ALACER GOLD EXTENDS ÇÖPLER MINERALIZATION INCLUDING 4.1g/t IN DEEPEST DRILLHOLE TO DATE

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1 ALACER GOLD EXTENDS ÇÖPLER MINERALIZATION INCLUDING 4.1g/t IN DEEPEST DRILLHOLE TO DATE August 22, 2011: Alacer Gold Corp ( Alacer or the Company ) [TSX:ASR, ASX:AQG] announces ongoing results from the 2011 drilling program at the Çöpler Gold Mine. Of particular note is a thick, high grade zone intersected below the Manganese Pit of 4.1g/t Au from 427.5m including 9.4g/t Au in CDD274 that confirms the significant depth potential of the Çöpler deposit. The ongoing drilling campaign has also identified thick, high grade mineralization outside of current resources in several areas: Depth extensions to Main Zone sulfide mineralization identified. Results include: o 2.5g/t Au from 120m in CRC747 Depth extensions to Southern Main Zone sulfide mineralization identified. Results include: o 1.9g/t Au from 185m in CDD256 o 1.1g/t Au from 122m in CDD261 o 1.5g/t Au from 110m and 1.4g/t Au from 161m in CDD253 Shallow oxide mineralization extended and identified up to 1km west of the Main Zone. Results include: o 2.0g/t Au from 8m in CRC750 o 1.0g/t Au from 16m in CRC756 o 1.1g/t Au from 1m in CRC751 o 2.3g/t Au from surface and 1.1g/t Au from 102m in CDD268 Edward Dowling, President and CEO of Alacer stated The 2011 exploration program has continued to discover significant extensions to the Çöpler gold deposit in several areas. The deepest diamond drillhole to date under the Çöpler gold deposit has intercepted a 100m thick zone grading 4.1g/t gold beneath the Manganese Zone that resoundingly demonstrates the potential for mineralization to continue at depth. Drilling to extend known Main Zone mineralization has returned thick, high grade sulfide gold mineralization and shallow oxide mineralization has been intersected up to one kilometer west of the Main Zone. Drilling continues to demonstrate the significant growth potential of the resource base and mine life at Çöpler. An ongoing drill program will test the scale and continuity of these numerous mineralized zones, leading to an updated mineral resource for Çöpler in early Alacer is also actively drilling numerous prospects in Australia and an update on those extensive exploration activities will be released soon. Çöpler Exploration The Çöpler 2011 drilling program has been designed to infill and extend known oxide and sulfide mineralization at the Main Zone, particularly to the south, west and at depth. In addition, deep diamond drillholes are planned to test the depth potential of the Çöpler deposit beneath the Manganese Zone. Approximately 25,000 meters of diamond and reverse circulation ( RC ) drilling has been completed at Çöpler since drilling recommenced in January 2011 after a twelve month hiatus. Results from the initial 37 drill holes were announced on April 29, 2011 and May 31, These previous results highlighted significant extensions to both Page 1 of 12

2 sulfide and oxide mineralization at the Main Zone. This release provides an update on the results from 47 drillholes received since the May 31, 2011 release. All significant assays from these 47 drill holes are detailed in Table 1. Çöpler Sulfide Extensional Drill Program Manganese Zone Depth Extension Identified A program of deeper diamond drill holes is in progress within the 2011 drill program to determine the potential size and scale of the Çöpler deposit as part of the sulfide feasibility study. The first deeper drillhole (CDD274) has been completed, with the second deeper drillhole to commence soon. CDD274 targeted gold mineralization 150m below the current Manganese open pit design limits. A thick high grade zone of 4.1g/t Au from 427.5m including 9.4g/t Au from 453.5m was intersected at the target depth. True widths are estimated at 80% of downhole width. Mineralization is strongly associated with a brecciated diorite intrusive and limestone breccia complex. Figure 1 shows the location of CDD274 on section while Figure 6 shows the location in plan view. The highest grade mineralization occurs within a brecciated intrusive and within the highly brecciated and fractured limestone near the intrusive contacts. This mineralized, brecciated instrusive cuts an earlier barren intrusive. The intersection in CDD274 has a mix of oxide and sulfide mineralization with the majority of the higher grade mineralization associated with strongly oxidized breccia. The extreme depth of oxidation in the Manganese Zone deposit is highlighted by the strongly oxidized recrystalised limestone that was noted at over 640m downhole in CDD274. CDD274 is the deepest (681.6m) drillhole ever completed at Çöpler and represents the deepest test of mineralization ever recorded (830RL), sitting over 300m below the current Manganese pit floor and 150m below the planned sulfide pit floor as outlined in the Çöpler Sulfide Prefeasibility Study. During 2009, two deeper exploration holes in the Manganese Zone intersected 2.4g/t Au from 54.2m in CDD201/201A and 3.8g/t Au from 69m in CDD202/202A. At that time, the Company noted the potential for significant high grade mineralization below the bottom of the current sulfide pit design. The thick, high grade zone in CDD274 lies immediately below these previous intercepts and confirms the geological model and depth potential hypothesis for the Çöpler gold deposit. Given the thickness and grade intersected in CDD274 and the fact that mineralization remains open in all orientations, potential exists to add significant ounces to the current oxide resource at Çöpler. The scale and continuity of this mineralized zone will be tested with an ongoing drill program. Page 2 of 12

