Welcome!

News Feed Item

Alacer Gold announces 2014 first quarter results

TORONTO, April 28, 2014 /CNW/ - 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 www.AlacerGold.com and on www.SEDAR.com. 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 production1 was 42,335 ounces.
  • The ratio between gold produced and contained gold in ore stacked was 80% for the quarter.
  • All-in Sustaining Costs/ounce2  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 million3, 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 http://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.

About Alacer

Alacer Gold Corp. is a leading intermediate gold mining company and its world-class operation is the 80% owned Çöpler Gold Mine in Turkey.  Alacer also has 11 active exploration projects in Turkey which are joint ventures with our Turkish partner Lidya Mining.

During 2013, Çöpler produced 216,850 attributable1 ounces at an All-In Costs2 of $864 per ounce.

Çöpler is currently an open-pit, heap-leach operation that is producing gold from oxide ore. The treatment of sulfide ore via pressure oxidation is being evaluated and a Definitive Feasibility Study is planned to be completed in Q2 2014.

Cautionary Statements

Except for statements of historical fact relating to Alacer, certain statements contained in this press release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may be contained in this document and other public filings of Alacer. Forward-looking information often relates to statements concerning Alacer's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts.

Forward-looking information includes statements concerning, among other things, preliminary cost reporting in this news release, production, cost and capital expenditure guidance; development plans for processing sulfide ore at Çöpler; amount of contained ounces in sulfide ore; results of any gold reconciliations; ability to discover additional oxide gold ore, the generation of free cash flow and payment of dividends; matters relating to proposed exploration, communications with local stakeholders and community relations; negotiations of joint ventures, negotiation and completion of transactions; commodity prices; mineral resources, mineral reserves, realization of mineral reserves, existence or realization of mineral resource estimates; the development approach, the timing and amount of future production, timing of studies, announcements and analysis, the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, regulatory and political matters that may influence or be influenced by future events or conditions.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of Alacer's filings, and include the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders and community and governmental relations; status of negotiations of joint ventures; weather conditions at Alacer's operations, commodity prices; the ultimate determination of and realization of mineral reserves; existence or realization of mineral resources; the development approach; availability and final receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize and execute relevant agreements; lack of social opposition to the mines or facilities; lack of legal challenges with respect to the property of Alacer; the timing and amount of future production and ability to meet production, cost and capital expenditure targets; timing and ability to produce studies and analysis; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process and sell mineral products on economically favorable terms and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in Alacer's filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Alacer does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.

___________________________
1 Attributable gold production is reduced by the 20% non-controlling interest at Çöpler. 
2 All-in Sustaining Costs/ounce, All-in Costs/ounce and Adjusted Net Profit are non-IFRS financial performance measures with no standardized definition under IFRS. For further information and detailed reconciliations, see the "Non-IFRS Measures" section of the MD&A for March 31, 2014.
3 Includes the Lidya Mining portion of Q1 profits that are expected to be distributed in the first half of 2015.

SOURCE Alacer Gold Corp.

