Alacer Gold announces a further 10% increase in 2013 production guidance at Çöpler
TORONTO, Dec. 5, 2013 /CNW/ - Alacer Gold Corp. ("Alacer") [TSX: ASR and ASX: AQG] is pleased to announce an increase in gold production guidance for the Çöpler Gold Mine to 214,000 - 218,000 attributable1 ounces for 2013.
Rod Antal, Alacer's Chief Executive Officer, commented "Çöpler achieved record production in the third quarter of 81,059 ounces and fourth quarter production remains strong. Improvements in operating efficiencies, including increased levels of cyanide dosing and a focus on quality agglomeration, have increased production beyond expectations resulting in higher than forecasted gold production. This solid production has prompted a 10% increase in our 2013 production guidance. Our guidance for cash costs and capital expenditure remains unchanged."
Mr. Antal continued, "Çöpler's performance reinforces our strategy to focus on this world-class asset and the surrounding area. Alacer has a large landholding in Turkey with 14 active exploration projects. Using the initial positive geochemical and drill results received to date, Alacer is intensifying its exploration focus in Turkey with the goal of discovering one or more oxide ore deposits that can be brought into production over the next 3 to 4 years."
|Revised Guidance||214,000 to 218,000||Unchanged||Unchanged||Unchanged|
|Previous Guidance||192,000 to 200,000||375 to 390||405 to 425||52|
Alacer Gold Corp. is a leading intermediate gold mining company. Alacer's world-class operation is the Çöpler Gold Mine in Turkey. Alacer has 14 active exploration projects in Turkey which are 50%/50% joint ventures with our Turkish partner Lidya Mining.
During 2013, Çöpler is forecast to produce 268,000 to 272,000 ounces at Total Cash Cost of less than $425 per ounce. Çöpler is an epithermal gold deposit with oxide ore currently being processed in a conventional crush, agglomeration, heap-leach and gold recovery circuit.
The Çöpler Gold Mine is operated by Alacer and is 80% owned by Alacer. Çöpler is located in the eastern part of Turkey, roughly 550km east of Ankara and 120km southwest of the city of Erzincan. Çöpler is an epithermal gold deposit, centered on a composite diorite to monzonite porphyry stock that has intruded into the surrounding metasediments and limestone-marbles. Crossing these units are two main parallel east-northeast striking faults with smaller northeast/northwest striking faults between them, providing a permissive environment for the hydrothermal mineralization. Mineralization at Çöpler occurs in both oxide and sulfide forms, amenable to conventional open pit mining.
1 Alacer owns 80% of Çöpler.
2 Cash Operating Costs and Total Cash Costs are non-IFRS financial performance measures with no standardized definitions under IFRS. For further information, see the "Non-IFRS Measures" section of the MD&A for the three month period ended September 30, 2013.
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, production, cost and capital expenditure guidance; development plans for processing sulfide ore at Çöpler; 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 analyses, 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 analyses; 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.
SOURCE Alacer Gold Corp.