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Merrill Lynch Raises $30m

Tuesday, October 2nd, 2007

Allegiance Mining NL wishes to announce the successful completion, subject to settlement and final allotment, of an institutional placement of 42,000,000 million ordinary shares at A$0.72 cents per share raising A$30.24m.
The placement was strongly supported by institutional investors in both Australia and internationally and was managed by Merrill Lynch International (Australia) Pty Ltd.
This funding, together with the recent funding from Societé Generale/ANZ, completes all funding arrangements required to take Allegiance Mining NL into production early in 2008 and to continue and accelerate both regional and near mine exploration.
Subject to Chinese Provincial and Central Governmental Regulations the Jinchuan Group may or may not participate in the capital raising.

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