drillholes drilled at broad spacings, sufficient for Inferred Resource estimation.

Data Quality

All drill holes are diamond core holes and core recoveries are generally good due to good ground conditions. Recent ore mining at the Avebury Nickel Project has been consistent with resource model widths and grades.

Ore Widths

The nickel ore-bodies are typically 10 to 40 metres in width, much wider than the typical Western Australian nickel deposits and suited to highly mechanised mining methods.

Cut-Off Grades

Metallurgical testwork consistently demonstrates that low grade nickel mineralisation is readily processed to produce high quality concentrates at high recovery rates. Mineral Resources are reported at a minimum 0.4% Ni cut-off grade which is approximately the natural break between nickel mineralisation and background grades. Resources for 0.7%Ni cut-off grade are also reported herein to allow comparisons with Ore Reserves.

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Avebury Nickel Project Area Resources at Various Cut-Off Grades

0.4% Ni Cut-off Grade: Mineral Resources (inclusive of Ore Reserves) - this resource estimate

Contained Nickel Tonnes

Resource Category Tonnes

Grade % Ni This report

31/12/07 Previously reported 31/03/07

% Increase in Ni Tonnes

Inferred 9,760,000 0.88

Indicated 6,050,000 1.01

Measured 2,370,000 1.03

Total 18,180,000 0.95 172,000t Ni 158,000t Ni 9 %

0.7% Ni Cut-Off Grade: Mineral Resources (inclusive of Ore Reserves)

Contained Nickel Tonnes

Resource Category Tonnes

Grade % Ni This report

31/12/07 Previously reported 31/03/07

% Increase in Ni Tonnes

Inferred 6,880,000 0.99

Indicated 4,900,000 1.09

Measured 2,220,000 1.06

Total 14,000,000 1.04 145,000t Ni 131,000t Ni 11 %

Note: Ore Reserves will be based on the 0.7% Ni cut-off grade mineral resources, commensurate with the efficient, low-cost nature of the highly mechanised Avebury nickel mine. The solid increase in the resources at the 0.7% cut-off grade is considered most encouraging as the Avebury Nickel Project moves towards commencing production in the near future.

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3560

00 m

E

3550

00 m

E

3540

00 m

E

1500 RL

2000 RL

East Avebury And Saxon

Avebury Resources 0.4% Ni CutoffMeasured and Indicated resource Inferred 9.76Mt @ 0.88 % Ni

Indicated 6.05Mt @ 1.01 % NiMeasured 2.37Mt @ 1.03% NiTotal 18.18Mt @ 0.95% Ni

Scale 250m

AVEBURY LONG PROJECTIONWest East

Nth and Sth Viking BisonNth Avebury Bintje

3560

00E

3550

00E

3540

00E

5357500N

5357000N

East Avebury

Saxon

Scale 250m

north

Inferred 9.76Mt @ 0.88% NiIndicated 6.05Mt @ 1.01% NiMeasured 2.37Mt @ 1.03% NiTotal 18.18Mt @ 0.95% Ni

Mineral Resources 0.4% Ni cut off.

Avebury Resource Plan

Bison

North Avebury

Bintje

Central Avebury

Viking

Measured and IndicatedResource

Figure 7: Plan View of Avebury Resources, January 2008 Resource Statement

Figure 8: Avebury Resource Long Section Projection looking north, January 2008 Resource Statement

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Appendix 1 for January 2008 Resource Statement

Detail Avebury Resource Figures, 0.4% Ni Cut Off Inferred Resources MTonnes Ni % As ppm Co ppm Nth Avebury 2.31 0.78 75 185

