Business
Alacer Gold announces approval of Frog's Leg sale
TORONTO, March 28, 2013 /CNW/ - Alacer Gold Corp. ( "Alacer" ) [TSX: ASR and ASX: AQG]...
About this update from Allied Strategic Resources Corp
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, March 28, 2013 /CNW/ - Alacer Gold Corp. (\"Alacer\") [TSX: ASR and ASX: AQG] is pleased to announce that the Australian Foreign Investment Review\n Board has approved the sale of Alacer's 49% minority interest in the\n Frog's Leg Mine joint venture, its 24.5% interest in the Lake Greta\n joint venture, and its 40% interest in the Avoca joint venture to La\n Mancha Resources Australia Pty Limited.\n\n\nThe transaction is expected to close on April 5, 2013.  After closing,\n Alacer's Board of Directors will approve the related special dividend\n of approximately $70 million and a record date for determining Alacer's\n shareholders will be set.  Additional details regarding the special\n dividend will be released to the market once final.\n\n\nMr. David Quinlivan, President and Chief Executive Officer of Alacer\n stated, \"The impending closing of the Frog's Leg sale and finalizing\n the special dividend demonstrates Alacer's commitment to maximizing\n portfolio value and returning value to shareholders.\"\n\n\nAbout Alacer \n\n\nAlacer Gold Corp. is a leading intermediate gold mining company with\n interests in multiple mines which provide ore to three processing\n facilities in Australia and Turkey:\n\n\n80% interest in the Çöpler Gold Mine;\n\n\n100% interest in the Higginsville Gold Operations; and\n\n\n100% interest in the South Kalgoorlie Gold Operations.\n\n\nAlacer's primary focus is to maximize portfolio value, maximize free\n cash flow, minimize project risk, and return value to shareholders. \n Alacer has a strong balance sheet and is committed to responsibly\n developing its current operations and focused exploration programs\n creating value.\n\n\nAlacer's operations produced a total of 381,738 attributable1 ounces of gold during 2012. At December 31, 2011 Alacer's attributable\n Mineral Resources totalled 13.8 million ounces of gold and Ore Reserves\n totaled 5.3 million ounces of gold.\n\n\nCautionary Statements\n\n\nExcept for statements of historical fact relating to Alacer, certain\n statements contained in this press release constitute forward-looking\n information, future oriented financial information, or financial\n outlooks (collectively \"forward-looking information\") within the\n meaning of Canadian securities laws. Forward-looking information may be\n contain...