Mr. Rod Antal reports

ALACER GOLD ANNOUNCES THIRD QUARTER 2016 OPERATING & FINANCIAL RESULTS

Alacer Gold Corp. has filed its third quarter 2016 operating results, financial results, and related management's discussion and analysis.

The corporation experienced a delay in accessing the planned oxide ore from the Marble pit during the quarter due to localized pit-wall instability, which resulted in lower-than-expected gold production. The required mitigation was completed toward the end of the third quarter, and mining of the planned oxide ore has ramped up in October.

In addition, a longer-than-anticipated mobilization and preparatory work phase delayed the planned program to releach historical areas of the heap-leach pad. Testwork conducted during the quarter did confirm the presence of cyanide-soluble gold in older areas of the heap-leach pad.

Rod Antal, Alacer's president and chief executive officer, stated: "The 2016 production plan was back end loaded, and more production has now shifted into the fourth quarter. With safe access to the planned oxide ore in the Marble pit now achieved (over 600,000 tonnes mined at an average grade of over 1.4 grams per tonne at Copler since the beginning of October), all efforts are being made to meet the lower end of guidance. However, due to the nature of heap-leach-pad kinetics, the timing of some of these ounces may move from this year into early 2017.

"On the organic growth front, the sulphide project construction continued to ramp up during the quarter, and the project remains on budget with all major equipment purchase orders complete. Regionally, the positive prefeasibility study for Gediktepe has confirmed that it is economically and technically viable, and we continue to advance the project into the detailed study phase. At Cakmaktepe in the Copler district, we remain on track to deliver a maiden resource by the end of the year."

Highlights

The corresponding financial statements and management's discussion and analysis are available on the company website and on SEDAR. All currencies referenced herein are denominated in U.S. dollars unless otherwise stated.

Strategic:

• The sulphide project is advancing within budget with site-work activities continuing to ramp up. Foundations for critical path areas are well advanced, and structural steel has started to arrive on site for construction. All major equipment purchase orders are complete.
• On June 24, 2016, the corporation announced it had forward sold 160,000 ounces of gold under a hedge program to further derisk the sulphide project. As of the date of this news release, the program has increased to 185,393 ounces at an average gold price of $1,280.
• On July 21, 2016, the corporation released its third set of drilling results for the Cakmaktepe North (formerly Yakuplu North) prospect in the Copler district in a press release entitled "Alacer Gold announces further exploration results for the Copler district."
• On Sept. 13, 2016, the corporation released the prefeasibility study (PFS) results for the Gediktepe (formerly Dursunbey) project in western Turkey in a press release entitled "Alacer Gold announces a new reserve for its Gediktepe project providing future growth."

Operational:

• Gold production for the quarter of 23,202 ounces and attributable gold production (1) of 18,562 ounces were lower than scheduled due to restricted access to oxide ore in the Marble pit arising from pit-wall instability and a delay in a planned program to releach historical areas of the heap-leach pad.
• Production in fourth quarter 2016 is expected to increase with access to the planned oxide ore in the Marble pit achieved in late third quarter and mining now ramped up. Additionally, the planned program to releach historical areas of the heap-leach pad commenced in third quarter.
• Third quarter total cash costs (2) per ounce (C2) were $853, and all-in sustaining costs (2) per ounce were $1,180. The cost metrics are expected to improve in fourth quarter as production increases.
• Expansion of the existing heap-leach pad to 58 million tonnes continued to advance in third quarter with the stacking of oxide ore on newly commissioned areas of the heap-leach pad.
• Sulphide stockpiles at the end of the third quarter were 6.7 million tonnes at an average grade of 3.39 grams per tonne gold or approximately 730,000 contained gold ounces.

Financial:

• The corporation ended the third quarter with cash of $253.9-million.
• An undrawn finance facility of $350-million is in place.
• Working capital was $298.1-million at Sept. 30, 2016.
• Cash flow from operating activities year to date total $1.9-million.
• Attributable net profit (1) for third quarter 2016 was $100,000 or nil per share.

Conference call/webcast details

Alacer will host a conference call on Oct. 26, 2016, at 5 p.m. (North American Eastern Daylight Time) and Oct. 27, 2016, at 8 a.m. (Australian Eastern Daylight Time).

You may listen to the call by webcast. The conference call presentation will also be available prior to the call commencing.

You may participate in the conference call by dialling:

For United States and Canada:  1-800-319-4610

For Australia:  1-800-423-528

For Hong Kong:  800-930-470

For Singapore:  800-101-2425

For United Kingdom:  0808-101-2791

For international:  1-604-638-5340

Conference ID:  Alacer Gold call

If you are unable to participate in the call, a webcast will be archived until Jan. 26, 2017, and a recording of the call will be available on Alacer's website or through replay until Dec. 7, 2016, by using passcode 0857 followed by the number sign and calling:

For United States and Canada:  1-855-669-9658

For Australia:  800-984-354

(1) Attributable gold production and net profit are reduced by the 20-per-cent non-controlling interest at the Copler gold mine.

(2) Total cash costs per ounce and all-in sustaining costs per ounce are non-international financial reporting standard performance measures with no standardized definition under IFRS. For further information and a detailed reconciliation, please see the non-IFRS measures section of management's discussion and analysis.

We seek Safe Harbor.