Alacer Gold announces results of ongoing resource reconciliation study for the Çöpler Gold Mine

 Alacer Gold announces results of ongoing resource reconciliation study for the  Çöpler Gold Mine  TORONTO, June 16, 2014 /CNW/ - Alacer Gold Corp. ("Alacer" or the "Company")  [TSX: ASR and ASX: AQG] announces updated Mineral Resources and Reserves  estimates for the Çöpler Gold Mine in Turkey as a result of the initial  outcomes from the ongoing resource reconciliation project.  Highlights        --  Measured and Indicated Mineral Resources have increased by 0.62         million ounces (+9%) to 7.80 million ounces of contained gold.     --  Mineral Reserves have increased by 0.21 million ounces (+6%) to         3.84 million ounces of contained gold.     --  The oxide grade has increased by 34% to 1.32g/t gold and the         sulfide grade has increased by 14% to 2.67g/t gold for the         Mineral Reserves.     --  The Resource Reconciliation Study (the "Study") has provided         the basis for these additional recoverable ounces from both the         oxide and sulfide ore, and work on the Study is continuing.  These Mineral Resources and Reserves were estimated in conjunction with the  Definitive Feasibility Study ("DFS") evaluating the construction of a sulfide  ore processing facility for the Çöpler Gold Mine. Alacer released a separate  announcement today regarding this DFS.  Rod Antal, Alacer's Chief Executive Officer, stated, "Çöpler's substantial  Mineral Resources and Reserves form the foundation of this world-class mine.   The oxide component of Çöpler's Probable Mineral Reserve now totals 1.12  million ounces with a 34% increase in the oxide reserve grade to 1.32g/t gold.   This increased grade provides a valuable uplift to our current heap leach  operation which is forecast to provide positive operating cash flows until at  least 2019.  "The sulfide component of Çöpler's Probable Mineral Reserve has increased to  2.72 million ounces with a 14% increase in the sulfide reserve grade to  2.67g/t gold with less tonnes being mined. As a result of the higher grade,  the initial production profile for the sulfide project has greatly improved.  "The new resource model utilizes the empirical data from the last four years  of mining the Çöpler orebody and improved understanding of the geology.  The  results have provided a resource model that better reflects what we have  actually mined to date and an improved estimate of the ore tonnes and grade  from the Çöpler pits in the future.  This reconciliation work is ongoing and  further work is underway to meet the requirements to transfer a portion of  Mineral Resources from Indicated into the Measured category.  "As detailed in the separate announcement today, the positive DFS outcomes  have demonstrated the economic benefits flowing from these increased Mineral  Resources and Reserves."  Resource Reconciliation Study  Work commenced on the Study in early 2014 to determine the factors  contributing to the positive gold reconciliations for sulfide ore.  As  previously announced, sulfide ore stockpiled as at March 31, 2014 totaled 2.0  million tonnes at 4.89 g/t, containing 314,900 ounces of gold. This sulfide  ore has demonstrated a 48% positive reconciliation on a contained ounce basis,  comprising lower than expected tonnage and higher than expected gold grade as  compared to the 2013 resource block models.  The scope of the Study included auditing the exploration database, revising  the resource estimation methodology, reviewing the production database,  developing an understanding of the supporting data quality, and completing a  validation drilling program.  AMEC was engaged as an external consultant to  provide support for and an independent endorsement of the updated resource  model.  Work completed to date has resulted in changing Çöpler's resource model to a  more appropriate method for the Çöpler orebody.  Probability Assigned  Constrained Kriging ("PACK") was selected as the most relevant modeling method  because it allows the model to be calibrated to historical mining results.   Previously the Company utilized Ordinary Kriging which was smoothing the  high-grade portions of the orebody.  The PACK model more closely tracks variability within the deposit.  The PACK  model restricts grade smearing which is common in Ordinary Kriging, thus  providing better definition of high-grade zones and un-mineralized areas  internal to the orebody.  This approach better represents the previously mined  grades and provides a more accurate prediction of material volumes.  While there is high confidence that the updated Mineral Resource estimates  accurately represent the Çöpler deposit, there remains an opportunity to  improve our understanding of the mineralization and thereby better  representing the deposit in the resource model.  Efforts are ongoing with the  Study to further improve the reliability of data and impacts from geology.   For this reason, Mineral Resources are reported herein as "Indicated".   Additional work is being conducted to potentially reclassify some or all of  the Indicated Mineral Resources to "Measured" and includes further review of  ore control methods and finalizing the production database audit.  The Company will also assess the potential to further define high-grade  mineralization with a close-spaced drilling program.  If warranted, the  drilling program will commence in the third quarter of this year.  Updated Mineral Resources and Reserves Estimates  Updated Mineral Resources and Reserves estimates are stated as at December 31,  2013 and take into account mining depletion to that date.  Mineral Resources  quoted in this announcement are reported inclusive of Mineral Reserves.   Mineral Resources that are not Mineral Reserves do not have demonstrated  economic viability.  The appendix to this announcement provides information on the data,  assumptions and methodologies underlying these estimates.  Further information  will be provided in an updated NI 43-101 Çöpler Technical Report that will  be filed on www.sedar.com and with the Australian Securities Exchange within  45 days of this announcement.  The updated Mineral Reserves referenced in this press release have been  subjected to a Definitive Feasibility Study in which open pit designs and an  optimized mine production schedule was developed.  The DFS contemplates  sulfide ore processing by pressure oxidation and metal recoveries using  standard carbon-in-pulp for gold recovery and countercurrent decant  precipitation for copper recovery.  The current heap leach operations will  continue in parallel to the pressure oxidation operation as long as leachable  ore is available.  The DFS finds that the recovery of metals is technically  and financially feasible generating positive returns on plant and  infrastructure investments.  For further reference, see the announcement  issued today titled "Alacer Gold Announces Positive Definitive Feasibility  Study for Çöpler Gold Mine".   Tabulated below are the updated Çöpler Measured and Indicated Resources,  which now total 152.9 million tonnes at 1.59 g/t gold, containing 7.8 million  ounces.        Updated Mineral Resources for the ??pler Deposit (As of December 31, 2013)     -------------------------------------------------------------------------   Gold Cut-off                   Material                        Resource Category      Tonnes          Au (g/t)        Ag (g/t)         Cu (%)     Contained        Grade (g/t)                    Type                            Material               (x1000)                                                      Au Ounces     Variable                       Oxide                           Measured     --------                       -----                           --------                         ---            ---               ---          ---              ---   Indicated                                             69,512                     1.08            2.78             0.15         2,420,600  ---------                                             ------                     ----            ----            --- -         ---------        Stockpile -      Indicated                                                18                     3.19                                            1,800   ===========                                              ===                     ====             ===             ===            =====  Measured +   Indicated                                            69,530                     1.08            2.78             0.15         2,422,400  ----------                                            ------                     ----            ----            --- -         ---------  Inferred                                              28,893                     0.97            4.58             0.11           904,100  --------                                              ------                     ----            ----            --- -           -------        1.0                            Sulfide                         Measured     ---                            -------                         --------                         ---            ---               ---          ---              ---   Indicated                                             81,854                     1.95            5.64             0.11         5,134,800  ---------                                             ------                     ----            ----            --- -         ---------  Stockpile -   Indicated                                             1,536                     4.84            9.81             0.11           239,000  ===========                                            =====                     ====            ====             ====           =======  Measured +   Indicated                                            83,390                     2.00            5.71             0.11         5,373,800  ----------                                            ------                     ----            ----            --- -         ---------  Inferred                                              22,884                     1.92           10.85             0.15         1,411,200        Variable                       Stockpiles                      Indicated                      1,554            4.82                                          240,800     Variable                       Total                           Measured     --------                       -----                           --------                         ---            ---               ---          ---              ---   Indicated                                            152,920                     1.59            4.38             0.13         7,796,200  =========                                            =======                     ====            ====             ====         =========  Measured +   Indicated                                           152,920                     1.59            4.38             0.13         7,796,200  ----------                                           -------                     ----            ----            --- -         ---------  Inferred                                              51,778                     1.39            7.35             0.13         2,315,400  --------                                              ------                     ----            ----            --- -         ---------        Note: Mineral Resources are      quoted after mining depletion      and are inclusive of Mineral      Reserves. Mineral Resources are      shown on a 100% basis, of which      Alacer owns 80%.  Mineral      Resource methodology is      summarised in the appendix to      this announcement.  Rounding      differences will occur.  Tabulated below are the updated Çöpler Probable Mineral Reserves which now  total 57.9 million tonnes at 2.1 g/t gold, containing 3.8 million ounces.        Updated Mineral Reserves for the ??pler Deposit (As of December 31, 2013)     ------------------------------------------------------------------------     Reserve Category      Material                                  Tonnes                    Au         Ag          Cu        Contained Au          Recoverable Au                                                (x1000)                   (g/t)      (g/t)       (%)      Ounces                Ounces   Proven - Oxide In-Situ                                           -           -          -         -                   -                     -  ----------------------                                         ---         ---        ---       ---                   ---                   ---  Probable - Oxide In-Situ                                    26,207         1.32        2.88       0.13              1,114,700                770,900  ------------------------                                    ------         ----        ----       ----             - --------                -------  Probable -Oxide   Stockpile                                                      18         3.19           -         -                 1,800                  1,200  ===============                                                ===         ====         ===       ===                 =====                  =====  Total - Oxide                                               26,224         1.32        2.88       0.13              1,116,500                772,100  -------------                                               ------         ----        ----       ----             - --------                -------  Proven - Sulfide In-Situ                                         -           -          -         -                   -                     -  ------------------------                                       ---         ---        ---       ---                   ---                   ---  Probable - Sulfide In-   Situ                                                       30,139         2.56        6.88       0.12              2,482,500              2,330,200  ----------------------                                      ------         ----        ----       ----             - --------              ---------  Probable -Sulfide   Stockpile                                                   1,536         4.84        9.81       0.11                239,000                225,100  =================                                            =====         ====        ====       ====                =======                =======  Total - Sulfide                                             31,675         2.67        7.02       0.12              2,721,500              2,555,300  ---------------                                             ------         ----        ----       ----             - --------              ---------  Proven -Oxide + Sulfide   + Stockpile                                                     -           -          -         -                   -                     -  -----------------------                                        ---         ---        ---       ---                   ---                   ---  Probable -Oxide +   Sulfide                                                    57,899         2.06        5.14       0.12              3,838,000              3,327,400  =================                                           ======         ====        ====       ====              =========              =========  Total - Oxide + Sulfide                                     57,899         2.06        5.14       0.12              3,838,000              3,327,400  -----------------------                                     ------         ----        ----       ----             - --------              ---------        Note:  Mineral     Reserves are shown on a 100%      basis, of which Alacer owns 80%.     The Mineral Reserve methodology      and cut-off grades are      summarized in the appendix to      this announcement. Rounding      differences will occur.  Comparison with Previous Estimates  The previous Mineral Reserve for Çöpler was published in Alacer's Annual  Information Form for the Year Ended December 31, 2013, dated March 12, 2014.  Alacer estimated those reserves by applying mining depletion to previously  reported reserves based on the open-pit designs detailed in the technical  report titled "Copler Sulfide Expansion Project Prefeasibility Study", dated  March 27, 2011.  The table below compares the previous Mineral Resource with the current  Mineral Resource.     ??pler - Mineral Resource Comparison (100% Basis)     ------------------------------------------------                                                                                             Previous Resource           New (updated) Resource      Change                                                                                            (as at December 31, 2013)   (as at December 31, 2013)                                                                                            ------------------------    ------------------------                                                    Material Type Reserve Category Material Tonnes (x1000)              Au (g/t)                    Contained Au Ounces   Tonnes (x1000)   Au (g/t)     Contained Au                                                                                                                                                                                                     Ounces         Tonnes (%)  Au (%)   Contained Au Ounces (%)                                                              Oxide     Measured                                     14,306                         1.59                731,300                                                      -100%    -100%                      -100%                                                           -----     --------                                     ------                         ----                -------               ---         ---             ---         ----      ----                        ----   Indicated                                                                          34,429                        0.84                     930,800                 69,512              1.08    2,420,600             102%          29%      160%  ---------                                                                          ------                       ----                   -------                 ------              ----    ---------              ---           ---        ---  Stockpile - Indicated                                                                  18                        3.19                       1,800                     18              3.19        1,800               0%           0%      0%  =====================                                                                 ===                        ====                       =====                    ===              ====        =====              ===           ===     ===  Measured + Indicated                                                               48,753                        1.06                   1,663,900                 69,530              1.08    2,422,400              43%           2%       46%  --------------------                                                               ------                       ----                 ---------                 ------              ----    ---------              ---           ---        ---  Inferred                                                                           24,053                        0.57                     443,100                 28,893              0.97      904,100              20%          70%      104%  --------                                                                           ------                       ----                   -------                 ------              ----      -------              ---           ---        ---                                                             Sulfide    Measured                                     66,865                         1.61              3,450,900                                                      -100%    -100%                      -100%                                                          -------    --------                                     ------                         ----              ---------               ---         ---             ---         ----      ----                        ----   Indicated                                                                          38,920                        1.46                   1,826,100                 81,854              1.95    5,134,800             110%          34%      181%  ---------                                                                          ------                       ----                 ---------                 ------              ----    ---------              ---           ---        ---  Stockpile - Indicated                                                               1,536                        4.84                     239,000                  1,536              4.84      239,000               0%           0%      0%  =====================                                                               =====                        ====                     =======                  =====              ====      =======              ===           ===     ===  Measured + Indicated                                                              107,321                        1.60                   5,515,100                 83,390              2.00    5,373,800             -22%          25%       -3%  --------------------                                                              -------                       ----                 ---------                 ------              ----    ---------              ---           ---        ---  Inferred                                                                           15,848                        1.24                     630,200                 22,884              1.92    1,411,200              44%          55%      124%  --------                                                                           ------                       ----                   -------                 ------              ----    ---------              ---           ---        ---                                                      Stockpiles  Indicated                                     1,554                      4.80                239,900             1,554         4.82          240,800            0%        0%                        0%                                                      ----------  ---------                                     -----                      ----                -------             -----         ----          -------           ---       - --                        ---                                                              Total     Measured                                     82,724                         1.66              4,422,100                                                      -100%    -100%                      -100%                                                           -----     --------                                     ------                         ----              ---------               ---         ---             ---         ----      ----                        ----   Indicated                                                                          73,350                        1.17                   2,756,900                152,920              1.59    7,796,200             108%          36%      183%  =========                                                                          ======                        ====                   =========                =======              ====    =========              ===           ===     ===  Measured + Indicated                                                              156,074                        1.43                   7,179,000                152,920              1.59    7,796,200              -2%          11%      9%  --------------------                                                              -------                       ----                 ---------                -------              ----    ---------              ---           ---        ---  Inferred                                                                           39,901                        0.84                   1,073,400                 51,778              1.39    2,315,400              30%          66%      116%  --------                                                                           ------                       ----                 ---------                 ------              ----    ---------              ---           ---        ---        Notes:  Mineral     Resources are quoted after mining      depletion and are inclusive of      reserves. Mineral Resources are      shown on 100% basis of which      Alacer owns 80%. The Mineral      Resource methodology is      summarised in the appendix to      this announcement.  Rounding      errors will occur.  Key changes to note between these Mineral Resource estimates are:        --  Addition of 106 drill holes to the Çöpler model;     --  An updated geologic model;     --  Changes in resource modeling methodology including: selection         of mineralized shells based on oxide and sulfide cut-off         grades, balancing expected high and low sulfide proportions and         calibration of ore tonnes using production data;     --  Resource classification was based on confidence categories and         data quality, and sample density was used to determine the         criteria for Indicated material;     --  Estimation of updated resources within a Lerchs-Grossmann         conceptual pit shell (resource cone) rather than reporting of         material globally above a cut-off grade; and     --  Sulfide gold cut-off grade changed from 0.8 g/t to 1.0 g/t.  The table below compares the previous Mineral Reserve with the current Mineral  Reserve.     ??pler - Mineral Reserve Comparison (100% Basis)     -----------------------------------------------                                                      Previous Reserve           New (updated) Reserve      Change                                                      (as at December 31, 2013)  (as at December 31, 2013)                                                      ------------------------   ------------------------     Reserve Category Material                        Tonnes                     Au (g/t)                   Contained Au            Tonnes         Au (g/t)    Contained Au        Tonnes (%)     Au (%)    Contained Au                                                      (x1000)                                                Ounces                  (x1000)                   Ounces                                         Ounces (%)   Proven - Oxide In-Situ                                               28,155                       0.97                 876,400                                                           -100%      -100%           -100%  ----------------------                                               ------                       ----                 -------             ---         ---                 ---            ----        ----             ----  Probable - Oxide In-Situ                                              9,571                       1.03                 316,600          26,207         1.32            1,114,700             174%        29%            252%  ------------------------                                              -----                       ----                 -------          ------         ----            ---------              ---         ---              ---        Probable - Oxide Stockpile                                               18                       3.19                   1,800              18         3.19                1,800               0%         0%              0%     ==========================                                              ===                       ====                   =====             ===         ====                =====              ===         ===              ===   Total - Oxide                                                        37,743                       0.98               1,194,800          26,224         1.32            1,116,500             -31%        34%             -7%  -------------                                                        ------                       ----               ---------          ------         ----            ---------              ---         ---              ---  Proven - Sulfide In-Situ                                             22,690                       2.15               1,570,800                                                           -100%      -100%           -100%  ------------------------                                             ------                       ----               ---------             ---         ---                 ---            ----        ----             ----  Probable - Sulfide In-Situ                                            8,111                       2.39                 623,900          30,139         2.56            2,482,500             272%         7%            298%  --------------------------                                            -----                       ----                 -------          ------         ----            ---------              ---         ---              ---  Probable - Sulfide Stockpile                                          1,536                       4.84                 239,000           1,536         4.84              239,000               0%         0%              0%  ============================                                          =====                       ====                 =======           =====         ====              =======              ===         ===              ===  Total - Sulfide                                                      32,337                       2.34               2,433,700          31,675         2.67            2,721,500              -2%        14%             12%  ---------------                                                      ------                       ----               ---------          ------         ----            ---------              ---         ---              ---  Proven - Oxide + Sulfide + Stockpile                                 52,399                       1.60               2,688,000                                                           -100%      -100%           -100%  ------------------------------------                                 ------                       ----               ---------             ---         ---                 ---            ----        ----             ----  Probable - Oxide + Sulfide                                           17,682                       1.65                 940,500          57,899         2.06            3,838,000             227%        25%            308%  ==========================                                           ======                       ====                 =======          ======         ====            =========              ===         ===              ===  Total - Oxide + Sulfide                                              70,081                       1.61               3,628,500          57,899         2.06            3,838,000             -17%        28%              6%  -----------------------                                              ------                       ----               ---------          ------         ----            ---------              ---         ---              ---        Note:  Mineral     Reserves are shown on a 100%      basis, of which Alacer Gold owns      80%.     The Mineral Reserve methodology      and cut-off grades are      summarized in the appendix to      this announcement. Rounding      differences will occur.  Key changes to note between these Mineral Reserve estimates are:        --  The changes noted above for the Mineral Resource estimates; and     --  Sulfide gold cut-off grade changed from 1.3 g/t to 1.5 g/t.  Çöpler Resource Continues to Increase  From commencement of gold production in late 2010 to the end of 2013, Çöpler  has mined approximately 1.9 million ounces of contained gold.  Further  drilling and a better understanding of the Çöpler orebody has increased the  estimated size of the Çöpler resource gold deposit since 2010, as summarized  in the chart below.  To see the chart, please click here:  http://files.newswire.ca/986/AlacerTable.pdf  Mineral Resources are quoted after mining depletion and are inclusive of  reserves. Mineral Resources are shown on 100% basis of which Alacer owns 80%.   The December 13 data is based on the updated resources.  Alacer continues to actively explore the Çöpler District, with drilling  aimed at delineating supplementary oxide material for the Çöpler processing  facility and potential stand-alone discoveries.  About Alacer  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 All-In  Costs(2) of $864 per ounce.  Çöpler is currently an open-pit, heap-leach operation that is producing gold  from oxide ore. In June 2014 a Definitive Feasibility Study was completed on  treatment of sulfide ore via pressure oxidation. The Company's Board of  Directors approved proceeding to the next stage of sulfide development and  commencing basic engineering, further optimization studies and obtaining  necessary permits.  First production from sulfide ore is expected at the end  of 2017.  Qualified Persons  All Mineral Reserves and Resources referenced in this announcement are  estimated in accordance with National Instrument 43-101, Standards of  Disclosure for Mineral Projects ("NI 43-101") of the Canadian Securities  Administrators and Canadian Institute of Mining, Metallurgy and Petroleum  standards and the 2012 Edition of the Australasian Code for Reporting of  Exploration Results, Mineral Resources and Ore Reserves.  While terms  associated with various categories of "Mineral Reserve" or "Mineral Resource"  are recognized and required by Canadian regulations, they may not have  equivalent meanings in other jurisdictions outside Canada and no comparison  should be made or inferred.  Actual recoveries of mineral products may differ  from those estimated in the Mineral Reserves and Resources due to inherent  uncertainties in acceptable estimating techniques.  In particular, Inferred  Resources have a great amount of uncertainty as to their existence, economic  and legal feasibility. It is reasonably expected that the majority of Inferred  Mineral Resources could be upgraded to Indicated Mineral Resources with  continued exploration. Investors are cautioned not to assume that all or any  part of the Mineral Resources that are not Mineral Reserves will ever be  converted into Mineral Reserves.  The resource model was constructed by Gordon Seibel, SME Registered Member,  AMEC's Principal Geologist and Loren Ligocki, Alacer's Senior Resource  Geologist, and a full time employee of Alacer.  The updated Mineral Resource  estimates were developed and reviewed by Dr. Harry Parker, SME Registered  Member, Consulting Mining Geologist and Geostatistician for AMEC.  The information in this announcement which relates to the data audit and the  updated Mineral Resource estimate is based on, and fairly represents, the  information and supporting documentation prepared by Dr. Parker and Mr.  Seibel.  Dr. Parker and Mr. Seibel have sufficient experience which is  relevant to the style of mineralization and type of deposit under  consideration and to the activity which is being undertaken to qualify as  Competent Persons as defined in the 2012 Edition of the "Australasian Code for  Reporting of Exploration Results, Mineral Resources and Ore Reserves" and are  Qualified Persons pursuant to NI 43-101.  The Mineral Reserves disclosure in this announcement was estimated and  approved by Mr. Stephen K. Statham, PE #0048263, Senior Project Mining  Engineer, who is a full-time employee of Alacer.  Mineral Reserve estimates  have been reviewed by Mr. Bret Swanson of SRK Consulting.  The information in this announcement which relates to Mineral Reserves is  based on, and fairly represents, the information and supporting documentation  prepared by Mr. Swanson, who is a Member of The Australasian Institute of  Mining and Metallurgy.   Mr. Swanson has sufficient experience which is  relevant to the style of mineralization and type of deposit under  consideration and to the activity which is being undertaken to qualify as a  Competent Person as defined in the 2012 Edition of the "Australasian Code for  Reporting of Exploration Results, Mineral Resources and Ore Reserves" and is a  Qualified Person pursuant to NI 43-101.  The scientific and technical information in this announcement is based on  information compiled by Robert D. Benbow, PE, who is a full-time employee of  Alacer.  Mr. Benbow has sufficient experience with respect to the technical  and scientific matters set forth above to qualify as a Competent Person as  defined in the 2012 Edition of the "Australasian Code for Reporting of  Exploration Results, Mineral Resources and Ore Reserves" and is a Qualified  Person pursuant to NI 43-101.  Messrs. Seibel, Parker, Swanson, Benbow, Ligocki and Statham consent to the  inclusion in this announcement of the matters based on this information in the  form and context in which it appears.  Cautionary Statements  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  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.  Summary for the purposes of ASX Listing Rules 5.8 and 5.9  Mineral Resources  Geology and Geological Interpretation Epithermal gold mineralization at  Çöpler occurs within structurally-controlled zones sourced from a low-grade  base metal porphyry-style mineralization related to an intrusive described as  a diorite stock with dykes and sills.  Mineralization tends to occur in  proximity to (and on both sides of) the country rock/diorite contact.  Northeast to east-trending structures dominate the Çöpler project.  The  variable northeast trending Çöpler North and South faults are important  structures crossing the entire property.  Mineralization ranges from  near-vertical features defined by the faults to low-angle sill features  following lithologic contacts and low-angle structures.  The geologic model is considered robust with information available from over  1,800 drill holes within the Çöpler deposit at the time of the Mineral  Resource update. The data used for the geologic model included a combination  of core and RC drilling extended to model boundaries with the aid of surface  mapping  Drilling Techniques Drilling is a combination of vertically oriented holes  prior to 2005 and north/south oriented drill holes from 2005 to present.  Approximately 44% of the drilling was RC with 56% diamond drill core.  There  is a total of 282,317m of drilling.  Diamond drilling was carried out using NQ and HQ sized equipment with standard  tube.  Approximately 90% of the core at Çöpler is HQ size. For RC drilling,  a face-sampling bit (121 mm) was used.  Sampling and Sub-sampling Diamond drill core was sampled as half core at  nominal 1m intervals to geological contacts.  