TORONTO, Oct. 2, 2011 /CNW/ - Alacer Gold Corp ("Alacer" or the "Company") [TSX:ASR, ASX:AQG] announces Rohan Williams, Chief Strategic Officer ("CSO"), has elected to step down from his executive role at the end of 2011 for personal reasons. Mr. Williams will remain on the Company's Board of Directors.
Mr. Williams was the founding Chief Executive Officer and Managing Director of Avoca Resources in 2002 and successfully oversaw its growth from a A$7 million IPO to a A$1 billion ASX200 company until its merger with Anatolia Minerals in February 2011. Mr. Williams has been instrumental in laying out Alacer's organic growth profile for the coming years and will continue to guide the Company through his seat on the Board.
Howard Stevenson will assume the role of Chief Development Officer with oversight of exploration, strategic projects and corporate development. Chris Newman, Executive Vice President, Exploration, will continue to lead Alacer's exploration efforts.
Edward Dowling, President and CEO of Alacer stated "I have enjoyed working closely with Rohan over the past year and greatly appreciate his teamwork, leadership and counsel. Rohan has a real instinct for creating value through a commitment to exploration and resource development and was the founder of the Avoca Resources success story. He is one of the world's experts on the Kalgoorlie - Norseman goldfields belt in Western Australia. As such, it is with great disappointment that I accepted Rohan's resignation as CSO, but am very pleased he will remain on the Board. On behalf of the employees and the Board, I'd like to thank Rohan for his tireless efforts and technical expertise and we look forward to his continued contribution to the Board."
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. 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 currently has 278.9 million common shares issued and outstanding, 296.9 million fully diluted.
Cautionary Statements
Certain statements contained in this report 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 report 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, timing of studies and analysis, the timing of construction of the 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, economic, legal, social, regulatory and 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 mines, access to adequate services and supplies, commodity prices, ability to meet production targets, 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, 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.
