Alacer Gold Announces Second Quarter Operating Results

Alacer continues its upwards momentum and is rapidly becoming a major gold producer with a pleasing production cost. Being under a year old Alacer isn’t yet on Australian investors radars and few brokers seem to be knowledgeable about its current position and prospects.

“Alacer Gold Corp. was formed following the successful merger of Anatolia Minerals Development, a TSX listed company and Avoca Resources Limited, Australia’s third largest ASX listed gold producer. The merger was completed on February 18, 2011.”

Today’s announcement substantially upgrades the previous estimates of : “Through the merger, Alacer Gold has emerged as a leading global intermediate gold producer and explorer with a globally diversified asset portfolio in Australia and Turkey. Alacer Gold is forecasting gold production of 600,000 ounces of gold in CY2013, with an expected increase to 800,000 ounces in CY2015 and current gold reserves of 3.5 million ounces and gold resources approaching 15 million ounces.”

I hold Alacer.

Today’s (25th July 2011) ASX announcement presents some rather startling results and shows the discovery of a new type of Gold deposit for Australia: A Tellurium – Gold mix. The gold grades are in the “bonanza” zone and the tellerium grades are very high at up to 3,500ppm. (The crustal abundance of tellurium is 1/500th of the rarest of the REEs).