TORONTO, April 9, 2015 /CNW/ - Alacer Gold Corp. ("Alacer" or the "Corporation") [TSX: ASR and ASX: AQG] is pleased to announce the Board of Directors has provided approval to proceed with the Çöpler Sulfide Project. The Board has approved advancement of the Project into detailed engineering and procurement of long-lead time items. The land use permits required to begin Project construction have progressed through the regulatory process and are currently awaiting final approval.
Rod Antal, Alacer's President and Chief Executive Officer, stated, "The Board's decision to approve the advancement of the Sulfide Project represents a significant milestone for both the Çöpler Gold Mine and Alacer. We remain focused on further de-risking the Sulfide Project and I am confident that we have the resources and expertise in place to advance the Project into the execution phase."
Alacer is a leading intermediate gold mining company, with an 80% interest in the world-class Çöpler Gold Mine in Turkey. The Corporation's primary focus is to maximize portfolio value, maximize free cash flow, minimize project risk, and therefore create maximum value for shareholders.
Alacer is actively pursuing initiatives to enhance value beyond the current mine plan:
- Çöpler Oxide Production Optimization – expansion of the existing heap leach pad to 58 million tonnes has started, and the Corporation continues to evaluate opportunities to optimize and extend the oxide production beyond the current reserves.
- Çöpler Sulfide Project – delivers medium-term growth at compelling returns and increases production by an additional 22 years. The Environmental Impact Assessment has been approved and the project is progressing as planned. The Sulfide Project brings Çöpler Life-of-Mine gold production to 3.9 million ounces at industry low All-in Sustaining Costs1 averaging $637 per ounce as detailed in the NI 43-101 Technical Report on the Çöpler Sulfide Expansion Project Feasibility Update, dated March 27, 2015.
- Alacer continues to pursue numerous high-potential exploration projects in Turkey in various joint ventures with our Turkish partner Lidya Mining.
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, preliminary cost reporting in this press release, production, cost and capital expenditure guidance; ability to expand the current heap leach pad, development plans for processing sulfide ore at Çöpler; results of any gold reconciliations; ability to discover additional oxide gold ore, 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 Resources estimates; the development approach, the timing and amount of future production, timing of studies, announcements and analysis, the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals 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 analysis; 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 incorrect.
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.
1 All-in Sustaining Costs are a non-IFRS financial performance measure with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the "Non-IFRS Measures" section of the MD&A for December 31, 2014.
SOURCE Alacer Gold Corp.
For further information: For further information on Alacer Gold Corp., please contact: Lisa Maestas - Director, Investor Relations at +1-303-292-1299