TORONTO, June 30, 2014 /CNW/ - Alacer Gold Corp. ("Alacer" or the "Corporation") [TSX: ASR and ASX: AQG] announced today that Jan A. Castro has tendered his resignation from the Board of Directors (the "Board"), effective immediately. The Board has begun a process to appoint a new independent director to join the Corporation's Board and has engaged an independent third party to assist with the identification and evalution process.
Mr. Edward Dowling, Chairman of the Board, commented, "On behalf of the Board and Alacer's shareholders, I would like to thank Jan for his service as a Non-Executive Director of the Corporation. Jan has served on the Board for over 7 years and has been an integral part of the development of the Çöpler project from an exploration venture into one of the lowest cost gold mines in the world that will deliver high margin ounces for the next 20 years. We wish him continued success and the best of luck in his future endeavors."
Mr. Jan Castro commented, "I would like to congratulate Rod and his team for the tremendous strides that Alacer has made over the past year. With the release of the DFS and the ongoing team strengthening, the company is now well positioned for its next phase of growth as one of the industry's lowest cost gold producers. I wish the company and team the very best success as they deliver on this exciting opportunity."
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 attributable1 ounces at an All-In Costs2 of $864 per ounce.
Alacer has an 80% controlling interest at Çöpler.
All-in Costs is a non-IFRS financial performance measures with no standardized definition under IFRS. For further information and detailed reconciliations, see the "Non-IFRS Measures" section of the MD&A for the quarter ended March 31, 2014.
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.
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; receipt of regulatory approvals 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.
SOURCE Alacer Gold Corp.