Alacer Gold Announces Additional Exploration Results for Çakmaktepe and an Initial Mineral Resource in the Çöpler District

TORONTO, Dec. 19, 2016 (GLOBE NEWSWIRE) -- Alacer Gold Corp. (“Alacer” or the “Corporation”) (TSX:ASR) (ASX:AQG) is pleased to announce a maiden Mineral Resource estimate for the Çakmaktepe near-mine deposits located in the Çöpler District. Alacer also announces additional drilling results for the Çakmaktepe North and Çakmaktepe Central deposits. Çakmaktepe Central was formerly considered a part of the Çakmaktepe North deposit, but is now recognized as a separate new mineralized zone.

Mineral Resources that are not Mineral Reserves have not demonstrated economic viability. Mineral Resources are shown on a 100% basis, of which Alacer owns varying amounts ranging from 50% to 80%. Alacer’s attributable Measured and Indicated portion is 72,460 contained ounces and 11,730 Inferred contained ounces. Rounding differences will occur. The appendices to this announcement provide information on the data, assumptions and methodologies underlying these estimates.

Summary

• Defined a maiden Mineral Resource estimate for Çakmaktepe in the Çöpler District. The maiden resource does not include most recent drilling and the resource remains open.
• The Çakmaktepe potential continues to grow with the discovery of Çakmaktepe Central. The latest drilling results at Çakmaktepe Central are delivering encouraging near-surface (<50m) results and are not included in the maiden Mineral Resource estimate.
• Planning of the 2017 Exploration Program is underway with the objective of extending and further defining the Çakmaktepe discovery as well as further defining a newly discovered gold mineralized porphyry.

“The initial Mineral Resource estimate is a positive first step in an effort to progressively demonstrate the oxide potential from the Çöpler District and extending oxide gold production at Çöpler,” said Rod Antal, Alacer’s President and Chief Executive Officer. “The Mineral Resource remains open, and with our geological knowledge of the mineralized system at Çakmaktepe continuing to evolve, we believe significant potential exists in this area. The latest 2016 drilling produced some truly exciting results in Çakmaktepe Central near surface and will likely improve the maiden Mineral Resource. Based on the positive 2016 results, we are in the process of defining the exploration program for 2017 with the objective of rapidly developing these areas to have oxide ore ready to supplement the Çöpler Mine in 2018.”

Çakmaktepe Central Drilling Highlights

Çakmaktepe Central was recognized as an important new high-grade oxide gold source late in the 2016 exploration drilling season. Shallow extension drilling following Çakmaktepe North mineralization to the south and east intercepted increasing grades and strong mineralization continuity near surface in the area now referred to as Çakmaktepe Central. The mineralization outcrops and dips shallowly eastward with development of thicker high grade mineralization zones proximal to a newly discovered gold mineralized porphyry intrusive. Given the position of the porphyry between Çakmaktepe North, East and Central, it is likely responsible for the mineralized dykes, sills and  fluids associated with mineralizing and/or the increasing grade of these deposits. The occurrence of the mineralized porphyry enhances the prospectivity for further discovery at Çakmaktepe as there is potential for further oxide mineralization associated with the porphyry.

Following are key Çakmaktepe Central oxide drill results from September 24 to November 15, 2016 and are not included in the maiden Mineral Resource estimate, reporting intervals of >10m downhole extent and >2.0g/t Au:

2016 Çakmaktepe Initial Mineral Resource Estimate

Alacer’s exploration licenses surrounding the Çöpler Gold Mine span across a 17 km by 25 km area. The exploration licenses are managed under two separate joint ventures (“JV”). Alacer owns 80% of the licenses adjacent to Çöpler Mine under the Anagold Madencilik Sanayi ve Ticaret A.S. (“Anagold”) JV and 50% of the remaining licenses in the Çöpler District under the Kartaltepe JV, both in partnership with Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya Mining”).

The Çöpler District Location Plan accompanying this release is available at http://www.globenewswire.com/NewsRoom/AttachmentNg/26d5ba92-ba2a-4857-8a04-c68e19312148

Çöpler District Location Plan

The Mineral Resource estimate for the Çakmaktepe Project has pit shells optimized within 4 zones of mineralization that comprise the Çakmaktepe deposit (Çakmaktepe North, East, Southeast and Central¹), as well as the stand-alone Bayramdere deposit. The open pit shells are located within 5 km to 7 km of the existing Çöpler Mine infrastructure. The mineralization is contained within a network of fault and shear structures and is hosted within multiple lithologies. The mineralization style is similar to the Çöpler Deposit and will be processed through the existing infrastructure at the Çöpler Mine.

The resource estimate was calculated based on 93,047m of drilling through to September 23, 2016. Subsequent to this date, an additional 13,591m has been drilled to November 15, 2016 with assays returned and results presented in this press release. The Çakmaktepe results are in addition to drill results released on December 9, 2015², March 31, 2016¹ and July 21, 2016².

¹At the time of the 2016 Mineral Resource estimation, Çakmaktepe Central was considered a mineralized extension of Çakmaktepe North.