Nth Viking 1.52 1.17 875 236

Sth Viking 1.12 1.09 644 192

Other 0.38 0.72 151 119

East Avebury 4.43 0.78 321 252

Total Inferred 9.76 0.88 379 223

Indicated Resources MTonnes Ni % As ppm Co ppm Nth Avebury 2.13 1.09 183 281

Nth Viking 1.14 0.93 363 242

Sth Viking 1.74 0.99 665 270

Central Avebury 0.66 0.97 110 204

Other 0.38 0.87 117 162

Total Indicated 6.05 1.01 338 250

Measured Resources MTonnes Ni % As ppm Co ppm Nth Avebury 0.60 1.11 161 241

Nth Viking 1.63 1.01 311 221

Sth Viking 0.12 0.86 239 172

Central Avebury 0.02 0.90 61 189

Total Measured 2.37 1.03 345 231

Total Resources 18.18 0.95 362 233 containing 172,000t Ni

Explanatory Notes for Resource Statement: Competent Person and JORC Code

The resource report was prepared in accordance with the 2004 Edition of the ‘Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves’ (“JORC Code”) by Mr Tim Callaghan a full-time employee of Allegiance Metals Pty Ltd who is a Member of The Australasian Institute of Mining and Metallurgy (“AusIMM”); has a minimum of fifteen years experience as a geologist, five of which are in the estimation, assessment and evaluation of Mineral Resources of this style and is the Competent Person as defined in the JORC Code. This announcement accurately summarises and fairly reports his estimations and he has consented in writing to the resource report in the form and context in which it appears.

Estimation Procedures

All Resources quoted in this report were estimated from 3 dimensional block models created with Surpac® Software. Mineral Resources are modelled on geological boundaries and/or a minimum 0.4% Ni cut off boundary which approximates the natural break between nickel mineralisation and background grades. Ni, As and Co grades were interpolated using an ordinary kriging algorithm for all resources with the exception of the East Avebury Resource. Geostatistical parameters for resource estimation were derived in early 2006 by Quantitative Geoscience consultants of Perth. The East Avebury Resource was estimated with an inverse distance squared algorithm.

Nickel mineralisation at Avebury is hosted in two rock types, each with distinct bulk density properties. Bulk Density values were interpolated using an indicator technique and inverse distance squared algorithm.

Checks of the resource estimates were as follows:

1. Volume checks on wire frames. 2. Comparisons between the original drill hole data and the resource block model. 3. Traditional manual polygonal estimation of tonnage. 4. At the time of reporting, a technical review of the resource estimate by independent consultants was in

progress.

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AVEBURY DISTRICT EXPLORATION

Drilling continued in the Avebury district during the Quarter with three surface drill rigs and two underground rigs for a total of 7,593 metres drilled, which is well above expectation due to good drilling productivity. Exploration drillhole results are listed in Tables 1 - 4.

Mine Area Drilling

Underground Drilling continued with two rigs reducing to one rig by mid-November, mainly doing resource definition infill holes from the Central Avebury footwall drive to the east of the March 2007 ore reserve boundary. Some preproduction drilling was also completed for the mine.

Surface Drilling included near mine exploration and resource exploration drilling within the Nth Avebury Extended, Viking Extended, Bison, Bintje, Pontiac and East Avebury Areas (see Figure 9).

North Viking Extensions - New Target

Early in the quarter, drill hole A210 unexpectedly intersected a deep extension to the North Viking ore zone. Whilst the intercept in A210 was only 3 metres averaging 0.4% Ni (“3m @ 0.4%Ni”), it justified follow-up drilling.

Diamond hole A218 intersected 3.0m @ 4.7% Ni within a thick zone of mineralisation assaying 17.0m @ 1.4% Ni, 100m below the base of the current Viking Resource (Figures 9, 10 & 11). Due to the success of hole A218, a wedged (or sidetracked) hole A218B was drilled off the parent hole and intersected a similar zone assaying 2.3m @ 2.1% Ni within a thick zone assaying 19.3m @ 0.8%. Hole A218B also intersected additional mineralised zones in Central Viking (8m @ 1.2% Ni) and South Viking (assay results pending).

Both holes A218 and A218B clearly demonstrate the depth extension of the thick, continuous Avebury style mineralisation well below the base of the current Viking Resource.

Hole A218 is located 200m east along strike from hole A053 which intersected 14.0m @ 2.5% Ni. The Viking Resource zone remains untested below these two heavily mineralised drill holes.

A218 and A053 are very important intersections, not only for their high grades but also for the significant width of mineralisation. The high grades, wide mineralised zones and large areas surrounding these intersections combine to present an exciting opportunity for major resource extensions in this area.

The intersections, while highly significant, are not by themselves sufficient to enable the Company to report an increase in resources. However, they are encouraging in the context of the possibility of a major resource extension at Viking which would compliment other similar resource extension opportunities at North Avebury, East Avebury and Pontiac (see below), all of which will be rigorously pursued in the near future. Anticipated success in these areas will provide a sound foundation for the expansion options of the Avebury operation which are currently under investigation.

