TORONTO, April 28, 2014 /CNW/ - Alacer Gold Corp. ("Alacer" or the
"Corporation") [TSX: ASR and ASX: AQG] announced today that it has filed its
first quarter 2014 financial results and related management's discussion and
analysis ("MD&A"). The corresponding financial statements and MD&A are
available on www.AlacerGold.com and on www.SEDAR.com. All currencies
referenced herein are denominated in USD unless otherwise stated.
Rod Antal, Alacer's Chief Executive Officer, stated, "Çöpler continued to
deliver safe and predictable operating performance over the winter months.
"First quarter gold production of 42,669 attributable(1) ounces was delivered
at industry-leading All-in Costs(2) of $739 per ounce. Çöpler's operations
continue to provide a robust platform to support future growth as we advance
the Sulfide Definitive Feasibility Study. Work continues to finalize the DFS
for publication prior to the end of Q2 2014. Additionally, the efforts
underway to incorporate the increasingly significant positive gold
reconciliation into a new resource model are well progressed."
-- On April 17, 2014, the Corporation announced that Mr. Thomas R.
Bates, Jr. was appointed to the Board of Directors. In
addition, Mr. Edward Dowling was appointed as Chairman, and
former interim Chairman Mr. Richard Graff remains on the Board
as the independent Lead Director.
-- On March 12, 2014, the Corporation's Board of Directors
declared an annual dividend of $0.02 per share, or
approximately $5.9 million. This dividend was paid on April 15,
-- Work on the Çöpler Sulfide Project Definitive Feasibility Study
("DFS") continues and is on track for release prior to the end
of Q2 2014. This includes a program of work to determine the
factors leading to the positive sulfide gold reconciliations.
As outlined in the MD&A, until such work is complete, the
impact of such reconciliation on the DFS is unknown and
therefore subject to uncertainty.
-- Two significant safety milestones were passed during the
quarter as Çöpler reached one calendar year worked without a
lost-time injury on February 24, 2014, and achieved three
million hours without a lost-time injury on March 27, 2014.
-- Total gold production was 52,919 ounces.
-- Attributable gold production(1) was 42,335 ounces.
-- The ratio between gold produced and contained gold in ore
stacked was 80% for the quarter.
-- All-in Sustaining Costs/ounce(2) were $680 and All-in
Costs/ounce(2) were $739 for Q1 2014.
-- 0.5 million tonnes of sulfide ore were added to stockpiles
during Q1 2014 at an average grade of 4.98 g/t. Sulfide ore
mined continued to provide a positive gold reconciliation
during Q1 2014, which resulted in an 82% positive
reconciliation on a contained ounce basis.
-- The Corporation ended Q1 2014 with cash and cash equivalents of
$292.1 million(3), an increase of $2.4 million over the prior
-- Working capital decreased by $7.5 million during the quarter to
-- Attributable net profit from operations was $9.7 million.
-- Adjusted Net Profit(2) was $15.1 million, or $0.05 per share.
-- Cash flow from operating activities totaled $29.8 million.
Conference Call / Webcast Details
Mr. Rod Antal, Chief Executive Officer of Alacer, will host a conference call
on Monday, April 28 at 6:30 pm (North America Eastern Time) and Tuesday, April
29, at 8:30 a.m. (Australian Eastern Time).
You may listen to the call via webcast at
http://services.choruscall.ca/links/alacer140428.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
Call" Conference ID
If you are unable to participate in the call, a webcast will be archived until
July 28, 2014 and a recording of the call will be available on Alacer's
website at www.AlacerGold.com or through replay until Wednesday, May 28, 2014
by using passcode 8901# and calling:
1-800-319-6413 for U.S. and
1-800-638-9854 for Australia
The corresponding financial statements and management's discussion and
analysis will be posted on Alacer's website and on www.SEDAR.com.
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 in Q2
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 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 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.
___________________________ (1) Attributable gold production is reduced by the
20% non-controlling interest at Çöpler. (2) All-in Sustaining Costs/ounce,
All-in Costs/ounce and Adjusted Net Profit are non-IFRS financial performance
measures with no standardized definition under IFRS. For further information
and detailed reconciliations, see the "Non-IFRS Measures" section of the MD&A
for March 31, 2014. (3) Includes the Lidya Mining portion of Q1 profits that
are expected to be distributed in the first half of 2015.
SOURCE Alacer Gold Corp.
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
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