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Press release from CNW Group

Maturity of Alacer Gold convertible debentures

Wednesday, May 02, 2012

Maturity of Alacer Gold convertible debentures08:00 EDT Wednesday, May 02, 2012TORONTO, May 2, 2012 /CNW/ - Alacer Gold Corp. ("Alacer" or the "Company") [TSX: ASR and ASX: AQG] announced the outcomes flowing from the maturity of the Company's C$100 million convertible debentures (the "Debentures") [TSX: ASR.DB] on April 30, 2012.The Debentures were convertible, at the option of the holder, at any time prior to maturity into common shares of the Corporation at a price of C$8.00 per common share.Debentures representing a total of C$53,566,000 were presented for conversion into common shares prior to maturity and accordingly a total of 6,695,750 shares will be issued to these holders. The remaining holders of Debentures will receive cash payments totaling C$46,434,000 plus a final interest payment of C$1,103,000.Following conversion of the Debentures, Alacer will have a total of 287,208,437 shares issued and outstanding and a total of 291,154,143 shares issued and outstanding on a fully diluted basis.About AlacerAlacer Gold Corp is a leading intermediate gold mining company with interests in multiple mines which provide ore to three processing facilities in Australia and Turkey:80% interest in the Çöpler Gold Mine;100% interest in the Higginsville Gold Operations;100% interest in the South Kalgoorlie Gold Operations; and49% interest in the Frog's Leg Gold Mine.Alacer's operations produced a total of 421,204 ounces of gold during 2011.Alacer is pursuing a rapid growth strategy. The primary focus is organic growth from current operations and the Company's extensive gold and copper exploration properties in Australia and Turkey.For further information: For further information on Alacer, please contact: Edward Dowling or Lisa Maestas - North America at +1-303-292-1299 Roger Howe - Australia at +61-405-419-139