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Alacer Gold Reports 27% Increase in Gold Production at Lower Costs for Third Quarter 2014
TORONTO , Oct. 27, 2014 /CNW/ - Alacer Gold Corp. ( "Alacer" or the "Corporation" ) [...
About this update from Allied Strategic Resources Corp
[{"type":"text","content":"\n\nTORONTO, Oct. 27, 2014 /CNW/ -Alacer Gold Corp. (\"Alacer\" or the \"Corporation\") [TSX: ASR and ASX: AQG] announced today that it has filed its third quarter 2014 financial results and related management's discussion and analysis (\"MD&A\"). The corresponding financial statements and MD&A are available on www.AlacerGold.com and on www.SEDAR.com. All currencies referenced herein are denominated in USD unless otherwise stated.\n\nRod Antal, Alacer's Chief Executive Officer, stated, \"Çöpler produced 63,356 ounces in the third quarter, a 27% increase in production over the second quarter. This increased production was realized while achieving a milestone of 600 days without a lost-time injury. Our production is at the lowest cost in the industry with All-in Costs1 of $763, which included $55/ounce related to sulfide project expenditures.\n\nIn the short term, our focus is to deliver high margin returns by producing additional oxide ounces beyond 2017. The heap leach pad expansion study will be completed by the end of this year and if successful will provide the ability to extend the oxide mine life by converting the 4.2 million tonnes at 1.2 gpt of oxide ore currently classified as waste into reserves. Concurrently, we are assessing other oxide ore opportunities within the current Çöpler resource and surrounding district to further improve this production profile.\n\nIn the medium term, our growth will come from the Sulfide Project. Basic engineering has commenced and the permitting process is on track with the EIA approval by year end being the first step. \n\nIn the longer term, our growth will come from our extensive exploration portfolio throughout Turkey. The exploration program continues and we recently released the continuing positive exploration results from Dursunbey.\n\nOur strategy will be achieved with a solid foundation built on delivering high-margin gold production and a growing debt-free cash position of $320 million.\" \n\nQ3 2014 Highlights \n\nStrategic\n\n\nThe Corporation filed a Technical Report with updated Measured Resources and Mineral Reserve estimates for the Çöpler Gold Mine. \nAlacer commenced a technical study to assess the potential to expand the current heap leach pad design capacity of approximately 50 million tonnes. \nBasic engineering commenced and...