Business
Alacer Gold announces Q1 financial and operating results
TSX: ASR ASX: AQG TORONTO, April 30, 2013 /CNW/ - Alacer Gold Corp. ("Alacer" or t...
About this update from Allied Strategic Resources Corp
[{"type":"text","content":"\n\n\n\n\n\nTSX: ASRASX: AQG\n\n\nTORONTO, April 30, 2013 /CNW/ - Alacer Gold Corp. (\"Alacer\" or the \"Corporation\") the mid-tier gold producer with mines in Turkey and Australia, has\n released its financial results and related management's discussion and\n analysis (\"MD&A\") for the first quarter of 2013.\n\n\nAgainst the backdrop of a weaker gold price and challenging Q1 cost\n results, Alacer is reviewing its 2013 production goals on an \"all in\"\n cost basis and will focus on quality ounces with emphasis on cost\n reductions and maximizing high margin production.\n\n\nAccordingly, the Corporation has, over the past two weeks, re-evaluated\n all project work currently in progress, all on-going exploration work,\n all mine development expenditures and all G & A costs to ensure that\n there is a disciplined approach that reflects price risk and the\n possibility of a further decline or lack of recovery in the gold price.\n\n\nAs a result of the re-evaluation work undertaken, Alacer is targeting\n approximately $60M in cash savings and incremental production revenue\n for the remainder of 2013.\n\n\nKey Points from the first quarter are as follows:\n\n\nOPERATIONAL - PHYSICALS\n\n\nTotal gold production of 98,420 ounces down 2% on Q1/12\n\n\nAttributable gold production 87,499 ounces down 4% on Q1/12\n\n\nOverall 2013 production guidance of 330,000 to 365,000 ounces remains\n unchanged\n\n\nTurkey\n\n\n    Çöpler:\n\n\nThird consecutive increase in quarterly gold production (100%) of 54,604\n ounces\n\n\nHeavy snowfall impacted production in January\n\n\nÇöpler head grades of ore stacked increased 27% over Q1/12\n\n\nAustralia\n\n\n    Higginsville:\n\n\nHigginsville gold production of 28,213 ounces in line with guidance\n\n\nAccess to high grade ore bodies Helios, Artemis and Olympus achieved\n ahead of schedule\n\n\nHeavy rain impacted production at Higginsville in February and March\n\n\n    South Kalgoorlie:\n\n\nSouth Kalgoorie Operations gold production of 4,836 ounces in line with\n guidance\n\n\nCommenced toll treatment of La Mancha ore on 16 February at Jubilee Mill\n\n\nHeavy rain impacted operations at South Kalgoorlie in February and March\n\n\n     Frog's Leg:\n\n\nFrog's Leg gold production of 3,91...