Alacer Gold (ASR.TSX) reported full-year 2011 gold production of 421,204 ounces, which exceeded the Company’s guidance.  Fourth quarter production totaled 113,861 ounces, a 1% rise over the previous quarter.  For 2012, Alacer forecasted gold production of 420,000 to 440,000 ounces at a cash operating cost of $575 to $600 per ounce.

The Company also announced results from its 2011 drilling programs in Australia and Turkey.  Alacer noted that it is progressing with feasibility studies for the SKO Expansion Project and the Çöpler Sulfide Project, with the goal of committing to develop both of these growth projects during 2012.

Highlights:

* Drill results included the intersection of 658 grams per tonne (g/t) of gold over 2.35 meters and 225.g/t over 1.9m at the newly discovered Corona Prospect in Australia

* The key 2012 objective for the Australian operations is to put the assets in place to produce 200,000 ounces from both SKO and Higginsville from 2013 onwards with a focus on high margin ores

* Alacer is supporting the forecasted production growth by increasing its exploration budget substantially to $58 million for 2012

* The Company is working toward releasing a Group Resource and Reserve Statement and an updated resource estimate for its Çöpler mine in Turkey

Edward Dowling, President and CEO:

“Alacer has surpassed 2011 guidance with gold production from our four mines totaling 421,204 ounces for 2011. This great result is largely due to our flagship Çöpler Gold Mine outperforming expectations during its first year of operations.”

Paolo Lostritto, National Bank Financial:

“We reiterate our Outperform rating and C$14.00 price target…Catalysts to look for include: 1) Çöpler resource update Q1 2012, 2) New Higginsville Reserve in Q1 2012, 3) South Kalgoorlie underground resource update and feasibility study in Q2 2012, 4) SKO processing plant expansion decision in Q2 2012, and 5) Çöpler Sulphide expansion full feasibility study, H2 2012.”