Alacer Gold has shared its 2nd Quarter report covering the April-June period. Noting that 21 million hours were surpassed in the Çöpler Mine without a lost-time injury, Alacer announced that As of June 30, the project produced 188,853 ounces of gold. 95,234 ounces of the produced gold realized from oxide plant and 93,619 ounces from sulfide plant. The company realized the sale of 192,260 ounces of gold in the same period. On June 30, sulphide ore stocks were recorded at 742,000 ounces. Alacer revised its oxide plant gold production estimates from 90,000-110,000 ounces to 125,000 – 145,000 ounces due to the success of exploration in the field and high gold recovery rates.
Announcing the sale of its 50% stake in the Gediktepe Project in July, the company will receive $ 10 million in cash and a Net Smelter Revenue (NSR) of 2-10%. Giving information about short-term plans, Alacer said that they are planning to increase production in Çöpler oxide project by accelerating the development works in the target regions. In this context, the company is carrying out 9 diamond drilling, 4 of these drills were located in the Ardıç Project. Mineralized areas are identified within the scope of drilling activities, while drilling and analysis studies continued.
The company also shared information about the Çakmaktepe Project. Alacer stated that some infill diamond drilling is being undertaken to help inform a review of the geological model.
The report included the information that the engineering works carried out within the scope of the heap leach pad extension project in Çöpler will end in the 3rd quarter of 2019.
Rod Antal, Alacer’s President and Chief Executive Officer, stated, “Our operations delivered a solid first half with production of 188,853 ounces at consolidated AISC of $692/ounce. With the continued successful ramp up of the sulfide plant and the dependable delivery from the oxide plant, we are generating significant free cash which has led to a $54 million reduction in net debt to $190 million in the first half of the year. The net debt position of $190 million does not include $20 million of gold sale proceeds received on July 1.
Our focus for the balance of the year will continue to be on delivering on our production and cost guidance metrics and the advancement of Ardıç.”
