Alacer Gold (ASR.TSX) announced financial and operating results for the second quarter of 2011. The emerging gold mining company reported production of 101,348 attributable ounces of gold, a 13% increase over the previous full quarter. Operations generated $77.4 million in cash operating margin during the quarter.
Edward Dowling, CEO:
“Alacer Gold successfully completed its first full quarter of business as a new company…Significant progress was made with the Company’s growth and development projects, supported by exploration success, thereby setting the stage to double our annual gold production rates in 2015.”
* Drilling at Çöpler in Turkey and at Trident (Higginsville) in Australia identified important resource extensions.
* Drilling at Shirl West near Kalgoorlie in Australia has discovered shallow high‐grade mineralization.
* Alacer reiterated its full-year 2011 production guidance of 400,000 ounces at an average cash operating costs of $590 per ounce.
Paolo Lostritto, Wellington West:
“Alacer Gold released its Q2/11 operating results that are ahead of our expectations…We reiterate our Outperform rating and our C$11.00 target