NEW YORK, Feb 13, 2008 /PRNewswire-FirstCall via COMTEX/ -- Allied Energy
Corporation (Pink Sheets: AGYP ) is pleased to announce the receipt of the
Property Evaluation Report it commissioned on prospective mineral concessions,
collectively, the "property", in the area of Choma, Zambia (collectively, the
"Starfield Mine", also or formerly known as the "Kasika Mine"). This area is
part of the Southern Tin Belt of Zambia, an African country which is known to be
rich in base metals, such as Copper, Tin, and Zinc.
The report was prepared by N. Tribe & Associates Ltd., Geological Consultants.
Mr. Tribe attended the property personally along with the President of Allied
Energy, Mr. L. James Porter and Brad Jorgensen, CEO of Starfield Minerals Ltd.
Mr. Tribe is a registered professional engineer and consulting geologist. He is
a "Qualified Person" and independent of the Company, its management and
shareholders. Mr. Tribe's sampling approach consisted of cutting chip channel
samples across shear veins, as well as some sampling of eluvials. Mr. Tribe
noted that the property has firstly, shear veins and secondly, eluvial,
colluvial and alluvial deposits.
In evaluation of the abovemen tioned report, management has decided to progress
with the recommendation of the Property Evaluation Report. This recommendation
is that 280 meters of trenching be conducted in order to further establish the
potential of the property. A budget has been proposed by Mr. Tribe and the
Company's management will finalize action steps in the coming weeks, which will
be publicly announced when appropriate.
As previously reported, on October 31, 2007 Allied Energy entered into a
Memorandum of Understanding with Starfield Minerals Ltd., for the purpose of
acquiring Starfield itself or its sole asset, being the Starfield Mine,
prospective for tin, tantalum/tantalite and mica.
Located in Southern Africa, the Republic of Zambia is one of the world's
principal tin producers and is extensively resource rich in other metals and
minerals. While Allied Energy will initially focus on the development of the
Starfield Mine, it intends to concurrently aggressively pursue possible
additional acquisitions, joint ventures or mergers complimentary to this initial
transaction and discussions thereon have commenced already.
Production at the Starfield Mine is currently conducted by artisanal workers
using hand-labor in open pits and extensive production efficiency can be
achieved using mechanization. Adjacent sites have been identified for potential
acquisition and exploitation as part of expanded exploration and development
activities.
Trench results will be assayed and further trenching and/or a program of diamond
drilling will follow as appropriate, for the purpose of establishing grade,
volume and tonnage of the deposit and thus the determination of mining economic
feasibility of the Starfield Mine property.
Tin (Sn) is a base metal of great importance and utilization in the
infrastructure of society; due to its low melting point, tin binds easily to
iron (steel), lead, copper, and zinc, which makes it an important coating
material for the prevention of rusting (oxidation). The main industries that
utilize tin are food preservation, telecommunications, electric circuits,
semiconductors, and architectural engineering.
The global tin market in 2006 was estimated at 360,000 tonnes, for a value of
approximately US$5.5 billion. This number is expected to grow significantly due
to the rapid modernization and GDP growth of large, emerging Asian economies
such as China, India and Indonesia.
About Allied Energy Corporation:
Allied Energy Corporation is a publicly traded company actively seeking a
potential acquisition target within the natural resources sector. On October 31,
2007 the Company entered into a Memorandum of Understanding to acquire Starfield
Minerals Ltd. or its assets. Starfield Minerals Ltd. owns a Zambia, Africa based
tin and tantalite deposit (the "Starfield Mine") in the vicinity of Choma,
Republic of Zambia.
Forward Looking Statements (SAFE HARBOR):
This press release may include certain statements that are not descriptions of
historical facts, but are forward-looking statements within the meaning of
Section 27A of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. These forward-looking statements may include the
description of our plans and objectives for future operations, assumptions
underlying such plans and objectives, statements regarding benefits of a
proposed acquisition and other forward-looking terminology such as "may,"
"expects," "believes," "anticipates," "intends," "projects" or similar terms,
variations of such terms or the negative of such terms. There are a number of
risks and uncertainties that could cause actual results to differ materially
from the forward-looking statements made herein. Such information is based upon
various assumptions made by, and expectations of, our management that were
reasonable when made but may prove to be incorrect. All of such assumptions are
inher ently subject to significant economic and competitive uncertainties and
contingencies beyond our control and upon assumptions with respect to the future
business decisions which are subject to change. Accordingly, there can be no
assurance that actual results will meet expectations and actual results may vary
(perhaps materially) from certain of the results anticipated herein.
Contact: Antonio Treminio, Director, Investor Relations and VP, Mergers and
Acquisitions, Allied Energy Corporation, Tel: 212-315-9705, e-mail:
Antonio@hotequities.com
SOURCE Allied Energy Corporation
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