Alacer Gold Announces Further Exploration Results for the Copler District

TORONTO, July 21, 2016 (GLOBE NEWSWIRE) -- Alacer Gold Corp. (“Alacer” or the “Company”) (TSX:ASR) (ASX:AQG) is pleased to announce drilling results through May 31, 2016 from the Company’s 2016 Çöpler District exploration program in Turkey. Drilling results are from an additional 17,361 meters of drilling at the Çakmaktepe North prospect (formerly known as Yakuplu North) approximately 5 km east of the Çöpler Mine. These results are in addition to drill results released on December 9, 2015¹ and March 31, 2016¹.

Rod Antal, Alacer’s President & Chief Executive Officer, stated, “We’ve taken a disciplined approach to our exploration program and have focused on the discovery of satellite leachable oxide mineralization that has the potential to provide supplemental feed to the existing Çöpler heap leach pad. This latest round of Çakmaktepe North drill results represent a significant step forward in progressing this objective and the results continue to confirm the potential to add oxide production within the next two years at Çöpler.

The 2016 program includes infill drilling with the aim to validate data to support the resource estimation for a maiden resource later this year. With the mineralization at Çakmaktepe North still open in all directions, the maiden resource will only include the drilling for a portion of the mineralization. We have drilled over 30,000 meters at Çakmaktepe North and still have nine drill rigs on site to progress this highly promising exploration prospect. In expectation of advancing this prospect, the permitting process is underway.”

KEY HIGHLIGHTS

Çakmaktepe North is the largest of six current gold prospects within a 5 km to 7 km proximity of the existing Çöpler Mine infrastructure. Initial and follow-up results from exploration drilling at Çakmaktepe North were provided in press releases dated December 9, 20151 and March 31, 20161. The drilling conducted between January 1 to May 31, 2016 included infill drilling and continues to expand on the initial 2015 discovery. The Çakmaktepe area contains a network of structures allowing for gold mineralization to occur within multiple lithologies. The mineralization style is similar to the Çöpler Deposit and is expected to be processed through the existing crushing and agglomeration circuit and stacked on the existing heap leach pad facility at the Çöpler Mine.

• Based on the results to date, the Çakmaktepe prospect will continue to advance in 2016 with the intention of releasing a maiden mineral resource later this year.
• The mineralized system is currently open in all directions, providing the potential for additional mineralization.
• Initial design work for the proposed haul road to Çöpler has been undertaken.
• The permitting process is underway.
  
  

DRILLING HIGHLIGHTS

Drilling from the Çakmaktepe North prospect in the Çöpler District in central eastern Turkey has continued to define near-surface leachable oxide mineralization.

The Çakmaktepe North Prospect Plan accompanying this announcement is available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/ea42de35-67ea-42e8-9aba-3da382335b51

Key Çakmaktepe North drill results from January 1 to May 31, 2016, reporting intervals of >5m @ >1.00g/t Au include:

To view the complete drill assay results and further technical information relating to this news release, please visit the following link: http://www.alacergold.com/docs/default-source/press-releases/2016-07-21-exploration-update---cakmaktepe-north---drill-results-final.pdf?sfvrsn=4 or visit the Company’s website at www.alacergold.com.

ÇÖPLER DISTRICT EXPLORATION OVERVIEW

Alacer’s exploration licenses surrounding the Çöpler Gold Mine span across a 17 km by 25 km area. The exploration licenses are managed under two separate joint ventures (“JV”). Alacer owns 80% of the licenses adjacent to Çöpler Mine under the Anagold Madencilik Sanayi ve Ticaret A.S. (“Anagold”) JV and 50% of the remaining licenses in the Çöpler District under the Kartaltepe JV, both in partnership with Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya Mining”).

The Çöpler District Prospects & Tenements accompanying this announcement is available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/a7850183-281f-4334-9845-db8af8a97bdb

ÇÖPLER DISTRICT 50/50% (KARTALTEPE JV) EXPLORATION RESULTS

Çakmaktepe North

Çakmaktepe North is a 2015 discovery that was identified from rock chip and soil sampling in early 2014. A drilling program commenced in June 2015 to define mineralized gossan on a 50m x 40m spacing over a strike length of 700m. As of May 31, 2016, a total of 29,744 meters of reverse circulation (“RC”) and diamond core drilling (“DDH”) has been completed from 174 holes. This is the third exploration press release for Çakmaktepe North.

