Mr. Edward Dowling reports

ALACER GOLD ANNOUNCES 23% INCREASE OF HIGGINSVILLE MINERAL RESERVE ESTIMATE TO 875,000 OUNCES

Alacer Gold Corp. has issued updated mineral resource and reserve estimates for its Higginsville gold operations in Australia. The mineral reserve estimate has increased by 164,000 ounces (net of mining depletion over 18 months) to 7.9 million tonnes at 3.5 grams per tonne gold, containing 875,000 ounces, as detailed in the related table.

           MINERAL RESERVE FOR HIGGINSVILLE OPERATIONS AS AT DEC. 31, 2011

                                      Proven                 Probable           Total reserves
                       Tonnes  Grade  Ounces    Tonnes  Grade  Ounces    Tonnes  Grade  Ounces
                          (kt)  (g/t)  (000s)      (kt)  (g/t)  (000s)      (kt)  (g/t)  (000s)

Trident underground       595    5.0      96     3,108    4.5     447     3,703    4.6     543
Chalice underground         -      -       -     1,049    4.3     144     1,049    4.3     144
Fairplay underground        -      -       -       139    6.4      29       139    6.4      29
Open pits                   -      -       -     2,704    1.7     151     2,704    1.7     151
Stockpiles (*)            282    0.8       7         -      -       -       282    0.8       7
Total                     877    3.7     104     7,000    3.4     771     7,877    3.5     875

Note: Rounding differences will occur. The above estimate is based on a gold price of
      $1,350 (U.S.) per ounce.

(*) Includes satellite and Trident low-grade stockpiles.

Edward Dowling, president and chief executive officer of Alacer, stated: "This updated Higginsville reserve is the culmination of extensive drilling and other work since July, 2010. The net increase of 164,000 ounces is quite significant considering that the Higginsville gold operations produced more than 230,000 ounces of gold during the 18 months to December, 2011.

"The increased reserves are largely due to down-plunge extensions of the Trident orebody. The Trident reserve was about 500,000 ounces when mining started four years ago, more than 500,000 ounces have now been produced from Trident, and the Trident reserve remains more than 500,000 ounces.

"It is important to note that the measured and indicated resources for Trident and Chalice total a combined 5.7 million tonnes at 4.9 grams per tonne gold, containing 895,000 ounces. Further drilling should progressively convert more resources to reserves as well as continuing to extend both resources. These efforts take time, but we are excited about the likelihood of additional high-margin ores as demonstrated by the recent high-grade discovery at Corona within the Higginsville line of lode.

"An increasing proportion of Higginsville feed should be high-grade ore from underground mines following the ramp-up of Chalice ore production later this year. This will take Higginsville a long way towards the target of processing 1.5 million tonnes per annum at a head grade of 4.5 grams per tonne gold, thus producing approximately 200,000 ounces per annum."

The primary components of the net reserve increase of 164,000 ounces since the previous (July, 2010) estimate are:

• Despite Trident being the predominant ore source for Higginsville, the Trident underground mineral reserve increased by 47,000 ounces largely as a result of additional ounces in the Artemis and Helios lodes, partially offset by mining depleting the Western zone, Apollo and Athena lodes.
• The Chalice mineral reserve increased by 26,000 ounces and reflects the identification of the new lodes in the footwall to the main Olympus lode. The grade has decreased slightly due to additional drilling and conversion to reserves of resources up dip of the Olympus lode.
• The updated estimate includes a maiden Fairplay underground mineral reserve of 29,000 ounces. This relatively high-grade reserve would potentially be accessed from the floor of the planned Fairplay pit.
• Systematic evaluation of existing mineral resources has increased open pit mineral reserves by a total of 79,000 ounces, predominantly from the Pluto, Musket, Mitchell and Vine deposits.
• The updated mineral reserve was estimated at a gold price of $1,350 (U.S.) per ounce, compared with $1,200 per ounce for the July, 2010, mineral reserve.

The Higginsville mineral resource was previously stated at July 1, 2011. This previous estimate has been adjusted to reflect mining depletion totalling 61,302 ounces over the six months to Dec. 31, 2011. The updated estimate is in the related table.

                           MINERAL RESOURCE FOR HIGGINSVILLE OPERATIONS AS AT DEC. 31, 2011

                                 Measured                 Indicated    Measured and indicated                  Inferred
Project         Tonnes Au Grade Au ounces Tonnes Au grade Au ounces Tonnes Au grade Au ounces Tonnes Au grade Au ounces
                   (kt)    (g/t)    (000s)   (kt)    (g/t)    (000s)   (kt)    (g/t)    (000s)   (kt)    (g/t)    (000s)

Trident          1,252      4.6       187  3,159      5.2       525  4,411      5.0       711    625      3.9        79
Chalice              -        -         -  1,250      4.6       184  1,250      4.6       184    336      4.4        48
Fairplay area        -        -         -  2,669      1.9       165  2,669      1.9       165    145      2.1        10
Palaeochannels       -        -         -  1,203      2.1        81  1,203      2.1        81    121      1.8         7
Lake Cowan           -        -         -  1,773      1.6        92  1,773      1.6        92     56      1.1         2
Other              194      0.7         4    434      2.6        36    628      2.0        40    923      1.7        50
Total            1,445      4.1       191 10,489      3.2     1,083 11,934      3.3     1,274  2,205      2.8       196

Note:  Rounding differences will occur. 
       Mineral resources are quoted inclusive of mineral reserves.

Further mineral resource and reserve updates

Alacer intends to provide an updated Copler mineral resource estimate during Q1 2012.

An updated mineral reserve estimate for the South Kalgoorlie operations is expected to be announced following completion of underground mining feasibility studies for the Mt. Marion West and HBJ deposits, and review by the Alacer board of the South Kalgoorlie expansion project.

Current mineral reserve figures are stated as at Dec. 31, 2011, with depletion by production where relevant. A comparison with the previous reserve is in the related table.

                                     HIGGINSVILLE -- MINERAL RESERVES COMPARISON

                                        Previous (*)            As at Dec. 31, 2011                          Change
Project              Tonnes  Au Grade  Contained Au  Tonnes  Au grade  Contained Au  Tonnes  Au grade  Contained Au
                        (kt)     (g/t  (000s ounces)    (kt)     (g/t) (000s ounces)    (kt)     (g/t) (000s ounces)

Trident underground   3,219       4.8           496   3,703       4.6           543     484      (0.2)           47
Chalice underground     727       5.1           118   1,049       4.3           144     322      (0.8)           26
Fairplay underground      -         -             -     139       6.4            29     139       6.4            29
Open pits             1,226       2.0            78   2,704       1.7           151   1,478      (0.3)           73
Stockpiles              505       1.2            19     282       0.8             7    (223)     (0.4)          (12)
Total                 5,677       3.9           711   7,877       3.5           875   2,200      (0.4)          164

* The previous mineral reserve is at July 1, 2010, and is detailed in NI 43-101 technical report of the mining 
  operations and exploration tenements of Avoca Resources Ltd., Western Australia, completed by SRK Consulting 
  and dated Dec. 15, 2010.

There are no known environmental, permitting, legal, taxation, political or other relevant issues that would materially affect the estimates of the mineral reserves.

Due to rounding of figures small discrepancies may exist.

We seek Safe Harbor.