Alacer Gold Revises Turkey 2016 Production and Cost Guidance

Alacer Gold Corp. announced revised 2016 production guidance to between 115,000 ounces and 125,000 ounces of gold1. Cost guidance for Total Cash Costs2 is revised to between $675 per ounce and $725 per ounce and All-in Sustaining Costs2 to between $900 per ounce and $950 per ounce.

As outlined in Alacer’s 2016 third quarter results, delays in accessing higher grade ore in the Marble Pit have impacted the production plan for 2016. Safe access to the higher grade ore was re-established at the end of the third quarter, and in October and November over 1.0 million tonnes of ore at an average grade of over 1.6 g/t was stacked on the heap leach pad. However, the flow of leached solution off the heap leach pad was slower than anticipated and will result in lower gold production in 2016 with the shortfall increasing production in 2017.
Rod Antal, Alacer’s President & Chief Executive Officer, stated, “While we have successfully increased the amount of contained ounces stacked so far in the fourth quarter, it is now clear that we will not be able to meet our 2016 guidance. Breakthrough of leached solution from the recently stacked areas of the pad was slower than we hoped, which will simply result in these ounces being added to 2017 production. Production and cost guidance for 2017 will be released in early 2017 as is customary for the Corporation.”

source: juniorminingnetwork.com