Business
Alacer Gold announces closing of Frog's Leg sale
TORONTO, April 8, 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, April 8, 2013 /CNW/ - Alacer Gold Corp. (\"Alacer\") [TSX: ASR and ASX: AQG] is pleased to announce that the sale of Alacer's 49% minority interest\n in the Frog's Leg Mine joint venture to La Mancha Resources Australia\n Pty Limited (\"La Mancha\") has closed.\n\n\nUnder the terms of the sale agreement, Alacer has received sale proceeds\n of approximately A$138.5 million (or approximately US$144 million based\n on the exchange rate of April 4, 2013). The sale proceeds of A$138.5\n million includes A$2.56 million of interest accrued on the purchase\n price from January 1, 2013 to April 4, 2013.\n\n\nIn addition to this, La Mancha will pay Alacer the balance of the\n deferred consideration.\n\n\nAlacer will provide toll milling services to process the ore from the\n Frog's Leg mine at its Jubilee facility located at its South Kalgoorlie\n Operations for approximately 18 months from 1 January 2013. This term\n supersedes the interim 12 month toll-treatment agreement.\n\n\nAs previously announced, Alacer's Board of Directors intend to declare a\n $70 million special dividend payment of approximately $0.24 per share. \n Details of the record date for payment of the dividend to shareholders\n will be announced once Alacer's Board of Directors has declared the\n special dividend.\n\n\nMr. David Quinlivan, President and Chief Executive Officer of Alacer\n stated, \"It is with great pleasure that Alacer is able to pay its\n first-ever dividend to shareholders through the sale of its share in a\n non-core asset, the Frog's Leg Mine.  We look forward to our ongoing\n partnership with La Mancha through the toll-treatment agreement as we\n continue to focus on the exploration potential in the South Kalgoorlie\n district.\"\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 develo...