Viking Deposit: Extension to Depth DDH A218: 3.0m @ 4.7% Ni within 17.0m @ 1.4% Ni

    SYDNEY, Jan. 24 /CNW/ - At the Avebury Mine, drill hole A218 has
intersected 3.0m @ 4.7% Ni within a thick zone of mineralisation assaying
17.0m @ 1.4% Ni, 100m below the base of the current Viking Resource (Figure 1
and 2).
    A wedged hole A218B off the parent hole intersected a similar zone
assaying 2.3m @ 2.1% Ni within a thick zone assaying 19.3m @ 0.8%. DDH A218
also intersected additional mineralised zones in Central Viking (8m @ 1.2% Ni)
and South Viking (assay results pending).
    Both A218 and A218B clearly demonstrate the depth extension of the thick,
continuous Avebury style mineralisation well below the base of the current
Viking Resource.
    A218 lies 200m east along strike from A053 which intersected 14.0m @ 2.5%
Ni. The Viking Resource zone remains untested below these two drill holes. A
218 and A053 are very important intersections, not only for their high grades
but also for the width of mineralisation. The high grades, wide mineralised
zones and large areas surrounding these intersections combine to present an
exciting opportunity for major resource extensions in this area.
    The intersections, while highly significant, are not by themselves
sufficient to enable the Company to report an increase in resources. However,
they are encouraging in the context of the possibility of a major resource
extension at Viking which would compliment other similar resource extension
opportunities at North Avebury, East Avebury and Pontiac, all of which will be
rigorously pursued in the near future. Anticipated success in these areas will
provide a sound foundation for the expansion options of the Avebury operation
which are currently under investigation.


    This latest intersection below the Viking Resource zone vindicates our
stated optimism regarding continued growth in the Avebury resource base, which
could underpin future major expansion of the Avebury operation.
    Our optimism is based on a highly professional assessment of resource
potential by our mine geoscientists.
    Drill hole A218 (17m 1.4% Ni) lies 100 metres beneath the Viking resource
zone. It is 200 metres east of drill hole A053 (14m 2.5% Ni). There are no
other drill holes in between or below these holes.
    This represents a wonderful opportunity for the identification of major
extensions of the Viking resource, due to the combination of thick multiple
zones of mineralisation and higher than average grades.
    We believe that over the medium to long term your Allegiance team will
continue to deliver cost effective, positive exploration results - such is the
potential and the promise of the Allegiance Province.
    The other exciting point to note about these results is that the resource
extension opportunity below Viking is but one of a number of similar
opportunities at Avebury, including eastern extensions of North Avebury, depth
extensions of Pontiac, and strike extensions of East Avebury.

    Tony Howland-Rose

For further information:

For further information: Allegiance Mining NL, P: +61-2-9397-7777, F:
+61-2-9397-7778, W:

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