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INTERCEPTS Thu 17/04/2014

Alacer Gold ups production guidance

23rd Apr 2012

TORONTO, Apr 23 – Despite lower than planned March (first) quarter gold production, Alacer Gold has upgraded its calendar 2012 year production to 435,000-450,000oz on a 100% basis, all the increase coming from its 80%-owned Çöpler Gold Mine in Turkey.

The previous guidance was 420,000-440,000oz, with Copler’s production expected to rise from the previously predicted 180,000-190,000oz to 195,000-200,000oz. This will push up Alacer’s share from 384,000oz-402,000oz to 396,000oz-410,000. Last year, the company’s operations (100%) produced 421,204oz.

First (March) quarter 2012 mine production for Alacer’s operations in Turkey and Australia totalled 100,290oz (attributable 91,377oz), down 12% on the previous quarter’s 113,861oz.

Çöpler production was down 23% to 44,564oz (attributable 35,651oz) because of heavy snow and lower crusher throughput.

Gold production from the 100%-owned Higginsville operations in Western Australia was 33,329oz, down on the previous quarter’s 34,263oz due to a crusher failure towards the end of the quarter. However, the Chalice underground mine development is on schedule for ore production to ramp‐up over the second half of calendar 2012.

At the South Kalgoorlie Operations in Western Australia (100% owned, except for 49% interest in Frog’s Leg), quarterly production increased from 21,798oz to 22,397oz, due to increased mill throughput and new open‐pit ore sources.

Çöpler has measured/indicated resources of 7.3Moz on a 100% basis, Higginsville proven/probable reserves of 875,000oz (100%) and Frog’s Leg proven/probable reserves of 385,000oz (Alacer’s 49%).

Alacer has attributable proven/probable reserves of 5.3Moz, attributable measured/indicated resources of 10.5Moz and attributable inferred resources of 3.4Moz.

Updated cost guidance for 2012 is scheduled for release in mid‐May.

 

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