3 Figure 1: Manganese Zone cross section 60100E showing CDD 274. Note the location of the barren and mineralised intrusive, and the high grade mineralization within both the recrystallised limestone and intrusive at the contact of the intrusive. The currently planned Manganese Sulfide Pit is shown in purple with current ore blocks >0.6g/t in brown. Limestone is coloured blue and Intrusive pink on the drill traces. Çöpler Sulfide Extensional Drill Program Main Zone Depth Extensions Identified As part of the infill drill program at Çöpler for the sulfide feasibility study, individual drillholes are being extended to test the depth potential of mineralization below the existing resource model and open pit mine design at Main Zone. Drilling is indicating significant depth extensions in several areas at Main Zone with the potential to add ounces to the current resource. In the central part of Main Zone immediately below the current planned pit floor (see Figure 2), CRC747 intersected 2.5g/t Au from 120m (including 3.8g/t Au from 132m). In the eastern part of Main Zone immediately below the current pit boundary, CRC766 intersected 1.8g/t Au from 126m (finished in mineralization at end of hole at 150m), and CDD260 intersected 1.2g/t Au from 132.1m and 1.4g/t Au from 168m (shown with previous mineralization extensions in Figure 3). Mineralization continues to remain open at depth and further deeper drilling is in progress. Page 3 of 12

4 Figure 2: Main Zone cross section 58950E showing potential high grade depth extensions to the Main Zone Sulfide Resource in CRC747. Also shown is CDD269. The currently planned Main Zone Sulfide Pit is shown in purple with current ore blocks >0.6g/t also shown. Planned drilling is shown in blue. Figure 3: Main Zone cross section 59250E showing potential depth extensions to the Main Zone Sulfide Resource (CDD260 and CDD266, and previously released CDD206, CDD235 and CDD251). Oxide mineralization has been interpreted in orange and sulfide mineralization in pink. The Untested area indicated lies within the Çöpler Village area which will be drill tested in the fourth quarter The currently planned Main Zone Sulfide Pit is shown in purple with current ore blocks >0.6g/t also shown. Planned drilling is shown in blue. Page 4 of 12

5 Çöpler Sulfide Extensional Drill Program South Main Zone Depth Extensions Identified Results from this latest drilling campaign have indicated significant depth extensions to the new mineralized zone at the south end of Main Zone ( South MZ ) announced in the press release dated May 31, Drilling following up previously released drillholes CRC g/t Au from 73m) and CRC g/t Au from 54m) has identified continuity of mineralization over a minimum 750m strike length related to a south dipping intrusive / meta sediment contact. New results in the South MZ include 1.9 g/t Au from 18.5m in CDD256, 1.1g/t Au from 122m in CDD261 (see Figure 4), 1.5g/t Au from 87.3m in CDD263, and 1.5g/t from 110.4m and 1.4g/t from 161.5m in CDD253. All intersections are expected to add significant ounces to the current Çöpler sulfide resource. Mineralization continues to remain open down dip and is a target for further extensions to the sulfide mineralization. True widths are expected to be % of downhole width. Figure 4: Main Zone cross section 59050E showing potential depth extensions to the Southern Main Zone Sulfide Resource in CDD261. Also shown are previous extensional drillholes CRC722 and CRC724. The currently planned Main Zone Sulfide Pit is shown in purple with current ore blocks >0.6g/t Au also shown. Planned drilling is shown in blue. Page 5 of 12

