Alacer Gold Corp. Announces Extension to Sulfide Mineralization at Çöpler

TORONTO, May 31, 2011 - Alacer Gold Corp (“Alacer“ or the “Company“) (TSX: ASR) (ASX: AQG) announces ongoing results from the 2011 exploration program at the Çöpler Gold Project. New drilling has identified significant thick high grade sulfide mineralization from outside the recently released resource upgrade. Results include 117m @ 2.0g/t Au, 69m @ 3.0g/t Au and 78.8m @ 2.8g/t, demonstrating the new drill program is successfully meeting the objectives of growing the resource base and mine life at Çöpler.

Approximately 15,000 meters of diamond and reverse circulation (“RC“) drilling has been completed at Çöpler since drilling recommenced in January 2011. Results from the initial eleven drill holes were announced as part of Alacer's quarterly report for the three months ended March 31, 2011. These previous results (refer to the Alacer website) highlighted significant extensions to the Main Zone mineralization and included; 59.5m @ 3.6g/t Au from 82.5m in CDD-236, 15.8m @ 4.0g/t Au from 109.2m in CDD-238 and 14m @ 3.9g/t Au from 136m in CRC-718. Approximately 50% of all assay results from the 15,000 meter drill program have now been returned. This release provides an update on the results of the last twenty-six drill holes received since the March 2011 quarter from Çöpler.

The Çöpler drilling program has been designed to extend known oxide and sulfide mineralization at the Main Zone, particularly to the south, west and at depth. In addition, an infill drilling program also recently commenced on the Main Zone as part of the Çöpler sulfide feasibility study. All significant assay results from these twenty-six drill holes are shown in Table 1. A map and table of all drilling with assay results returned to date, along with selected cross sections are posted at the back of this release and to Alacer's website www.alacergold.com).


Çöpler Sulphide Extensional Drill Program identifies significant new ore position

Results from this latest drilling campaign have indicated the discovery of a significant new ore position at the south end of Main Zone, herein referred to as (“South MZ“). Two RC drill holes located over 100m apart at the southern margin of the Main Zone returned thick high grade intersections; CRC-721 returned 117m @ 2.0 g/t Au from 73m (including 21m @ 4.8 g/t Au) and CRC-722 returned 69m @ 3.0 g/t Au from 54m (including 27m @ 5.4 g/t Au) and ended in 2.2g/t at the bottom of the hole. Both intersections are new and are expected to add significant ounces to the current Çöpler sulfide resource. Mineralization is broadly controlled by a shallow south dipping contact between diorite and meta-sediments. Mineralization remains open down dip and remains a target for further extensions to the sulfide mineralization. True widths are expected to be 80-100% of down hole width.

Further significant assay results from outside the current resource in the South MZ area were recorded to the west and east of these thick high grade intersections noted above. Results include 56.0m @ 1.3g/t Au from 126.4m and 16.6m @ 0.9g/t Au from 35.9m in CDD244 (located approximately 250m south of CRC722), and 18m @ 1.1g/t Au from 147m in CRC720 (located approximately 50m north of CRC721). True widths are again expected to be 80-100% of down hole width.


Çöpler Infill Drill Program

A significant infill drill program has commenced on the Main Zone as part of the Çöpler sulfide feasibility study. Initial drilling is targeted to bring the drill spacing down to less than 50m x 50m to provide an improved geological and grade estimation model for detailed mine planning and optimization. One significant result from the edge of the new resource boundary was returned from CDD-251 of 78.8 @ 2.8g/t Au from 85.1m, 16.2m at 1.6g/t Au from 179.5m and 20.5m @ 1.5g/t Au from 243.2m. The majority of the infill drill results are confirming thicknesses of mineralization, but several holes are indicating significantly improved grades with the potential to add ounces to the current resource. These results include 73m @ 2.1g/t Au from surface in CDD241, 46m @ 2.9/t Au from surface in CRC-737A, 26.7 m @ 2.2 g/t Au from 71.2m and 15.3 m@ 4.6 g/t Au from 118.7m in CDD-250. True widths are expected to be 80-100% of down hole width.


Additional Oxide Targets

Preliminary drill testing of additional oxide targets has commenced. An assay result of 9m @ 0.87g/t Au from surface of oxide mineralization was recorded in CRC732, 400m west of the Main Zone resource boundary. Minor oxide and sulfide mineralization has also been intersected on the northern contact zone between diorite and marble, 200m north of the Main Zone resource boundary. Best results include 12m @ 1.5g/t Au from 47m in CRC-741 and 12m @ 0.9g/t Au from 80m in CRC-743. Further drilling is in progress to identify the extent of mineralization in these areas. True widths are expected to be 60-80% of down hole width.