RC chip samples were routinely collected in calico bags and chip box trays at  1m intervals.  In areas expected to be waste samples are at times combined  into 2m intervals. RC samples were collected at the rig using riffle splitters.  Sample Analysis Methods All samples since 2005 were prepared and assayed at  ALS laboratories in Turkey and Canada. All analyses for gold were undertaken  via fire assay.  Estimation Methodology Mineralized zones were developed using probabilistic  modeling based on cut-offs used for classifying heap leach and pressure  oxidation ("POX") material.  Probability Assigned Constrained Kriging ("PACK") was selected as the most  relevant modeling method because it allows the model to be calibrated to  historical mining results.  Mineral Resources are estimated (inclusive of Mineral Reserves) within a  Whittle Pit shell generated using a gold price of $1,500/oz, metallurgical  recoveries that vary from 0.255 g/t Au for oxide marble to 1 g/t for sulfide  material.  Processing cost assumptions vary from $9.13 to $34.41/t processed,  depending on the ore type and process destination.  Resource Classification As part of the Mineral Resource modeling process, a  drill spacing study was completed to determine confidence levels for Measured  and Indicated based on data availability.  Results of this work were used to  classify the reported Mineral Resources.  Data quality was also considered in  the resource classification process.  It was determined by the drill spacing study that a minimum drill hole spacing  of 50m by 50m was required to support declaration of Indicated Resources and  80m by 80m spacing for Inferred Resources.  No blocks in the model were classified as Measured Resources, due to  incomplete assessment of data integrity.  Cut-off Grade There are multiple cut-off grades used for the two different  proposed processing methods.  Low-sulfur material (sulfur grade less than 2%)  can be processed by the existing heap leach facility with higher gold grade  material for high sulfur material (sulfur grades greater than or equal to 2%)  proposed for POX treatment.  Cut-offs vary by rock type and metallurgical  area.  The lowest cut-off used is 0.255 g/t Au for oxide marble and the  highest cut-off of 1.0 g/t Au is for sulfide.  Mineral Reserves  Material Assumptions for Mineral Reserves The Mineral Reserves were estimated  as part the Çöpler Sulfide DFS completed in June 2014. All operating and  capital costs as well as revenue streams were included in the DFS financial  model.  The DFS finds that the recovery of metals is technically and  financially feasible generating positive returns on plant and infrastructure  investments.  Mineral Reserve Classification Mineral Reserves are estimated on the basis of  detailed design and scheduling of the ??pler open pits.  The pit boundaries  are defined by optimized Whittle pit shells for separate oxide pit and sulfide  pits.  The oxide pit shell is estimated with a gold price of $1,100/oz, mining  cost of $1.80/tonne mined, and processing costs averaging $9.79/tonne.  The  sulfide pit shell is estimated with an Au price of $800/oz and processing cost  of $34.41/tonne ore.  Mineral Reserves were classified using an industry leading practice that  Indicated Mineral Resources should be known within +/- 15 percent with 90  percent confidence on an annual basis and Measured Resources should be known  within +/- 15 percent with 90 percent confidence on a quarterly basis.  All of the Mineral Reserves that are in-situ are currently derived from  Indicated Resources. All Inferred material is considered as waste.  Mining Method Current open-pit mining at Çöpler is a conventional truck and  shovel operation, which is the chosen method of extraction for all of  Çöpler's Mineral Reserves.   Ore Processing Oxide ore is processed via heap leaching and sulfide ore is  planned to be processed through whole-ore pressure oxidation in autoclaves.  Cut-off Grade For Mineral Reserves, estimation cut-off grades for oxide ore  are calculated based on positive cash flow generation.  A calculated gold  internal cut-off grade was applied to the low sulfur Mineral Reserves using  the equation: Xc = Po / (r * (V-R)) where Xc = Cut-off Grade (g/t), Po =  Processing Cost of Ore (USD/tonne of ore), r = Recovery, V = Gold Sell Price  (USD/gram), R = Refining Costs (USD/gram).   The cut-off grade for sulfide ore  is set at 1.5 g/t gold.  Estimation Methodology The estimation methodology is described in the Mineral  Resources section above.  Mineral Reserves are not diluted, nor is any mining dilution expected beyond  that already implied by the Mineral Resource model block size (10m x 10m x  5m). Full mine recovery is assumed.  Material Modifying Factors Gold and silver will be produced in the form of  doré and sent to refiners for separation.  The market for gold and silver is  robust.  A high-grade copper precipitate will be produced for sale.  A  marketing study completed for the DFS finds the copper market to be robust  and, due to the high copper content of the precipitate, the precipitate will  be highly saleable to copper smelters and brokers.  Infrastructure currently serving the mine is deemed sufficient for the  expanded operation contemplated in the DFS.  The Company operates under mining licenses issued by the Turkish Government.   All necessary licenses are maintained in good standing.  The expansion project  is subject to an Environmental Impact Analysis approval by the Turkish  regulators.  The EIA application was submitted in April 2014 and approval is  expected by year end.  _____________           1          Alacer has an 80%                controlling interest at                Çöpler     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                quarter ended March 3,                2014.  Appendix - JORC Code Table 1  The following tables are provided to ensure compliance with The JORC Code  (2012) edition requirements for the reporting of exploration results.  Section 1 Sampling Techniques and Data  (Criteria in this section apply to all succeeding sections)     Criteria                      JORC Code explanation                                                Commentary   Sampling                       Nature and quality of sampling (eg cut                               Diamond drill  core was sampled as half core at nominal 1 m   techniques                    channels, random chips, or specific                                   intervals to  geological contacts.  The 1 m interval starts again                                 specialised industry standard measurement                             immediately  after the geologic contact.                                       tools appropriate to the minerals under                                    investigation, such as down hole gamma                                    sondes, or handheld XRF instruments, etc).                                    These examples should not be taken as                                    limiting the broad meaning of sampling.                                                                                                       RC chip samples  were routinely collected in calico bags and chip                                                                                                       box trays at 1  m intervals.  In areas expected to be waste,                                                                                                       samples are at  times combined into 2 m intervals.                                                                                                      Approximately  44% of the drilling was RC with 56% diamond drill                                                                                                       core.  There  is a total of 282,317.3 m of drilling.  ---                                                                                                ----------------- -----------------------------------------------        Include reference to           To ensure representative sampling, diamond core were marked      measures taken to ensure       considering mineralization intensity and veining orientations,      sample representivity and      then sawn, and half core was sampled.      the appropriate calibration      of any measurement tools or      systems used.                                        RC chip samples were collected using riffle splitters.     Aspects of the determination   Drill samples from 2005 to the present were submitted for crushing      of mineralization that are     and pulverizing to ALS-Chemex laboratory at Izmir. Drill samples      Material to the Public         collected from 2000-2004 were sent to the OMAC laboratory in      Report.                        Ireland.  Laboratories used for assays are independent accredited                                     laboratories.  Samples were prepared by drying, crushing and                                     pulverizing to 75µm.  The sample is then split to 150 grams and                                     sent to ALS-Chemex Vancouver.  The following assay methods were                                     used for all samples sent to ALS laboratories.      Au-AA25 Au (Fire                                     Assay Gold)      A prepared sample with a 30g charge is fused with a                                     mixture of lead oxide, sodium carbonate, borax, silica and other                                     reagents as required, inquarted with 6 mg of gold-free silver and                                     then cupelled to yield a precious metal bead. The bead is digested                                     in 0.5 mL dilute nitric acid in the microwave oven. 0.5 mL                                     concentrated hydrochloric acid is then added, and the bead is                                     further digested in the microwave at a lower power setting. The                                     digested solution is cooled, diluted to a total volume of 10 mL                                     with de-mineralized water, and analyzed by atomic absorption                                     spectroscopy using matrix-matched standards                                    ME-ICP61 Ag-Cu-Pb-Zn (4 Acid Digest; Atomic Emission                                     Spectroscopy Finish)      A prepared sample (0.25 g) is digested with                                     perchloric, nitric, hydrofluoric and hydrochloric acids. The                                     residue is topped up with dilute hydrochloric acid and the                                     resulting solution is analyzed by inductively coupled plasma-                                     atomic emission spectrometry. Results are corrected for spectral                                     interelement interferences.     In cases where 'industry      standard' work has been done  where there is coarse gold      this would be relatively      that has inherent sampling      simple (eg 'reverse           problems. Unusual      circulation drilling was      commodities or      used to obtain 1 m samples    mineralization types (eg      from which 3 kg was           submarine nodules) may      pulverised to produce a 30 g  warrant disclosure of      charge for fire assay'). In   detailed information.      other cases more explanation      may be required, such as     -----------------------------   Drilling                       Drill type (eg core, reverse circulation,                            Diamond  drilling was carried out using NQ and HQ sized equipment   techniques                    open-hole hammer, rotary air blast,                                   with standard  tube.  Approximately 90% of the core at Çöpler is HQ                                       auger, Bangka, sonic, etc) and details (eg                            size.                                    core diameter, triple or standard tube,                                    depth of diamond tails, face-sampling bit                                    or other type, whether core is oriented                                    and if so, by what method, etc).                                                                                                             For RC drilling, a face sampling bit (121 mm) was used.                                                                                                             No core orientation has been applied for diamond cores.                                                                                                       A set of 10 PQ  twin holes were drilled in 2014 using a triple tube                                                                                                       system.  ---                                                                                                ----------------- --------------------------------------------------  Drill sample                   Method of recording and assessing core and                           Recoveries from  core drilling were measured and recorded in the   recovery                      chip sample recoveries and results                                    database.   Core recovery averaged 85%.  Higher core loss occurred                                 assessed.                                                             in oxide and  the central manganese zone.                                                                                                                For each RC sample, rejects were weighed to check sample recovery.   ---                                                                                                ----------------- -------------------------------------------------        Measures taken to maximize     Diamond drilling used drill muds and short runs in broken ground to      sample recovery and ensure     maximize recovery.      representative nature of      the samples.                                    Several twin hole programs assessed results obtained from both RC                                     and core holes.  In general, the repeatability for gold was                                     confirmed.  An overall bias was not seen.     Whether a relationship         Intervals within the 0.3 indicator shell used for resource      exists between sample          estimation do not reveal a difference in gold grades with      recovery and grade and         decreased core recovery.   Mean gold grades agree within 1% (all      whether sample bias may        samples compared to samples with core recoveries from 60% to 100%)      have occurred due to           and a QQ plot shows the gold grade distribution is identical      preferential loss/gain of      between a data set with recoveries from 0 to 100% compared to a      fine/coarse material.          data set with core recoveries from 60 to 100%.     --------------------------    ------------------------------------------------------------------   Logging                        Whether core and chip samples have been                              Drill core was  logged in detail for lithology, alteration,                                 geologically and geotechnically logged to a                            mineralization, structure and veining.  RC cuttings were logged                                 level of detail to support appropriate                                for various  geological attributes including rock type by the                                 Mineral Resource estimation, mining studies                           mineral  composition, mineralization by veining and visible                                 and metallurgical studies.                                            minerals, and  alteration.  Logging is considered sufficient to                                                                                                       support  geologic modeling and Mineral Resource estimates.  Rock                                                                                                       Quality  Designation (RQD) and Rock Mass Quality (RMQ) logs were                                                                                                       kept for  geotechnical purposes.        ---     Whether logging is             Geologic rock types, alteration and structure are recorded based on      qualitative or quantitative    visual determination.      in nature. Core (or      costean, channel, etc)      photography.                                        Diamond core was photographed.     ---                           ------------------------------     The total length and      percentage of the relevant      intersections logged.             All drill holes were logged in full.     ---------------------------   ------------------------------------   Sub-sampling                   If core, whether cut or sawn and whether                             Diamond core  was cut in half using an electric core saw in   techniques and                quarter, half or all core taken.                                      competent  ground and hand split in clay at either 1 m intervals or   sample                                                                                              to geological  contacts.   preparation  ---------------                                          -----------------------------------------  ---------------- ---------------------------------------------------        If non-core, whether           RC samples were collected at the rig using riffle splitters.      riffled, tube sampled,         Samples were generally dry with some areas wet due to perched      rotary split, etc and          water tables.      whether sampled wet or dry.     For all sample types, the      Industry standard diamond and RC drilling techniques were used and      nature, quality and            are considered appropriate for use in Mineral Resource and Mineral      appropriateness of the         Reserve estimation.      sample preparation      technique.     ---     Quality control procedures     For RC drilling, sample quality was maintained by monitoring sample      adopted for all sub-          volume and by cleaning the splitters on a regular basis.      sampling stages to maximise      representivity of samples.     Measures taken to ensure       Field duplicates were taken at 1 in 20 for RC drilling.  Quarter      that the sampling is           splits of core have been taken and recorded as duplicates in the      representative of the in       database.      situ material collected,      including for instance      results for field      duplicate/second-half      sampling.     ------------------------         -----------------------------------------------------------------     Whether sample sizes are       Sample sizes are considered appropriate to the gold mineralization      appropriate to the grain       based on: the style of mineralization, the thickness and      size of the material being     consistency of the intersections, the sampling methodology and      sampled.                       assay value ranges for gold.     ---------------------------   -------------------------------------------------------------------   Quality of                     The nature, quality and appropriateness of                           The fire assay  gold analysis undertaken is considered to be a total   assay data and                the assaying and laboratory procedures used                           assay method.  