Alacer Gold declares commercial production at Çöpler sulphide plant, increasing oxide guidance

Alacer Gold has achieved a commercial production milestone at its Çöpler sulphide plant. The Company evaluated several measures including throughput, gold recovery rate, production, costs and overall sulphide plant reliability. 

During May, the sulphide plant operated at design for the sulphide sulphur processed and averaged a throughput rate of over 80%. Gold recovery was ~93%, plant utilisation was ~85%, and over 22,000 ounces of gold were recovered with processing costs in line with expectations. 

Overriding these measures was the assessment that the sulphide plant is operating consistently and sustainably as it continues to steadily ramp up. Operating metrics will be included with the second quarter operating and financial results. 

Rod Antal, Alacer’s President and Chief Executive Officer, commented “Achieving commercial production is a significant milestone. We continue to tune and optimize the plant and expect quarter-on-quarter improvements over the remainder of 2019. 

“Performance to date provides us with the confidence to reaffirm sulphide plant production and cost guidance for 2019. I would like to thank our team and partners for their work and dedication in achieving this significant milestone.” 

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The oxide plant’s production guidance has been increased from a range of between 90,000 and 110,000 ounces, to between 125,000 and 145,000 ounces, while the oxide all-in sustaining cost guidance has been lowered by $50 per ounces to between $650 and $700 per ounce.

Alacer is a leading low-cost intermediate gold producer, with an 80% interest in the world-class Çöpler Gold Mine in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S. (“Anagold”), and the remaining 20% owned by Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya Mining”). 

The Corporation’s primary focus is to leverage its cornerstone Çöpler Gold Mine and strong balance sheet as foundations to continue its organic multi-mine growth strategy, maximize free cash flow and therefore create maximum value for shareholders. The Çöpler Gold Mine is located in east-central Turkey in the Erzincan Province, approximately 1,100km east from Istanbul and 550 km east from Ankara, Turkey’s capital city.