OREANDA-NEWS. Alacer Gold Corp. announced today that it has filed its 2016 first quarter operating, financial results and related management’s discussion and analysis (“MD&A”).

Highlights

Strategic

  • On May 12, 2016, the Corporation announced the Board of Directors has approved full construction of the Sulfide Project.  Details can be found in the Sulfide Project Update Press Release.
  • On April 20, 2016, the Corporation received approval for a number of permits from the Turkish authorities including those required for construction of the Sulfide Project, the Heap Leach Pad Phase 4 expansion and additional exploration permits.
  • A credit-approved term sheet to increase the current financing facility to $350 million was agreed to with a syndicate of lenders (BNP Paribas (Suisse) SA, ING Bank A.S., Societe Generale Corporate & Investment Banking and UniCredit Bank Austria AG).   
  • On March 31, 2016, the Corporation released additional drilling results from the Yakuplu North prospect in the ??pler District indicating favorable metallurgy and rapid development potential.
  • On January 14, 2016, the Corporation announced the Sulfide Project will move forward with a twin horizontal autoclave design, on an Engineering, Procurement and Construction Management basis.

Operational

  • A lost-time injury (“LTI”) occurred on January 11, 2016, the first LTI at the ??pler Mine in 3 years.
  • Gold production of 31,926 ounces and attributable gold production of 25,541 ounces was in line with guidance whereby production is expected to increase in the second half of the year.
  • Total Cash Costs per ounce (C2) were $659 and All-in Sustaining Costs per ounce were $846.
  • Expansion of the existing heap leach pad to 58 million tonnes continues to advance to plan.
  • Sulfide stockpiles at the end of the first quarter were 5.8 million tonnes at an average grade of 3.56 g/t gold or approximately 665,000 contained gold ounces.

Financial

  • The Corporation ended the first quarter with cash of $346.1 million.
  • An undrawn finance facility of $250 million is in place, with a credit-approved term sheet to increase the facility to $350 million.
  • Working capital was $388.6 million at March 31, 2016.
  • Cash flow from operating activities during the quarter totaled $14.4 million.
  • Attributable net profit1 was $2.1 million or $0.01 per share.