Alacer Corporate

P: 303-292-1299

F: 303-297-0538

9635 Maroon Circle, Suite 300

Englewood, Colorado 80112

www.AlacerGold.com

ALACER GOLD ANNOUNCES ÇŐPLER SULFIDE PROJECT APPROVAL

May 12, 2016, Toronto: Alacer Gold Corp. ("Alacer" or the "Company") [TSX: ASR and ASX: AQG] is pleased to announce the Board of Directors has approved full construction of the Çöpler Sulfide Project (the "Project"). In addition, the Company is providing today a comprehensive update for the Project.

Rod Antal, Alacer's President & Chief Executive Officer, stated, "The positive decision to proceed with the full construction of the Çöpler Sulfide Project represents a major milestone. The substantial amount of work completed provides the detailed support on which to base our investment decision and further validates our confidence in delivering long-term growth at highly attractive financial returns. The Project now represents an improved after- tax NPV of $728 million and will provide an after-tax IRR of 19.2% and a payback of less than 3 years from the start of sulfide gold production.

"With the Project team now having been in place for over a year, significant value has been realized through the extensive detailed engineering and ongoing de-risking efforts, resulting in much greater definition of the Project capital estimate which has increased to $744 million, with $697 million remaining to be spent. This amount is now the capital cost control estimate on which we will measure ourselves as we move forward.

"The Project team has been preparing for this decision and with the Project fully funded, all the pieces are in place to begin immediate Project construction."

Key Highlights

(all currency in US dollars and all metrics on a 100% basis1)

The Project secures gold production for the long term, adding substantial value for all of our shareholders.

• The mine life of the Çöpler operation now exceeds 20 years, with remaining gold production of 4.0 million ounces

• Life-of-mine ("LoM") average costs:

  • Total Cash Costs2 of $570 per ounce

  • All-in Sustaining Costs2 of $645 per ounce

  • All-in Costs2 of $844 per ounce

• Project capital expenditure of $744 million, with remaining spend of $697 million as of May 1, 2016

• Project after-tax, unlevered internal rate of return ("IRR") of 19.2%

• Project after-tax net present value at 5% ("NPV") has increased to $728 million

• NPV of $822 million for the overall Çöpler operation (oxides and sulfides)

• Project payback achieved in 3 years from start of sulfide gold production

• Free cash flow of $1.6 billion generated over the remaining life-of-mine

• Gold recovery for the sulfide plant to average 96% over the life-of-mine

• First gold pour expected in third quarter 2018 and the plant will achieve initial design capacity of 1.9 Mt throughput rate per year by end of 2019

• Twin horizontal autoclaves allow for incremental improvements to increase the throughput rate to 2.2 Mt per year by 2021

• Updated Mineral Reserves resulting in an increase in the average sulfide gold grades from 2.6 g/t to 2.8 g/t and sulfide gold production by 7% or 245,000 ounces

An updated National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101") compliant Technical Report on the Çöpler Mine will be filed on www.sedar.com and on the Australian Securities Exchange within 45 days of this announcement.

Production and Cost Overview

i Refer to the appendices for further information on these production targets. All metrics on a 100% basis1. Rounding differences will occur. ii The current mine plan forecasts mining activities to be completed by the end of 2023 and production will continue from stockpiled material

thereafter.

1. Sulfide tonnes mined prior to commissioning of the sulfide processing plant are planned to be stockpiled, with 5.1Mt already in the stockpile as of December 31, 2015; approximately 12Mt are forecasted to be stockpiled prior to commissioning the plant.

2. Based on mid-point of 2016 production guidance of 160,000 ounces

The table below provides a summary of the updated 10 year production profile for Çöpler.

10 Year Production Profile (100% Basis1)

Production (000 oz)

400 346 322

300

200

100

150-

170

179

143

97

143

272 273

287 282289

253 267 289

160 153

160 153

Oxide Sulfide

The table below provides a summary of the estimated capital costs for the Sulfide Project as at April 1, 2015.

The remaining capital to be spent is $697 million as of May 1, 2016, of which 80% will be under commercial agreement by the end of December 2016. The Project cost control estimate is supported by detailed engineering with a number of work packages issued for construction to maintain the Project schedule.

The primary variations from the March 2015 Definitive Feasibility Study Update ("DFS Update") includes $45 million for the change to twin horizontal autoclave design; $20 million for the six month schedule delay; and $45 million for greater definition to deliver the Project.

The updated Project capital expenditure in 2016 is projected to be $265 million, versus the original 2016 guidance of $315 million. The updated All-in Costs including sulfide growth per ounce in 2016 is projected to be $2,200 per ounce to $2,700 per ounce, versus original guidance of $2,500 per ounce to $3,000 per ounce.

Additionally, sustaining capital expenditure for the Sulfide Project totals $275 million for the TSF and the sulfide plant. Reclamation costs are $67 million through 2046.

The table below provides a summary of the average estimated life-of-mine operating costs.

Rounding differences will occur

Schedule

The Sulfide Project is expected to be commissioned by the end of the second quarter 2018, with the first gold pour in the third quarter 2018. The schedule allows for an 18 month ramp up to achieve initial design capacity of 1.9 million tonnes throughput rate per year. The primary drivers that have impacted the schedule are four months for the permits and a two month increase in plant construction time.