Further holes will be targeted at North Viking when rigs become available after the summer exploration drilling program. This presents an exciting opportunity for resource extensions in this area.

East Avebury / Saxon - Strong Ore Zone Extensions

Drill hole A217 intersected a thick zone of mineralisation to the west of the East Avebury Deposit (ie. between East Avebury and the Avebury Mine – see Figures 9 and 12). The hole returned 4.0m @ 1.8% Ni from a thick zone of 18.0m @ 1.1% Ni. This significant intercept demonstrates the prospectivity of this area. This intercept has been included in the January 2008 Resource estimation reported above. Further drilling is planned along strike to the west.

Bison and Bintje

Results from two holes completed in the Bison and Bintje area immediately south-east of the Avebury Deposit were returned during the quarter (Figures 9 and 12).

Drill hole A208 returned 6.0m @ 1.1% Ni from a larger intercept of 13.0m @ 0.8% Ni in the Bison Deposit. The hole continued on through a second mineralised zone returning a further intercept of 10.0m @ 0.6% Ni.

Drill hole A211 intersected two mineralised lenses in the Bintje deposit returning a thin zone of 5.4m @ 0.7% Ni before intersecting a thicker zone of 18.0m @ 0.8% Ni.

Drill hole A214A intersected the Bintje deposit returning a low grade intercept of 10.0m @ 0.6% Ni.

These intercepts are included in the January 2008 Resource Estimation reported above.

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5kms to Trial Harbour prospect

Section 354150E

Viking Decline

100mA218B8.0m @ 1.2%Ni

North Viking Long ProjectionEast

Nth Viking Resource

LegendA218B2.3m @ 2.1%Ni from 19.3m @ 0.8% Ni

100m

Top of Ultramafic

West

Recent DDH

A05314m @ 2.5% Ni

A2183m @ 4.7% Nifrom17m @ 1.4% Ni

Proposed DDH

2000 mRL

1500 mRL

3540

00 m

E

3545

00m

E

Figure No.

FILE : Nth Viking Long P

COMPILED : T . Callagha

DATE : 20/1/2008

Allegiance Mining N.L.Allegiance Mining N.L.

DRAWN :

REVISIONS :

LONG PROJECTION

ZEEHAN NICKEL PROJECT

NORTH VIKING

Figure 2.

Figure 9: Avebury Mine Area - deposits and prospects with recent mine exploration drillhole locations

Figure 10: North Viking Long Projection and drill intercepts

250m

north

A219

A217A214A

A220

A211

A208

P014

P008

P012P013

A218A

A218

Saxon

East Avebury

Bintje

3560

00E

Nth Avebury

Bison

3540

00E

Pontiac/Foundation

5358500N

5357500N

3550

00E

Sth Viking

Nth Viking

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A218

A218B

A052

A045

A141A

A2183m @ 4.7% Ni from17m @ 1.4% Ni

A218B2.3m @ 2.1% Ni from19.3m @ 0.8% Ni

Additional Mineralisation

Avebury Resource Area

350m Below Surface

↓Long ProjectionLooks North

←

Section 354150E

A218B8.0m @ 1.2% Ni

100m

A218Bassays pending

5750

0 N

5725

0 N

5700

0N

1500 mRL

1750 mRL

COMPILED : T. Callaghan

Figure No.

FILE :

REVISIONS :

DATE : 21/1/2008

Allegiance Mining N.L.Allegiance Mining N.L.

ZEEHAN NICKEL PROJECTDRAWN : T Callaghan

Figure 1Section 354150

Figure 11: Cross Section through North Viking

Pontiac / Foundation Stone

Three short drill holes were drilled to locate the eastern extension of the Foundation Stone Prospect and intersected a shear structure containing a thin zone of ultramafic rock before ending in a large gabbro rock (less mafic) with no significant nickel mineralisation.

Further drilling testing the Foundation Stone mineralisation identified previously in hole P008 (8.0m @ 1.1% Ni) is planned for mid 2008 when the surface exploration drill rigs become available (see Figure 9). This exploration project is still at an early stage but has significant prospectivity.

Trial Harbour - New Target

This target is located some 5 kilometres west of Avebury mine and contains an historical nickel-copper diggings called “Nickel Reward” at surface.

