Alacer Gold provides update on Chief Financial Officer position

TORONTO, Nov. 14, 2011 /CNW/ - Alacer Gold Corp ('Alacer' or the 'Corporation') [TSX: ASR and ASX: AQG] regrets to announce that prior to assuming his duties Stuart Brown has informed the Corporation that he will not be accepting the Chief Financial Officer ('CFO') position as previously announced.  A search has re-commenced for the CFO position, and Mr. Tobler will continue in his present capacity until a replacement is found and the transition has been completed to a new CFO.

Commenting on his decision, Mr. Brown stated 'This was a very difficult personal decision and had nothing to do with the great opportunity at Alacer Gold.'

Mr. Edward Dowling, CEO of Alacer stated, 'While we are very disappointed that Stuart will not join the Alacer team, we wish him the best going forward.  Moreover, we are very appreciative of Doug's continuing commitment during this transition.'

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 the search for a chief financial officer, the continued employment of the current chief financial officer, 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 the ability to locate and recruit a qualified chief financial officer, the continued willingness of the current chief financial officer to remain, 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: For further information 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