²See Alacer announcements “Alacer Announces Çöpler District Exploration Results”, dated December 9, 2015, March 31, 2016 and July 21, 2016 on the Company’s website at www.alacergold.com, on SEDAR at www.sedar.com, or on the ASX at www.asx.com.au.

Technical information related to the Mineral Resource estimate, including the drilling techniques, can be found in the Appendices of this press release. To view the complete drill assay results referenced in this press release, along with results from drilling included in the calculation of the 2016 Mineral Resource but not previously disclosed, please visit the following link:

http://www.alacergold.com/docs/default-source/press-releases/cakmaktepe_central_appendix-dec_2016--drill-results.pdf?sfvrsn=4 or visit the Company’s website at www.alacergold.com.

The Çakmaktepe Prospect Location Plan this release is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/72529ce8-3434-41da-9d3f-d89c01b4b203

Çakmaktepe Prospect Location Plan: ÇN = Çakmaktepe North (Resource); ÇM = Çakmaktepe Main (Prospect); ÇC = Çakmaktepe Central (Resource³ & New Discovery); ÇE = Çakmaktepe East (Resource); ÇSE = Çakmaktepe Southeast (Resource); B = Bayramdere (Resource). Red outlines define mineralization envelopes. Blue shapes define resource pit shells at USD1,400 / oz Au.

Metal price assumptions used in the 2016 Mineral Resource estimate are $1,400 per ounce of gold and $20.40 per ounce for silver. Mining cost assumptions are based on actuals from the Çöpler operation; however, processing costs have been adjusted to incorporate results from metallurgical test work and include estimates for haulage to the Çöpler processing facilities.

The Çakmaktepe project is made up of a number of mineralized zones collectively referred to as the Çakmaktepe deposit. Bayramdere by virtue of isolation is referred to as a separate mineral deposit. Çakmaktepe and Bayramdere are adjacent to and on the western side of a major northwest striking regional fault structure. The regional structure appears to control the distribution of most mineralization to the east of the Çöpler Mine. Initial metallurgical work has been performed on the Çakmaktepe deposit North, East, and Southeast zones, as well as the Bayramdere deposit. The Bayramdere deposit and Çakmaktepe Southeast zone have overall oxide leach recoveries of approximately 75%. The Çakmaktepe North zone has oxide leach recoveries averaging 57% as a whole. The Çakmaktepe East zone has oxide leach recoveries averaging 67% as a whole. Further metallurgical test work is in progress to fully understand and optimize leaching recoveries.

³At the time of the 2016 Mineral Resource estimation, Çakmaktepe Central was considered a mineralized extension of Çakmaktepe North.

The Çakmaktepe North zone was recognized as a new discovery following the first significant drilling assays that were reported in August 2015. Çakmaktepe North is located on the 50% Alacer-owned (Kartaltepe) tenement and represents the bulk of the resource currently reported. At the time of the 2016 Mineral Resource estimate, Çakmaktepe Central was not recognized as a separate mineralized zone and was treated as part of Çakmaktepe North. A total of 55,785m of reverse circulation (‘RC’) and diamond drilling form the basis of the combined Çakmaktepe North and Çakmaktepe Central components of the Mineral Resource estimate.

Çakmaktepe North is a structurally controlled gold zone with minor silver and copper mineralization. The mineralization is concentrated within a major sub-vertical shear zone. The majority of the shear hosted gold mineralization lies within a central high grade oxide zone having a strike of 250m, vertical extent of 60m and width up to 50m. The high grade zone is within 25m to 75m of surface. Outside of the high grade zone, oxide mineralization persists within the shear zone to surface over a strike extent of 800m to a depth of approximately 200m of surface.

Oxide mineralization is predominantly characterized by silica-iron-carbonate rich 'jasperoid', less siliceous iron rich gossan, and epithermal veined and brecciated limestone. Mineralization is not solely contained within the shear zone, also occurring along flat thrust structures and lithological contacts cut by the shear zone. Contacts between ophiolite and limestone, limestone and metasediments, as well as all lithologies in contact with intrusive diorite sills and dykes are generally mineralized.

The open pit optimization has a high strip ratio as a result of the zone being subvertical to 200m depth as well as due to local topography. Drilling post the current estimates has extended higher grade mineralization closer to surface and extended the mineralization southwards by 250m, bringing in new mineralization at shallower depths. A significant higher grade zone along a parallel structure has also been identified and is referred to as the Footwall Thrust. Assay results from these new areas were not available at time of resource estimation and are thus not included in the maiden 2016 Mineral Resource.

The Çakmaktepe North and Central Conceptual Resource Pits, Resource Holes & New Drilling accompanying this release is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/39768fdf-781a-4549-afe0-b81134ea8452

Çakmaktepe North and Central Conceptual Resource Pits, Resource Holes & New Drilling: Blue hole collars represent drilling included in 2016 Mineral Resource estimate to September 23, 2016. Red hole collars represent drilling outside of 2016 Mineral Resource estimate completed in the period from September 24 to November 15, 2016. The Çakmaktepe Central zone is constrained within a separate pit shell to the east of the Çakmaktepe North conceptual pit shell.

