TORONTO, Dec. 5, 2013 /CNW/ - Alacer Gold Corp. ("Alacer") [TSX: ASR and ASX: AQG] is pleased to announce an increase in gold production guidance for the
Çöpler Gold Mine to 214,000 - 218,000 attributable1 ounces for 2013.
Rod Antal, Alacer's Chief Executive Officer, commented "Çöpler achieved
record production in the third quarter of 81,059 ounces and fourth
quarter production remains strong. Improvements in operating
efficiencies, including increased levels of cyanide dosing and a focus
on quality agglomeration, have increased production beyond expectations
resulting in higher than forecasted gold production. This solid
production has prompted a 10% increase in our 2013 production
guidance. Our guidance for cash costs and capital expenditure remains
Mr. Antal continued, "Çöpler's performance reinforces our strategy to
focus on this world-class asset and the surrounding area. Alacer has a
large landholding in Turkey with 14 active exploration projects. Using
the initial positive geochemical and drill results received to date,
Alacer is intensifying its exploration focus in Turkey with the goal of
discovering one or more oxide ore deposits that can be brought into
production over the next 3 to 4 years."
214,000 to 218,000
192,000 to 200,000
375 to 390
405 to 425
Alacer Gold Corp. is a leading intermediate gold mining company.
Alacer's world-class operation is the Çöpler Gold Mine in Turkey.
Alacer has 14 active exploration projects in Turkey which are 50%/50%
joint ventures with our Turkish partner Lidya Mining.
During 2013, Çöpler is forecast to produce 268,000 to 272,000 ounces at
Total Cash Cost of less than $425 per ounce. Çöpler is an epithermal
gold deposit with oxide ore currently being processed in a conventional
crush, agglomeration, heap-leach and gold recovery circuit.
The Çöpler Gold Mine is operated by Alacer and is 80% owned by Alacer.
Çöpler is located in the eastern part of Turkey, roughly 550km east of
Ankara and 120km southwest of the city of Erzincan. Çöpler is an
epithermal gold deposit, centered on a composite diorite to monzonite
porphyry stock that has intruded into the surrounding metasediments and
limestone-marbles. Crossing these units are two main parallel
east-northeast striking faults with smaller northeast/northwest
striking faults between them, providing a permissive environment for
the hydrothermal mineralization. Mineralization at Çöpler occurs in
both oxide and sulfide forms, amenable to conventional open pit mining.
1 Alacer owns 80% of Çöpler.
2 Cash Operating Costs and Total Cash Costs are non-IFRS financial
performance measures with no standardized definitions under IFRS. For
further information, see the "Non-IFRS Measures" section of the MD&A
for the three month period ended September 30, 2013.
Except for statements of historical fact relating to Alacer, certain
statements contained in this press release constitute forward-looking
information, future oriented financial information, or financial
outlooks (collectively "forward-looking information") within the
meaning of Canadian securities laws. Forward-looking information may be
contained in this document and other public filings of Alacer.
Forward-looking information often relates to statements concerning
Alacer's future outlook and anticipated events or results and, in some
cases, can be identified by terminology such as "may", "will", "could",
"should", "expect", "plan", "anticipate", "believe", "intend",
"estimate", "projects", "predict", "potential", "continue" or other
similar expressions concerning matters that are not historical facts.
Forward-looking information includes statements concerning, among other
things, production, cost and capital expenditure guidance; development
plans for processing sulfide ore at Çöpler; the generation of free cash
flow and payment of dividends; matters relating to proposed
exploration, communications with local stakeholders and community
relations; negotiations of joint ventures, negotiation and completion
of transactions; commodity prices; mineral resources, mineral reserves,
realization of mineral reserves, existence or realization of mineral
resource estimates; the development approach, the timing and amount of
future production, timing of studies, announcements and analyses, the
timing of construction and development of proposed mines and process
facilities; capital and operating expenditures; economic conditions;
availability of sufficient financing; exploration plans and any and all
other timing, exploration, development, operational, financial,
budgetary, economic, legal, social, regulatory and political matters
that may influence or be influenced by future events or conditions.
Such forward-looking information and statements are based on a number of
material factors and assumptions, including, but not limited in any
manner to, those disclosed in any other of Alacer's filings, and
include the inherent speculative nature of exploration results; the
ability to explore; communications with local stakeholders and
community and governmental relations; status of negotiations of joint
ventures; weather conditions at Alacer's operations, commodity prices;
the ultimate determination of and realization of mineral reserves;
existence or realization of mineral resources; the development
approach; availability and final receipt of required approvals, titles,
licenses and permits; sufficient working capital to develop and operate
the mines and implement development plans; access to adequate services
and supplies; foreign currency exchange rates; interest rates; access
to capital markets and associated cost of funds; availability of a
qualified work force; ability to negotiate, finalize and execute
relevant agreements; lack of social opposition to the mines or
facilities; lack of legal challenges with respect to the property of
Alacer; the timing and amount of future production and ability to meet
production, cost and capital expenditure targets; timing and ability to
produce studies and analyses; capital and operating expenditures;
economic conditions; availability of sufficient financing; the ultimate
ability to mine, process and sell mineral products on economically
favorable terms and any and all other timing, exploration, development,
operational, financial, budgetary, economic, legal, social, regulatory
and political factors that may influence future events or conditions.
While we consider these factors and assumptions to be reasonable based
on information currently available to us, they may prove to be
You should not place undue reliance on forward-looking information and
statements. Forward-looking information and statements are only
predictions based on our current expectations and our projections about
future events. Actual results may vary from such forward-looking
information for a variety of reasons, including but not limited to
risks and uncertainties disclosed in Alacer's filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by
law, Alacer does not intend, and undertakes no obligation to update any
forward-looking information to reflect, among other things, new
information or future events.
SOURCE: Alacer Gold Corp.
For further information:
For further information on Alacer Gold Corp., please contact:
Lisa Maestas - Director of Investor Relations - North America at +1-303-292-1299
Roger Howe - Director of Investor Relations - Australia at +61-2-9953-2470