Assays exceeding the upper limit were re-assayed   laboratory                    and whether the technique is considered                               using a 30  gram fire assay with a gravimetric finish.  Multi-   tests                         partial or total.                                                     element  analyses of silver, copper, lead and zinc undertaken by                                                                                                       four acid  digestion via ICP-AES are considered total assay                                                                                                       methods except  where they exceed the upper detection limit.  In                                                                                                       this case  samples were re-assayed using a four acid digest with                                                                                                       HCI leach, and  ICP-AES or AAS finish.        For geophysical tools,      spectrometers, handheld XRF      instruments, etc, the      parameters used in      determining the analysis      including instrument make      and model, reading times,      calibrations factors applied      and their derivation, etc.        These tools were not used.                                 Nature of quality control procedures adopted                         Industry  standard certified reference materials (CRM's) and blanks                                 (eg standards, blanks, duplicates, external                           were utilized  in order to check laboratory assay quality control.                                 laboratory checks) and whether acceptable                             The insertion  rate for CRMs is 1 in 20 and 1/3 of CRMs are blanks.                                       levels of accuracy (ie lack of bias) and                                    precision have been established.                                    The QA/QC program includes CRMs, blanks, preparation duplicates                                                                                                        and field  duplicates and is acceptable according to industry                                                                                                       standards.   Overall relative bias for the CRMs is within 5% and is                                                                                                       acceptable.   The assay precision determined from field duplicate                                                                                                       samples was  found to be acceptable.  Blank samples do not indicate                                                                                                       sample  contamination issues.  Assay results are acceptable for use                                                                                                       supporting  resource estimates.                                                                                                      Additional  check samples are recommended.  Adequate CRMs and blank                                                                                                       samples should  be included with the submission.                                                                                                                QAQC does not exist to support Ag and Cu assays                                                                                                       A laboratory  visit and audit was undertaken in June 2012 to ALS-                                                                                                       Chemex  laboratory at Izmir, and in May 2014 as part of an external                                                                                                       database audit.                                                                                                     ----------------- --------------------------------------------------  Verification of                The verification of significant                                      Intersections  were reviewed by the senior geologist on-site   sampling and                  intersections by either independent or                                following  receipt of the assay results.         assaying                      alternative company personnel.     ---     The use of twinned holes.      A series of 23 twin hole pairs were drilled throughout deposit                                     development.  A program of 10 PQ twin holes was completed in 2014                                     to confirm and the location and grade of mineralization.  Twin                                     holes showed minor bias low for drilling prior to 2006 due to low                                     sample recovery.  No bias was detected between drill type or                                     location.     -------------------------     -------------------------------------------------------------------     Documentation of primary       All data are stored and validated within an electronic database.      data, data entry               Drill collars and down-hole surveys are recorded by company staff      procedures, data               and entered into a spreadsheet then loaded into the database.      verification, data storage     Assays from the laboratory are received and loaded electronically.      (physical and electronic)       Laboratory certificates are available from year 2005 to present.      protocols.     Discuss any adjustment to      No adjustments were made to assay values.  Two sets of duplicate      assay data.                    identification numbers were prefixed to discriminate each assay                                     set.  For a period of time, repeated gold assays were averaged in                                     the database.     ---------------------------   -----------------------------------------------------------------   Location of                    Accuracy and quality of surveys used to                              Drill hole  collar locations were surveyed by contract and company   data points                   locate drill holes (collar and down-hole                              surveyors  using Topcon survey instruments. Approximately 6% of the                                 surveys), trenches, mine workings and                                 surveys have  planned drill hole collar coordinates.                                       other locations used in Mineral Resource                                    estimation.                                                                                                       Downhole  surveys of core holes were performed by the drilling                                                                                                       contractor  using a Reflex- EZ Trac tool.  Earlier drilling used a                                                                                                       Flexit Single  Shot at 75 m downhole intervals.  ---                                                                                                ----------------- --------------------------------------------------        Specification of the grid      All drill hole collars were surveyed in the European 1950 grid      system used.                   using a differential GPS.     ---     Quality and adequacy of        Topographic surface obtained from ground surveys.  Topographic      topographic control.           contours are at 5 m intervals.     -----------------------       ---------------------------------------------------------------     Data spacing                   Data spacing for reporting of Exploration      and                           Results.      distribution                                                                                           Drill hole spacing varies from 25 m to 50 m centers.     ---     Whether the data spacing and   Drill spacing is adequate to define the geological and grade      distribution is sufficient     continuity for Mineral Resource and Mineral Reserve estimation.      to establish the degree of     Classification has taken into account data quality, drill spacing      geological and grade           and production data.      continuity appropriate for      the Mineral Resource and Ore      Reserve estimation      procedure(s) and      classifications applied.     Whether sample compositing     Sample lengths within the database are not composited.  Sample      has been applied.              compositing was applied to data extracts for statistical analysis                                     and Mineral Resource modeling.     ----------------------------- -------------------------------------------------------------------   Orientation of                 Whether the orientation of sampling achieves                         Drill  orientation varies by year drilled and location within the         data in                       unbiased sampling of possible structures                              deposit.      relation to                   and the extent to which this is known,      geological                    considering the deposit type.      structure                                                                                                       The majority of  the drilling in the Manganese pit is vertical with                                                                                                       geologic  structures ranging from vertical to low angles.                                                                                                      The Marble pit  contains a combination of vertical and angled holes,                                                                                                       ranging from  55 to 90 degrees, to define the boundary of the                                                                                                       mineralization  along the diorite.                                                                                                      Drilling in the  Main pit is predominately angled drilling in a                                                                                                       north/south  orientation.  Structures in the Main pit have highly                                                                                                       variable  orientations.  ---                                                                                                ----------------- -------------------------------------------------        If the relationship between    No orientation-based sampling bias has been identified to date in      the drilling orientation and   the data.      the orientation of key      mineralised structures is      considered to have      introduced a sampling bias,      this should be assessed and      reported if material.     -----------------------------   ------------------------------------------------------------------     Sample security                The measures taken to ensure sample                                    security.                                                                Chain of custody is managed by Anagold.                                                                                                       Samples are  stored on site at a fenced and gated facility until                                                                                                       collected for  transport to ALS-Chemex laboratory in Izmir,                                                                                                       Turkey.                                                                                                      Anagold  personnel have no contact with the samples once they are                                                                                                       picked up for  transport to the laboratory.                                                                                                                Tracking sheets are available to track sample progress.   ---                                                                                                ----------------- --------------------------------------  Audits or                      The results of any audits or reviews of                              AMEC performed  a database audit in April 2014 with site review of   reviews                       sampling techniques and data.                                         geologic  processes, production sampling and process control.  All                                                                                                       available  assay certificates from the ALS laboratory were compared                                                                                                       to the  database.  Sample preparation procedures were not included                                                                                                       within the  scope of the April 2014 audit.                                                                                                      AMEC is of the  opinion that the QA/QC indicates the information                                                                                                       collected is  acceptable, and the database can be used for Mineral                                                                                                       Resource  estimation.  ---                                                                                                ----------------- --------------------------------------------------        Section 2 Reporting of Exploration Results     Criteria                        JORC Code explanation                             Commentary   Mineral tenement and             Type, reference name/number, location and         The Çöpler mineralization is  located within mining   land tenure status              ownership including agreements or material        license ir 257 held by Anagold.   The license was                                   issues with third parties such as joint           granted in November 1986 for a  term of 40 years and                                   ventures, partnerships, overriding royalties,     is renewable for an additional  20 years.  The                                   native title interests, historical sites,         license area is 942 ha.  Anagold  is jointly owned                                   wilderness or national park and environmental     by Kartaltepe Madencilik (a  subsidiary of Alacer                                   settings.                                         Gold) and Lidya Madencilik Joint  Venture.  Alacer                                                                                     holds an 80% interest and Lidya  20% in Anagold.        ---     The security of the tenure held  The licenses are in good standing with no known      at the time of reporting along   impediment to the granted mining permit.      with any known impediments to      obtaining a licence to operate      in the area.     -------------------------------  ------------------------------------------------   Exploration done by              Acknowledgment and appraisal of exploration by    The Turkish Geological Survey  ("MTA") carried out   other parties                   other parties.                                     regional exploration work in  the early 1960's,                                                                                      predominately mapping.                                                                                     The Çöpler prospect was first  identified by the                                                                                      predecessor company of Alacer,  Anatolia Minerals                                                                                      Development Ltd (Anatolia) in  1998.                                                                                     Anatolia and Rio Tinto explored  and drilled the                                                                                      Çöpler deposits between 2000-2004 .  ---                                                                               ---------------------------------- --------------  Geology                          Deposit type, geological setting and style of     The Çöpler property is located  near the north margin                                   mineralization.                                    of a complex collision zone  lying between the                                                                                      Pontide Belt/North Anatolian  Fault and the Arabian                                                                                      Plate and East Anatolian Fault.                                                                                     The Çöpler District hosts  various styles of                                                                                      mineralization, mainly  epithermal, skarn and                                                                                      porphyry style gold and gold-copper                                                                                            mineralization.                                      Epithermal gold mineralization at Çöpler occurs                                                                                       within structurally-controlled  zones sourced from                                                                                      a low-grade base metal porphyry  intrusive                                                                                      described as a diorite stock.   Mineralization tends                                                                                      to occur in proximity to (and  on both sides of) the                                                                                      country rock/diorite contact.  ---                                                                               ---------------------------------- -----------------  Drill hole                       A summary of all information material to the      The collar locations and  starting drill orientation   Information                     understanding of the exploration results           for all holes in the Çöpler  Mineral Resource                                   including a tabulation of the following            database are reported in  Appendix 1 of the                                         information for all Material drill holes:          Feasibility Study.                                          easting and northing of the drill hole collar     The project has been in production for five years                                                                                       with drill intercepts from over  1,800 holes that                                                                                      have a drill spacing of 25-50 m  used to support the                                                                                      Mineral Resource estimate.                                   elevation or RL (Reduced Level - elevation above  Production drilling and surface  mapping was                                    sea level in metres) of the drill hole collar     available for the construction  of the geological                                                                                            and Mineral Resource model.                                          