Exploration of this large prospect area is at a very preliminary stage because the focus to date has been on the Avebury mine area. Early exploration work is designed to define the geometry of the host rock that can contain nickel sulphide mineralisation called the Trial Harbour ultramafic.

The first of three drill holes testing the large magnetic anomaly associated with the Trial Harbour ultramafic were completed during the Quarter. The hole testing the southeast edge of the anomaly intersected the ultramafic well below the surface (>300m), almost at the capacity of the drill rig. The hole ended in ultramafic but no sulphide mineralisation was present.

Two more holes testing the centre of the anomaly will be completed in the first quarter of 2008. For

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3560

00 m

E

3550

00 m

E

3540

00 m

E

1500 RL

2000 RL

East Avebury And Saxon

Avebury Resources 0.4% Ni CutoffInferred 9.76Mt @ 0.88 % NiIndicated 6.05Mt @ 1.01 % NiMeasured 2.37Mt @ 1.03% NiTotal 18.18Mt @ 0.95% Ni

Scale 250m

AVEBURY LONG PROJECTIONWest East

Nth and Sth Viking BisonNth Avebury Bintje

Measured and Indicated resourceA21715m @ 1.1% Ni

A219nsa

A21118m @ 0.8% Ni

A214A10.0m @ 0.6% Ni

A220assays pending

A20813m @ 0.8% Ni

A218B8.0m @ 1.2% Ni

A218B2.3m @ 2.1% Nifrom19.3m @ 0.8% Ni

A2183m @ 4.7% Nifrom 17m @ 1.4% Ni

Figure 12: Avebury Long Projection Section looking northwards with recent mine exploration drill hole locations

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Western Tenements – Allegiance Nickel Province

Table 1: North Viking Resource Extension Drilling Results

Drill Hole

Collar Details

Intersection

Intersection Width

(m)

Est. True

Width (m)

% Ni

% S

% As

% Co

A210 354,444.3 E 5,357,793.8 N 2184.8 RL Brg 176 Dip -60o Length 707m

Nth Avebury Did not intercept host ultramafic Nth Viking

3.0

3.0

0.4

0.9


21

Table 2: Bintje / Bison Exploration Drilling

Drill Hole

Collar Details

Intersection

Intersection Width

(m)

Est. True

Width (m)

% Ni

% S

% As

% Co

A208 355,113.5 E 5,357,030.6 N 2124.2RL Brg 0 Dip -65.3o Length 593m

Bison 376.5 – 389.5 Inc. 379.5 – 385.5 Bison 466.0 – 476.0

13.0 6.0

10.0

11 4

7

0.8 1.1

0.6

1.3 1.9

0.3

0.15 0.17

0.01

0.05 0.05

0.01

A211 355,113.3 E 5,357,029.3 N 2124.2RL Brg 358.4 Dip -45.0o Length 601.6m

Bintje 421.6 – 427.0 and 571.0 – 589.0

5.4

18.0

4

14

0.7

0.8

0.5

0.6


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Table 4: Pontiac / Foundation Exploration Drilling

Drill Hole

Collar Details

Intersection

Intersection Width

(m)

Est. True

Width (m)

% Ni

% S

% As

% Co

P012 354,834.7E 5,358,583.8 N 2190.0 RL Brg 347 Dip -55o Length 269.5m

Pontiac No significant assays

P013 354,834.7E 5,358,583.8 N 2190.0 RL Brg 347 Dip -68.6o Length 269.5m


P014 354,950E 5,358,610 N 2190.0 RL Brg 0 Dip -50.0o Length 309.7m


Table 5: Trial Harbour Exploration Drilling

Drill Hole

Collar Details

Intersection

Intersection Width

(m)

Est. True

Width (m)

% Ni

% S

% As

% Co

A221 350,836.3 E 5,355,895.6 N 2127.5 RL Brg 240.2 Dip -50.8 Length 485.0m

Trial Harbour initial geological drilling. No significant assays

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REGIONAL EXPLORATION

Following the successful commissioning of the Avebury Nickel Project, Allegiance has turned its attention to the next part of its strategy, the discovery of new nickel deposits. The initial exploration strategy was to define the Avebury Nickel Project and move quickly towards a cash generating operational mine to fund the exploration of the Allegiance Nickel Province which extends for some 30km of highly prospective terrain as shown in Figure 2 on page 5. It consists of the western tenements close to the Avebury deposit with potential for a similar size deposit in the Trial Harbour area and the eastern tenements close to the long-life Renison and Rosebery base metal mines.