The Çakmaktepe North Cross Section & Significant Assays accompanying this release is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/2f4febed-007e-45a0-913f-f738b5e6c9ad

Çakmaktepe North Cross Section & Significant Assays: Significant gold assays drilled June 1, 2016 to November 15, 2016. Assays from intervals >5m and >1g/t gold only. Majority of mineralization correlates to areas of dark pink jasperoid and gossan mineralization. Black outline marks USD1,400 per gold ounce resource pit shell in section view.

The Çakmaktepe Southeast zone is on an 80% Alacer-owned (Anagold) tenement and is characterized by gold-copper-silver mineralization, mainly hosted within iron rich gossans and altered wallrocks developed along shallow dipping contacts between diorite, ophiolite and limestone lithologies. Mineralization is from surface to a depth of 50m. The zone was fully defined by resource drilling in 2015 upon which 2016 resource estimates are based.

A total of 13,825m of RC (95%) and diamond drilling (5%) was incorporated into the 2016 Mineral Resource estimate from the Çakmaktepe Southeast zone. The drilling meterage is representative of all drilling completed to December 31, 2015, and is inclusive of metallurgical and geotechnical holes.

The Çakmaktepe Southeast Resource Pit Outline accompanying this release is available at 
http://www.globenewswire.com/NewsRoom/AttachmentNg/c57e551d-15ec-4c41-b067-a85c0e56079a

Çakmaktepe Southeast Resource Pit Outline: There was no new drilling or significant assays to report in the period June 1, 2016 to November 15, 2016. Blue drill hole collars represent drilling previously reported and incorporated into the 2016 Çakmaktepe Mineral Resource estimate. The red outline marks the footprint of the USD1,400 per gold ounce 2016 Çakmaktepe Southeast Resource pit shells.

The Çakmaktepe Southeast Cross Section accompanying this release is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/61c2ce86-5ab6-4637-8a60-0e0c2c6f2556

Çakmaktepe Southeast Cross Section: There was no new drilling or significant assays to report in the period June 1, 2016 to November 15, 2016. All holes represent drilling previously reported and incorporated into the 2016 Çakmaktepe Mineral Resource estimate. Black outline marks USD1,400 per gold ounce resource pit shell slice in section view.

The Çakmaktepe East zone is on the 50% Alacer-owned (Kartaltepe) tenement area and is a gold-copper prospect with mineralization occurring near surface in stacked iron rich gossans and associated oxidized host rocks. As with the Çakmaktepe Southeast zone, the majority of mineralization occurs along the contacts of diorite, ophiolite and limestone lithologies with the highest grades in proximity to diorite contacts. The Çakmaktepe East zone is now considered to be fully defined to a depth of 100m below surface.

A total of 15,777m of drilling from Çakmaktepe East was used in the creation of the 2016 Çakmaktepe East resource model, inclusive of metallurgical and geotechnical holes. The drilling meterage is representative of all drilling completed to December 31, 2015 and excludes exploration and metallurgical drilling completed in 2016.

The Çakmaktepe East Resource Pit Outline accompanying this release is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/5f1ed9df-dc45-4460-a15e-95f60df167e0

Çakmaktepe East Resource Pit Outline: Exploration drilling in 2016 did not extend the Çakmaktepe East zone to the northwest or north. There was only a single significant assay reported in the period June 1, 2016 to November 15, 2016. The assay was not material to the 2016 Mineral Resource estimate as it is isolated from existing mineralization. Blue drill hole collars represent drilling previously reported and incorporated into the 2016 Çakmaktepe Mineral Resource estimate. Red hole collars represent drilling completed during period of current press release but not included in the 2016 Mineral Resource estimate. The red outline marks the footprint of the USD1,400 per gold ounce 2016 Çakmaktepe East Resource pit shells.

The Çakmaktepe East Cross Section accompanying this release is available at 
http://www.globenewswire.com/NewsRoom/AttachmentNg/3f688da6-ddd5-402e-8c26-93d61348d02d

Çakmaktepe East Cross Section: All holes represent drilling previously reported and incorporated into the 2016 Çakmaktepe East Resource estimate. The black outline marks the USD1,400 per gold ounce 2016 Çakmaktepe East Resource pit shell in section view.

The Bayramdere deposit is on the 50% Alacer-owned (Kartaltepe) tenement area and is an oxide gold and copper prospect. Mineralization is localized within three stacked shallow dipping lodes. The mineralization has formed at the contacts of limestone and ophiolite lithologies with mineralization replacing limestone along the contacts. The limestone / ophiolite contacts are low-angle thrusts, with limestone typically being trapped as wedges of material within a dominantly ophiolite stratigraphy. Mineralization occurs within iron rich gossan horizons. Although a small deposit, Bayramdere is higher- grade and can support a high strip ratio to access mineralization.

A total of 7,660m of drilling from Bayramdere was incorporated into the 2016 Çakmaktepe Mineral Resource estimate, inclusive of metallurgical and geotechnical holes. Bayramdere drilling included in the 2016 Çakmaktepe Mineral Resource estimate included all drilling through December 31, 2015.