Edward Dowling, President and CEO of Alacer stated “The commencement of the 2011 exploration program has been successful in discovering significant new extensions to the Main Zone deposit at Çöpler. Several thick high grade intersections returned from the early stages of drilling demonstrate the new drill program is successfully meeting the objectives of growing the resource base and mine life at Çöpler. Infill drilling is also demonstrating higher grades and importantly providing better geological information to further optimize mine planning and overall economics. Follow up drilling is in progress, and regular updates will be provided as results are compiled“.

Hole From To Intercept Au Oxide/ Comment Hole From To Intercept Au Oxide/ Comment

Number (m) (m) (m) g/t Sulfide Number (m) (m) (m) g/t Sulfide

CDD-244 35.9 52.5 16.6 0.9 Sulfide CDD-245A 179.1 180.2 1.1 1.2 Sulfide

Main
Zone

126.4 182.3 56.0 1.3 Sulfide 199.0 203.1 4.1 1.4 Sulfide

includes: 126.4 138.5 12.2 2.4 CDD-251 8.2 29.1 20.9 0.9 Sulfide

South MZ

includes: 175.3 182.3 7.0 2.5 Extensional 55.7 61.8 6.1 0.9 Sulfide



218.5 223.5 5.0 1.0 Sulfide 85.1 163.9 78.8 2.8 Sulfide

255.0 264.0 9.0 1.6 Sulfide includes: 99.4 151.5 52.1 3.5

Main
289.3 300.5 11.2 1.3 Sulfide includes: 144.6 151.5 6.9 4.2 Zone

CRC-720 147.0 165.0 18.0 1.1 Sulfide South MZ 179.5 195.7 16.2 1.6 Sulfide

includes: 163.0 165.0 2.0 3.5 Extensional 214.3 225.5 11.2 0.9 Sulfide

CRC-721 73.0 190.0 117.0 2.0 Sulfide South MZ 243.2 263.7 20.5 1.5 Sulfide

includes: 74.0 95.0 21.0 4.8 Extensional includes: 243.2 251.9 8.7 2.7 Sulfide

Main
CRC-722 54.0 123.0 69.0 3.0 Sulfide South MZ CRC-734 0.0 4.0 4.0 2.4 Oxide Zone

includes: 55.0 82.0 27.0 5.4 Extensional CRC-735 70.0 94.0 24.0 2.0 Sulfide

Main
CRC-723 0.0 15.0 15.0 1.0 Oxide includes: 70.0 77.0 7.0 4.3 Zone

15.0 19.0 4.0 0.9 Sulfide 125.0 127.0 2.0 1.8 Sulfide

South MZ
Infill and

32.0 35.0 3.0 1.2 Sulfide Extensional CRC-737A 0.0 46.0 46.0 2.9 Oxide



60.0 69.0 9.0 2.0 Sulfide includes: 9.0 13.0 4.0 5.4

includes: 60.0 64.0 4.0 3.1 includes: 20.0 25.0 5.0 6.1

Main
Zone

South MZ
CDD-241 0.0 73.0 73.0 2.1 Oxide / Infill includes: 33.0 45.0 12.0 4.7

includes: 16.2 23.3 7.1 4.8 Sulfide 70.0 72.0 2.0 3.3 Sulfide

includes: 37.0 40.1 3.1 3.9 97.0 100.0 3.0 1.1 Sulfide

includes: 56.5 73.0 16.5 3.1 CRC-727 40.0 42.0 2.0 0.9 Sulfide

CDD-250 0.0 12.2 12.2 1.0 Oxide 58.0 61.0 3.0 1.2 Sulfide

West
Zone

12.2 23.3 11.1 0.9 Sulfide 84.0 86.0 2.0 3.1 Sulfide

71.2 97.9 26.7 2.2 Sulfide 96.0 103.0 7.0 0.9 Sulfide

South MZ West
includes: 79.9 83.9 4.0 6.9 Infill CRC-728 NO SIGNIFICANT ASSAY RESULTS Zone

118.7 134.0 15.3 4.6 Sulfide CRC-730 99.0 100.0 1.0 2.2 Oxide

West
Zone

169.6 206.5 36.9 1.0 Sulfide 105.0 107.0 2.0 0.7 Sulfide

CRC-725 7.0 10.0 3.0 0.7 Oxide CRC-731 34.0 39.0 5.0 1.1 Sulfide

West
Zone

14.0 32.0 18.0 1.9 Sulfide 75.0 79.0 4.0 0.8 Sulfide

includes: 28.0 31.0 3.0 6.9 CRC-732 0.0 9.0 9.0 0.9 Oxide

South MZ West
Infill Zone

70.0 74.0 4.0 1.5 Sulfide includes: 8.0 9.0 1.0 4.9

96.0 127.0 31.0 0.9 Sulfide CRC-733 77.0 80.0 3.0 0.8 Sulfide

West
Zone

includes: 124.0 127.0 3.0 2.6 139.0 140.0 1.0 1.3 Sulfide

Northern
CDD-240 33.9 39.4 5.5 5.4 Sulfide CRC-729 NO SIGNIFICANT ASSAY RESULTS Contact

