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  
-0- Jun/16/2014 10:00 GMT
 
 
Press spacebar to pause and continue. Press esc to stop.