The Bayramdere Resource Pit Outline accompanying this release is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/becf46d3-b587-484d-b120-0889f801bfe6

Bayramdere Resource Pit Outline: A single hydrogeological hole was drilled in the period June 1, 2016 to November 15, 2016. No significant assays were reported. All other drilling was completed prior to 2016. Blue drill hole collars represent drilling previously reported and incorporated into the 2016 Çakmaktepe Mineral Resource estimate. The red outline marks the footprint of the USD1,400 per gold ounce 2016 Bayramdere Resource pit shell.

The Bayramdere  Cross  Section accompanying this release is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/34966eaa-9e6a-4035-a276-1d7e6077ef76

Bayramdere  Cross  Section:  All  holes  represent  drilling  previously  reported  and  incorporated  into  the  2016 Çakmaktepe Mineral Resource estimate. Black outline marks USD1,400 per gold ounce resource pit shell slice in section view.

Additional Drilling Information

A total of 41,932m of diamond core and RC drilling were completed in the period June 1 to November 15, 2016 that have not previously been publicly reported. Of this total, 13,591m of diamond and RC drilling was drilled from September 24, to November 15, 2016 and not included in the 2016 Mineral Resource estimate. Drilling from June 1, 2016 has concentrated on the following:

• Infill drilling the Çakmaktepe North deposit to 25m by 20m spacing;
• Extending the Çakmaktepe North resource southwards by 300m;
• Drilling out the eastern part of the Çakmaktepe North mineralization;
• Stepping-out from Çakmaktepe North towards the southeast to an area which has now been recognized as a separate new zone referred to as Çakmaktepe Central; and
• Infill drilling  defining  a  parallel  high  grade  zone  in the  footwall of the  Çakmaktepe  North mineralized shear zone.

Outcomes of drilling up to September 23, 2016, are included in the 2016 Mineral Resource estimate as presented in this press release.

Çakmaktepe Central sits between the existing Çakmaktepe North and East deposits. The mineralization occurs as a series of shallow northeast dipping gossan and jasperoid lenses that merge, thicken and increase in grade southwards. Mineralization outcrops and has been target drilled to a depth of 50m down-dip over a strike length of over 400m. The mineralization is 5m to over 20m thick, occurring along an upper ophiolite-limestone thrust contact, and  a lower limestone-metasediment contact.  Grade enhancement southwards is attributed to an increasing occurrence of mineralized diorite sills and the development of thick mineralized jasperoid peripheral to the diorite through alteration of limestone. Çakmaktepe Central represents the highest grade, near-surface oxide source that could rapidly be brought to account through existing mine infrastructure at the Çöpler Mine. Completion of infill drilling and metallurgical and geotechnical drilling and testing is planned.

The Çakmaktepe Central Significant Assays accompanying this release is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/8fc996ad-da1f-4dae-9f57-72345656f803

Çakmaktepe Central Significant Assays: Significant gold assays drilled June 1, 2016 to November 15, 2016. Assays from intervals >10m and >1g/t gold only. Blue hole collars represent drilling previously reported. Red hole collars represent drilling covered in this news release. The red outline marks the footprint of the USD1,400 per gold ounce 2016 Çakmaktepe North resource pit shells. Northern Çakmaktepe Central included as part of 2016 Çakmaktepe North Mineral Resource.

The Çakmaktepe Central Cross Section accompanying this release is available at 
http://www.globenewswire.com/NewsRoom/AttachmentNg/9081578e-3107-4d5a-aebd-3b9e9a6492b4

Çakmaktepe Central Cross Section: New drilling from September 24 to November 15, 2016 not reported and not incorporated into the 2016 Çakmaktepe Mineral Resource estimate. Significant gold assays >4m and >1g/t Au. Deposit extends to surface but the surface expression is hidden by +2m of ophiolite screen / float.

Çakmaktepe North drilling from September 24 to November 8, 2016 extended the southern and eastern extents of the deposit. The drilling towards the south is expected to add a near-surface oxide to the resource to a depth of about 50m, over a strike distance of 150m out of a drilled 300m strike length. To the east, additional drilling has pushed out the footprint of Çakmaktepe North by 100m to a depth of 75m to 85m below surface. Multiple continuous low grade, flat lying mineralized gossan and jasperoid horizons were identified.

The additional drilling at Çakmaktepe North has also defined a continuous higher grade oxide zone within the shallowly dipping Footwall Thrust. The zone is continuous over a strike of 300m and is approximately 100m below surface and is separate from the other high grade zones within the Çakmaktepe shear zone.

The Çakmaktepe North Resource Pit Outline & Significant Assays accompanying this release is available at 
http://www.globenewswire.com/NewsRoom/AttachmentNg/f8ea2524-d219-4a2a-95a0-42a1e27e8433

Çakmaktepe North Resource Pit Outline & Significant Assays: Significant gold assays drilled June 1, 2016 to November 15, 2016. Assays from intervals >10m and >2g/t gold only. Blue hole collars represent drilling previously reported. Red hole collars represent drilling covered in current press release. The red outline marks the footprint of the USD1,400 per gold ounce 2016 Çakmaktepe North resource pit shells.

