Resource Capital Fund III L.P. Acquires Shares of Allied Gold Limited

DENVER, Nov. 30 /CNW/ - Resource Capital Fund III L.P. ("RCF III") announces that it has acquired 53,685,093 ordinary shares (the "Allied Shares") of Allied Gold Limited ("Allied Gold") pursuant to an offer (the "Offer") by Allied Gold and AGL (ASG) Pty Ltd., a wholly-owned subsidiary of Allied Gold, dated September 29, 2009 to acquire all of the issued and outstanding ordinary shares of Australian Solomons Gold Limited ("ASG") on the basis of 0.85 of an ordinary share of Allied Gold for every one ordinary share of ASG. RCF III deposited 63,158,993 ordinary shares of ASG pursuant to the Offer and acquired beneficial ownership of 53,685,093 Allied Shares in consideration therefor, representing approximately 10.18% of the issued and outstanding Allied Shares.

Resource Capital Fund II L.P. ("RCF II"), an entity that shares common management with RCF III, has also acquired 308,911 Allied Shares pursuant to the Offer. RCF II deposited 363,425 ordinary shares of ASG pursuant to the Offer and acquired beneficial ownership of 308,911 Allied Shares in consideration therefor, representing approximately 0.06% of the issued and outstanding Allied Shares.

Collectively, RCF II and RCF III beneficially own an aggregate of 53,994,004 Allied Shares representing approximately 10.24% of the issued and outstanding Allied Shares (approximately 9.43% on a fully-diluted basis).

Allied Gold's ordinary shares are listed on the Toronto Stock Exchange; however, the foregoing transactions occurred off-market.

The Allied Shares were acquired by RCF II and RCF III for investment purposes. RCF II or RCF III may from time to time acquire additional securities of Allied Gold, dispose of some or all of the Allied Shares currently owned or additional securities of Allied Gold that may be acquired, or continue to hold the Allied Shares in the normal course of its investment activities.

SOURCE RESOURCE CAPITAL FUND III L.P.

For further information: For further information: For additional information concerning the foregoing or a copy of the Early Warning Report filed in connection with the acquisition of Allied Shares, please contact: Brian Dolan, RCF Management L.L.C., Tel: (720) 946-1444

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RESOURCE CAPITAL FUND III L.P.

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