dip and azimuth of the hole                                          down hole length and interception depth                                          hole length.                                     If the exclusion of this information is                                      justified on the basis that the information is                                      not Material and this exclusion does not                                      detract from the understanding of the report,                                      the Competent Person should clearly explain why                                      this is the case.     ---                             -----------------------------------------------   Data aggregation                 In reporting Exploration Results, weighting       New drill results are  incorporated into the Mineral   methods                         averaging techniques, maximum and/or minimum       Resource estimate and support  the Mineral Resources                                   grade truncations (eg cutting of high grades)      and Mineral Reserves estimates.   Assay intervals                                   and cut-off grades are usually Material and        were composited to 1 m and then  gold grades capped                                   should be stated.                                  at from 11 g/t to 30 g/t  depending on the domain                                                                                      and sulfur content.  1 m capped  composites were                                                                                      then composited to 5 m down the  hole composites for                                                                                            use in grade estimation.     ---     Where aggregate intercepts       Intercepts are included in the Mineral Resource      incorporate short lengths of     estimate as composite samples.      high grade results and longer      lengths of low grade results,      the procedure used for such      aggregation should be stated      and some typical examples of      such aggregations should be      shown in detail.     ---     The assumptions used for any      reporting of metal equivalent      values should be clearly      stated.                             No metal equivalent values have been used.     ------------------------------  ------------------------------------------   Relationship between             These relationships are particularly important    Northeast to east-trending  structures dominate the   mineralization                  in the reporting of Exploration Results.           Çöpler project.  The variable  northeast trending   widths and intercept                                                               Çöpler North and South faults  are important   lengths                                                                            structures crossing the entire  property.                                                                                      Mineralization ranges from near-vertical features                                                                                      defined by the faults to low-angle sill features                                                                                      following lithologic contacts  and low angle                                                                                      structures.  Drilling is a  combination of                                                                                      vertically oriented holes prior  to 2005. North/                                                                                      south oriented drill holes were  added from 2005 to                                                                                      present.                                                                                    Due to the multiple generations  of drill programs                                                                                      and drill hole spacing, the  mineralization in the                                                                                      Marble and Main pit have been  drilled in several                                                                                      different orientations.   Mineralization in the                                                                                      Manganese pit is dominantly  vertical.                                                                                      Mineralization widths and  intercept lengths varies                                                                                      by area and structural feature.   True verses                                                                                            drilled widths vary accordingly.                                      If the geometry of the mineralization with                                      respect to the drill hole angle is known, its                                      nature should be reported.                                      If it is not known and only the down hole                                      lengths are reported, there should be a clear                                      statement to this effect (eg 'down hole length,                                      true width not known').     ---                             ------------------------------------------------   Diagrams                         Appropriate maps and sections (with scales) and   Diagrams of drill hole collar  locations and typical                                   tabulations of intercepts should be included       geologic cross sections  included as Appendix 2 of                                   for any significant discovery being reported       the Feasibility Study.  A drill  collar location                                   These should include, but not be limited to a      plan and geological sections  are not included as                                   plan view of drill hole collar locations and       the Project is an operating  mine, and not an                                   appropriate sectional views.                       exploration discovery.  --------                        ------------------------------------------------  ---------------------------------- ------------------        Balanced reporting               Where comprehensive reporting of all Exploration  Mineral Resource and                                      Results is not practicable, representative         Mineral Reserves are                                      reporting of both low and high grades and/or       detailed in this                                      widths should be practiced to avoid misleading     press release.                                      reporting of Exploration Results.                  Exploration results                                                                                         are not disclosed in                                                                                         this news release.     ------------------               ------------------------------------------------ ---------------------     Other substantive                Other exploration data, if meaningful and         Surface mapping and      exploration data                material, should be reported including (but not    sampling has been                                      limited to): geological observations;              undertaken over the                                      geophysical survey results; geochemical survey     life of the                                      results; bulk samples - size and method of         property.                                      treatment; metallurgical test results; bulk                                      density, groundwater, geotechnical and rock                                      characteristics; potential deleterious or                                      contaminating substances.                                      Ground and airborne                                                                                         geophysical surveys                                                                                         were conducted at                                                                                         Çöpler from mid-                                                                                         2000 until the end                                                                                         of 2006.                                      Initial exploration                                                                                         at Çöpler was                                                                                         directed at                                                                                         evaluating economic                                                                                         potential of the                                                                                         near-surface oxide                                                                                         mineralization.                                                                                         Attention turned to                                                                                         evaluating                                                                                         underlying sulfide                                                                                         mineralization                                                                                         during 2009.                                      Bulk density,                                                                                         metallurgical                                                                                         results and                                                                                         deleterious elements                                                                                         are detailed in                                                                                         Section 3 below.     ---                                                                               ---------------------     Further work                     The nature and scale of planned further work (eg  Further drilling and                                      tests for lateral extensions or depth              modeling will assist                                      extensions or large-scale step-out drilling).      in definition of                                                                                         higher-grade                                                                                         features encountered                                                                                         during production                                                                                         drilling which are                                                                                         under-represented                                                                                         in the Mineral                                                                                         Resource model.                                                                                       Based on the outcome                                                                                         of pit designs, more                                                                                         drilling is likely                                                                                         needed to define the                                                                                         location of                                                                                         structures along the                                                                                         ultimate sulfide pit                                                                                         boundary for                                                                                         geotechnical                                                                                         considerations.                                     Diagrams clearly highlighting the areas of                                      possible extensions, including the main                                      geological interpretations and future drilling                                      areas, provided this information is not                                      commercially sensitive.                                      The majority of the                                                                                         high-grade                                                                                         mineralization is                                                                                         contained within the                                                                                         $1,500 gold                                                                                         conceptual pit                                                                                         shell; however, at                                                                                         least one known area                                                                                         may require follow-                                                                                         up drilling to                                                                                         determine any                                                                                         underground                                                                                         potential.     ---                                                                               --------------------     Section 3 Estimation and Reporting of Mineral Resources   Database integrity      Measures taken to ensure that data has not been corrupted by,    A database audit by AMEC  occurred during the first                           for example, transcription or keying errors, between its         quarter of 2014.  The  audit compared scans of original                           initial collection and its use for Mineral Resource              drill logs (lithology,  RQD and bulk density) to values                           estimation purposes.                                             contained in the  database.  The audit also                                                                                            electronically compared  assay results supplied                                                                                            directly from ALS Chemex,  to the database.                          Data validation procedures used.                                 As part of the external audit, field locations for  39                                                                                            historic drill collars  were collected and compared to                                                                                            database coordinates.   Down-hole surveys were not                                                                                            validated due to lack of  supporting original                                                                                                  documentation.                             Plots of drill holes, geology, and assay values are                                                                                             generated for the project  geologist to review on a bi-                                                                                            annual basis.  During  Mineral Resource model updates,                                                                                            lists of suspect  information are sent to the project                                                                                            geologist to review,  confirm or correct.  Site visits             Comment on any site visits undertaken by the Competent Person    Dr. Harry Parker and  Gordon Seibel from AMEC performed                           and the outcome of those visits.                                 a site visit from 5 - 11  May, 2014.  Dr. Harry Parker                                                                                            and Gordon Seibel, both  Registered Members of the                                                                                            Society of Mining,  Metallurgy and Exploation (RM SME)                                                                                            are the co-qualified  persons for the Mineral Resource                                                                                            model and reporting.   Messrs Seibel and Parker                                                                                            reviewed ore control  methodologies, exploration                                                                                            geology, mineralization  controls, density                                                                                            determination  methodologies, mine geology, ore                                                                                            reconciliations, and  blast hole drilling and sampling.                                                                                             They also reviewed truck  routing, mine engineering                                                                                             and process reporting in  support of the assessment of                                                                                            reasonable prospects of  eventual economic extraction                                                                                            for the Mineral Resource  estimate.                                If no site visits have been undertaken indicate why this is                              the case.   Geological              Confidence in (or conversely, the uncertainty of) the            The geologic model is  considered robust with   interpretation          geological interpretation of the mineral deposit.                information available  from over 1,800 drill holes                                                                                            within the Çöpler  deposit at the time of the Mineral                                                                                            Resource update.   Comparisons were made in areas with                                                                                            production data to  validate the geologic model and                                                                                            interpreted controls on  mineralization.                                   