Close X Cookies are necessary for the proper functioning of 24hGold.com. By continuing your navigation on our website, you are accepting the use of cookies.
To learn more about cookies ...
EnglishFrench
Gold & Silver Prices in
ALACER GOLD ANNOUNCES FIRST QUARTER OPERATING RESULTS
Published : April 29, 2011
( 0 vote, 0/5 ) Print article
  Article Comments Comment this article Rating Follow Company  
0
Send
0
comment

TORONTO, April 29 /CNW/ - Alacer Gold Corp ("Alacer" or the "Corporation") (TSX: ASR) (ASX: AQG) is pleased to announce its first quarter 2011 operating results at its four mines in Australia and Turkey.  The complete report can be found on our website at www.AlacerGold.com and on www.SEDAR.com.

Quarterly Highlights

  • Alacer Gold created through the merger of equals of Anatolia Minerals and Avoca Resources
  • Full quarter production: 91,259 total gold ounces from four mines
  • Reserves increased to 5.7 million contained gold ounces

Higginsville Gold Operations (100%)

  • Drilling at Trident has confirmed thick mineralization north of the current Apollo Reserve boundary and continuation of Artemis at least 200 meters to the north of Artemis Reserve boundary
  • Chalice open pit dewatering continued in preparation for underground mine development and production
  • Vine open pit operations commenced, with gold production expected in Q2

South Kalgoorlie Operations (100%)

  • Waste stripping continued for the HBJ North Phase 2 Cutback

Çöpler Gold Operations (95%)

  • Sulfide prefeasibility study increased expected life-of-mine production to 3.7 million gold ounces; sulfide feasibility study commencing
  • Successful production ramp up, with Alacer Gold announcing commercial production achieved effective April 1, 2011
  • Crusher construction and commissioning continued with expected Q2 crusher start-up
  • Drilling recommenced at Çöpler; identified potential extensions to known mineralization in both oxide and sulfide zones

Frog's Leg Joint Venture (49%)

  • Underground resource update successfully replaced prior mine production

Operations
The merger between Anatolia Minerals and Avoca Resources to form Alacer Gold was completed on February 18, 2011, with Anatolia Minerals being treated as the accounting acquirer. As such, results presented in the table below represent the full results of Anatolia Minerals' operations for the first quarter 2011 and the prorated results of Avoca Resources' operations from the date of the merger ("Merger Basis"). However, for the Australian mines we also report full quarter results in the complete report to provide continuity and comparability to prior quarter operating results.

Alacer Gold group production summary for the first quarter 2011

Operation   Higginsville2 South
Kalgoorlie2
Frog's Leg
JV2 (49%)
Çöpler3 Alacer Gold
Total
U/G ore mined(HG) (tonnes) 103,272 - 34,207 - 137,479
U/G mined grade (g/t) 4.2 - 7.6 - 5.0
U/G mined ounces (ounces) 13,859 - 8,374 - 22,233
O/P ore mined (tonnes) - 36,150 - 1,593,583 1,629,733
O/P waste mined   - 653,140 - 2,107,604 2,760,744
O/P mined grade (g/t) - 1.2 - 1.1 1.14
O/P ounces mined (ounces) - 1,380 - 57,638 59,018
Total HG tonnes mined (tonnes) 103,272 36,150 34,207 1,593,583 1,767,212
Total mined grade (g/t) 4.2 1.2 7.6 1.1 1.4
Total mined ounces (ounces) 13,859 1,380 8,374 57,638 81,251
Ore treated (tonnes) 155,806 83,025 51,970 1,695,816 1,986,617
Head grade (g/t) 3.2 1.0 5.0 1.2 1.4
Recovery (%) 96.8 89.5 91.7 53.6 66.7
Gold produced1 (oz) 15,921 2,906 8,962 33,296 61,085
Gold sold (oz) 19,472 2,839 7,715 26,450 56,476
Attributable gold
produced: Merger Basis
(oz) 15,921 2,906 8,962 31,631 59,420
Attributable gold sold (oz) 19,472 2,839 7,715 25,128 55,154

1Ounces produced is gold poured and includes net change of gold-in-circuit, except Çöpler which is ounces poured.
2Represents results for the post-merger period (February 18, 2011 through March 31, 2011)
3Represents results for the full first quarter 2011 (January 1, 2011 through March 31, 2011)

Edward Dowling, CEO of Alacer stated, "This Quarterly Report represents the first announcement of operating results by Alacer Gold since successfully completing the merger of Anatolia Minerals and Avoca Resources. Overwhelming support by the shareholders of both predecessor companies has created a new leading intermediate global gold producer - the only producing company entering this important segment of the gold sector within the past year.

Alacer Gold emerges with immediate scale as represented through gold production, reserves, resources and growth potential. In March 2011, our first full month of combined production, Alacer Gold produced 37,040 gold ounces. This represents an annualized rate of more than 440,000 gold ounces, which is well above our 2011 target annualized production rate of 400,000 ounces. The prefeasibility study announced for Çöpler sulfide ore increased our total gold reserve base. Ongoing exploration at all our current operating mines will ensure future reserve and resource growth. Alacer Gold ended the first quarter with cash of $105.4 million and strong cash flows from operations, which will finance ongoing exploration and development programs to produce exceptional growth and capital returns in years to come."