Çakmaktepe Main is the southernmost known gold mineralized zone along the Çakmaktepe shear zone. The prospect hosts a hematite rich gossan previously mined on a small scale for iron ore. The gossan and remaining mine stockpiles assay at <2g/t Au. In the period September 24 to November 15, a total of 9 RC holes produced 1,560m of sample from 50m by 50m spaced exploration drilling. Positive oxide assay results were received from 4 of 9 holes targeting the interpreted position of the Çakmaktepe shear zone. The mineralized intercepts are narrow but considered positive indicators that the Çakmaktepe shear zone remains a conduit for gold mineralizing fluids in this area. The 5 holes not returning significant results were drilled into the footwall of the shear zone.

Drilling will continue at Çakmaktepe Main in 2017 to test the potential for wider areas of higher grade gold development over a strike length of 300m and to a depth of 100m below surface.

Further discovery potential at Çakmaktepe has been improved through the southernmost holes at Çakmaktepe Central discovering a gold mineralized porphyry intrusive. Given the position of the porphyry between the Çakmaktepe North, East and Central mineralized zones, it is likely responsible for the mineralized dykes, sills and fluids associated with mineralizing and/or the high-grading of these deposits. The size and full extent of the porphyry is not known as any surface expression is masked by meters of ophiolite scree. There is potential that through definition of the mineralized porphyry, further oxide mineralization associated with the porphyry will be discovered. The potential for the porphyry itself to be an oxide and low grade sulfide source has yet to be tested. Exploration will focus on defining the potential of this porphyry in 2017.

Next Steps

With discovery of high grade mineralization at Çakmaktepe Central and a new mineralized porphyry, drilling in 2017 will target the potential for further shallow, oxide mineralization at Çakmaktepe with the focus on the areas between the Çakmaktepe North, Central, East and Southeast deposits.

Permitting to mine at Çakmaktepe is underway. Initial design work for the proposed haul road from the Çakmaktepe pits to the Çöpler Mine infrastructure has been completed and the permits for the road are in place. Planning is underway to establish the road in 2017 as an exploration access road initially, which will subsequently be converted to a haul road as required.

Diversification of exploration outside of the Çakmaktepe Deposit will commence with first drilling on the Demirmagara Prospect planned in 2017. An 80% Alacer Çöpler District Project with prospective geochemical, lithological and geophysical signatures suggestive of a significant gold mineralized system.

About Alacer

Alacer is a leading intermediate gold mining company, with an 80% interest in the world-class Çöpler Gold Mine in Turkey operated by Anagold Madencilik Sanayi ve Ticaret A.S. (“Anagold”), and the remaining 20% owned by Lidya Madencilik Sanayi ve Ticaret A.S. (“Lidya”). The Corporation’s primary focus is to leverage its cornerstone Çöpler Mine and strong balance sheet to maximize portfolio value, maximize free cash flow, minimize project risk and, therefore, create maximum value for shareholders.

The Çöpler Mine is located in east-central Turkey in the Erzincan Province, approximately 1,100 kilometers southeast from Istanbul and 550 kilometers east from Ankara, Turkey’s capital city.

Alacer is actively pursuing initiatives to enhance value beyond the current mine plan:

• Çöpler Oxide Production Optimization – Expansion of the existing heap leach pad to 58 million tonnes capacity continues to advance. All required land use permits for the Heap Leach Pad Phase 4 expansion have been received. The Corporation continues to evaluate opportunities to extend oxide production beyond the current Mineral Reserves, including a new heap leach pad site to the west of the Çöpler Mine.

• Çöpler Sulfide Project – The Sulfide Project is under construction with first gold production projected in the third quarter of 2018. The Sulfide Project is expected to deliver long-term growth with robust financial returns and adds over 20 years of production at Çöpler. The Sulfide Project will bring Çöpler’s remaining life-of-mine gold production to 4 million ounces at All-in Sustaining Costs⁴ averaging $645 per ounce⁵.
   
• The Corporation continues to pursue opportunities to further expand its current operating base and to become a sustainable multi-mine producer with a focus on Turkey. The systematic and focused exploration efforts in the Çöpler District, as well as in other regions of Turkey, are progressing. Çakmaktepe and Bayramdere are the main focus in the Çöpler District, and have the potential to add additional oxide production within  the next two  years.  In the region, the Gediktepe Project has advanced with a maiden Mineral Resource and Mineral Reserve released in third quarter 2016⁶.

Alacer is a Canadian corporation incorporated in the Yukon Territory with its primary listing on the Toronto Stock Exchange. The Corporation also has a secondary listing on the Australian Securities Exchange where CDIs trade.

Cautionary Statement

Except for statements of historical fact relating to Alacer, certain statements contained in this press release constitute forward-looking information, future oriented financial information, or financial outlooks (collectively “forward-looking information”) within the meaning of Canadian securities laws. Forward-looking information may be contained in this document and other public filings of Alacer. Forward-looking information often relates to statements concerning Alacer’s future outlook and anticipated events or results, and in some cases, can be identified by terminology such as “may”, “will”, “could”, “should”, “expect”, “plan”, “anticipate”, “believe”, “intend”, “estimate”, “projects”, “predict”, “potential”, “continue” or other similar expressions concerning matters that are not historical facts.