Nature of the data used and of any assumptions made.             The data used for the geologic model included a                                                                                             combination of core and  RC drilling extended to model                                                                                            boundaries with the aid  of surface mapping.  In active                                                                                            mining areas, geologic  data collected from production                                                                                            drilling was compared to  exploration drilling.                         The effect, if any, of alternative interpretations on Mineral    Effects of alternative  geologic models were not tested.                           Resource estimation.                                              However, the impact of  geology on mineralization was                                                                                             explored through the use  of dynamic anisotropy,                                                                                            controlled by the diorite  contacts.  Geologic features                                                                                            have a strong influence  on the location and gold                                                                                            grade.  Copper  mineralization follows a broader dome                                                                                            feature, indicative of a  porphyry signature.                         The use of geology in guiding and controlling Mineral Resource   Continuity of gold  mineralization varies by area.  In                           estimation.                                                      the Manganese and Marble  pit the mineralization is                                                                                            predictable based on the  diorite contact.  In the Main                                                                                            pit there are multiple  structural features at various                                                                                            scales which shortens the  continuity range.                                    The factors affecting continuity both of grade and geology.   Dimensions              The extent and variability of the Mineral Resource expressed as  The 2014 Çöpler Mineral  Resource pit shell extends                           length (along strike or otherwise), plan width, and depth        3,000 m in the East/West  direction by roughly 2,000 m                           below surface to the upper and lower limits of the Mineral       north/south.  The maximum  depth of the                           Resource.                                                        Lerchs-Grossman  conceptual pit shell is 420 m thick                                                                                            when compared to original  topography.  Estimation and          The nature and appropriateness of the estimation technique(s)    Mineralized zones were  developed using probabilistic   modelling techniques    applied and key assumptions, including treatment of extreme      modeling based on cut-offs used for classifying heap                           grade values, domaining, interpolation parameters and maximum    leach and pressure  oxidation (POX) material.  Gold,                           distance of extrapolation from data points. If a computer        copper, silver, zinc,  arsenic, iron, and manganese                           assisted estimation method was chosen include a description of   were estimated within the  gold probabilistic model for                           computer software and parameters used.                           cash flow, process  blending, and environmental                                                                                            consideration.  Sulfur  was estimated to a distance of                                                                                            160 m from drill data to  account for both ore and                                                                                            waste blocks.  The model  was calibrated to production                                                                                            data by using indicator  discriminators to select the                                                                                            approximate volume of  material at high and low sulfur                                                                                            grades.                         The availability of check estimates, previous estimates and/or   Three main domains were  constructed for the project                           mine production records and whether the Mineral Resource         area: Manganese zone,  Main zone and Marble zone.                           estimate takes appropriate account of such data.                 Capping for gold varied  by gold and sulfur domain.                                                                                            Copper, silver, sulfur  and arsenic maintained a single                                                                                            cap throughout the model.   Drill hole assays were                                                                                            first composited to 1 m  intervals for exploratory data                                                                                            analysis (EDA), capped,  and then composited to 5 m                                                                                            intervals for statistics  and grade estimation.                          The assumptions made regarding recovery of by-products.          Drill hole spacing varies from 25 m to 50 m.  A  block                                                                                            model was created for the  Çöpler Project area in                                                                                            Vulcan(R) and Datamine  using a parent block size of 10                                                                                            mE by 10 mN by 5 mRL in  all areas.  The block size is                                                                                            considered appropriate  because mining uses a 5 m bench                                                                                            height in ore and waste.                         Estimation of deleterious elements or other non-grade            EDA showed that gold  mineralization follows geologic                           variables of economic significance (eg sulphur for acid mine     features and was not  constrained by rock types.                           drainage characterisation).                                      Therefore, variography  was performed on gold, silver                                                                                            and copper composites  categorized by S>=2% and S<2%                                                                                            within each domain.                         In the case of block model interpolation, the block size in      Estimation of gold, copper  and silver utilized a                           relation to the average sample spacing and the search            multiple pass method to  estimate grade with increasing                           employed.                                                        distances and decreasing  samples.  Search pass                                                                                            distances and  orientations varied by domain with a                                                                                            minimum of 30 x 30 x 15 m  used in the first pass up to                                                                                            a maximum of 160 x 160 x  80 m for the third pass.                                                                                            Ordinary Kriging was used  to interpolate gold, copper                                                                                            and silver grades.  The  assays were composited at 5 m                                                                                                  intervals.                                 Any assumptions behind modelling of selective mining units.      For the first and second search pass a minimum of 3                                                                                             composites and a maximum  of 12 composites were used.                                                                                            The third and final pass  used a minimum of 1 composite                                                                                                  with a maximum of 12.                                 Any assumptions about correlation between variables.             Sulfur, zinc, iron, arsenic and manganese were                                                                                             estimated using inversed  distance squared                                                                                            interpolation methods.   These variables followed the                                                                                            same domains,  orientations and distances as the gold.                          Description of how the geological interpretation was used to     The low-grade gold  indicator shell was used as a hard                           control the resource estimates.                                  boundary for both sample  selection and grade                                                                                            estimation.  This allowed  control of grade smoothing                                                                                            during the estimation  process.                                Discussion of basis for using or not using grade cutting or                              capping.                             The process of validation, the checking process used, the                              comparison of model data to drill hole data, and use of                              reconciliation data if available.     Moisture                Whether the tonnages are estimated on a dry basis or with                              natural moisture, and the method of determination of the                              moisture content.                                                   Tonnages are estimated on a dry basis.   Cut-off parameters      The basis of the adopted cut-off grade(s) or quality             There are multiple cut-off  grades used for the two                           parameters applied.                                              different proposed  processing methods.  Low-sulfur                                                                                            material (sulfur grade  less than 2% or S<2%) can be                                                                                            processed by the existing  heap leach facility with                                                                                            higher gold grade  material for high sulfur material                                                                                            (sulfur grades greater  than or equal to 2% or S=>2%)                                                                                            proposed for POX  treatment.  Cut-offs vary by rock                                                                                            type and metallurgical  area.  The lowest cutoff used                                                                                            is 0.255 g/t Au for oxide  marble, and the highest                                                                                            cut-off of 1.0 g/tAu is  for sulfide.                                                                                           The Çöpler Mineral  Resource has been reported by low-                                                                                            high sulfur, defined gold  cut-off grades and by                                                                                            Mineral Resource category.  Mining factors or       Assumptions made regarding possible mining methods, minimum      Çöpler is an active open  pit heap leach operation.  Ore   assumptions             mining dimensions and internal (or, if applicable, external)     control is on 5 m benches  with loading operations                           mining dilution. It is always necessary as part of the process   utilizing Caterpillar  374D excavator-back hoes with                           of determining reasonable prospects for eventual economic        4.6 m(3) buckets.  .  Blast holes have a spacing of                           extraction to consider potential mining methods, but the         approximately 3.5 m; 5 kg  of cuttings are collected,                           assumptions made regarding mining methods and parameters when    prepped and assayed.   This allows for selective mining                           estimating Mineral Resources may not always be rigorous. Where   of ore/waste blocks down  to 500 tonnes.  Based on                           this is the case, this should be reported with an explanation    observation of dig lines,  a 5 x 10 x 5 m selective                           of the basis of the mining assumptions made.                     mining unit (SMU) is  appropriate.                          Mineral Resources are estimated within a $1,500/oz Au                                                                                            resource conceptual pit  generated using Whittle.                                                                                            Mining cost is estimated  at $1.80/tonne mined.  Oxide                                                                                            ore processing cost  ranges from $9.13/tonne ore to                                                                                            $13.79/tonne ore.   Sulfide ore processing cost is                                                                                            $34.41/tonne ore.                                                                                           Sulfide ore is stockpiled  in one of three designated                                                                                            stockpiles; low-grade  (1.5 g/t - 2.3 g/t Au),                                                                                            medium-grade (2.3 g/t -  3.1 g/t Au), and high-                                                                                            grade (greater than 3.1  g/t Au) sulfide ore.  Metallurgical factors   The basis for assumptions or predictions regarding               Prior to 2009, Rio Tinto  and Alacer commissioned   or assumptions          metallurgical amenability. It is always necessary as part of     metallurgical test work  focusing on Mineral Resource                           the process of determining reasonable prospects for eventual     estimation and processing  options for the oxide                           economic extraction to consider potential metallurgical          portion of the Çöpler  Mineral Resource.  Subsequently,                           methods, but the assumptions regarding metallurgical treatment   Anagold employed SNC-Lavalin to develop the design                           processes and parameters made when reporting Mineral Resources   for the oxide heap leach  commissioned during 2010.                                 may not always be rigorous. Where this is the case, this                              should be reported with an explanation of the basis of the                              metallurgical assumptions made.                             The historical work completed at both RDI and SGS                                                                                             concentrated on  evaluating sulfide processing options                                                                                            including direct  cyanidation, flotation, cyanidation                                                                                            of flotation  concentrates, POX coupled with                                                                                            cyanidation and roasting.   The work supporting the                                                                                            Feasibility Study was  performed primarily by Hazen in                                                                                            2012 and 2013.  This work  focused on determining                                                                                            operating conditions and  finalizing the design                                                                                            criteria for the pressure  oxidation circuit and                                                                                            ancillary processes.  POX  test work at Hazen included                                                                                            both batch and pilot  scale testing.                          Oxide ore Au recovery is highly variable by rock type;                                                                                            ranging from 59.5% to  74.8%.  Oxide ore Ag recovery                                                                                            ranges from 27.3% to  37.8% and Cu recovery ranges from                                                                                            3.3% to 15.8%.  At the  time of the May 2014 pit                                                                                            optimization, sulfide ore  recovery was estimated at                                                                                            94.0% for Au, 3.0% for  Ag, and 85.0% for Cu.  Environmental factors   Assumptions made regarding possible waste and process residue    The EIA, SIA and related  technical studies   or assumptions          disposal options. It is always necessary as part of the          (hydrogeology,  geochemistry, flora and fauna studies,                           process of determining reasonable prospects for eventual         etc.) are currently  underway for the sulfide expansion                           economic extraction to consider the potential environmental      project.  The results of  these studies will determine                           impacts of the mining and processing operation. While at this    the potential impacts of  the sulfide expansion                           stage the determination of potential environmental impacts,      project.  