Business
Alacer Gold Announces Second Quarter 2013 Financial Results
Record Quarterly Production at Çöpler TORONTO , July 30, 2013 /CNW/ - Ala...
About this update from Allied Strategic Resources Corp
[{"type":"text","content":"\n\n\nRecord Quarterly Production at Çöpler\n\n\nTORONTO, July 30, 2013 /CNW/ - Alacer Gold Corp. (\"Alacer\" or the \"Corporation\") [TSX: ASR and ASX: AQG] announced that it has filed its second quarter 2013 financial results\n and related management's discussion and analysis (\"MD&A\").  The\n corresponding financial statements and MD&A are available on www.AlacerGold.com and on www.SEDAR.com.\n\n\nMr. David Quinlivan, President and Chief Executive Officer stated, \"Our\n flagship Çöpler Mine achieved record quarterly gold production of\n 68,195 ounces in Q2 2013, which is 10,395 ounces or 18% more than the\n previous record. In this challenging gold price environment, Çöpler\n provided strong cash flow of $41 million, before taking into account\n approximately $14 million in 'one-time' capital expenses for SART, clay\n sizer and the agglomerator during the quarter. Çöpler's average Total\n Cash Costs were $395 per ounce.  The balance sheet remains strong,\n finishing the quarter with $268 million in cash, including $50 million\n in Australia. The current sale process for our Australian assets is\n ongoing and in accordance with international accounting standards we\n are reporting these assets as Discontinued Operations. We are\n continuing to reduce costs across our business as well as evaluating\n how best to optimize gold production going forward.\"\n\n\nSecond Quarter 2013 Highlights\n\n\nStrategic\n\n\n\nOn June 12, 2013, the Corporation announced the initiation of a process\n to pursue divestment of its Australian assets to enable the Corporation\n to focus on its high margin operations and exploration activities in\n Turkey.\n\n\nOn April 5, 2013, the Corporation completed the sale of its 49% minority\n interest in the Frog's Leg joint venture for $149.2 million (of which\n $147.5 million has been received to date, with remaining payment due in\n the second half of 2013) and recorded a net gain of $8.2 million.\n\n\nOn April 5, 2013 the Corporation repaid in full the AUD$50 million\n revolving credit facility held at the Australian Business Unit.  The\n Corporation's total debt is now $5.4 million at June 30, 2013.\n\n\nOn April 30, 2013, the Corporation paid a special dividend of $0.24 per\n share totaling $70.3 million.\n\n\nThe gold price per ounce decr...