Alacer Gold operates the world-class Çöpler Gold Mine in eastern Turkey that produced 170,865 ounces of gold during 2018. Çöpler has substantial Proven and Probable Reserves of almost 3.7 million contained ounces and Measured and Indicated Resources of almost 5.6 million ounces of contained gold, which provide the foundation for Çöpler’s approximately 20 year mine life. Updated oxide production guidance1 for 2019 is 125,000 to 145,000 ounces from the oxide plant and 230,000 to 270,000 ounces from the sulfide plant at consolidated All-in Sustaining Costs of $675 to $725 an ounce.
The Çöpler Gold Mine has been successfully operating since 2010, processing oxide ore via a heap leach operation. The oxide ore is progressively being exhausted and the mine started processing sulfide ore in November 2018 using pressure oxidation, commonly referred to as "POX".
2019 Guidance
|
Çöpler Gold Mine (100%)
|
|
Oxide Plant6
|
Sulfide Plant
|
Gold Ounces Produced2
|
‘000’s
|
125 to 145
|
230 to 270
|
Total Tonnes Mined
|
M
|
-
|
-
|
Total Tonnes Treated
|
M
|
3.2
|
1.7
|
Average Grade Treated
|
g/t gold
|
1.60
|
4.75
|
| |
|
|
|
| Sulfide Plant Processing Cost3 |
$/tonne |
- |
44 - 48 |
| Total Cash Costs (“C2”)4 |
$/oz |
600 to 650 |
425 to 475 |
| All-in Sustaining Costs (“AISC”)4, 5 |
$/oz |
650 to 7004 |
600 to 6504 |
1Detailed information regarding the declaration of commercial production of the sulfide plant and the increased oxide production guidance can be found in the press release entitled “Alacer Gold Declares Commercial Production at the Çöpler Sulfide Plant & Increases Oxide Production Guidance,” dated June 13, 2019, available on www.sedar.com and on www.asx.com.au.
2Production results are reported on 100% basis; production results are reduced by a 20% non-controlling interest at the Çöpler Gold Mine to derive attributable gold production.
3As guided, sulfide plant processing costs will be higher in the early years due to higher reagent consumption.
4Total Cash Costs (C2) per ounce and All-in Sustaining Costs per ounce are non-IFRS performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation to IFRS, please see the “Non-IFRS Measures” section of the most recent MD&A.
5All-in Sustaining Costs for the oxide plant and sulfide plant are for the mine site only. The consolidated AISC includes the addition of general and administrative costs, share-based compensation costs and other exploration expenses.
6Oxide plant includes production from both Çöpler oxide ore and Çakmaktepe oxide ore.
Key Çöpler Facts
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Ownership
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80% Alacer Gold, 20% Lidya Madencilik San. Ve Tic, A.Ş. (“Lidya Mining”)
|
Location
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Erzincan Province, Turkey
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Status
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Operating
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Metals Mined
|
Gold
|
Mining
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Open Pit by Contractor
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| Processing Sulfide Material |
Pressure Oxidation |
Processing Oxide Material
|
Heap Leach
|
2018 Gold Production
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170,865 ounces
|
Proven & Probable Reserves
|
46.1Mt at 2.47g/t gold for 3.7 million contained ounces
(as at December 31, 2018)
|
Measured & Indicated Resources
|
86.5Mt at 2.03g/t gold for 5.7 million contained ounces (as at December 31, 2018)
|