Forward-looking information includes statements concerning, among other things, preliminary cost reporting in this document; production, cost, and capital expenditure guidance; the ability to expand the current heap leach pad; development plans for processing sulfide ore at Çöpler; the results of any gold reconciliations; the ability to discover additional oxide gold ore; the generation of free cash flow and payment of dividends; matters relating to proposed exploration; communications with local stakeholders; maintaining community and government relations; negotiations of joint ventures; negotiation and completion of transactions; commodity prices; mineral resources, mineral reserves, realization of mineral reserves, and the existence or realization of mineral resource estimates; the development approach; the timing and amount of future production; the timing of studies, announcements, and analysis; the timing of construction and development of proposed mines and process facilities; capital and operating expenditures; economic conditions; availability of sufficient financing; exploration plans; receipt of regulatory approvals; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, environmental, regulatory, and political matters that may influence or be influenced by future events or conditions.

Such forward-looking information and statements are based on a number of material factors and assumptions, including, but not limited in any manner to, those disclosed in any other of Alacer’s filings, and include the inherent speculative nature of exploration results; the ability to explore; communications with local stakeholders; maintaining community and governmental relations; status of negotiations of joint ventures; weather conditions at Alacer’s operations; commodity prices; the ultimate determination of and realization of mineral reserves; existence or realization of mineral resources; the development approach; availability and receipt of required approvals, titles, licenses and permits; sufficient working capital to develop and operate the mines and implement development plans; access to adequate services and supplies; foreign currency exchange rates; interest rates; access to capital markets and associated cost of funds; availability of a qualified work force; ability to negotiate, finalize, and execute relevant agreements; lack of social opposition to the mines or facilities; lack of legal challenges with respect to the property of Alacer; the timing and amount of future production; the ability to meet production, cost, and capital expenditure targets; timing and ability to produce studies and analyses; capital and operating expenditures; economic conditions; availability of sufficient financing; the ultimate ability to mine, process, and sell mineral products on economically favorable terms; and any and all other timing, exploration, development, operational, financial, budgetary, economic, legal, social, geopolitical, regulatory and political factors that may influence future events or conditions. While we consider these factors and assumptions to be reasonable based on information currently available to us, they may prove to be incorrect.

You should not place undue reliance on forward-looking information and statements. Forward-looking information and statements are only predictions based on our current expectations and our projections about future events. Actual results may vary from such forward-looking information for a variety of reasons including, but not limited to, risks and uncertainties disclosed in Alacer’s filings on the Corporation’s website at www.alacergold.com, on SEDAR at www.sedar.com and on the ASX at www.asx.com.au, and other unforeseen events or circumstances. Other than as required by law, Alacer does not intend, and undertakes no obligation to update any forward-looking information to reflect, among other things, new information or future events.

⁴ Total Cash Costs 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, please see the “Non-IFRS Measures” section of the Corporation’s MD&A for the nine-months ended September 30, 2016.
⁵ Detailed information regarding the Çöpler Sulfide Project, including the material assumptions on which the forward-looking financial information is based, can be found in the Technical Report dated June 9, 2016 entitled “Technical Report on the Çöpler Mine and Çöpler Sulfide
Exploration Project” (the “Updated Technical Report”) available on the Corporation’s website at www.alacergold.com, on www.sedar.com, and on www.asx.com.au.
⁶ Alacer has completed the clawback for Gediktepe and now owns 50% of the Project. Detailed information can be found in the press release entitled “Alacer Gold Announces a New Reserve for its Gediktepe Project Providing Future Growth,” dated September 13, 2016, available on the Corporation’s website at www.alacergold.com, on www.sedar.com, and on www.asx.com.au.

Appendix 1

Qualified Person Statement

Mineral Resource estimates referenced in this announcement are estimated in accordance with CIM guidelines as incorporated into NI 43-101, and the 2012 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves. While terms associated with various categories of “Mineral Resource” are recognized and required by Canadian regulations, they may not have equivalent meanings in other jurisdictions outside Canada and no comparison should be made or inferred. Actual recoveries of mineral products may differ from those estimated in the Mineral Resources due to inherent uncertainties in acceptable estimating techniques. In particular, Inferred Mineral Resources have a great amount of uncertainty as to their existence, economic and legal feasibility. It is reasonably expected that the majority of Inferred Mineral Resources could be upgraded to Indicated Mineral Resources with continued exploration. Investors are cautioned not to assume that all or any part of the Mineral Resources will ever be converted into Mineral Reserves.

The Mineral Resource disclosed in this announcement was estimated  and  approved  by Mr.  Sergei Smolonogov - RPGeo #10174, MAIG #2456 and Geology Manager at Alacer Gold Corp. The Mineral Resource model was prepared by Paul Gribble of Geologica UK and Mike Millad of Cube Consulting (Perth, Australia).

The information in this announcement which relates to the Mineral Resources estimate is based on, and fairly represents, the information and supporting documentation prepared by Mr. Smolonogov and he has sufficient experience that is relevant to the style of mineralization  and type of deposit under consideration and to the activity which is being undertaken to qualify as Competent Persons as defined in the 2012 Edition of the “Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves” and are Qualified Persons pursuant to NI 43-101.

Mr. Smolonogov consents to the inclusion in this announcement of the matters based on this information in the form and context in which it appears.

