March 28, 2013 /CNW/ -
Alacer Gold Corp. (
[TSX: ASR and
ASX: AQG] is pleased to announce that the Australian Foreign Investment Review Board has approved the sale of Alacer's 49% minority interest in the Frog's Leg Mine joint venture, its 24.5% interest in the Lake Greta joint venture, and its 40% interest in the Avoca joint venture to La Mancha Resources Australia Pty Limited.
The transaction is expected to close on
April 5, 2013. After closing, Alacer's Board of Directors will approve the related special dividend of approximately
$70 million and a record date for determining Alacer's shareholders will be set. Additional details regarding the special dividend will be released to the market once final.
David Quinlivan, President and Chief Executive Officer of Alacer stated, "The impending closing of the Frog's Leg sale and finalizing the special dividend demonstrates Alacer's commitment to maximizing portfolio value and returning value to shareholders."
Alacer Gold Corp. is a leading intermediate gold mining company with interests in multiple mines which provide ore to three processing facilities in
- 80% interest in the Çöpler Gold Mine;
- 100% interest in the Higginsville Gold Operations; and
- 100% interest in the South Kalgoorlie Gold Operations.
Alacer's primary focus is to maximize portfolio value, maximize free cash flow, minimize project risk, and return value to shareholders. Alacer has a strong balance sheet and is committed to responsibly developing its current operations and focused exploration programs creating value.
Alacer's operations produced a total of 381,738 attributable
ounces of gold during 2012. At
December 31, 2011
Alacer's attributable Mineral Resources totalled 13.8 million ounces of gold and Ore Reserves totaled 5.3 million ounces of gold.
Except for statements of historical fact relating to Alacer, certain statements contained in this press release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively "forward-looking information") within the meaning of Canadian securities laws. Forward-looking information may be contained in this document and other public filings of Alacer. Forward-looking information often relates to statements concerning Alacer's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", "could", "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", "projects", "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts.