Alacer Gold Announces Results of Annual and Special Meeting of Shareholders

TORONTO, May 01, 2017 (GLOBE NEWSWIRE) -- Alacer Gold Corp. (“Alacer” or the “Corporation”) (TSX:ASR) and (ASX:AQG) is pleased to announce the results of its 2017 Annual and Special Meeting of Shareholders (the “Meeting”) held on April 28, 2017 in Denver, Colorado.

All matters presented for approval at the Meeting by management were duly authorized and approved, as follows:

(I)  election of director nominees, listed in the Corporation’s Management Information Circular dated March 24, 2017, to the board of directors of the Corporation;

(II)  appointment of PricewaterhouseCoopers LLP, Chartered Professional Accountants, as auditors of the Corporation for the ensuing fiscal year and authorization of the directors to fix their remuneration;

(III)  approving, ratifying and confirming the Corporation’s 2017 RSU Plan and authorizing the Corporation’s Board of Directors to grant restricted stock units which may be redeemed as common shares of the Corporation up to a maximum of 5% of the issued and outstanding common shares of the Corporation (including shares existing as CHESS depositary interests in Australia), as determined at the time of grant; and

(IV)  approval and ratification, on an advisory basis, of the Corporation’s approach to executive compensation.

Detailed voting results (according to proxies received and a vote by show of hands) regarding the election of directors are as follows:

Further details on the above matters are set forth in the Corporation’s meeting materials, including the Corporation’s Management Information Circular dated March 24, 2017, accessible under the Corporation’s issuer profile on SEDAR at www.sedar.com. The Corporation has also filed a report of voting results on all resolutions voted on at the Meeting on SEDAR at www.sedar.com.

About Alacer Gold

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 Mining”). 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 continues to advance. The Corporation continues to evaluate opportunities to extend oxide production beyond the current reserves, including a new heap leach pad site to the west of the Çöpler Mine.
  

• Çöpler Sulfide Expansion Project (the “Sulfide Project”) – The Sulfide Project is under construction with first gold production projected in the third quarter 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 Project will bring Çöpler’s remaining life-of-mine (“LoM”) gold production to 4 million ounces at All-in Sustaining Costs averaging $645 per ounce^{1, 2}.

• 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 the Çöpler District remains the focus with the potential to add oxide production from the existing Çöpler infrastructure in 2018. In the region, work has commenced on a Definitive Feasibility Study for the Gediktepe Project⁴ and is expected to be complete in June 2018.

Alacer is a Canadian company incorporated in the Yukon Territory with its primary listing on the Toronto Stock Exchange. The Company also has a secondary listing on the Australian Securities Exchange where CDIs trade.

¹ All-in Sustaining Costs per ounce is a non-IFRS performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation to IFRS, please see the “Non-IFRS Measures” section of the current MD&A.

² Detailed information regarding the Sulfide Project, including the material assumptions on which the forward-looking financial information is based, can be found in the Technical Report dated June 9, 2016 entitled “Technical Report on the Çöpler Mine and Çöpler Sulfide Exploration Project”, available on www.sedar.com and on www.asx.com.au.

³ Detailed information regarding the Çöpler District Mineral Resource 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 Additional information on the Gediktepe Project 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.