Business
Alacer's Çöpler Gold Mine achieves 100,000 ounces production milestone
TORONTO, Aug. 26, 2011 /CNW/ - Alacer Gold Corp ("Alacer" or the "Company") [TSX:ASR, ASX:AQG...
About this update from Allied Strategic Resources Corp
[{"type":"text","content":"\n\n\n\n\n\nTORONTO, Aug. 26, 2011 /CNW/ - Alacer Gold Corp (\"Alacer\" or the\n \"Company\") [TSX:ASR, ASX:AQG] announces that the Company's Çöpler Gold\n Mine poured its 100,000 ounce of gold on August 24, 2011.\n\n\nEdward Dowling, President and CEO of Alacer stated \"We are very pleased\n with the progress at Çöpler and the value this milestone reflects.\n Producing 100,000 ounces of gold in only 35 weeks since our first pour\n on December 22, 2010 reflects a production ramp-up that is proceeding\n well ahead of plan. The dedication of the Çöpler team and support of\n our many stakeholders are responsible for this accomplishment and is\n deeply appreciated.\"\n\n\nAbout Alacer\n\n\nAlacer is a leading intermediate gold company with operations in both\n Australia and Turkey.\n\n\nAustralia\nAlacer has three operating gold mines in Australia, namely the\n Higginsville and South Kalgoorlie operations; and a 49% interest in the\n Frog's Leg underground mine. The South Kalgoorlie operations and the\n Frog's Leg interest were acquired following the successful takeover of\n Dioro Exploration NL, which was completed in March 2010. The Australian\n operations are targeting 280,000 ounces of gold in 2011.\n\n\nTurkey\nAlacer is recognized as a leader in exploration and development in\n Turkey and, with the start-up of Çöpler, will soon be among Turkey's\n leading gold producers. Çöpler is 95% owned by Alacer and 5% by Lidya\n Mining (formerly known as Çalık Mining, see Anatolia News Release,\n August 13, 2009). Initial plans at Çöpler are to produce approximately\n 1.42 million leachable ounces of gold at costs consistent with the\n lower end of industry standards. Average annual production is expected\n to be about 175,000 gold ounces. Additional production expansion from\n the sulfide gold reserve is expected to add 2.25 million ounces. A\n detailed feasibility study is underway. In addition, Alacer holds a\n significant pipeline of prospective gold and base metal projects.\n\n\nAlacer currently has 278.0 million common shares issued and outstanding,\n 297.1 million fully diluted.\n\n\nCautionary Statements\n\n\nCertain statements contained in this report constitute forward-looking\n information, future oriented financial information, or financial\n outlooks (co...