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April 28, 2014, Toronto: Alacer Gold Corp. ("Alacer" or the "Corporation") [TSX: ASR and ASX: AQG] announced today that it has filed its first quarter 2014 financial results and related management's discussion and analysis ("MD&A"). The corresponding financial statements and MD&A are available on and on . All currencies referenced herein are denominated in USD unless otherwise stated.
Rod Antal, Alacer's Chief Executive Officer, stated, "Çöpler continued to deliver safe and predictable operating performance over the winter months.
"First quarter gold production of 42,669 attributable1 ounces was delivered at industry-leading All-in Costs2 of $739 per ounce. Çöpler's operations continue to provide a robust platform to support future growth as we advance the Sulfide Definitive Feasibility Study. Work continues to finalize the DFS for publication prior to the end of Q2 2014. Additionally, the efforts underway to incorporate the increasingly significant positive gold reconciliation into a new resource model are well progressed."
2014 Highlights
Strategic
- On April 17, 2014, the Corporation announced that Mr. Thomas R. Bates, Jr. was appointed to the Board of Directors. In addition, Mr. Edward Dowling was appointed as Chairman, and former interim Chairman Mr. Richard Graff remains on the Board as the independent Lead Director.
- On March 12, 2014, the Corporation's Board of Directors declared an annual dividend of $0.02 per share, or approximately $5.9 million. This dividend was paid on April 15, 2014.
- Work on the Çöpler Sulfide Project Definitive Feasibility Study ("DFS") continues and is on track for release prior to the end of Q2 2014. This includes a program of work to determine the factors leading to the positive sulfide gold reconciliations. As outlined in the MD&A, until such work is complete, the impact of such reconciliation on the DFS is unknown and therefore subject to uncertainty.
Operational
- Two significant safety milestones were passed during the quarter as Çöpler reached one calendar year worked without a lost-time injury on February 24, 2014, and achieved three million hours without a lost-time injury on March 27, 2014.
- Total gold production was 52,919 ounces.
- Attributable gold production was 42,335 ounces.
- The ratio between gold produced and contained gold in ore stacked was 80% for the quarter.
- All-in Sustaining Costs/ ounce were $680 and All-in Costs/ounce2 were $739 for Q1 2014.
- 0.5 million tonnes of sulfide ore were added to stockpiles during Q1 2014 at an average grade of 4.98 g/t. Sulfide ore mined continued to provide a positive gold reconciliation during Q1 2014, which resulted in an 82% positive reconciliation on a contained ounce basis.
Financial
- The Corporation ended Q1 2014 with cash and cash equivalents of $292.1 million, an increase of $2.4 million over the prior quarter.
- Working capital decreased by $7.5 million during the quarter to $307.7 million.
- Attributable net profit from operations was $9.7 million.
- Adjusted Net Profit2 was $15.1 million, or $0.05 per share.
- Cash flow from operating activities totaled $29.8 million.
Conference Call / Webcast Details
Mr. Rod Antal, Chief Executive Officer of Alacer, will host a conference call on Monday, April 28 at 6:30 pm (North America Eastern Time) and Tuesday, April 29, at 8:30 a.m. (Australian Eastern Time).
You may listen to the call via webcast at: https://services.choruscall.ca/links/alacer140428.html. The conference call presentation will also be available at the link provided prior to the call commencing.
You may participate in the conference call by dialing:
1-800-319-4610 for U.S. and Canada
1-800-423-528 for Australia
800-930-470 for Hong Kong
800-101-2425 for Singapore
1-800-017-8660 for United Kingdom
1-604-638-5340 for International
"Alacer Gold Call" Conference ID
If you are unable to participate in the call, a webcast will be archived until July 28, 2014 and a recording of the call will be available on Alacer's website at www.AlacerGold.com or through replay until Wednesday, May 28, 2014 by using passcode 8901# and calling:
1-800-319-6413 for U.S. and Canada
1-800-638-9854 for Australia
The corresponding financial statements and management's discussion and analysis will be posted on Alacer's website and on www.SEDAR.com.
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