The stage is now set to build on the early exploration successes which have provided a strong platform for significant future growth. With Avebury now rapidly approaching production, major drilling programs recently initiated at Trial Harbour, Melba, East Renison and Godkin are designed to accelerate the realisation of this larger potential, with very encouraging early drill results from Melba.

Melba Flats Project EL 43/1992, ML 2M/2007

Nickel and copper sulphide deposits at Melba formed within a series of gabbro dykes, genetically associated with a large adjacent mass of altered ultramafic rocks. Mineralisation occurs as deposits of disseminated sulphides and sporadic lenses of very high grade massive sulphides, enriched in gold and platinum group metals. It has been traced intermittently over a strike length of 3km. Within this 3km zone, massive sulphide lenses, which typically assay 8–12% Ni and 4–6% Cu, outcrop in seven locations.

Intermittent exploration by others during the period 1950–1995 was focused on searching for shallow extensions of these high grade massive sulphide lenses, and there was no drilling deeper than 50m below surface.

In the late 1990s Allegiance commenced a steady but limited drilling program at Melba aimed at testing the broader potential of the area. This initial drilling was concentrated around the Nickel Reward and North Cuni-Genets prospects and achieved the following:

– Identified modest shallow resources at both prospects:

− Nickel Reward: 30,000 tonnes 3% Ni

− North Cuni-Genets: 95,000 tonnes 0.8% Ni, 1.0% Cu

– Confirmed the elevated levels of gold, platinum and palladium in the massive sulphide zones, which typically average 1–2 g/t Au and 2–3 g/t Pt and Pd

– Demonstrated that the sulphide mineralisation extended at Nickel Reward to at least 100 vertical metres, thereby dispelling the long-held concept that mineralisation at Melba stopped around 50m depth

Encouraged by these early drilling results, Allegiance expanded its drilling program at Melba through 2006–2007 and the results continue to be very positive. Highlights of this more recent work are:

– Extensions of mineralisation at Nickel Reward to vertical depths of at least 200m, in two parallel gabbro dykes, including a massive sulphide zone in DDH MF 81A, which assayed 0.7m (drill width) 10.8% Ni, 3.81% Cu

– Intersection in DDH MF 83 of 4.7m (drill width) 1.3% Ni, 0.94% Cu, 120 vertical metres beneath the former Devereaux Mine workings, 800m west of Nickel Reward; this is a new and exciting discovery in an area in which the only previous testing was three shallow (300 vertical metres) than previously thought

As a result of this persistent, but limited, exploration effort by Allegiance over the past decade, Melba has emerged as an exciting opportunity for the discovery of major nickel-copper-gold-platinum group metals and further exploration potential. F

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This view is supported by the following:

– The host gabbro dykes are far more extensive than previously thought

– Mineralisation exists in several dykes, rather than one

– Mineralisation is not terminated at shallow depths (


25

East Renison Project EL 5/2002

Allegiance regards the East Renison area as highly prospective for a range of targets, including:

– Nickel sulphide deposits in altered ultramafics

– Silver-lead-zinc deposits in altered gabbros

– Copper-tungsten deposits in altered sediments and altered gabbros

– Tin deposits in vein and fault structures

Drilling by others in the 1970s and 1980s identified resources of tin and silverlead- zinc in the altered western gabbro formation, and intersected major copper-tungsten skarn zones in altered sediments in the eastern section of the licence area. Allegiance regards the East Renison area as not only highly prospective for a range of commodities and target styles but also very underexplored. Drilling programs are currently in place to further test the Colebrook Hill skarn zone at depth for copper and tungsten mineralisation, and also the Salmon zone for silver-lead-zinc, tungsten and nickel sulphide deposits. This program commenced in early January 2008 and will continue for the remainder of the year.

Nymagee, NSW (Allegiance Mining NL 10%, Ausmindex NL 10% and Triako Resources Limited 80%)

No new developments reported by the Joint Venture operator, Triako (now part of CBH Resources).