Summary for the purposes of ASX Listing Rules 5.8 and 5.9

Please also refer to the JORC Code Table 1 contained in Appendix 2 to this announcement for information relating to the estimates of Minerals Resources for the Çakmaktepe Project, and a copy of which can be found on www.sedar.com, the Australian Securities Exchange and on our website www.alacergold.com.

Geology and Geological Interpretation

The Çöpler, Çakmaktepe and Bayramdere deposits are within the Tethyan Mineralized Belt, a major global mineralized terrain for gold, copper and base metals stretching from Indo-China into Europe through Eurasia.

The Çakmaktepe and Bayramdere deposits are structurally controlled gold + minor copper + minor silver deposits displaying both epithermal and replacement mineralization styles. The deposits at this stage of exploration are dominantly represented by near surface oxide mineralization to a depth of up to 180m below surface. Mineralization is primarily associated with jasperoid (silica-carbonate-iron rich altered protolith) and iron rich gossan. Secondary pyrite is a commonly visible component within jasperoids.

At depth, mineralization transitions below the base of complete oxidation to disseminated pyrite, vein sulfides and massive sulfide horizons generally occurring within shear zones, along shallow thrusts, diorite sill and dyke margins. The extent of sulfide mineralization has not been tested.

As with the Çöpler deposit, Çakmaktepe and Bayramdere are considered to be the result of a mineralized porphyry intrusion generating the right conditions for mineralization to be localized into a favorable geological setting of ophiolite, limestone and metasedimentary lithologies. A complex system of faults and thrusts have allowed mineralized fluids, diorite dykes and sills associated with the porphyry to permeate into the stratigraphy. Exposure of mineralized porphyry occurs at the Karakartal deposit (Alacer 50% JV) and at the Çakmaktepe deposit.

Within the Çakmaktepe Mineral Resource, steep dipping shear hosted mineralization is characterized by Çakmaktepe North, whereas flatter early stage thrust related mineralization is characterized by the Çakmaktepe East, Southeast and Central deposits. The Bayramdere deposit is also associated with flat thrust structures. Key to each  structurally associated  style of mineralization is the juxtaposition of ophiolites against limestone + metasediment to create the right geochemical conditions for gold and other metals deposition. Ophiolite as a lithology is not associated with mineralization at Çöpler, this association at present is unique to Çakmaktepe and Bayramdere.

Drilling Techniques

Exploration drilling and sampling at Çakmaktepe utilized surface HQ and HQ3 triple-tube diamond core drilling and 5 ¼ inch diameter RC drilling with face sampling hammer. Reverse circulation cuttings were sampled on 1.0m intervals and core was sampled systematically in 1.0m lengths as sawn half core in competent ground or hand split if in clay or broken fault zones. For full diamond cored holes, PQ precollars were used to ensure successful penetration of broken near surface ground conditions, maximize core recovery and to maintain a straight hole profile. PQ precollars when used ranged in down-hole depth from 50m to 90m. RC precollar drilling up to depths of 220m was also utilized with diamond core tails completing holes from the base of precollars.

The majority of drilling was completed at an angle of 60 degrees and depending on deposit, facing east or west. On difficult mountain slopes, diamond and RC drilling was also completed as a series of fan holes at differing angles from the same drill site where drill platform availability was limited.

Depending on deposit, drill hole spacing for support of classification of Inferred Mineral Resources varied between 50m by 25m and 50m by 20m spacing. For Indicated Mineral Resource classification, the drill hole spacing was closed down to 25m by 25m spacing or 25m by 20m spacing depending on the deposit. Appropriate drill hole pattern spacing selection was based on the understanding of the nature of the mineralization being structurally controlled and subject to sub-30m changes in orientation and distribution.

The percentage breakdown of RC versus diamond drilling method varied from deposit to deposit:

• Çakmaktepe North - 40% RC sample, 60% diamond core;
• Çakmaktepe East - 40% RC sample, 60% diamond core;
• Çakmaktepe Southeast - 95% RC sample, 5% diamond core;
• Bayramdere - 30% RC sample, 60% diamond core.

Sampling and Sub-sampling

Diamond drill core is sampled as half core at 1m intervals. Where possible, all diamond core is oriented using the 2IC Ezy-Mark or Reflex ACT II systems and collected in HQ triple tube splits pumped out with water. Drill holes are downhole surveyed using a MEMs Gyro or North Seeking Gyro to ensure accurate location of all samples spatially from drill collar to end of hole. All drill collars are surveyed-in by DGPS and verified by external survey consultants.

RC chip samples are collected in calico bags (3-5kg) for analysis at 1m intervals using a side mounted rotary cone splitter and representative sub-samples are placed into chip box trays at 1m intervals for logging. All samples are weighed using digital scales with weights recorded and used to determine sample representivity. The scale is tared before each measurement. All weights are recorded onto paper and transferred to the geological database.

RC reject samples are collected in PVC bags and stored in a bag farm for at least 6 months in case of relogging, duplicate sampling and follow-up QAQC. Retained diamond core is stored in marked core trays in a dedicated core yard with core under cover for an indefinite time period. Diamond core is quarter cored as required for further sampling and QAQC.