Main Zone

Northern
72.6 77.8 5.2 1.6 Sulfide CRC-739 NO SIGNIFICANT ASSAY RESULTS Contact

CDD-243 4.5 7.0 2.5 1.3 Oxide CRC-740 34.0 38.0 4.0 1.4 Sulfide

Northern
Contact

11.2 14.0 2.8 1.4 Sulfide 44.0 46.0 2.0 1.0 Sulfide

Northern
39.8 44.7 4.9 0.9 Sulfide CRC-741 47.0 59.0 12.0 1.5 Sulfide Contact

Main Zone

141.0 142.0 1.0 6.1 Sulfide CRC-743 80.0 85.0 5.0 0.8 Oxide

Northern
Contact

148.9 152.0 3.1 9.5 Sulfide 85.0 92.0 7.0 0.9 Sulfide

158.3 159.3 1.0 5.6 Sulfide

Table 1. Significant assay results for the additional twenty-six holes completed at Çöpler. The first eleven holes previously released can be found on the Alacer Gold website and at the end of this release. All twenty-six new drill holes are shown with all significance intersections reported.


About Alacer

Alacer is a leading intermediate gold company with operations in both Australia and Turkey.


Australia

Alacer has three operating gold mines in Australia, namely the Higginsville and South Kalgoorlie operations; and a 49% interest in the Frog's Leg underground mine. The South Kalgoorlie operations and the Frog's Leg interest were acquired following the successful takeover of Dioro Exploration NL, which was completed in March 2010. The Australian operations are targeting 272,000 ounces of gold in 2011.


Turkey

Alacer is recognized as a leader in exploration and development in Turkey and, with the start-up of Çöpler, will soon be among Turkey's leading gold producers. Çöpler is 95% owned by Alacer and 5% by Lidya Mining (formerly known as Çalık Mining, see Anatolia News Release, August 13, 2009). Initial plans at Çöpler are to produce approximately 1.42 million leachable ounces of gold at costs consistent with the lower end of industry standards. Average annual production is expected to be about 175,000 gold ounces. Additional production expansion from the sulfide gold reserve is expected to add 2.25 million ounces. A detailed feasibility study is underway. In addition, Alacer holds a significant pipeline of prospective gold and base metal projects.

Alacer currently has 277.0 million common shares issued and outstanding, 297.3 million fully diluted.


Technical Procedural Information

The information in this release which relates to Exploration Results and the Mineral Resources is based on information compiled and verified by Chris Newman, a full time employee of Alacer Gold Corp. and who is a Member of the Australasian Institute of Mining and Metallurgy. Mr. Newman has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which he is undertaking to qualify as a Competent Person as defined in the 2004 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves“ and qualified person pursuant to National Instrument 43-101 of the Canadian Securities Administration. Mr Newman consents to the inclusion in the report of the matters based on this information in the form and context in which it appears.

Exploration and drilling results are reported as drilled thicknesses. Reverse circulation cuttings were sampled on 1.0 meter intervals and core was sampled at geologically selected intervals. Drill samples were performed by ALS-Chemex in Vancouver, BC, Canada, for gold by Fire Assay off a 30 gram charge with an AA finish. For these samples, the gravimetric data were utilized in calculating gold intersections. Quality Assurance/Quality Control included the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at regular intervals within each batch. Selected holes are also analyzed for a 33-element four acid ICP—AES. Drill composites were calculated using a cut-off of 0.3 g/t.


Cautionary Statements

Certain statements contained in this news release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively “forward-looking information“) within the meaning of Canadian securities laws. Forward-looking information may relate to this news release and other matters identified in Alacer's public filings, Alacer's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as “may“, “will“, “could“, “should“, “expect“, “plan“, “anticipate“, “believe“, “intend“, “estimate“, “projects“, “predict“, “potential“, “continue“ or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to proposed exploration, communications with local stakeholders and community relations, status of negotiations of joint ventures, commodity prices, mineral resources, mineral reserves, realization of mineral reserves, existence or realization of mineral resource estimates, the timing and amount of future production, the timing of construction of proposed mine and process facilities, capital and operating expenditures, economic conditions, availability of sufficient financing, exploration plans and any and all other timing, exploration, development, operational, financial, economic, legal, social, regulatory, political factors that may influence future events or conditions. Such forward-looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other Alacer filings, and include exploration results and the ability to explore, the ultimate determination of mineral reserves, availability and final receipt of required approvals, titles, licenses and permits, sufficient working capital to develop and operate the proposed mine, access to adequate services and supplies, commodity prices, foreign currency exchange rates, interest rates, access to capital markets and associated cost of funds, availability of a qualified work force, ability to negotiate, finalize and execute relevant agreements, lack of social opposition to the mine, lack of legal challenges with respect to the property or the Company and the ultimate ability to mine, process and sell mineral products on economically favorable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward-looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Alacer filings at www.sedar.com and other unforeseen events or circumstances. Other than as required by law, Alacer does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.