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Figure 13: GXT portfolio, Western Tasmania

Hobart

Launceston

Devonport

Queenstown

BurnieAustralia

Hobart

90km

GEOTHERMAL ENERGY TASMANIA

Three Special Exploration Licences were granted during the December Quarter. Geothermal Energy Tasmania Holdings Limited (GXT), a wholly-owned subsidiary of Allegiance Mining NL (Allegiance) now holds 3 Category 6 (Geothermal) Minerals Licenses in western Tasmania.

The portfolio consists of:

– SEL 19/2007 (granted 12 November 2007): West Coast Project, covering 2,792 sq kilometres. Licence conditions include a minimum expenditure of $150,000 over two years.

– SEL 36/2007 (granted 12 November 2007): Northern Project, covering 3,495 sq kilometres. Licence conditions include a minimum expenditure of $350,000 over two years.

– SEL 42/2007 (granted 24 October 2007): Pieman Area, covering 2,205 sq kilometres. Licence conditions include a minimum expenditure of $350,000 over two years.

A total of 8,492 sq kilometres is under grant (Figure 13).

Deep Hot Rocks

Work to investigate the potential of deep hot rocks in western Tasmania to generate geothermal energy has commenced.

Generation of renewable zero emission power from deep hot rocks is rapidly emerging around the world as a potential major source of base load electrical energy, with operations in several countries approaching commercialisation.

The energy produced is environmentally friendly, renewable, sustainable and emission-free.

Tasmanian Advantage

Work to date, although preliminary, indicates that the granites underlying our areas have high energy producing mineral content sufficient to act as the heat generator at depth. Also in significant sections the overlying rocks are considered to be satisfactory insulators. Work continues to select the first drilling targets.

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CORPORATE INFORMATION

Directors

Anthony Howland-Rose Chairman David Deitz Director / Co. Secretary Shi Peirong Director Barry Sullivan Director Eddie Lee Director Zhang Yimin Alternate Director (Shi Peirong) Elan Slater Company Secretary

Senior Management

Paul Richardson General Manager Operations

Graham Hurwitz Chief Financial Officer

Issued Capital

At the end of the Quarter, Allegiance Mining NL had on issue 774.93 million ordinary shares and 32.17 million unlisted options at various exercise prices ranging from 17 to 98.57 cents per share.

Stock Exchange Listings

Allegiance Mining NL’s shares trade on the Australian Stock Exchange (ASX) with the stock code AGM.

Further Information on Allegiance Mining

Visit www.allegiance-mining.com.au or contact:

Mail: Level 11, Quantum House 49-51 York Street, Sydney NSW 2000 Australia

Tel: +61 2 9397 7777

Fax: +61 2 9397 7788

Email: [email protected]

Register for immediate email updates: www.allegiance-mining.com.au

Shareholder Register Enquiries

Computershare Investor Services Pty Limited manages the share register for Allegiance Mining.

Queries regarding number of shares held, change of address and other matters regarding your shareholding should be directed to Computershare.

You can access required forms and information regarding your shareholding on their website at www.computershare.com, or contact Computershare at:

Mail: Level 3, 60 Carrington Street Sydney NSW 2000

Tel: 1300 850 505 (within Australia)

+61 3 9415 5000 (outside Australia)

Fax: +61 3 9473 2500

Terminology

In this report the words Allegiance Mining, “the Company” or the “the Group” are used to refer to Allegiance Mining NL and/or its related parties.

Allegiance Mining’s financial year ends on 31 December. All currency is expressed in Australian dollars, weights are metric tonnes and distances are metric metres or kilometres, sometimes abbreviated to “m” and “km” respectively.

Disclaimer

Some of the statements contained in this report are not historical facts but may be forward-looking statements such as forecasts, estimates and statements describing the Company’s future plans, objectives or goals. Actual results could differ materially from those expected. This report should not be relied upon as the sole basis for any investment in Allegiance Mining. Independent financial advice should be sought before making any investment in Allegiance Mining NL.

Shareholder Enquiries:

If you have any queries regarding Zinifex’s Offer, please contact the Allegiance Shareholder Information Line on 1300 135 871 (from within Australia) or +61 3 9415 4395 (from outside Australia) from 9:00am to 5:00pm ESDT Monday to Friday.

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AGM December 2007 Quarterly Report - ASX · 2008. 1. 31. · In the 12 months to 31 December 2007...

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