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Alacer Gold Announces Leadership Changes And Update On Australian Asset Sale Process

Stocks in this article: ASR

TORONTO, Aug. 12, 2013 /CNW/ - Alacer Gold Corp. ( "Alacer" or the "Corporation") [TSX: ASR and ASX: AQG] announced today that Chief Financial Officer Rodney P. Antal will become Chief Executive Officer and join Alacer's Board of Directors on August 13, 2013.  He will succeed David F. Quinlivan who will step down as President and Chief Executive Officer and retire from the Board of Directors at that time.  Mr. Antal will continue to be based in the Corporation's headquarters in Englewood, Colorado.

Howard Stevenson, the Corporation's President - Turkish Operations, has been appointed President and Chief Operating Officer, effective August 13, 2013, with primary responsibility for operations at all of the Corporation's mine sites.  Mr. Stevenson will continue to be based in the Corporation's headquarters in Englewood, Colorado.

Mark Murchison, the Corporation's Senior Vice President - Finance, has been appointed interim Chief Financial Officer, effective August 13, 2013.  Mr. Murchison will initially be based in the Corporation's Perth office.

Timothy J. Haddon, Chairman of the Board, commented, "On behalf of the Board and Alacer's shareholders and employees, I would like to thank David for his valuable contribution to Alacer as President and CEO, and prior to that, as a Non-Executive Director of the Corporation. In a challenging period for the global gold industry, David has brought increased operational and financial discipline to the business, and he has led from the front on improving all aspects of the Corporation's performance. Under David's leadership, Alacer has recently initiated a major operational improvement program, and has also successfully concluded the sale of its non-core 49% minority interest in the Frog's Leg joint venture for $149 million, which resulted in a substantial reduction in the Corporation's debt position and payment of a $70 million special dividend to shareholders."

Mr. Haddon continued, "Alacer is also fortunate to have a person of Rod's caliber to take over from David. Rod is a highly experienced mining executive and is the right person to lead the Corporation as it continues to focus on its key strategic objectives of maximizing free cash flow, maximizing portfolio value, minimizing project risk and returning value to shareholders."

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