Friday, March 25, 2016

Alacer Gold Corp. - ASR.t

Alacer Gold Corp. - ASR.t flagship is the 80%-owned Çöpler Gold Mine in Turkey which commenced commercial gold production in April 2011.

The company produced 204,665 ounces Au at AISC of $690 per ounce in 2015.

On February 8, 2016 the company released Update

Alacer Gold Corp. (“Alacer” or the “Corporation”) [TSX: ASR and ASX: AQG] announced today that it has filed its operating and financial results and related management’s discussion and analysis (“MD&A”) for the full-year ended December 31, 2015. The corresponding financial statements and MD&A are available on and on All currencies referenced herein are denominated in USD unless otherwise stated.
Rod Antal, Alacer’s President and Chief Executive Officer, stated, “In 2015 the Corporation delivered both operating and cost targets. The Çöpler Gold Mine met full-year production guidance, producing 204,665 ounces of gold at Total Cash Costs1 of $482 an ounce and All-in Sustaining Costs1 of $690 per ounce. In 2016, we anticipate another strong year, as Çöpler will produce between 150,000 – 170,000 ounces of gold at Total Cash Costs1 of $575 to $625 an ounce. Alacer remains focused on its exploration efforts in the Çöpler District and based on the recent drill results, we are optimistic that we will be able to extend the oxide production at Çöpler.
The Corporation also continues to advance detailed engineering for the Sulfide Project while we await approval of the land-use permits.”
Highlights Strategic
 An updated NI 43-101 Technical Report was issued on March 30, 2015, increasing Çöpler’s reserves and increasing Life-of-Mine gold production by over 800,000 ounces.
 On December 9, 2015, the Corporation released the results of its exploration drilling program from several areas within the Çöpler District indicating favorable metallurgy and rapid development potential.
 The Corporation signed a $250 million, 7-year term senior secured project finance facility on September 21, 2015, for the expansion of the Çöpler Gold Mine, with no mandatory hedging and interest rates of LIBOR plus 2.5% to 2.95%.
 In early Q2 2015, Turkish authorities approved a third incentive certificate that will generate significant cash tax credits from eligible expenditures on the Sulfide Project and Heap Leach Pad Phase 4 (“HLP4”) expansion.
 On April 9, 2015, the Corporation announced the Board of Directors approved advancement of the Çöpler Sulfide Project into detailed engineering and procurement of long-lead time items, which has continued to progress throughout the year; initial earthworks commenced during Q3 2015.
 A Letter of Intent was signed on July 17, 2015, with Air Liquide to commence the detailed engineering work for the Sulfide Project Oxygen Plant which will form the basis for a construction and long-term gas supply and operating contract.
 On January 14, 2016, the Corporation announced it will move forward with a twin horizontal autoclave approach, on an Engineering, Procurement and Construction Management (“EPCM”) basis, to achieve optimal risk-adjusted results for the Sulfide Project.
 On February 11, 2015, the Corporation announced the suspension of its dividend policy due to capital expenditure commitments, including the Sulfide Project.
 On August 19, 2015, the Çöpler Gold Mine produced its one millionth ounce of gold.
 On December 31, 2015, the Çöpler Gold Mine achieved 1,041 days, or over 7.9 million man-hours without a lost-time injury (“LTI”). On January 11, 2016, a drilling contractor injured a hand resulting in an LTI.
 Gold production was 204,665 ounces and attributable gold production2 was 163,732 ounces.
 Total Cash Costs1 per ounce (C2) were $482 and All-in Sustaining Costs1 per ounce were $690.
 Expansion of HLP4 continues to advance; initial stacking of ore on the expansion area occurred in June 2015.
 Sulfide stockpiles at year end 2015 to 5.1 million tonnes at an average grade of 3.67 g/t gold or approximately 600,000 contained gold ounces.
 The Corporation ended 2015 with cash of $360.7 million.
 An undrawn finance facility of $250 million is in place.
 Working capital increased to $403.9 million at year end.
 Cash flow from operating activities totaled $107.9 million.
 Attributable net profit2 was $46.6 million or $0.16 per share.