Revised offer of $1.10 cash per share

The Allegiance board has recommended acceptance of a revised offer by Zinifex of $1.10 per share.

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Welcome to Allegiance Mining N.L.

Allegiance Mining is an emerging Australian nickel mining company that is about to commission its first nickel project located in Tasmania. Its Avebury nickel project is due to start production in 1Q-08 and the company has an on-going exploration effort targeting nickel sulphide deposits.

Allegiance Mining has made a significant nickel sulphide discovery at Avebury located 8km west of Zeehan on Tasmania's mineral rich West Coast. The mineralisation is essentially remobilised nickel sulphide (pentlandite mineral) and is of simple metallurgy, producing the world's highest grade nickel sulphide concentrate.

We believe that the geology is permissive for additional such deposits within our lease holdings and the discovery of the new East Avebury-Saxon deposits only 1,100 metres east of Avebury in September 2006 may represent a second ore production centre.

The Avebury Nickel Project is fully approved for production and construction is well advanced. The orebodies are already accessed by the 1.2km long Viking Decline and the mine is ready for production. Construction of the mill is well advanced and major long-lead components have been delivered to site on or ahead of the schedule which targets a 1Q-08 start-up.