Alacer Gold announces update on sulfide Definitive Feasibility Study and
positive sulfide gold reconciliation
TORONTO, March 12, 2014 /CNW/ - Alacer Gold Corp. ("Alacer" or the
"Corporation") [TSX: ASR and ASX: AQG] announced an update on the sulfide
Definitive Feasibility Study ("DFS") and highlights positive gold
reconciliation in the sulfide orebody. Mr. Rod Antal, Chief Executive Officer
of Alacer, will host a conference call on Wednesday, March 12 at 5:30 p.m.
(North America Eastern Daylight Time) and Thursday, March 13 at 8:30 a.m.
(Australian Eastern Daylight Time) to discuss this release together with the
full year financial results.
Rod Antal, Alacer's Chief Executive Officer, stated "As we continue to deliver
on our commitments, I am pleased to report we are on track to deliver the DFS
for the 5,000 tonne per day whole-ore pressure oxidation processing facility
in Q2 2014. An important element of this study will be to understand the
significant positive sulfide gold reconciliations we have experienced since
mining the 1.5 million tonnes of sulfide ore to December 31, 2013. We have
seen this positive trend continue across all three pits and, as a result,
recently began an extensive study to determine the factors contributing to
this positive bias. While the outcomes of this study may have a positive
impact on the DFS, it will not delay our DFS project schedule."
Alacer remains on track to deliver the sulfide DFS in Q2 2014. The design,
engineering and procurement studies are nearing completion and will soon be
subject to the Corporation's internal review. In addition, the supplemental
Environmental Impact Assessment for the project contemplated in the DFS will
be submitted during March 2014.
During 2013 more than 1.3 million tonnes of sulfide ore were added to
stockpiles with an average gold grade of 4.94g/t. The grade of the sulfide ore
mined is significantly higher than was predicted by the resource block models.
In 2013 there has been a positive reconciliation of 39% on a contained ounce
basis, composed of lower than expected tonnage and higher than expected gold
The positive sulfide gold reconciliation was initially encountered in the
Manganese Pit where the majority of mining took place in 2013. During 2013,
sulfide ore stockpiled from this pit totaled 0.8 million tonnes at 4.50g/t
gold, a positive reconciliation of 36% on a contained ounce basis. In July
2013, the Corporation began initial steps to investigate why this positive
bias was occurring in the Manganese Pit. The positive gold reconciliation
continued as mining of sulfide ore progressed into the Main and Marble Pits
towards the end of 2013. Sulfide ore stockpiled from the Main and Marble Pits
in 2013 totaled 0.5 million tonnes at 5.57 g/t gold, a positive reconciliation
of 41% on a contained ounce basis.
The continuing trend of substantial positive gold reconciliation across all
three pits has recently led the Corporation to commence a systematic and
structured project to understand the causes of the positive reconciliations on
a mine-wide basis. This work includes reviewing the drilling database, the
sulfide resource estimation methodology, the characteristics of the sulfide
ore mined to date and completing a discrete validation drilling program. This
reconciliation bias has the potential to provide significant upside to the
DFS, especially from the Main Pit which contains the majority (+60%) of
Çöpler's sulfide ore. However, until such work is complete, the impact on
the DFS is unknown and therefore subject to uncertainty.
To the extent possible, the outcomes of this resource reconciliation project
will be incorporated into the DFS. The ability to incorporate this work will
be dependent on the timely completion of the project and the validation
drilling program. While this ongoing work may be very important to the DFS, it
will not preclude the completion of the DFS in Q2 2014.
Conference Call / Webcast Details
Alacer will host a conference call on Wednesday, March 12 at 5:30 pm (North
America Eastern Daylight Time)/ Thursday, March 13 at 8:30 a.m. (Australian
Eastern Daylight Time).
You may listen to the call via webcast at
http://services.choruscall.ca/links/alacer140312.html. The conference call
presentation will also be available at the link provided prior to the call
You may participate in the conference call by dialing:
1-800-319-4610 for U.S. and Canada
1-800-423-528 for Australia
800-930-470 for Hong Kong
800-101-2425 for Singapore
1-800-017-8660 for United Kingdom
1-604-638-5340 for International
"Alacer Gold Call" Conference ID
If you are unable to participate in the call, a webcast will be archived until
Thursday, June 12, 2014 and a recording of the call will be available on
Alacer's website at www.AlacerGold.com or through replay until Friday, April
11, 2014 by using passcode 8901# and calling:
1-800-319-6413 for U.S. and Canada
1-800-638-9854 for Australia
Alacer Gold Corp. is a leading intermediate gold mining company and its world
-class operation is the 80% owned Çöpler Gold Mine in Turkey. Alacer also
has 11 active exploration projects in Turkey which are joint ventures with our
Turkish partner Lidya Mining.
During 2013, Çöpler produced 216,850 attributable(1) ounces at an All-In
Costs(2) of $864 per ounce.
Çöpler is currently an open-pit, heap-leach operation that is producing gold
from oxide ore. The treatment of sulfide ore via pressure oxidation is being
evaluated and a Definitive Feasibility Study is planned to be completed by
(1) Attributable gold productin is reduced by the 20% non-controlling interest
(2) All-in Costs is a non-IFRS financial performance measure with no
standardized definition under IFRS. For further information and detailed
reconciliation, see the "Non-IFRS Measures" section of the MD&A for the year
ended December 31, 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, preliminary cost reporting in this news release, production, cost and
capital expenditure guidance; development plans for processing sulfide ore at
Çöpler; amount of contained ounces in sulfide ore; results of any grade
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 resource 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 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
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.
SOURCE Alacer Gold Corp.
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
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