About Alacer

Alacer is a leading intermediate gold company with operations in both Australia and Turkey.

Australia
Alacer has three operating gold mines in Australia, namely the Higginsville and South Kalgoorlie operations; and a 49% interest in the Frog's Leg underground mine. The South Kalgoorlie operations and the Frog's Leg interest were acquired following the successful takeover of Dioro Exploration NL, which was completed in March 2010. In the financial year ended June 2010, production was 230,000 ounces of gold, of which 183,000 ounces were produced at Higginsville at A$503 per ounce (excluding royalties) with the balance produced at South Kalgoorlie which included the 49% interest in Frog's Leg. The Australian operations are targeting 280,000 ounces of gold in 2011.

Turkey
Alacer is recognized as a leader in exploration and development in Turkey and, with the start-up of Çöpler, will soon be among Turkey's leading gold producers. Çöpler is 95% owned by Alacer and 5% by Lidya Mining (formerly known as Çalık Mining, see Anatolia News Release, August 13, 2009). Initial plans at Çöpler are to produce approximately 1.42 million leachable ounces of gold at costs consistent with the lower end of industry standards. Average annual production is expected to be about 175,000 gold ounces. Additional production expansion from the sulfide gold reserve is expected to add 2.25 million ounces. A detailed feasibility study is underway. In addition, Alacer holds a significant pipeline of prospective gold and base metal projects.

Alacer Gold currently has 277.0 million common shares issued and outstanding, 297.3 million fully diluted.

Cautionary Statements

Certain statements contained in this news 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 relate to this news release and other matters identified in Alacer's public filings, 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 and include, but are not limited in any manner to, those with respect to proposed exploration, communications with local stakeholders and community relations, status of negotiations of joint ventures, commodity prices, mineral resources, mineral reserves, realization of mineral reserves, existence or realization of mineral resource estimates, the timing and amount of future production, the timing of construction of proposed mine 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, economic, legal, social, regulatory, political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other Alacer filings, and include exploration results and the ability to explore, the ultimate determination of mineral reserves, availability and final receipt of required approvals, titles, licenses and permits, sufficient working capital to develop and operate the proposed mine, access to adequate services and supplies, commodity prices, 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 mine, lack of legal challenges with respect to the property or the Company and the ultimate ability to mine, process and sell mineral products on economically favorable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Alacer 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.

For further information:

please contact Edward Dowling, President and CEO, or Douglas Tobler, CFO at (303) 292-1299 or visit www.alacergold.com

Alacer Gold Corp.

PRODUCER
CODE : ASR.TO
ISIN : CA0329001022
Follow and Invest
Add to watch list Add to your portfolio Add or edit a note
Add Alert Add to Watchlists Add to Portfolio Add Note
ProfileMarket
Indicators
VALUE :
Projects & res.
Press
releases
Annual
report
RISK :
Asset profile
Contact Cpy
Your feedback is appreciated, please leave a comment or rate this article.
Rate : Average note :0 (0 vote) View Top rated
 