It is assumed  that these studies will result                           particularly for a greenfields project, may not always be well   in the approval to mine  and process the sulfide                           advanced, the status of early consideration of these potential   portion of the Mineral  Resource at ??pler.                                 environmental impacts should be reported. Where these aspects                              have not been considered this should be reported with an                              explanation of the environmental assumptions made.                             Waste rock will be stored in one of four areas; the                                                                                             Lower Çöpler East WRSA,  Lower Çöpler West, Upper                                                                                            Çöpler WRSA, and West  WRSA.  Ore is either direct                                                                                            dumped into the crushing  circuit or placed in the                                                                                            appropriate stockpile.   SRK (Turkey) has completed an                                                                                            initial waste rock  characterization study to identify                                                                                            potential Acid Rock  Drainage (ARD) at the ??pler mine.                                                                                             A few rock types present  within the mine boundary                                                                                             have been identifying as  potentially acid forming.  A                                                                                            mitigation plan that  involves encapsulation within                                                                                            neutralizing material has  been implemented.  Further                                                                                            mitigation planning will  be completed during the                                                                                            design phase of the  project.  Bulk density            Whether assumed or determined. If assumed, the basis for the     Bulk density  determinations are made on selected                           assumptions. If determined, the method used, whether wet or      diamond drill samples  using the wax coated water                           dry, the frequency of the measurements, the nature, size and     displacement method by  site geologists.  Tonnages are                           representativeness of the samples.                               estimated on a dry basis.                         The bulk density for bulk material must have been measured by    A total of 4,395 bulk  density measurements, 2,269                           methods that adequately account for void spaces (vugs,           classified as leachable  ore and 2,216 classified as                           porosity, etc), moisture and differences between rock and        sulfide ore, were  available for review.  Density                           alteration zones within the deposit.                             values were assigned to  the block model by rock type                                                                                            and vertical depth.   Diorite and metasediment                                                                                            densities increase with  depth.  Marble and the                                                                                            manganese-rich zone have  an assigned, constant value.                                                                                             A factor was not applied  to account for void spaces                                                                                             or moisture differences.   Alteration is considered                                                                                            with assignment of the  variable density by depth from                                                                                            surface.  Density values  were incorporated into the                                                                                            Mineral Resource model.                         Discuss assumptions for bulk density estimates used in the       Density was evaluated by  rock type and depth.                           evaluation process of the different materials.                   Statistics by rock type  and vertical depth were                                                                                            generated along with  scatter plots of measurements by                                                                                            depth.  Mean density  values were calculated in 25 m                                                                                            increments by depth and  plotted against all                                                                                            measurements by rock type.                                                                                           Density data is considered  appropriate for use in                                                                                            estimation.  Classification          The basis for the classification of the Mineral Resources into   Mineral Resources were  classified using an industry                           varying confidence categories.                                   leading practice that  recommends that Indicated                                                                                            Mineral Resources should  be known within +/-15                                                                                            percent with 90 percent  confidence on an annual basis,                                                                                            and Measured Mineral  Resources should be known within                                                                                            +/-15 percent with a 90  percent confidence on a                                                                                            quarterly basis.                         Whether appropriate account has been taken of all relevant       It was determined by a  drill spacing study that a                           factors (ie relative confidence in tonnage/grade estimations,    minimum drill hole  spacing of 50 m by 50 m was                           reliability of input data, confidence in continuity of geology   required to support  declaration of Indicated Mineral                           and metal values, quality, quantity and distribution of the      Resources and 80 m by 80  m spacing for Inferred                           data).                                                           Mineral Resources.                          Whether the result appropriately reflects the Competent          No blocks in the model  were classified as Measured                           Person's view of the deposit.                                    Mineral Resources, due to  incomplete assessment of                                                                                            data integrity.                                                                                           Results reflect the  Competent Persons' view of the                                                                                            deposit.  Audits or reviews       The results of any audits or reviews of Mineral Resource         AMEC developed and audited  the April 2014 Mineral                           estimates.                                                       Resource model.  This was  done in conjunction with the                                                                                            database audit and site  review.  AMEC concluded the                                                                                            requirements for  reasonable prospects for eventual                                                                                            economic extraction have  been met.                                                                                           AMEC recommends further  work to complete assessment of                                                                                            data integrity, improve  QAQC, refine the model and                                                                                            advance grade  reconciliation.  Discussion of           Where appropriate a statement of the relative accuracy and       Estimated grades were  compared to a nearest neighbor   relative accuracy/      confidence level in the Mineral Resource estimate using an       model to check for global  bias.  The largest bias was   confidence              approach or procedure deemed appropriate by the Competent        seen when comparing the  gold estimate for material                           Person. For example, the application of statistical or           above 2% sulfur.  The  bias obtained by metal and                           geostatistical procedures to quantify the relative accuracy of   domain were considered  within acceptable ranges.                                 the resource within stated confidence limits, or, if such an                              approach is not deemed appropriate, a qualitative discussion                              of the factors that could affect the relative accuracy and                              confidence of the estimate.                          The statement should specify whether it relates to global or     Local trends in the grade  estimates were performed by                           local estimates, and, if local, state the relevant tonnages,     plotting the mean values  from the nearest-neighbor                           which should be relevant to technical and economic evaluation.   estimate versus the  kriged results for Indicated                           Documentation should include assumptions made and the            blocks in east-west,  north-south and vertical                           procedures used.                                                 swaths.                         These statements of relative accuracy and confidence of the      The smoothness of the  Mineral Resource model was                           estimate should be compared with production data, where          evaluated using the  discrete gaussian or hermitian                           available.                                                       polynomial change-of-support method (Herco) for                                                                                            sulfur content greater  than and less than two percent                                                                                            sulfur.  Based on the  grade-tonnage curves for the                                                                                            expected SMU sized  blocks, the Mineral Resource model                                                                                            should be a reasonable  predictor of tonnes and grade                                                                                            selected to ore during  mining.                                                                                           The Mineral Resource  modeling method uses production                                                                                            data as a calibration  tool in the generation of                                                                                            mineralized shells.  ---                                                                                     ---------------------------- -------------------------  Section 4 Estimation and Reporting of Ore Reserves  Mineral Resource       Description of the Mineral Resource estimate used as a basis    The Mineral Resource  estimate description is included in Section 3.  Mineral Resources are   estimate for           for the conversion to an Ore Reserve.                           estimated within a  $1,500/oz Au resource cone generated using Whittle.  Mining cost is   conversion to Ore                                                                      estimated at $1.80/tonne  mined.  Oxide ore processing cost ranges from $9.13/tonne ore to   Reserves                                                                               $13.79/tonne ore.  Sulfide  ore processing cost is $34.41/tonne ore.                        Clear statement as to whether the Mineral Resources are         Mineral Reserves are  estimated on the basis of detailed design and scheduling of the                          reported additional to, or inclusive of, the Ore Reserves.      ??pler mine pits.  The mine  pit boundaries are defined by optimized Whittle pit shells                                                                                          for separate oxide pit and  sulfide pits.  The Oxide pit shell is estimated with an Au                                                                                          price of $1,100/oz, mining  cost of $1.80/tonne mined, and processing costs ranging from                                                                                          from $9.13/tonne ore to  $13.79/tonne ore.  The Sulfide pit shell is estimated with an Au                                                                                          price of $800/oz and  processing cost of $34.41/tonne ore.                                                                                         Mineral Resources are  reported inclusive of Mineral Reserves.  Mineral Resources that are                                                                                          not Mineral Reserves have  not demonstrated economic viability.  Site visits            Comment on any site visits undertaken by the Competent Person   Bret Swanson of SRK has  inspected the ??pler Project Area from March 24 to 27, 2012.  The                          and the outcome of those visits.                                visit included a detailed  review of mining operation, tour of the open pit, heap leach,                                                                                          and crushing facilities.   Additional time was spent discussing potential operations with                                                                                          technical services staff  and mine management.                               If no site visits have been undertaken indicate why this is                             the case.     Study status           The type and level of study undertaken to enable Mineral                             Resources to be converted to Ore Reserves.                         Feasibility Study report completed June, 2014.                         The Code requires that a study to at least Pre-Feasibility      Conversion of Mineral  Resources to Mineral Reserves has been accounted for in material                                Study level has been undertaken to convert Mineral Resources    classification.                             to Ore Reserves. Such studies will have been carried out and                             will have determined a mine plan that is technically                             achievable and economically viable, and that material                             Modifying Factors have been considered.   Cut-off parameters     The basis of the cut-off grade(s) or quality parameters         For Mineral Reserve  estimation cutoff grades for oxide ore are calculated based on                          applied.                                                        positive cash flow  generation.  A calculated gold internal cutoff grade was applied to                                                                                          Mineral Reserves to be  processed as oxide heap leach ore, using the equation: Xc = Po /                                                                                          (r * (V-R)) where Xc =  Cutoff Grade (gpt), Po = Processing Cost of Ore (USD/tonne of                                                                                          ore), r = Recovery, V =  Gold Sell Price (USD/gram), R = Refining Costs (USD/gram).  The                                                                                          cut-off grade for sulfide  ore is set at 1.5 g/t Au.  Mining factors or      The method and assumptions used as reported in the Pre-         As part of the Mineral  Resource modeling process, a drill spacing study was completed to   assumptions            Feasibility or Feasibility Study to convert the Mineral         determine confidence levels  for Measured and Indicated based on data availability.                          Resource to an Ore Reserve (i.e. either by application of       Results of this work were  used to classify the reported Mineral Resources.  Data quality                          appropriate factors by optimisation or by preliminary or        was also factored into the  classification process.                          detailed design).                        The choice, nature and appropriateness of the selected mining   Conventional open-pit mining  is the chosen method of extraction for Mineral Reserves at                          method(s) and other mining parameters including associated      Çöpler.  The mine is  currently in operation and utilizes CAT 374 excavators and Mercedes                          design issues such as pre-strip, access, etc.                   Axor haul trucks.  Most  primary access roads, waste rock storage areas, and mine                                                                                          infrastructure is in place  and in operation.  Additional infrastructure would be                                                                                          constructed to aid in the  extraction of the sulfide ore.                        The assumptions made regarding geotechnical parameters (eg pit  A full review of the site  geotechnical operations and design parameters was completed by                          slopes, stope sizes, etc), grade control and pre-production     Golder Associates in April  2014.  Golder has provided Alacer with design guidelines for                          drilling.                                                       the pit slope angles.   These guidelines have been used in the design of the Çöpler mine                                                                                          pit walls.  Inter-ramp pit  slope angles range from 25° to 52.5° dependent on lithology                                                                                          and alteration type.  The  model used for Mineral Resource and Mineral Reserve estimation                                                                                          is the May 2014 model.                         The major assumptions made and Mineral Resource model used for  Mineral Reserves are not  diluted, nor is any mining dilution expected beyond that already                          pit and stope optimisation (if appropriate).                    