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
@DevOpsSummit at Cloud Expo, taking place November 12-13 in New York City, NY, is co-located with 22nd international CloudEXPO | first international DXWorldEXPO and will feature technical sessions from a rock star conference faculty and the leading industry players in the world.
DXWorldEXPO LLC announced today that All in Mobile, a mobile app development company from Poland, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. All In Mobile is a mobile app development company from Poland. Since 2014, they maintain passion for developing mobile applications for enterprises and startups worldwide.
In his keynote at 19th Cloud Expo, Sheng Liang, co-founder and CEO of Rancher Labs, discussed the technological advances and new business opportunities created by the rapid adoption of containers. With the success of Amazon Web Services (AWS) and various open source technologies used to build private clouds, cloud computing has become an essential component of IT strategy. However, users continue to face challenges in implementing clouds, as older technologies evolve and newer ones like Docker c...
All organizations that did not originate this moment have a pre-existing culture as well as legacy technology and processes that can be more or less amenable to DevOps implementation. That organizational culture is influenced by the personalities and management styles of Executive Management, the wider culture in which the organization is situated, and the personalities of key team members at all levels of the organization. This culture and entrenched interests usually throw a wrench in the work...
We all know that end users experience the internet primarily with mobile devices. From an app development perspective, we know that successfully responding to the needs of mobile customers depends on rapid DevOps – failing fast, in short, until the right solution evolves in your customers' relationship to your business. Whether you’re decomposing an SOA monolith, or developing a new application cloud natively, it’s not a question of using microservices - not doing so will be a path to eventual ...
The next XaaS is CICDaaS. Why? Because CICD saves developers a huge amount of time. CD is an especially great option for projects that require multiple and frequent contributions to be integrated. But… securing CICD best practices is an emerging, essential, yet little understood practice for DevOps teams and their Cloud Service Providers. The only way to get CICD to work in a highly secure environment takes collaboration, patience and persistence. Building CICD in the cloud requires rigorous ar...
DXWorldEXPO LLC announced today that ICC-USA, a computer systems integrator and server manufacturing company focused on developing products and product appliances, will exhibit at the 22nd International CloudEXPO | DXWorldEXPO. DXWordEXPO New York 2018, colocated with CloudEXPO New York 2018 will be held November 11-13, 2018, in New York City. ICC is a computer systems integrator and server manufacturing company focused on developing products and product appliances to meet a wide range of ...
Coca-Cola’s Google powered digital signage system lays the groundwork for a more valuable connection between Coke and its customers. Digital signs pair software with high-resolution displays so that a message can be changed instantly based on what the operator wants to communicate or sell. In their Day 3 Keynote at 21st Cloud Expo, Greg Chambers, Global Group Director, Digital Innovation, Coca-Cola, and Vidya Nagarajan, a Senior Product Manager at Google, discussed how from store operations and ...
Sanjeev Sharma Joins November 11-13, 2018 @DevOpsSummit at @CloudEXPO New York Faculty. Sanjeev Sharma is an internationally known DevOps and Cloud Transformation thought leader, technology executive, and author. Sanjeev's industry experience includes tenures as CTO, Technical Sales leader, and Cloud Architect leader. As an IBM Distinguished Engineer, Sanjeev is recognized at the highest levels of IBM's core of technical leaders.
We are seeing a major migration of enterprises applications to the cloud. As cloud and business use of real time applications accelerate, legacy networks are no longer able to architecturally support cloud adoption and deliver the performance and security required by highly distributed enterprises. These outdated solutions have become more costly and complicated to implement, install, manage, and maintain.SD-WAN offers unlimited capabilities for accessing the benefits of the cloud and Internet. ...
As Cybric's Chief Technology Officer, Mike D. Kail is responsible for the strategic vision and technical direction of the platform. Prior to founding Cybric, Mike was Yahoo's CIO and SVP of Infrastructure, where he led the IT and Data Center functions for the company. He has more than 24 years of IT Operations experience with a focus on highly-scalable architectures.
Without lifecycle traceability and visibility across the tool chain, stakeholders from Planning-to-Ops have limited insight and answers to who, what, when, why and how across the DevOps lifecycle. This impacts the ability to deliver high quality software at the needed velocity to drive positive business outcomes. In his general session at @DevOpsSummit at 19th Cloud Expo, Eric Robertson, General Manager at CollabNet, will discuss how customers are able to achieve a level of transparency that e...
Headquartered in Plainsboro, NJ, Synametrics Technologies has provided IT professionals and computer systems developers since 1997. Based on the success of their initial product offerings (WinSQL and DeltaCopy), the company continues to create and hone innovative products that help its customers get more from their computer applications, databases and infrastructure. To date, over one million users around the world have chosen Synametrics solutions to help power their accelerated business or per...
Founded in 2000, Chetu Inc. is a global provider of customized software development solutions and IT staff augmentation services for software technology providers. By providing clients with unparalleled niche technology expertise and industry experience, Chetu has become the premiere long-term, back-end software development partner for start-ups, SMBs, and Fortune 500 companies. Chetu is headquartered in Plantation, Florida, with thirteen offices throughout the U.S. and abroad.
Dion Hinchcliffe is an internationally recognized digital expert, bestselling book author, frequent keynote speaker, analyst, futurist, and transformation expert based in Washington, DC. He is currently Chief Strategy Officer at the industry-leading digital strategy and online community solutions firm, 7Summits.