Section Section
Hole No Easting Northing Line Dip Azimuth Depth Hole No Easting Northing Line Dip Azimuth Depth

CDD-235 459250 4363740 59250 -60 360° 280 CRC-723 459100 4363517 59100 -60 360° 165

CDD-236 459096 4363711 59100 -60 360° 200 CRC-724 459050 4363550 59050 -60 360° 100

CDD-237 459193 4363755 59200 -60 360° 207 CRC-725 458950 4363508 58950 -60 360° 185

CDD-238 458691 4363518 58700 -60 360° 227.2 CRC-726 458600 4363410 58600 -60 360° 138

CDD-239 458749 4363433 58750 -60 360° 248.5 CRC-727 458485 4363340 58500 -60 360 119

CDD-240 459020 4363795 59000 -60 360° 218.3 CRC-728 458402 4363250 58400 -60 360 48

CDD-241 458800 4363550 58800 -60 360° 228 CRC-729 458660 4364237 58650 -60 90 150

CDD-242 458700 4363451 58700 -60 360° 152.3 CRC-730 458270 4364023 58250 -60 90 162

CDD-243 458853 4363750 58850 -60 360° 260 CRC-731 458204 4363724 58200 -60 360 120

CDD-244 458850 4363424 58850 -60 360° 313 CRC-732 458168 4363699 58200 -60 360 130

CDD-245A 459097 4363640 59100 -60 360 229.6 CRC-733 458204 4363558 58200 -60 180 140

CDD-250 458908 4363526 58900 -60 360 251 CRC-734 458980 4363680 59000 -90 - 151

CDD-251 459266 4363849 59250 -60 360 267.5 CRC-735 458945 4363700 58950 -90 - 158

CRC-717 459146 4363852 59150 -60 360° 150 CRC-737A 459445 4363895 59450 -90 - 165

CRC-718 459151 4363703 59150 -60 360° 186 CRC-739 458736 4364245 58750 -60 220° 70

CRC-719 459053 4363674 59050 -60 360° 160 CRC-740 458758 4364246 58750 -60 180° 55

CRC-720 459200 4363429 59200 -90 - 197 CRC-741 458756 4364251 58750 -60 112° 67

CRC-721 459150 4363390 59150 -60 360° 200 CRC-743 458712 4364230 58700 -60 70° 95

CRC-722 459050 4363450 58950 -90 - 123

Table 2. New drillholes completed with assay results returned.


Northing Easting
From To Intercept Oxide/
Depth Dip / (m) (m) Sulfide
Hole (m) (m) Az (m) Au
Number (m) g/t

CDD-235 4363740 459250 280 -60/360 139 178 39 0.7 Sulfide

CDD-236 4363711 459096 200 -60/360 82.5 142 59.5 3.6 Sulfide

CDD-237 4363755 459193 207 -60/360 24 28 4 1.8 Sulfide

125 132 7 1.2 Sulfide

141.2 153.5 12.3 1.2 Sulfide

CDD-238 4363518 458691 227.2 -60/360 0 4.5 4.5 1.7 Oxide

81.6 88.5 6.9 7.1 Sulfide

109.2 125 15.8 4.0 Sulfide

CDD-239 4363433 458749 248.5 -60/360 219.9 222 2.1 2.0 Sulfide

231.5 235.5 4 1.1 Sulfide

CDD-242 4363451 458700 152.3 -60/360 84.3 91.3 7 0.6 Sulfide

CRC-717 4363852 459146 150 -60/360 0 13 13 2.1 Oxide

13 24 11 1.3 Sulfide

34 63 29 1.6 Sulfide

CRC-718 4363703 459151 186 -60/360 85 111 26 1.5 Sulfide

136 150 14 3.9 Sulfide

CRC-719 4363674 459053 160 -60/360 64 70 6 0.5 Sulfide

CRC-724 4363550 459050 100 -60/360 29 48 19 1.8 Sulfide

CRC-726 4363410 458600 138 -60/360 78 89 11 1.7 Sulfide

Table 3:   Significant drill intersections from the first eleven drill holes previously released at Çöpler (29(th) April 2011)



For further information:

please contact Edward Dowling, President and CEO, or Douglas Tobler, CFO at (303) 292-1299 or visit www.alacergold.com