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Possibly the power supply is bad. Or the board. However, the board is no longer supported.
I would try another power supply.
Yea, I have seen these symptoms previously - and, in all cases, it was an issue with the PSU. Either it is incompatible (unfortunately, there *were* PSUs incompatible with this board) or the PSU is not working properly. I suggest that you try it with another PSU...
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I agreed, this could be a PSU issue, you can see more troubleshooting steps for this motherboard here: