Alacer Posts 1Q Profit; Output Rises Sharply
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Alacer Gold Corp. (TSX: ASR; ASX: AQG), which has an 80% interest in the the Çöpler Mine in Turkey, reports a profit in the first quarter on sharply higher output and says it is on track to meet production guidance in 2019. First-quarter earnings were put at $3.3 million, or a penny per share, which Alacer says was $23.3 million lower than the year-ago period mainly due to a significantly lower level of incentive tax credits received in the January-March quarter as spending on construction of a sulfide plant concludes. Alacer reports that “normalized” earnings were $18 million, or 6 cents per share. Gold production was 89,354 ounces in the first quarter, including 36,933 ounces from the sulfide plant. The total was well up from 37,875 in the same period a year ago. Commercial production of the sulfide plant will be declared after continuous stable operations are achieved following the first scheduled shutdown, Alacer says. “We had a good start to the year with gold production of over 89,000 ounces, generating positive unlevered free cash flow of ~$35 million in the quarter,” says Rod Antal, president and chief executive officer. “We are on track to meet our full-year gold production guidance of 320,000 [to] 380,000 ounces from our two producing plants.”
By Allen Sykora of Kitco News; email@example.com
Asanko UpBeat About Drill Results At Tontokrom Target
Tuesday April 30, 2019 08:31
Asanko Gold Inc. (TSX, NYSE American: AKG) says gold has been discovered at the Tontokrom exploration target, part of the Asanko Gold Mine concession in Ghana. The mine is a 50-50 joint venture with Gold Fields Ltd. The company says 10 holes have been drilled for a total of 3,140 meters. Highlights include 74 meters at 1.9 grams of gold per tonne, 57 meters at 3 g/t, 44 meters at 1.7 g/t, plus mineralization open along strike to the southwest and plunging north. “The drilling program at Tontokrom continues to deliver exceptional results, clearly demonstrating this deposit has encouraging widths of mineralization and grade in multiple parallel zones,” says Greg McCunn, chief executive officer. “With the deposit still open along strike, Tontokrom has the potential to become a bulk tonnage, open-pit source of ore feed for the existing milling operations at the AGM.”