Alacer Gold Announces First Quarter 2017 Operating and Financial Results

TORONTO, May02, 2017(GLOBE NEWSWIRE) -- Alacer Gold Corp. ("Alacer" or the "Corporation") (TSX:ASR) (ASX:AQG) announced today that it has filed its 2017 first quarter operating and financial results and related management's discussion and analysis ("MD&A"). The corresponding financial statements and MD&A are available on www.AlacerGold.com and on www.SEDAR.com. All currencies referenced herein are denominated in USD unless otherwise stated.

Rod Antal, Alacer's President and Chief Executive Officer, stated, "????pler produced 33,000 ounces this quarter in line with our 2017 guidance. Receipt of the pasture permit in early April allowed us to start mining the higher-grade West Pit and re-confirms our 2017 production guidance of 160,000 to 180,000 ounces. With the pasture permit in hand, we expect to produce between 35-40% of our total production in the first half of the year.

The ????pler Sulfide Expansion Project is progressing well and is on budget and on schedule. In April, we drew down the first tranche of US$130 million from the US$350 million finance facility. After a detailed technical review of the Sulfide Project by the lending syndicate's independent engineers, the lenders determined that a cost overrun reserve is not required for the financing facility, further demonstrating the robustness of the Sulfide Project.

Finally, our other organic growth projects continue to progress with Gediktepe moving into a DFS phase and drilling recently re-commencing at ??akmaktepe."

Highlights

Strategic

• The Sulfide Project is advancing to schedule, is on budget, and is fully funded.
• On February 27, 2017, the Corporation announced the successful arrival of both the autoclaves to the ????pler site in a press release entitled "Alacer Gold Achieves Key Milestone for the ????pler Sulfide Expansion Project with the Arrival of Both Autoclaves at ????pler."
• The ??akmaktepe 2017 drilling program has recommenced following the winter months and will be focused on defining development plans for ??akmaktepe Central and step out drilling for the entire ??akmaktepe mineralized area.
• The Corporation commenced a DFS on the Gediktepe project, with completion targeted for June 2018.
• At the end of the first quarter, there were 132,000 ounces of forward gold sales remaining at an average price of $1,281 through September 2018.
• First drawdown of $130 million on the finance facility occurred on April 21, 2017. The lenders determined a cost overrun reserve was not required for the finance facility, further demonstrating the robustness of the Sulfide Project.

Operational

• Gold production was 32,918 ounces, and attributable gold production⁽¹⁾ was 26,334 ounces.
• Total Cash Costs (C2) per ounce⁽²⁾ were $711 and All-in Sustaining Costs per ounce⁽²⁾ were $898.
• In early April, mining of the higher-grade West Pit commenced with the receipt of the pasture permit and re-confirms our 2017 production guidance of 160,000 to 180,000 ounces. Gold production in the first half of the year is expected to be between 35-40% of full year production.
• Expansion of the existing heap leach pad to 58 million tonnes continues to advance.
• Sulfide stockpiles at March 31, 2017 were 7.2 million tonnes at an average grade of 3.36 g/t gold or approximately 780,000 contained gold ounces.

Financial

• The Corporation ended the first quarter of 2017 with cash of $154.0 million and no debt.
• Working capital was $189.9 million at March 31, 2017.
• Cash flow from operating activities during the quarter totaled $9.1 million.
• Attributable net profit⁽¹⁾ was $8.7 million or $0.03 per share.

Conference Call / Webcast Details

Alacer will host a conference call on Tuesday, May 2, 2017 at 5:00 p.m. (North America Eastern Daylight Time) and Wednesday, May 3, 2017 at 7:00 a.m. (Australian Eastern Standard Time).

You may listen to the call via webcast at http://services.choruscall.ca/links/alacer20170502.html. The conference call presentation will also be available at the link provided prior to the call commencing.

You may participate in the conference call by dialing:

If you are unable to participate in the call, a webcast will be archived until August 2, 2017 and a recording of the call will be available on Alacer's website at www.AlacerGold.com or through replay until Tuesday, June 13, 2017 by using passcode 1296# and calling:

About Alacer

Alacer is a leading intermediate gold mining company, with an 80% interest in the world-class ????pler Gold Mine in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S. ("Anagold"), and the remaining 20% owned by Lidya Madencilik Sanayi ve Ticaret A.S. ("Lidya Mining"). The Corporation's primary focus is to leverage its cornerstone ????pler Mine and strong balance sheet to maximize portfolio value, maximize free cash flow, minimize project risk, and therefore, create maximum value for shareholders.

