TORONTO, Oct. 29, 2013 /CNW/ - Alacer Gold Corp. (" Alacer") [ TSX: ASR and ASX: AQG] is pleased to announce the completion of the sale of Alacer's Australian Business Unit (which includes the Higginsville and South Kalgoorlie Operations) to a subsidiary of Metals X Limited (" Metals X"), an Australian public company with shares listed on the ASX ( ASX: MLX).
Metals X has paid Alacer the purchase price of A$40 million in cash. Under the terms of the sale agreement, the parties are in the process of finalizing a purchase price adjustment via a standard working capital calculation mechanism.
Mr. Rodney P. Antal, Chief Executive Officer of Alacer stated, "We are very pleased to conclude the sale of our Australian Business Unit. The sale will allow Alacer to focus on creating value in Turkey for Alacer's shareholders. The sale proceeds will further bolster our strong balance sheet and provide us with additional capital to invest in our Turkish assets."
About AlacerAlacer Gold Corp. is a leading intermediate gold mining company and its world-class operation is the 80%-owned Çöpler Gold Mine in Turkey. During 2013, Çöpler is forecast to produce 240,000 to 250,000 ounces at Total Cash Cost of less than $425 per ounce. Çöpler is an epithermal gold deposit with oxide ore currently being processed in a conventional crush, agglomeration, heap-leach and gold recovery circuit. Alacer has 14 exploration projects in Turkey, which are 50%/50% joint ventures with our Turkish partner Lidya Mining. Alacer's primary focus is to maximize portfolio value, maximize free cash flow, minimize project risk, and create value for shareholders.