In the News and Medias of Alacer Gold Corp.
10/30/2013Alacer Gold focus squarely Turkey
7/25/2012Alacer Gold Q2 production falls 5% on weak Australia mines
9/25/2008Anatolia Minerals Development Up More Than 20%.
Annual reports of Alacer Gold Corp.
2007 Annual report
Financings of Alacer Gold Corp.
5/22/2011ANNOUNCES AMENDMENT TO PROPOSED RESTRICTED STOCK UNIT PLANS
11/15/2010CLOSES $25 MILLION CREDIT FACILITY
Nominations of Alacer Gold Corp.
9/15/2014announces the appointment of two new independent directors t...
6/30/2014announces changes to its Board of Directors
9/10/2013Announces changes to the Board of Directors
10/2/2011Chief Strategic Officer Rohan Williams steps down
8/11/2011Chief Financial Officer To Depart
4/21/2011TurkPower Corporation Appoints James Davidson to Its Board o...
Financials of Alacer Gold Corp.
4/28/2014announces 2014 first quarter results
3/13/2013announces 2012 year-end financial results
11/1/2012Announces Third Quarter 2012 Financial Statements and Relate...
5/12/2011FILES FIRST QUARTER FINANCIAL RESULTS AND THE RELATED MANAGE...
5/6/2011ANNOUNCES 2011 FIRST QUARTER FINANCIAL RESULTS RELEASE DATE ...
4/29/2011ANNOUNCES FIRST QUARTER OPERATING RESULTS
Project news of Alacer Gold Corp.
12/5/2013announces a further 10% increase in 2013 production guidance...
9/23/2013announces a 15% increase in 2013 production guidance at Çöpl...
1/17/2013achieves strongest quarterly production of the year of 103,4...
10/23/2012announces attributable gold production of 90,951 ounces for ...
6/1/2011(Çöpler Gold Project)ANNOUNCES SIGNFICANT EXTENSION TO SULFIDE MINERALIZATION AT ...
4/11/2011(Çöpler Gold Project)ACHIEVES COMMERCIAL PRODUCTION AT ITS ÇÖPLER MINE
3/29/2011(Çöpler Gold Project)REPORTS POSITIVE SULFIDE PREFEASIBILITY STUDY AND INCREASES ...
12/26/2010(Çöpler Gold Project)Anatolia Announces First Gold Pour at Copler Gold Mine
9/23/2008(Çöpler Gold Project)Commences Çöpler Gold Mine Construction
8/25/2008(Çöpler Gold Project)MANDATES LEAD ARRANGER FOR SENIOR PROJECT FINANCING
8/19/2008(Çöpler Gold Project)RECEIVES ÇÖPLER FORESTRY PERMIT
8/11/2008(Çöpler Gold Project)PROVIDES ÇÖPLER GOLD PROJECT UPDATE
5/20/2008(Çöpler Gold Project)OUTLINES STRATEGY FOR ÇÖPLER MINE DEVELOPMENT
4/16/2008(Çöpler Gold Project)Approved for Anatolia's Copler Gold Project
2/25/2008(Çöpler Gold Project)PROVIDES ÇÖPLER GOLD PROJECT UPDATE
2/6/2008(Çöpler Gold Project)FILES SULFIDE SCOPING STUDY FOR 2.3 MILLION OUNCES AT ÇÖPLER...
12/21/2007 POSITIVE SCOPING STUDY FOR 2.3 MILLION OUNCES OF ÇÖPLER GOL...
5/30/2006(Çöpler Gold Project)2006 Technical report
Corporate news of Alacer Gold Corp.
10/27/2014Reports 27% Increase in Gold Production at Lower Costs for T...
10/14/2014announces release date for third quarter 2014 financial resu...
7/29/2014announces results for second quarter 2014 and files NI 43-10...
7/14/2014Announces Release Date for Second Quarter 2014 Financial Res...
6/12/2014announces conference call on The Çöpler Sulfide Project Defi...
4/15/2014announces release date for first quarter 2014 financial resu...
3/12/2014announces 2013 year-end financial results and declares annua...
3/3/2014announces 2013 year-end financial results release date and c...
2/24/2014announces results of exploration in Turkey
1/27/2014announces President Howard Stevenson to resign
11/4/2013to pursue POX as sulfide ore processing method
10/24/2013Announces Approval of Australian Business Unit Sale
10/16/2013announces release date for third quarter 2013 financial resu...
8/12/2013announces leadership changes and update on Australian asset ...
7/22/2013announces release date for second quarter 2013 financial res...
6/12/2013announces decision to pursue sale of Australian assets
4/2/2013announces December 2012 Resources and Reserves statement
3/26/2013Significant Results from Alacer's Australian Exploration Pro...
3/4/2013announces 2012 year-end financial results release date and c...
2/10/2013announces completion of major strategic review
11/13/2012announces updated North American conference call time and di...
11/13/2012announces updated North American conference call time and di...
9/10/2012Çöpler Resource estimate increases by 27% or 2.2 million oun...
8/22/2011Extends Çöpler Mineralization Including 100.1m @ 4.1g/t in ...
7/4/2011RECEIVES ASX LISTING RULE WAIVERS
2/20/2011Anatolia and Avoca Resources complete merger to become Alace...
1/18/2011ANNOUNCES RECOMMENDATION FROM SECOND PROXY ADVISORY FIRM IN ...
1/11/2011ANNOUNCES AMENDMENT TO STOCK OPTION PLAN
7/25/2008MR. RICHARD GRAFF NAMED TO ANATOLIA BOARD
5/9/2008ANNOUNCES PRESENTATION BY EDWARD C. DOWLING, PRESIDENT AND C...
12/20/2007CEO, Richard C, Moores, II, announces resignation for person...
Comments closed
 
Latest comment posted for this article
Be the first to comment
Add your comment
TORONTO (ASR.TO)AUSTRALIA (AQG.AX)
0.020+100.00%2.28-1.30%
TORONTO
Prev close Open
Low High
Year l/h YTD var.
1.82 -  3.61 -100.00%
52 week l/h 52 week var.
1.82 -  3.61 -100.00%
Volume 1 month var.
-100.00%
Produces Gold
Develops
Explores for Copper - Gold - Lead - Molybdenum - Silver - Zinc
 
 
 
Analyse
Interactive chart Add to compare
Interactive
chart
Print Compare Export
Last updated on : 1/8/2010
You must be logged in to use the porfolio and watchlists (free)
Top Newsreleases
Annual variation
DateVariationHighLow
20143.152.06
2013-51.66%4.871.95
2012-53.06%9.1510.03
201136.11%9.9510.45
2010153.21%8.942.89
 
5 years chart
 
3 months chart
 
3 months volume chart
 
 
Subscribe to 24hGold’s daily market briefing
  • Prices and data of precious metals in 119 currencies and world mining companies
  • Daily analysis of the economy, markets and more
  • Free, daily and indispensable
Stay informed, subscribe now !
* Your email will never be shared.