Merrill Lynch Backs Allegiance With $30M

    SYDNEY, Oct. 3 /CNW/ - Allegiance Mining NL (ASX Code: AGM) wishes to
announce the successful completion, subject to settlement and final allotment,
of an institutional placement of 42,000,000 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.
    David Deitz said, "This placement, together with the project 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.
    Tony Howland-Rose, Chairman of Allegiance Mining added, "With full
project funding in place and an enthusiastic and highly competent
implementation team pushing ahead at Avebury, the future never looked better."

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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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