The Çakmaktepe North mineralization is contained within shear and thrust hosted jasperoid, iron rich gossan, brecciated limestone and altered metasediments. There are multiple controls on mineralization with strong epithermal textures and associated structural overprints. The main body of mineralization is associated with a subvertical shear zone referred to as the ‘Main Shear’. The Main Shear varies in width from 5m to 40m, has been defined to a depth of 200m to 250m from surface, and dips at approximately 70 degrees to the east. Surface mapping and sampling have defined the mineralized extent of the shear as being over a kilometer in length, of which 700m has now been drill tested.

Results and outcomes presented in this release are from 17,361 meters of RC drilling and DDH from 107 holes completed between January 1 and May 31, 2016.

Drilling to date has not closed-off the mineralized system. Infill drilling to a spacing required for classification as a mineral resource estimate is in progress. The 2016 resource development strategy has focused on infilling and extending down-dip the northern 450m strike extent of the shear zone. Priority has been placed on validation of grade, mineralization distribution and continuity in the areas of highest gold grades.

Of the 107 holes completed in 2016, 18 were specifically designed as large diameter scissor holes drilled into the mineralization in the opposite direction to the current drill pattern. All 18 holes validated the accuracy of the geological model, replicated mineralization distribution and grade, as well as provided samples for metallurgical test work in Q2 and Q3 of 2016.

Of the 107 holes completed, there were 4 groundwater monitoring boreholes drilled as part of resource development, of which 2 intercepted significant mineralization in new areas peripheral to potential pit designs. All four holes were equipped with piezometers as part of a program to develop a hydrogeological model for permitting.

Since the Press Release issued on March 31, 2016 there has been significant evolution of the geological understanding of Çakmaktepe North through step-out and infill drilling. Although still the major trap for mineralization, the ‘Main Shear’ intersects a shallow thrust on its western footwall which is also mineralized. The structure is referred to as the ‘Footwall Thrust’ and is now recognized as a potential contributor of new gold to the Çakmaktepe North prospect. The Footwall Thrust is still to be fully drill tested, but to date extends over 150m to the west from its intersection with the Main Shear, has a strike of 350m and varies in thickness from 5m to 15m. Mineralization within the Footwall Thrust is hosted within iron rich jasperoid, gossan and underlying brecciated limestone. The Footwall Thrust defines the contact between overlying ophiolite and limestone, occurring within 150m of surface.

In the process of extending the down-dip extent of high grade Main Shear mineralization, drilling in 2016 has identified metasediments forming the hanging wall to the Main Shear to also be mineralized. Grade enhancement occurs where the metasediments are proximal (within 50m) of the Main Shear and intersected by mineralized diorite dykes. The metasediment forms a distinct hanging wall domain with ore type characteristics and grades similar to metasediments within the Ҫöpler Main pit.

Extensive development drilling continues to close the drill spacing in the high grade area of mineralization from 50m x 40m to 25m x 20m to a depth of 250m below surface for mineral resource estimation in 2016. Drilling from June to September 2016 will also focus on extending the mineralized Main Shear and Footwall Thrust 150m to the north.

Drilling after October 2016, will focus southwards along strike of the Çakmaktepe North prospect to test whether shear hosted mineralization at the Çakmaktepe Main target can be connected to the Çakmaktepe North prospect. The Çakmaktepe Main prospect hosts recent small-scale mining where iron rich gossan was previously extracted by another company. Residual Çakmaktepe Main gossan stockpiles report gold values of >1.0g/t Au.

The Çakmaktepe North prospect plan and an example section with significant assays follows.

The Çakmaktepe North Prospect Section NW700 accompanying this announcement is available at

http://www.globenewswire.com/NewsRoom/AttachmentNg/5a6283b7-3084-44b6-aecf-c89afa51b198

About Alacer

Alacer is a leading intermediate gold mining company, with an 80% interest in the world-class Çöpler Gold Mine in Turkey operated by Anagold and the remaining 20% owned by Lidya Mining. The Company’s primary focus is to leverage its cornerstone Çöpler Mine and strong balance sheet to maximize portfolio value, maximize free cash flow, minimize project risk and, therefore, create maximum value for shareholders.

The Çöpler Mine is located in east-central Turkey in the Erzincan Province, approximately 700 miles southeast from Istanbul, Turkey and 340 miles east from Ankara, Turkey’s capital city.

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

• Çöpler Oxide Production Optimization – expansion of the existing heap leach pad to 58 million tonnes continues to advance. All required land use permits for the Heap Leach Pad Phase 4 expansion have been received. The Corporation continues to evaluate opportunities to optimize and extend oxide production beyond the current reserves, including a new heap leach pad site to the west of the Çöpler Mine.
  
