VANCOUVER, May 26, 2011 /CNW/ - Yukon-Nevada Gold Corp. (TSX: YNG) (Frankfurt Xetra Exchange: NG6) (the "Company") has reached an agreement to settle a class action suit
brought by former employees against the Company and Queenstake
Resources USA, a wholly owned subsidiary of the Company.
Among other things, the $3.6M settlement agreement sets aside funds for
the remaining 50% of the severance payments under the WARN Act (regular
wages were paid at the time of severance), medical costs and certain
401-K contributions for approximately 394 employees laid off from
Jerritt Canyon in 2008. The funds, previously placed on deposit by the
Company, are to be distributed by a third party claims administrator
pursuant to the settlement procedures and the Court processes.
The settlement is subject to approval by the Court. It is anticipated
that the distribution process pursuant to the Settlement Agreement will
take several months to complete.
Yukon-Nevada Gold Corp. is a North American gold producer in the
business of discovering, developing and operating gold deposits. The
Company holds a diverse portfolio of gold, silver, zinc and copper
properties in the Yukon Territory and British Columbia in Canada and in
Nevada in the United States. The Company's focus has been on the
acquisition and development of late stage development and operating
properties with gold as the primary target. Continued growth will occur
by increasing or initiating production from the Company's existing
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adequacy or accuracy of this release.
WARNING: The Company relies upon litigation protection for
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the "U.S. Securities Act")
or any state securities laws and may not be offered or sold within the
United States or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.
SOURCE Yukon-Nevada Gold Corp.
For further information:
Yukon-Nevada Gold Corp.
Senior Director, Institutional Investor Relations
Tel: (604) 688-9427
Investor Relations Manager
Tel: (604) 688-9427 ext 224
CHF Investor Relations
Director of Operations
Tel: (416) 868-1079 ext. 225
President and CEO
Tel: +49 711 25 35 92 40