SYDNEY, Australia, November 9 /PRNewswire/ --
Allegiance Mining NL (ASX Code : AGM) is pleased to announce that its wholly-owned subsidiary, Geothermal Energy Tasmania Holdings Limited (GXT), has been granted its first Special Exploration Licence (SEL) for Category 6 (Geothermal) Minerals in Tasmania.
Covering 2,205 sq kilometres in Western Tasmania, SEL 42/2007 is the first of three applications to be granted. Licence conditions include a minimum expenditure of AUS$350,000 over two years. SEL applications 19/2007 and 36/2007 are pending.
Allegiance believes the package of Tasmanian properties being assembled by GXT is highly prospective for geothermal energy, a clean renewable energy source.
Chairman, Tony Howland-Rose said "The granting of our first Geothermal licence is really exciting. My understanding is that the remaining licences should be granted in the next few weeks. While geothermal energy is a new concept, it is clear that it will form an important part of the "clean energy" scene in Tasmania. All fundamental data look really positive at this stage."
For Further Information Contact: Tony Howland-Rose, Chairman: +61-02-9397-7777 or +61-0-418-972-112 David Deitz, Director and CFO: +61-02-9397-7777 or +61-0-411-858-830
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Web site: http://www.allegiance-mining.com.au
Tony Howland-Rose, Chairman, +61-02-9397-7777, or +61-0-418-972-112, or David Deitz, Director and CFO, +61-02-9397-7777, or +61-0-411-858-830, both of Allegiance Mining NL