Jinchuan Converts At 80c Per Share

    SYDNEY, Oct. 3 /CNW/ - Allegiance Mining NL (ASX Code: AGM) is pleased to
announce that the Jinchuan Group has exercised its right to convert the
Subordinated Loan of $5,458,435 into 6,823,044 shares at 80 cents per share.
On completion of this transaction, and following the recent placement through
Merrill Lynch, the Jinchuan Group will own 85,242,059 ordinary shares in
Allegiance amounting to 10.4% equity holding in Allegiance.
    Chairman, Tony Howland-Rose said, "Jinchuan's continued support for
Allegiance both reflects their confidence in the Avebury Nickel Project and
the strong demand for nickel going forward" Allegiance is pleased to have
Jinchuan as a major shareholder as well as our off take partner in developing
the potential of the Avebury Nickel Province.
    This transaction finalises the financial arrangements to both complete
the plant and accelerate exploration in the region.
    David Deitz, CFO added, "the support of our major partners Jinchuan, ANZ
and Societe Generale have accelerated our transition from a junior explorer to
a nickel producer."

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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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