Alacer Gold files third quarter financial results and the related management discussion and analysis

TORONTO, Nov. 12, 2011 /CNW/ - Alacer Gold Corp ('Alacer' or the 'Corporation')

Mr. Edward Dowling, CEO of Alacer stated, 'We had an excellent third quarter with gold production increasing to 112,680 ounces, 9% more than the second quarter. The group cash operating costs decreasing to $554/oz, while our realized gold price increased to $1,700/oz.  This strong performance has prompted us to upgrade 2011 guidance to 405,000 ounces at cash operating costs of $550/oz. The previous guidance was 400,000 ounces at cash operating costs of $590/oz.  In addition, our mines generated an operating margin of $79.4 million during the third quarter, with a pre-tax profit of $63.7 million, and net profit of $41 million. Alacer's cash position increased by a healthy $47.5 million to $186.9 million at the end of September, with a cash operating margin of more than $1,000/oz for the third quarter.

Çöpler continues to exceed our expectations with production of 53,200 ounces for the quarter and cash operating costs decreasing by $126/oz to $259/oz.  To date, the mined grade of this world-class orebody has been significantly more than modeled, with mined grade increasing quarter on quarter by 66% to 2.07g/t gold.

One of our key organic growth projects is expanding our South Kalgoorlie Operations. We recently announced a staged development approach for SKO and committed $25M to the first stage which enables us to keep to our target of commissioning a new 2.5Mtpa plant at SKO in early 2013, subject to construction approval by the Board in Q2 2012.'

Conference Call Details

Edward Dowling will host a conference call on at 5.00 pm (Toronto time) Monday, November 14 (North America) and 9.00am (Australian Eastern Standard time) Tuesday, November 15 (Australia). To participate in the conference call, please dial

    1-800-946-0719  for U.S. and Canada

    1-800-094-765   for Australia

    0-800-404-7656  for United Kingdom

    800-968-103     for Hong Kong

    800-120-3236    for Singapore

    1-719-325-2454  for International

                     

    7429983         Conference ID

A recording of the call will be available on Alacer's website at www.AlacerGold.com or through replay until November 30, 2011 by calling:

    1-888-203-1112  for U.S. and Canada

    1-719-457-0820  for International

    7429983         Replay Passcode

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 Gold currently has 279.7 million common shares issued and outstanding, 296.5 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 development approach, 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, budgetary, 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: on Alacer Gold, please contact:



Edward Dowling or Lisa Maestas - North America at 1-303-292-1299

Rohan Williams - Australia at 61-8-9226-0625

Roger Howe - Australia at 61-2-9953-2470