6 Çöpler Infill Drill Program The infill drill program is continuing on the Main Zone as part of the Çöpler Sulfide Feasibility Study. Drilling is targeted to bring the drill spacing down to less than 50m x 50m to provide an improved geological and grade estimation model for detailed mine planning and optimization. The majority of the infill drill results are confirming thicknesses of mineralization, but several holes are indicating significantly improved grades with the potential to add ounces to the current resource. Figure 5: Main Zone cross section 58900E showing infill drillholes CDD253 and CRC746 and previous infill drillhole CDD250. The Main Zone Sulfide Pit Design is shown in purple with current ore blocks >0.6g/t also shown. Additional Shallow Oxide Targets Drill testing of additional oxide targets to the west of Main Zone continued to identify new oxide gold mineralization. Two drillhole results (CRC756 and CRC757) have been received from drilling over 1km west of Main Zone and 600m northwest of West Zone at E (see Figure 6). Significant shallow oxide mineralization was intersected indicating the potential for significant western extensions to the Çöpler gold deposit with mineralization remaining open to the west. CRC756 included 1.0g/t from 16m and 1.7g/t from 54m. A northeast trending structure between the West Pit and Main Zone Pit has returned shallow oxide mineralization. Best results are 2.0g/t Au from 8m in CRC750, 1.1g/t Au from 1m in CRC751, 1.4g/t Au from 4m in CRC749 and 1.1g/t Au from 12m in CRC753. Page 6 of 12

7 Drilling over the planned northwest waste dump has intersected oxide mineralization at surface, CDD268 recorded 2.3g/t Au and CDD272A intersected 1.4g/t Au. Both drillholes also intersected deep oxide mineralization; CDD268 intersected 1.1g/t Au from 102m and CDD272A intersected 1.8g/t Au from 211.7m. Further drilling is in progress to identify the extent of mineralization in these areas. True widths are expected to be 60 80% of downhole width. Figure 6: Çöpler Drill Plan showing the location of the Çöpler Drill Program Page 7 of 12

8 Hole North East RL Dip/Azi Depth From To Int Grade (g/t) OX/ SP Comment CDD / SP Main Zone SP SP SP SP SP SP SP CDD / SP Main Zone incl: SP SP CDD / OX Main Zone OX SP SP SP incl: SP SP CDD / SP Main Zone SP incl: SP CDD / SP West Zone CDD / OX Main Zone SP incl: SP incl: SP SP SP SP SP SP SP incl: SP CDD / SP Main Zone SP SP incl: SP SP SP CDD / OX Main Zone SP SP SP SP SP SP SP SP CDD / SP Main Zone SP SP SP SP CDD / OX Main Zone SP SP SP SP SP Page 8 of 12

9 Hole North East RL Dip/Azi Depth From To Int Grade (g/t) OX/ SP Comment CDD / OX Main Zone OX incl: OX OX OX CDD / SP Main Zone incl: SP SP SP SP SP CDD / SP Main Zone SP SP CDD 272A / OX NW Dump OX CDD / OX Mn-Mine Zone SP incl: SP OX incl: OX SP OX CDD / SP NW Dump OX CDD / SP NW Dump SP SP CDD / OX Main Zone SP SP SP SP CDD 279A / OX Main Zone SP CDD / OX Main Zone SP incl: SP SP CDD 283A / OX Main Zone SP incl: SP SP CRC / SP North Contact SP CRC / OX Main Zone OX OX SP CRC / SP Main Zone CRC / OX Main Zone SP SP SP incl: SP SP incl: SP SP Page 9 of 12

10 Hole North East RL Dip/Azi Depth From To Int Grade (g/t) OX/ SP Comment CRC / NSI Main Zone CRC / OX West Zone CRC / OX West Zone OX CRC / OX West Zone SP SP CRC / OX West Zone OX SP CRC / OX West Zone SP SP CRC / OX Saddle Zone SP OX OX OX CRC / OX Saddle Zone OX OX CRC / NSI NW Dump CRC / OX West Zone SP SP CRC / SP Main Zone SP SP SP CRC / SP Main Zone CRC / SP Main Zone SP SP CRC / SP Main Zone SP SP SP CRC / SP Main Zone CRC / SP Main Zone SP incl: SP CRC / SP Main Zone (MS) CRC / OX Main Zone OX SP CRC / OX Main Zone SP incl: SP SP CRC / OX Main Zone SP SP Table 1: List of most recent 47 drillholes assay results from Çöpler. NSI No significant Intersection. OX Oxide, SP Sulfide Page 10 of 12

