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Alacer Gold (ASR.TSX) announced updated Mineral Resource and Reserve estimates for its Higginsville Gold Operations in Australia. The Mineral Reserve estimate has increased by 164,000 ounces to 7.9 million tonnes at 3.5 grams per tonne (g/t) of gold.
Highlights:
* The Measured and Indicated Resources for the Trident and Chalice areas total a combined 5.7 million tonnes at 4.9g/t gold, containing 895,000 ounces
* Alacer Gold noted that it is excited about the likelihood of additional high-margin ores as demonstrated by the recent high-grade discovery at Corona
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* The Company is targeting annual production of 200,000 ounces at Higginsville
Edward Dowling, President and CEO:
“This updated Higginsville Reserve is the culmination of extensive drilling and other work since July 2010. The net increase of 164,000 ounces is quite significant considering that the Higginsville Gold Operations produced more than 230,000 ounces of gold during the 18 months to December 2011.”
Paolo Lostritto, National Bank Financial:
“Given the geological potential in Australia, we believe the company should be successful at converting more of the resources into reserves over time. Consequently, we have added an additional 4.3 million tonnes at 3.9 g/t gold to our model.”
