Alacer Gold Chief Financial Officer To Depart
TORONTO, Aug. 11, 2011 /CNW/ --
TORONTO, Aug. 11, 2011 /CNW/ - Alacer Gold Corp ('Alacer' or the 'Corporation') [TSX: ASR and ASX: AQG] announces that as part of its finance department relocation, its Chief
Financial Officer, Douglas Tobler, will depart by December 31, 2011.
Mr. Tobler will continue in his present capacity for the balance of
2011 or until transition is completed to a new CFO. Alacer has
commenced a search for a replacement.
Mr. Edward Dowling, CEO of Alacer stated, 'As part of the ongoing
evolution of Alacer Gold, the company has made the decision to
transition the finance group from Denver to the Perth office to
facilitate better support of the operations group currently based in
Perth. Doug Tobler is assisting the functional relocation, but elected
to leave the company post transition. Doug joined us in 2004 as CFO and
has contributed exceptional value over the years to the growth and
evolution of Alacer. We are working closely together to ensure an
effective transition. On behalf of the Board and shareholders, I'd like
to thank Doug for his support and continuing advocacy of Alacer.'
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 280,000 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 Gold currently has 277.7 million common shares issued and
outstanding, 297.1 million fully diluted.
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.
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Edward Dowling, President and CEO, at (303) 292-1299 or visit www.alacergold.com.