11 About Alacer Alacer is a leading intermediate gold company with operations in both Australia and Turkey. Australia Alacer has three operating gold mines in Australia, namely the Higginsville and South Kalgoorlie operations; and a 49% interest in the Frog's Leg underground mine. The South Kalgoorlie operations and the Frog's Leg interest were acquired following the successful takeover of Dioro Exploration NL, which was completed in March The Australian operations are targeting 280,000 ounces of gold in Turkey Alacer is recognized as a leader in exploration and development in Turkey and, with the start up of Çöpler, will soon be among Turkey s leading gold producers. Çöpler is 95% owned by Alacer and 5% by Lidya Mining (formerly known as Çalık Mining, see Anatolia News Release, August 13, 2009). Initial plans at Çöpler are to produce approximately 1.42 million leachable ounces of gold at costs consistent with the lower end of industry standards. Average annual production is expected to be about 175,000 gold ounces. Additional production expansion from the sulfide gold reserve is expected to add 2.25 million ounces. A detailed feasibility study is underway. In addition, Alacer holds a significant pipeline of prospective gold and base metal projects. Alacer Gold currently has million common shares issued and outstanding, million fully diluted. Other Information Technical Procedural Information The information in this report which relates to Exploration Results and the Mineral Resources is based on information compiled by Chris Newman, a full time employee of Alacer Gold Corp. and who is a Member of the Australasian Institute of Mining and Metallurgy and a Member of the Australian Institute of Geoscientists. Mr Newman has sufficient experience which is relevant to the style of mineralization and type of deposit under consideration and to the activity which is being undertaking to qualify as a Competent Person as defined in the 2004 Edition of the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves and a qualified person pursuant to National Instrument NI of the Canadian Securities Administration. Mr Newman consents to the inclusion in the report of the matters based on this information in the form and context in which it appears. Exploration and drilling results are reported as drilled thicknesses. Reverse circulation cuttings were sampled on 1.0 meter intervals and core was sampled at geologically selected intervals. Drill samples were performed by ALS Chemex in Vancouver, BC, Canada, for gold by Fire Assay off a 30 gram charge with an AA finish. For these samples, the gravimetric data were utilized in calculating gold intersections. Quality Assurance/Quality Control included the insertion and continual monitoring of numerous standards and blanks into the sample stream, and the collection of duplicate samples at regular intervals within each batch. Selected holes are also analyzed for a 33 element four acid ICP AES. Drill composites were calculated using a cut off of 0.3 g/t. Page 11 of 12

12 Cautionary Statements Certain statements contained in this report constitute forward looking information, future oriented financial information, or financial outlooks (collectively "forward looking information") within the meaning of Canadian securities laws. Forward looking information may relate to this report and other matters identified in Alacer's public filings, Alacer's future outlook and anticipated events or results and, in some cases, can be identified by terminology such as "may", "will", could, "should", "expect", "plan", "anticipate", "believe", "intend", "estimate", projects, "predict", "potential", "continue" or other similar expressions concerning matters that are not historical facts and include, but are not limited in any manner to, those with respect to proposed exploration, communications with local stakeholders and community relations, status of negotiations of joint ventures, commodity prices, mineral resources, mineral reserves, realization of mineral reserves, existence or realization of mineral resource estimates, the timing and amount of future production, timing of studies and analysis, the timing of construction of the proposed mines and process facilities, capital and operating expenditures, economic conditions, availability of sufficient financing, exploration plans and any and all other timing, exploration, development, operational, financial, economic, legal, social, regulatory and political factors that may influence future events or conditions. Such forward looking statements are based on a number of material factors and assumptions, including, but not limited in any manner, those disclosed in any other Alacer filings, and include exploration results and the ability to explore, the ultimate determination of mineral reserves, availability and final receipt of required approvals, titles, licenses and permits, sufficient working capital to develop and operate the mines, access to adequate services and supplies, commodity prices, ability to meet production targets, foreign currency exchange rates, interest rates, access to capital markets and associated cost of funds, availability of a qualified work force, ability to negotiate, finalize and execute relevant agreements, lack of social opposition to the mines, lack of legal challenges with respect to the property or the Company and the ultimate ability to mine, process and sell mineral products on economically favorable terms. While we consider these assumptions to be reasonable based on information currently available to us, they may prove to be incorrect. Actual results may vary from such forward looking information for a variety of reasons, including but not limited to risks and uncertainties disclosed in other Alacer filings at and other unforeseen events or circumstances. Other than as required by law, Alacer does not intend, and undertakes no obligation to update any forward looking information to reflect, among other things, new information or future events. For further information on Alacer Gold, please contact: Edward Dowling or Lisa Maestas North America at Rohan Williams Australia at Roger Howe Australia at Page 12 of 12