Announcement from Jinchuan Chairman Regarding Zinifex Limited's Unsolicited Takeover Offer for Allegiance Mining NL



    SYDNEY, Jan. 11 /CNW/ -

    Company Announcement Office
    Australian Stock Exchange Limited

    Dear Sir/Madam

    Attached is a letter received from Allegiance Mining NL's major
shareholder, Jinchuan Group Limited, in response to Zinifex's unsolicited
takeover offer.

    Yours sincerely,

    TONY HOWLAND-ROSE
    MSc, DIC, FGS, FIMMM, FAusIMM, FAIG, CEng CHAIRMAN


    JNMC
    Jinchuan Group Ltd.

    Jinchang City, Gansu Province 737103 P.R China
    Fax: (86) 935 8811612
    Tel: (86) 935 8812230
    http://www.jnmc.com

    
                              Letter of Support
    

    Announcement from Jinchuan Chairman Li Yongjun regarding Zinifex
Limited's unsolicited takeover offer for Allegiance Mining NL
    Jinchuan Group Limited ("Jinchuan") is a major shareholder of Allegiance
Mining NL ("Allegiance") with a shareholding of 10.4 % of the outstanding
shares of Allegiance. Jinchuan and Allegiance also have an off-take agreement
for all metalliferous discoveries made by Allegiance in Tasmania.
    With its near-term production profile and highly prospective Nickel
Province, the vast majority of which remains unexplored, Jinchuan believes
there to be significant further upside in Allegiance ; and therefore the
A$1.00 per share offer for Allegiance is not reflective of the true value of
the company.
    Jinchuan has a long-term strategic relationship with Allegiance. We
strongly support the management and Board of Allegiance and believe they are
creating excellent value for shareholder and jointly we will continue to do
so.

    Li Yongjun
    Chairman & President with Jinchuan Group Ltd





For further information:

For further information: Allegiance Mining NL, Ph: +61 2 9397 7777, Fax:
+61 2 9397 7788, www.allegiance-mining.com.au

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ALLEGIANCE MINING NL

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