Alacer Gold produces 91,259 ounces Au in Q1 2011Unbelievable that today so many investors sold their shares while the Alacer results are outstanding!
Alacer Gold produces 91,259 ounces Au in Q1 2011
Alacer Gold Corp (C:ASR)
Shares Issued 274,792,718
Last Close 4/28/2011 $10.41
Friday April 29 2011 - News Release
Mr. Edward Dowling reports
ALACER GOLD ANNOUNCES FIRST QUARTER OPERATING RESULTS
Alacer Gold Corp. is providing its first-quarter 2011 operating results at its four mines in Australia and Turkey. The complete report can be found on our website at www.AlacerGold.com and on www.SEDAR.com.
Quarterly Highlights
Alacer Gold created through the merger of equals of Anatolia Minerals and Avoca Resources Full quarter production: 91,259 total gold ounces from four mines Reserves increased to 5.7 million contained gold ounces
Higginsville Gold Operations (100%)
Drilling at Trident has confirmed thick mineralization north of the current Apollo Reserve boundary and continuation of Artemis at least 200 meters to the north of Artemis Reserve boundary Chalice open pit dewatering continued in preparation for underground mine development and production Vine open pit operations commenced, with gold production expected in Q2
South Kalgoorlie Operations (100%) Waste stripping continued for the HBJ North Phase 2 Cutback
Copler Gold Operations (95%)
Sulfide prefeasibility study increased expected life-of-mine production to 3.7 million gold ounces; sulfide feasibility study commencing Successful production ramp up, with Alacer Gold announcing commercial production achieved effective April 1, 2011 Crusher construction and commissioning continued with expected Q2 crusher start-up Drilling recommenced at A Aparagraphpler; identified potential extensions to known mineralization in both oxide and sulfide zones
Frog's Leg Joint Venture (49%)
Underground resource update successfully replaced prior mine production
Operations
The merger between Anatolia Minerals and Avoca Resources to form Alacer Gold was completed on February 18, 2011, with Anatolia Minerals being treated as the accounting acquirer. As such, results presented in the table below represent the full results of Anatolia Minerals' operations for the first quarter 2011 and the prorated results of Avoca Resources' operations from the date of the merger ("Merger Basis"). However, for the Australian mines we also report full quarter results in the complete report to provide continuity and comparability to prior quarter operating results.
Alacer Gold group production summary for the first quarter 2011Operation Higginsville2SouthKalgoorlie2Frog's LegJV2 (49%) Copler3 Alacer GoldTotalU/G ore mined(HG) (tonnes) 103,272 - 34,207 - 137,479U/G mined grade (g/t) 4.2 - 7.6 - 5.0U/G mined ounces (ounces) 13,859 - 8,374 - 22,233O/P ore mined (tonnes) - 36,150 - 1,593,583 1,629,733O/P waste mined - 653,140 - 2,107,604 2,760,744O/P mined grade (g/t) - 1.2 - 1.1 1.14O/P ounces mined (ounces) - 1,380 - 57,638 59,018Total HG tonnes mined (tonnes) 103,272 36,150 34,207 1,593,583 1,767,212Total mined grade (g/t) 4.2 1.2 7.6 1.1 1.4Total mined ounces (ounces) 13,859 1,380 8,374 57,638 81,251Ore treated (tonnes) 155,806 83,025 51,970 1,695,816 1,986,617Head grade (g/t) 3.2 1.0 5.0 1.2 1.4Recovery (%) 96.8 89.5 91.7 53.6 66.7Gold produced1 (oz) 15,921 2,906 8,962 33,296 61,085Gold sold (oz) 19,472 2,839 7,715 26,450 56,476Attributable goldproduced: Merger Basis (oz) 15,921 2,906 8,962 31,631 59,420Attributable gold sold (oz) 19,472 2,839 7,715 25,128 55,154
1Ounces produced is gold poured and includes net change of gold-in-circuit,
except A Aparagraphpler which is ounces poured.
2Represents results for the post-merger period (February 18, 2011 through March 31, 2011)
3Represents results for the full first quarter 2011 (January 1, 2011 through March 31, 2011)
Edward Dowling, CEO of Alacer stated, "This Quarterly Report represents the first announcement of operating results by Alacer Gold since successfully completing the merger of Anatolia Minerals and Avoca Resources. Overwhelming support by the shareholders of both predecessor companies has created a new leading intermediate global gold producer - the only producing company entering this important segment of the gold sector within the past year.
Alacer Gold emerges with immediate scale as represented through gold production, reserves, resources and growth potential. In March 2011, our first full month of combined production, Alacer Gold produced 37,040 gold ounces. This represents an annualized rate of more than 440,000 gold ounces, which is well above our 2011 target annualized production rate of 400,000 ounces. The prefeasibility study announced for A Aparagraphpler sulfide ore increased our total gold reserve base. Ongoing exploration at all our current operating mines will ensure future reserve and resource growth. Alacer Gold ended the first quarter with cash of $105.4 million and strong cash flows from operations, which will finance ongoing exploration and development programs to produce exceptional growth and capital returns in years to come."
We seek Safe Harbor.
© 2011 Canjex Publishing Ltd.