TORONTO, Feb. 27, 2017 (GLOBE NEWSWIRE) -- Alacer Gold Corp. (“Alacer” or the “Corporation”) [(TSX:ASR) and (ASX:AQG)] is pleased to announce the arrival of both autoclaves to the Çöpler Mine ahead of schedule. The autoclaves were manufactured at Carpenteria Corsi in Italy and transported to the Samsun Port in Northern Turkey. Each autoclave was then transported separately to Çöpler in three pieces with each piece weighing approximately 100t.
Rod Antal, Alacer’s President and Chief Executive Officer, stated, “Another milestone for the Çöpler Sulfide Expansion Project was achieved with the safe arrival of both autoclaves at Çöpler. The construction of the Sulfide Project remains on budget and on schedule for first gold production next year.”
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About Alacer
Alacer is a leading intermediate gold mining company, with an 80% interest in the world-class Çöpler Gold Mine in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S. (“Anagold”), and the remaining 20% owned by Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya”). The Corporation’s primary focus is to leverage its cornerstone Çöpler Mine and strong balance sheet to maximize portfolio value, maximize free cash flow, minimize project risk and, therefore, create maximum value for shareholders.
The Çöpler Mine is located in east-central Turkey in the Erzincan Province, approximately 1,100 kilometers southeast from Istanbul and 550 kilometers east from Ankara, Turkey’s capital city.
Alacer is actively pursuing initiatives to enhance value beyond the current mine plan:
- Çöpler Oxide Production Optimization – Expansion of the existing heap leach pad to 58 million tonnes capacity continues to advance. The Corporation continues to evaluate opportunities to extend oxide production beyond the current Mineral Reserves, including a new heap leach pad site to the west of the Çöpler Mine.
- Çöpler Sulfide Project – The Sulfide Project is under construction with first gold production projected in the third quarter of 2018. The Sulfide Project is expected to deliver long-term growth with robust financial returns and adds 20 years of production at Çöpler. The Sulfide Project1 will bring Çöpler’s remaining life-of-mine gold production to 4 million ounces at All-in Sustaining Costs averaging $645 per ounce2.
- The Corporation continues to pursue opportunities to further expand its current operating base and to become a sustainable multi-mine producer with a focus on Turkey. The systematic and focused exploration efforts in the Çöpler District, as well as in other regions of Turkey, are progressing. A maiden Mineral Resource estimate was released for Çakmaktepe and Bayramdere3 and they remain the focus in the Çöpler District with the potential to add oxide production from the existing Çöpler infrastructure within the next two years. In the region, the Gediktepe Project has advanced with a maiden Mineral Resource and Mineral Reserve released in third quarter 20164.
Alacer is a Canadian corporation incorporated in the Yukon Territory with its primary listing on the Toronto Stock Exchange. The Corporation also has a secondary listing on the Australian Securities Exchange where CDIs trade.
1 Detailed information regarding the Çöpler Sulfide Project, including the material assumptions on which the forward-looking financial information is based, can be found in the National Instrument 43-101 Technical Report dated June 9, 2016 entitled “Çöpler Mine Technical Report” available on www.sedar.com and on www.asx.com.au.
2 All-in Sustaining Costs per ounce is a non-IFRS financial performance measures with no standardized definitions under IFRS. For further information and detailed reconciliations to IFRS, see the “Non-IFRS Measures” section of the current MD&A.
3 Detailed information can be found in the press release entitled “Alacer Gold Announces Additional Exploration Results for Çakmaktepe and an Initial Mineral Resource in the Çöpler District,” dated December 19, 2016, available on www.sedar.com and on www.asx.com.au.
4 Alacer has completed the clawback for Gediktepe and now owns 50% of the Project. Detailed information can be found in the press release entitled “Alacer Gold Announces a New Reserve for its Gediktepe Project Providing Future Growth,” dated September 13, 2016, available on www.sedar.com and on www.asx.com.au.
