Alacer Gold appoints Stuart Brown as Chief Financial Officer
TORONTO, Oct. 16, 2011 /CNW/ - Alacer Gold Corp ('Alacer' or the 'Company') [TSX:ASR, ASX:AQG] is pleased to announce that Stuart Brown has joined Alacer's management team as Chief Financial Officer effective November 1, 2011.
Mr. Brown was with the De Beers group for 20 years and most recently was the Co-Acting Chief Executive Officer and served as its CFO and Executive Committee Member since March 1, 2006. Stuart held many positions during his successful career with De Beers and gained valuable international mining, exploration, manufacturing and management experience across all the major divisions of the De Beers Group. Stuart was also a long serving member on the Boards of all the senior companies in the De Beers Group, these included: De Beers Sa, Debswana Diamond Company, De Beers Consolidated Mines Limited, Namdeb Diamond Corporation and Element Six Sa.
Commenting on his appointment, Mr. Brown stated 'I'm excited to be joining Alacer Gold and am looking forward to working with my new colleagues and helping Alacer to achieve its full potential.'
Edward Dowling, President and CEO of Alacer commented 'Stuart and I worked together at De Beers and I know him to be an exceptional mining executive. We are excited to add someone of Stuart's caliber to the Alacer team and know that he will be able to make an immediate contribution to the Company's strategy. I'd also like to thank Doug for his tireless efforts over the last seven years.'
Doug Tobler will remain with the Company during the transition and will work closely with Mr. Brown over the coming months.
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.
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 278.9 million common shares issued and outstanding, 296.9 million fully diluted.
Cautionary Statements
Certain statements contained in this report 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 report 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, timing of studies and analysis, the timing of construction of the proposed mines 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 and 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 mines, access to adequate services and supplies, commodity prices, ability to meet production targets, 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 mines, 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.
ALACER GOLD CORP.
CONTACT: Edward Dowling or Lisa Maestas - North America at 1-303-292-1299
Rohan Williams - Australia at 618-9226-0625
Roger Howe - Australia at 61-405-419-139
