Allegiance $73M Funding Signed

    SYDNEY, Sept. 20 /CNW/ - Allegiance Mining NL (ASX Code:AGM) is pleased
to announce that formal documentation has been completed and executed with
Societé Generale and the Australian & New Zealand Banking Group for a US$45M
project finance facility, plus a cost overrun facility (A$7.5m), working
capital facility ($A11M) and an Environmental Bond Facility (A$2M), which
totals A$73M. While some additional funding will be required, the bulk of the
funding package is now in place.
    Chairman, Tony Howland-Rose added "our expanded exploration program
consisting of three surface and two underground drill rigs continues at a pace
with promising results. Mining operations in the Avebury Mine have been
stepped up with the addition of a second Jumbo which should double
productivity. The construction of the Avebury processing facility remains on
track for completion in the first Quarter of 2008"
    Real progress is being made on all fronts. If you can't visit us at
Avebury get a taste of our site progress by visiting our website (photo
gallery section).
    David Deitz, Director and CFO added "the continued support of Societé
Generale and ANZ provide a secure base for Allegiance to develop and grow into
a profitable 2008 and beyond"

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For further information:

For further information: Tony Howland-Rose, Chairman, +61-02-9397-7777
or +61-0-418-972-112

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