implied by the 10 X 5 X 5 m  SMU.                                   The mining dilution factors used.                                   Full mine recovery is assumed.                                The mining recovery factors used.                                   Minimum mining width is 15-30 m depending on situation.                                Any minimum mining widths used.                                     All Inferred material is considered as waste.                            The manner in which Inferred Mineral Resources are utilised in                             mining studies and the sensitivity of the outcome to their                             inclusion.                                                         All required infrastructure is currently in place for mining operations.                            The infrastructure requirements of the selected mining                             methods.   Metallurgical factors  The metallurgical process proposed and the appropriateness of   Oxide ore (S% <2.0) is  processed through Heap Leach.  Sulfide Ore (S% >2.0) will be   or assumptions         that process to the style of mineralisation.                    processed through POX.                         Whether the metallurgical process is well-tested technology     Pressure oxidation in  autoclaves is a well-established technology for the treatment of                          or novel in nature.                                             sulfidic refractory gold  ores.  It has been successfully used for the treatment of                                                                                          refractory gold ore or  concentrate at 12 other properties worldwide.                         The nature, amount and representativeness of metallurgical      The metallurgical testing  program conducted on Çöpler ore included four campaigns of                          test work undertaken, the nature of the metallurgical           continuous pilot testing of  all major process circuits, and batch testing on a total of                          domaining applied and the corresponding metallurgical           154 separate ore samples to  assess the variability of metallurgical response.                                recovery factors applied.                              Any assumptions or allowances made for deleterious elements.    The Çöpler flow sheet includes neutralization and  arsenic fixation circuits, which will                                                                                          ensure arsenic reports to  the tailings as an environmentally stable ferric arsenate                                                                                          precipitate.  This will  also keep the arsenic content in the copper sulfide product below                                                                                          levels which would incur  significant smelter penalties.                        The existence of any bulk sample or pilot scale test work and   The four pilot plant  campaigns were conducted on ore composites which included all ore                          the degree to which such samples are considered                 types identified as having  a material contribution to the Mineral Reserve.  The ore type                          representative of the orebody as a whole.                       weightings of the composite  used in the fourth and final pilot campaign roughly matched                                                                                          the average proportion of  those ore types in the life of mine plan.  Composites tested in                                                                                          campaigns 1 through 3  covered included a range of compositions varying from 0 to 40% Mn                                                                                          Diorite to evaluate the  variability of metallurgical response and to establish blending                                                                                          limits used in the  Feasibility Study mine plan.                         For minerals that are defined by a specification, has the ore   The plant design limits for  sulfide sulfur and carbonate content as well as a maximum 40%                          reserve estimation been based on the appropriate mineralogy     Mn Diorite ore type limit  have been used as a basis of the mine plans.                          to meet the specifications?  Environmental          The status of studies of potential environmental impacts of     Characterization, defining  the acid generating potential of the waste rock at Çöpler has                          the mining and processing operation. Details of waste rock      been completed, and is  considered as an important factor in waste storage area design.                                characterisation and the consideration of potential sites,                             status of design options considered and, where applicable,                             the status of approvals for process residue storage and waste                             dumps should be reported.   Infrastructure         The existence of appropriate infrastructure: availability of    Infrastructure currently  serving the mine is deemed sufficient for the expanded operation                          land for plant development, power, water, transportation        contemplated in the  Feasibility Study.                                (particularly for bulk commodities), labour, accommodation;                             or the ease with which the infrastructure can be provided, or                             accessed.   Costs                  The derivation of, or assumptions made, regarding projected     Capital costs have been  estimated by Jacobs Engineering.  The estimate addresses the                          capital costs in the study.                                     engineering, procurement,  construction and start-up of a 5,000 tonnes/day gold-copper                                                                                          sulfide mill expansion to  the existing heap leach operation.                          The methodology used to estimate operating costs.               Operating costs are based on a variety of test  work, contract rates, and actual costs from                                                                                                the existing mine operation.                                Allowances made for the content of deleterious elements.            No allowances for deleterious elements are expected to be necessary.                              The source of exchange rates used in the study.                 Exchange rates were developed relying on published  long term forecasts from multiple                                                                                                sources.                              Derivation of transportation charges.                           Transportation charges used in the analysis are  based on rates currently in place for the                                                                                          mine.                         The basis for forecasting or source of treatment and refining   Treatment and refining  charges used in the analysis reflect rates currently in place at                          charges, penalties for failure to meet specification, etc.      the mine for gold and  silver.  Copper treatment and refining charges were developed in a                                                                                          marketing study as part of  the Feasibilty Study.                         The allowances made for royalties payable, both Government      Royalties included in the  analysis are consistent with those currently in place for the                          and private.                                                    mine and paid to the  Turkish government.  There are no other royalties paid by the mine.  Revenue factors        The derivation of, or assumptions made regarding revenue        Ore production and head  grades are determined by an optimized mine production schedule and                          factors including head grade, metal or commodity price(s)       input into the financial  model.  The model includes transportation and refining charges                          exchange rates, transportation and treatment charges,           for gold and silver and  transportation and smelting fees for copper.                                penalties, net smelter returns, etc.                            The derivation of assumptions made of metal or commodity                             price(s), for the principal metals, minerals and co-                             products.                                                          Au = US$1300/oz, Ag = US$22.00/oz, Cu = US$3.29/lb   Market assessment      The demand, supply and stock situation for the particular       Gold and silver will be  produced in the form of doré and sent to refiners for separation.                          commodity, consumption trends and factors likely to affect      The market for gold and  silver is robust.  A high-grade copper precipitate will be                          supply and demand into the future.                              produced for sale.  A  marketing study completed for the Feasibility Study finds the                                                                                          copper market to be robust  and, due to the high copper content of the precipitate, the                                                                                          precipitate will be highly  saleable to copper smelters and brokers.                         A customer and competitor analysis along with the               Mineral Reserve estimates  use long term metal price assumptions.  Supply and demand are                          identification of likely market windows for the product.        not considered material to  the Mineral Reserve calculations.  Long term metals prices                                                                                          were developed from  published forecasts from multiple sources.                                   Price and volume forecasts and the basis for these forecasts.                            For industrial minerals the customer specification, testing                             and acceptance requirements prior to a supply contract.   Economic               The inputs to the economic analysis to produce the net present  All operating and capital  costs as well as revenue streams were included in the financial                          value (NPV) in the study, the source and confidence of these    model.  Capital costs have  been prepared to a Class 3 cost estimate as defined by the                          economic inputs including estimated inflation, discount rate,   Association for the  Advancement of Cost Engineering (AACE).  This process has                          etc.                                                            demonstrated that the  Mineral Reserves can be processed yielding a positive net present                                                                                          value (NPV).                         NPV ranges and sensitivity to variations in the significant     Sensitivity was conducted on  capital costs, operating costs, metals prices and foreign                          assumptions and inputs.                                         exchange.  The project is  relatively insensitive to copper price and foreign exchange                                                                                          rates and more sensitive to  capital and operating costs and gold price.  Social                 The status of agreements with key stakeholders and matters      The Company practices open  and informed consultations with local communities and                          leading to social license to operate.                           stakeholders under  International Finance Corporation (IFC) guidelines.  There are no                                                                                          formal agreements with  stakeholders.  Other                  To the extent relevant, the impact of the following on the      The Company operates under  mining licenses issued by the Turkish Government.  All                          project and/or on the estimation and classification of the      necessary licenses are  maintained in good standing.  The expansion project is subject to                          Ore Reserves:                                                   an Environmental Impact  Analysis Approval by the Turkish regulators.  The EIA application                                                                                          was submitted in April 2014  and approval is expected by year end.                                   Any identified material naturally occurring risks.                            The status of material legal agreements and marketing                             arrangements.                           The status of governmental agreements and approvals critical                             to the viability of the project, such as mineral tenement                             status, and government and statutory approvals. There must be                             reasonable grounds to expect that all necessary Government                             approvals will be received within the timeframes anticipated                             in the Pre-Feasibility or Feasibility study. Highlight and                             discuss the materiality of any unresolved matter that is                             dependent on a third party on which extraction of the reserve                             is contingent.   Classification         The basis for the classification of the Ore Reserves into       Indicated Mineral Resources  were classified as Probable Mineral Reserves after                          varying confidence categories.                                  consideration of the  appropriate modifying factors.                               Whether the result appropriately reflects the Competent                             Person's view of the deposit.                                      Results reflect the Competent Person's view of the deposit.                            The proportion of Probable Ore Reserves that have been derived                             from Measured Mineral Resources (if any).                          No Measured Mineral Resources are included in the Probable Mineral Reserves category.   Audits or reviews      The results of any audits or reviews of Ore Reserve             The Mineral Reserve estimate  has been reviewed by Bret Swanson of SRK and found to be                          estimates.                                                      acceptable to Canadian NI  43-101 and JORC reporting standards.  Discussion of          Where appropriate a statement of the relative accuracy and      The Mineral Reserve estimate  has been reviewed by Bret Swanson of SRK and is considered to   relative accuracy/     confidence level in the Ore Reserve estimate using an           meet Canadian NI 43-101/CIM  and JORC reporting standards.         confidence             approach or procedure deemed appropriate by the Competent                             Person. For example, the application of statistical or                             geostatistical procedures to quantify the relative accuracy                             of the reserve within stated confidence limits, or, if such                             an approach is not deemed appropriate, a qualitative                             discussion of the factors which could affect the relative                             accuracy and confidence of the estimate.                         The statement should specify whether it relates to global or    The accuracy of the estimates  within this Mineral Reserve are mostly determined by the                          local estimates, and, if local, state the relevant tonnages,    order of accuracy  associated with the Mineral Resource model, metallurgical input, and                          which should be relevant to technical and economic              long-term cost adjustment  factors.                                evaluation. Documentation should include assumptions made and                             the procedures used.                           Accuracy and confidence discussions should extend to specific                             discussions of any applied Modifying Factors that may have a                             material impact on Ore Reserve viability, or for which there                             are remaining areas of uncertainty at the current study                             stage.                                                             Some risk is associated with:                            It is recognised that this may not be possible or appropriate                             in all circumstances. These statements of relative accuracy                             and confidence of the estimate should be compared with                             production data, where available.                                  Long term site costs may increase with time                                                                                                Long-term metals pricing may change                                                                                          Changes in current  environmental regulations may affect the operational parameters                                                                                          (throughput, cost,  mitigation measures)                                                                                         Geotechnical risks due to  unforeseen geologic conditions in the pit walls and/or seismic                                                                                          events.                                                                                         Pockets of high sulfur or  carbonate affecting metallurgical blending requirements for the                                                                                          ore feed.                                                                                         The Mineral Reserve estimate  is a global estimate of the ??pler mine and is supported by a                                                                                          Feasibility Study report  completed June, 2014.                                                                                         The Mineral Reserve model  was checked for global and local bias as stated in the Mineral                                                                                          Resource section.  ---                                                                                   ------------------------------ -----------------------------------------------------------    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 61-2-9953-2470  PDF available at:   http://stream1.newswire.ca/media/2014/06/16/20140616_C2803_PDF_EN_3666.pdf  To view this news release in HTML formatting, please use the following URL:  http://www.newswire.ca/en/releases/archive/June2014/16/c2803.html  CO: Alacer Gold Corp. ST: Ontario NI: MNG  
Press spacebar to pause and continue. Press esc to stop.