The ????pler Mine is located in east-central Turkey in the Erzincan Province, approximately 1,100 kilometers southeast from Istanbul and 550 kilometers east from Ankara, Turkey's capital city.

Alacer is actively pursuing initiatives to enhance value beyond the current mine plan:

• ????pler Oxide Production Optimization - Expansion of the existing heap leach pad to 58 million tonnes continues to advance. The Corporation continues to evaluate opportunities to extend oxide production beyond the current reserves, including a new heap leach pad site to the west of the ????pler Mine.

• ????pler Sulfide Expansion Project (the "Sulfide Project") - The Sulfide Project is under construction with first gold production projected in the third quarter 2018. The Sulfide Project is expected to deliver long-term growth with robust financial returns and adds 20 years of production at ????pler. The Sulfide Project will bring ????pler's remaining life-of-mine ("LoM") gold production to 4 million ounces at All-in Sustaining Costs averaging $645 per ounce^{(3), (4)}.

• The Corporation continues to pursue opportunities to further expand its current operating base and to become a sustainable multi-mine producer with a focus on Turkey. The systematic and focused exploration efforts in the ????pler District, as well as in other regions of Turkey, are progressing. A maiden Mineral Resource estimate was released for ??akmaktepe and Bayramdere⁽⁵⁾, and the ????pler District remains the focus with the potential to add oxide production and utilize the existing ????pler infrastructure in 2018. In the region, work has commenced on a Definitive Feasibility Study ("DFS") for the Gediktepe Project ⁽⁶⁾ and is expected to be complete in June 2018.

Alacer is a Canadian corporation incorporated in the Yukon Territory with its primary listing on the Toronto Stock Exchange. The Corporation also has a secondary listing on the Australian Securities Exchange where CDIs trade.

Cautionary Statements

Certain statements contained in this document constitute "forward-looking information", "future oriented financial information" or "financial outlooks" (collectively, "forward looking information") within the meaning of applicable securities laws. Forward-looking information often relates to statements concerning 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.

Forward-looking information includes statements concerning, among other things, production, cost, and capital expenditure guidance; the results of any gold reconciliations; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; mineral resources, mineral reserves, realization of mineral reserves, and the existence or realization of mineral resource estimates; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, regulatory, and political matters that may influence or be influenced by future events or conditions.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any of Alacer's other public filings, and include the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at Alacer's operations; commodity prices; the ultimate determination of and realization of mineral reserves; existence or realization of mineral resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; 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 or facilities; lack of legal challenges with respect to the property of Alacer; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in Alacer's Annual Information Form and other public filings, as well as 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. For additional information, you should refer to Alacer's public filings, including the Corporation's AIF, available on SEDAR at www.sedar.com and on the ASX at www.asx.com.au.

⁽¹⁾ Attributable gold production and net profit are reduced by the 20% non-controlling interest at the ????pler Gold Mine.

⁽²⁾ Total Cash Costs (C2) per ounce and All-in Sustaining Costs per ounce are non-IFRS performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation to IFRS, please see the "Non-IFRS Measures" section of the current MD&A.

⁽³⁾ All-in Sustaining Costs per ounce is a non-IFRS performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation to IFRS, please see the "Non-IFRS Measures" section of the current MD&A.

⁽⁴⁾ Detailed information regarding the Sulfide Project, including the material assumptions on which the forward-looking financial information is based, can be found in the Technical Report dated June 9, 2016 entitled "????pler Mine Technical Report," available on www.sedar.com and on www.asx.com.au.

⁽⁵⁾ Detailed information regarding the ????pler District Mineral Resource can be found in the press release entitled "Alacer Gold Announces Additional Exploration Results for ??akmaktepe and an Initial Mineral Resource in the ????pler District," dated December 19, 2016, available on www.sedar.com and on www.asx.com.au.

⁽⁶⁾ Additional information on the Gediktepe Project can be found in the press release entitled "Alacer Gold Announces a New Reserve for its Gediktepe Project Providing Future Growth," dated September 13, 2016, available on www.sedar.com and on www.asx.com.au.

For further information on Alacer Gold Corp., please contact:
Lisa Maestas - Director, Investor Relations at +1-303-292-1299