  
• Çöpler Sulfide Project – the Sulfide Project will deliver long-term growth with robust financial returns and adds over 20 years of production at Çöpler. The Sulfide Project will bring Çöpler’s remaining life-of-mine gold production to 4 million ounces2 at All-in Sustaining Costs3 averaging $645 per ounce. The Environmental Impact Assessment and all required land use permits for construction have been approved. Detailed information regarding the Çöpler Sulfide Project can be found in the Press Release dated May 12, 2016 entitled “Alacer Gold Announces Çöpler Sulfide Project Approval” (“The Sulfide Project Update Press Release”) available on SEDAR at www.sedar.com and on the Corporation’s website.
  
  
• 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 Çöpler District, as well as in other regions of Turkey are progressing. Çakmaktepe Southeast, Çakmaktepe East, Çakmaktepe North and Bayramdere are the main focus in the Çöpler District, which are shallow, oxide targets with favorable metallurgy and have the potential for rapid development. In the region, evaluation work is advancing and an update on the Dursunbey Project in western Turkey will be provided in Q3 2016.
  
  

Detailed information regarding the Çöpler Sulfide Project can be found in the Technical Report dated March 27, 2015 available on SEDAR at www.sedar.com and on the Company’s website.

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

Technical Procedural Information

Exploration drilling and sampling in Turkey utilized dominantly surface HQ and HQ3 triple-tube diamond core and 5 ¼ inch diameter RC drilling methods. Reverse circulation cuttings were sampled on 1.0m intervals and core was sampled systematically in 1.0m lengths as sawn half core in competent ground or hand split if in clay or broken fault zones. All drill sample assaying was performed by the SGS Ankara commercial assay laboratory in Turkey. Samples were analyzed for gold by Fire Assay off a 30 gram charge with an AAS finish, and analyzed for silver, copper, lead and zinc using a four acid digest ICP-AES method. Gold assays over 3g/t Au were automatically re-assayed by Fire Assay with a gravimetric finish. For silver, copper, lead and zinc assay results above the ICP-AES upper detection limits, samples were re-analyzed using a four acid digest with HCI leach and AAS finish. Quality Assurance/Quality Control measures included the insertion and continual monitoring of standards, blanks and duplicates inserted into the sample stream. QA/QC samples represent approximately 10% of all assay results received. Exploration and drilling results are reported as downhole drilled thicknesses. Drill hole significant assay intervals were calculated using a minimum downhole length of 5m @ >1.00g/t Au (body of text) or 2m @ >1.00g/t Au (Appendices). Grades were calculated using length weighted average sample grades for the interval. No top cut was applied.

Qualified Persons

The information in this release which relates to exploration results is based on information compiled by James Francis, BSc (Hons) Geology and MSc Mining Geology, MAusIMM, MAIG, who is a full-time employee of Alacer. Mr. Francis has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which is being undertaking to qualify as a Competent Person as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and a qualified person pursuant to National Instrument 43-101. Mr. Francis consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

Cautionary Statements

Except for statements of historical fact relating to Alacer, certain statements contained in this press 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 be contained in this document and other public filings of Alacer. 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, preliminary cost reporting in this document; production, cost and capital expenditure guidance; ability to expand the current heap leach pad, development plans for processing sulfide ore at Çöpler; results of any gold reconciliations; ability to discover additional oxide gold ore, the generation of free cash flow and payment of dividends; matters relating to proposed exploration, communications with local stakeholders and community relations; negotiations of joint ventures, negotiation and completion of transactions; commodity prices; mineral resources, mineral reserves, realization of mineral reserves, existence or realization of mineral resource estimates; the development approach, the timing and amount of future production, timing of studies, announcements and analysis, the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; ability to draw under the credit facility and satisfy conditions precedent including execution of security and construction documents; 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, geopolitical 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 other of Alacer’s filings, and include the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders and 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 and ability to meet production, cost and capital expenditure targets; timing and ability to produce studies and analysis; 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 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.

¹ See Alacer announcements “Alacer Announces Çöpler District Exploration Results”, dated December 9, 2015 and March 31, 2016 on the Company’s website at www.alacergold.com, on SEDAR at www.sedar.com, or on the ASX at www.asx.com.au.

² Alacer has an 80% controlling interest of the Çöpler Gold Mine.

³ All-in Sustaining Costs is a non-IFRS financial performance measure and has no standardized definitions under IFRS. For further information and detailed reconciliation, please see the “Non-IFRS Measures” section of the MD&A for three months ended March 31, 2016.

Appendix 2 - JORC Code Table 1

The following tables are provided to ensure compliance with the JORC Code (2012) edition requirements for the reporting of exploration results.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Section 2 Reporting of Exploration Results

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