Earnings Season Kicks Off for Gold Miners

Wednesday, July 27, 2011, 8:05am EDT Written by GoldAlert Staff.

Gold held firm near the $1,619 per ounce level early Wednesday morning as the U.S. dollar advanced versus the euro. Yields on sovereign debt in Europe rose, notably in Spain and Italy. Meanwhile, investors in the U.S. remained skittish over the fact that no deal to raise the debt ceiling has been reached. The August 2 deadline is fast approaching. S&P 500 stock futures sank 2.60 to 1323.60.

One of the world’s largest gold companies, Goldcorp (GG), kicks off earnings season today for the large-cap gold producers. After the close, Goldcorp will release its second quarter earnings figures. Gold averaged $1,509 per ounce in the second quarter, up 8.7% quarter over quarter. Investors will focus on the ramp up at the company’s Penasquito mine in Mexico.

Alacer Gold’s Production Rises 11%, Beats Guidance

Alacer Gold (ASR.TSX) announced second quarter 2011 operating results from its four mines in Australia and Turkey. The emerging gold mining company completed its first full quarter without a Lost-Time Injury and produced 101,348 attributable ounces of gold, an 11% increase over the second quarter of 2010. Read the Full Press Release.

EDWARD DOWLING, PRESIDENT AND CEO:

“A terrific effort by each of our operations resulted in the company achieving the milestone of producing more than 100,000 ounces of gold in one quarter and comfortably exceeding our guidance of 90,000 - 95,000 ounces for the quarter.”

ALACER GOLD HIGHLIGHTS:

* Cash operating costs of $542 per ounce of gold - 11% lower from the first quarter of 2011 and 8% below annual guidance of $580.

* Alacer made significant progress on the construction of the new Çöpler village, which is key to the company’s future exploration program.

* Cash and cash equivalents at end of June total US$137.5 million.

PAOLO LOSTRITTO, NATIONAL BANK FINANCIAL:

“The Çöpler mine appears to be ramping up nicely with higher than expected tonnes, grades and better than expected operating costs.”

ALACER GOLD VS. S&P 500, XAU

GOLD PRODUCTION GROWTH

Fortuna Silver revenue growth year over year

INTERACTIVE ALACER GOLD CHART

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Earnings Season Kicks Off for Gold Miners

Alacer Gold’s Production Rises 11%, Beats Guidance