Sample Analysis Methods

Diamond Core and RC samples are submitted to certified independent analytical laboratories for analyses.

From 2012 to April 2015, samples from Çakmaktepe East and Southeast were submitted to ALS Laboratory in Izmir, Turkey. Post-April 2015, the SGS Ankara laboratory was used as the primary laboratory for Çakmaktepe projects.

RC samples each weighing 3-5kg and diamond half-core samples weighing 4-5kg each are transported to the SGS Ankara laboratory for sample preparation and analysis. Samples are sorted, weighed on receipt, dried, reweighed and moisture content determined. Crushing and grind size checks are completed at all stages of sample reduction (crushed to better than 70% passing <2mm and pulverized better than 85% passing <75 µm. Samples are passed through a riffle split to create 1kg sub-samples. The 1kg sub-samples are further split to 250g and fire assayed using a 30g charge. Samples having gold values >3g/t are reassayed with a gravimetric finish. A 36 element whole rock analysis using a four acid digest and ICP-ME (OES) finish is completed for all Çakmaktepe samples. Over-limit precious and base metals are reanalyzed by AAS. All samples are analyzed for Total Carbon and Sulphur. Where applicable, sulfide sulphur analysis by aqua regia and NaCO3 analysis is completed where samples return total sulphur values >2%.

From 2015 to 2016, the Ankara ACME (Bureau Veritas) laboratory has been used as Umpire Laboratory. ACME provides similar analyses to SGS for fire assay, gravimetric gold, ICP-AES for 35 elements, Total Carbon and Sulfur analysis as a quality control on the main laboratory.

Data Verification

External reviews of data and processes relating to these prospects have been completed by independent Resource Consultant Paul Gribble (Geologica UK), Cube Consulting (Perth) and Data Revolution (Perth). None of the verification performed in support of the resource identified material issues with the supporting data. The data in the database are sufficiently validated to support Mineral Resource estimation.

Mineral Resources

Estimation Methodology

For all areas reported within the 2016 Mineral Resource (Çakmaktepe North, Çakmaktepe Central, Çakmaktepe East, Çakmaktepe Southeast and Bayramdere), the geological interpretation and modelling was followed by creation of mineralized domains based on the continuity of the geology and mineralization identified specific to each deposit and mineralized zone within the deposit. Separate domains were created for gold, silver, copper and sulphur mineralization. In the creation of mineralized domains, a minimum mining width of 3m was used based on anticipated open pit mining methods.

Estimation was limited to the interpreted domains divided by an oxidation surface, with each domain informed only by samples contained within that domain. Outside the mineralized domains a ‘mineralized waste’ estimate was completed.

The Çakmaktepe North and Central zones were identified as being more suited to estimation using Local Uniform Conditioning. Local Uniform Conditioning is a non-linear estimation technique and was applied to gold and sulfur mineralization at Çakmaktepe North and Central. Ordinary kriging was used for silver and copper mineralization estimation.

For the Çakmaktepe East and Southeast zones and the Bayramdere deposit, interpolation for gold, silver, copper and sulfur mineralization was completed by Ordinary Kriging.

Model Verification

All estimates were validated against alternate interpolation methods as part of estimation QAQC. Estimated grades were compared to a nearest neighbor model to check for global bias and an inverse distance cubed model to check grade ranges. The estimated gold grades in the model were compared to the composite grades by visual inspection in plan views and cross sections. Composite samples were queried by domain to confirm proper sample flagging.

Mineral Resources Classification

Mineral Resources were classified based on statistical parameters and observed continuity of geology and mineralization. Conditional simulation/confidence interval and associated studies clearly demonstrated that a data spacing of 25m was required to provide sufficient confidence for classification in the Indicated category. This was applied to all deposits by application of a limiting shape to mineralized zones lying within this data spacing interval. Mineralized zone material outside this data spacing interval was classified as Inferred. Any interpreted mineralized zone material greater than 50m from drilling data was unclassified. No blocks were classified in the Measured category.

Reasonable Prospects of Eventual Economic Extraction

To meet the reasonable prospects of eventual economic extraction criteria, Mineral Resources are tabulated within a Lerchs-Grosmann optimization shell generated using a gold price of $1,400/oz, a silver price of $20.40, and metallurgical gold recoveries that vary from 14% to 75% for oxide material. Mineral Resources are reported inclusive of Ore Reserves.

Mineral Resources were tabulated using multiple cut-off grades due to variable recoveries and based on gold price only. Cut-off grades are calculated based on the equation: Xc = Po / (r * (V-R)); where Xc = Cutoff Grade (gpt), Po = Processing Cost of Ore (USD/tonne of ore), r = Recovery, V = Gold Sell Price (USD/gram), R = Refining Costs (USD/gram). Cutoff grades vary from 0.40 - 2.10 gpt.

Appendix 2 - JORC Code Table 1

The following tables are provided to ensure compliance with the JORC Code (2012) edition requirements for the reporting of exploration results.

Section 1 Sampling Techniques and Data

(Criteria in this section apply to all succeeding sections.)

Section 2 Reporting of Exploration Results

Section 3 Estimation and Reporting of Mineral Resources

(Criteria listed in section 1, and where relevant in section 2, also apply to this section.)