Alacer Gold announces changes to its Board of Directors
April 17, 2014 (Source: CNW) — Alacer Gold Corp. (“Alacer” or the “Corporation”) [TSX: ASR and ASX: AQG] is pleased to announce Thomas R. Bates, Jr. has been appointed to Alacer’s Board of Directors effective today. In addition, Mr. Edward C. Dowling, Jr. has been appointed as Chairman. Mr. Graff will remain on the Board as independent Lead Director.
Mr. Bates is currently an adjunct professor at the Neeley School of Business within Texas Christian University in Fort Worth, Texas. Before his role at the university, Mr. Bates served as Managing Director, and then as Senior Advisor, for thirteen years at Lime Rock Partners, an energy focused private equity investment firm investing in differentiated oil and gas oriented businesses. Mr. Bates received his undergraduate degree in Mechanical Engineering, his Master of Science in Mechanical Engineering and his Mechanical Engineering doctorate at the University of Michigan. Mr. Bates is also currently on the Board of Directors of Hercules Offshore, Inc., Tetra Technologies, Inc. and Independence Contract Drilling, LLC.
Mr. Edward Dowling, commented, “On behalf of the Board and the Corporation, I’d like to welcome Mr. Bates to the Board as his skills and experience will complement our existing Board of Directors. Mr. Bates’ diverse experience will be valuable as we grow our asset base in Turkey. I would also like to thank Mr. Graff for his contribution as interim Chairman over the last eight months. We are pleased that Mr. Graff will remain on the Board as independent Lead Director and he will continue to provide valuable input over the coming years.”
Alacer Gold Corp. is a leading intermediate gold mining company and its world-class operation is the 80% owned Çöpler Gold Mine in Turkey. Alacer also has 11 active exploration projects in Turkey which are joint ventures with our Turkish partner Lidya Mining.
During 2013, Çöpler produced 216,850 attributable1 ounces at an All-In Costs2 of $864 per ounce.
Çöpler is currently an open-pit, heap-leach operation that is producing gold from oxide ore. The treatment of sulfide ore via pressure oxidation is being evaluated and a Definitive Feasibility Study is planned to be completed in Q2 2014.
1 Attributable gold production is reduced by the 20% non-controlling interest at Çöpler Gold Mine.
2 All-in Costs/ounce is a non-IFRS finanancial performance measure with no standardized definition under IFRS. For further information and detailed reconciliation, see the “Non-IFRS Measures” section of the MD&A for the year ended December 31, 2013.
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