Business
Alacer Gold files second quarter financial results and related management's discussion and analysis
TORONTO, Aug. 14, 2012 /CNW/ - Alacer Gold Corp. ( "Alacer Gold" or the "Corporation" )...
About this update from Allied Strategic Resources Corp
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 14, 2012 /CNW/ - Alacer Gold Corp. (\"Alacer Gold\" or the \"Corporation\") [TSX: ASR and ASX: AQG] today announced that it has filed its second quarter 2012 financial\n results and related management discussion and analysis (\"MD&A\"). The\n complete financial statements and MD&A can be found at www.AlacerGold.com and on www.SEDAR.com.  The details of a conference call to discuss these results can be\n found later in this press release.\n\n\nSecond Quarter 2012 Highlights \n\n\nA comparison of performance in Q2 2012 versus Q1 2012 is provided in the\n table below.\n\n\n\n\n\n \n\n\nQ2 2012\n\n\nQ1 2012\n\n\nVariance (%)\n\n\nAttributable1 Gold Production (ounces)\n\n\n95,984\n\n\n91,377\n\n\n5\n\n\nAttributable1 Gold Sales (ounces)\n\n\n97,615\n\n\n97,857\n\n\n(0.3)\n\n\nAttributable Total Cash Costs/Ounce2\n\n$771\n\n\n$759\n\n\n2\n\n\nÇöpler Total Cash Costs/Ounce2\n\n$347\n\n\n$312\n\n\n11\n\n\nAustralian Mines Total Cash Costs/Ounce2\n\n$1,132\n\n\n$1,067\n\n\n6\n\n\nAttributable Net Profit ($millions)\n\n\n$27.4\n\n\n$53.9\n\n\n(49)\n\n\nAdjusted Net Profit3 ($millions)\n\n\n$18.5\n\n\n$27.0\n\n\n(31)\n\n\nCash and cash equivalents increased to $275.4 million as of June 30,\n 2012, up from $249.6 million as of December 31, 2011.\n\n\nThe Corporation expects better production results in H2 2012 due to\n higher expected ore grades, which should have a positive effect on\n costs per ounce. However, due to H1 2012 performance, the full-year\n production outlook has been revised from a range of 396,000 to 410,000\n ounces to a range of 385,000 to 403,000 ounces.\n\n\nOn April 30, 2012, the Corporation's C$100 million convertible\n debentures (\"Debentures\") matured. C$53.6 million converted to\n 6,695,750 common shares prior to maturity. Alacer Gold settled the\n balance of the Debentures in cash.\n\n\nAlacer Gold recently announced the following leadership transitions:\n\n\nDavid F. Quinlivan assumed the role of President and Chief Executive\n Officer, effective August 1, 2012.\n\n\nRod Antal joined Alacer Gold as Chief Financial Officer, effective May\n 21, 2012.\n\n\nOn July 16, 2012, the Corporation announced that the South Kalgoorlie\n Operations expansion project (\"SKOEP\") in Western Australia would be\n deferred.  This will allow additional geological and mine...