ASX Announcement: Unsolicited Takeover Offer From Zinifex Limited

    Allegiance Shareholders Advised To Take No Action Until Zinifex's Offer
    Is Evaluated

    SYDNEY, Dec. 17 /CNW/ - Allegiance Mining NL ("Allegiance")(ASX
Code: AGM) has noted the announcement by Zinifex Limited ("Zinifex") that it
intends to make a conditional off-market takeover offer for all of the
outstanding shares in Allegiance.
    Zinifex's takeover offer is unsolicited. The Allegiance Directors believe
the offer is opportunistic and designed to take advantage of the company
following the recent successful drawdown of the project finance facilities and
with production scheduled to commence at the company's Avebury Nickel project
which is expected in the first quarter 2008.
    The Board is unanimous in its view that Allegiance shareholders should
take no action or make any decision in relation to their shareholding until
the Board has had an opportunity to consider the Bidder's Statement and has
issued its formal recommendation regarding the offer.
    Your Directors will carefully consider the offer as well as all other
potential options to ensure the best result for all shareholders is achieved.
    Allegiance has appointed Merrill Lynch International (Australia) Limited
and ANZ Corporate Finance as financial advisers and Minter Ellison and
Schetzer Brott & Appel as its legal advisers to assist the Directors to
evaluate and respond to the unsolicited takeover offer from Zinifex.
    The Directors will keep shareholders fully informed of further


For further information:

For further information: Tony Howland-Rose, Chairman: +61(02)9397 7777,
or +61 0418 972 112; David Deitz, Director and CFO: +61(02)9397 7777, or +61
0411 858 830

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