VANCOUVER, June 7, 2012 /CNW/ - Yukon-Nevada Gold Corp. (TSX: YNG) (Frankfurt Xetra Exchange: NG6) ("YNG" or the "Company") is pleased to announce that it has entered
into an arrangement with Allied Nevada Gold Corp. ("Allied Nevada") to
process Hycroft gold and silver laden carbon in the carbon plant at the
Jerritt Canyon milling facility located in Elko County, Nevada. The
terms of the agreement are in-line with previous arrangements Allied
Nevada had with other offsite processing facilities. Jerritt Canyon is
operated by Queenstake Resources USA Ltd., a wholly owned subsidiary of
Randy Reichert, Chief Operating Officer said, "We will process this
material under a tolling arrangement. Revenues from this arrangement
will be credited against operating costs. Normal gold production from
the Smith mine, SXX/Steer mine and from stockpiles will continue as
usual at the Jerritt Canyon milling facility for the duration of this
Hycroft expects to ship the first lot of carbon in early June. Under the
terms of the arrangement, in the initial 90 - 120 days following
signing of the agreement all of the carbon currently in inventory at
Hycroft is expected to be processed. After this initial period, between
15 and 30 tons per month may be processed. Hycroft currently generates
approximately 15 to 20 tons of carbon per month.
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
Tel: +49 711 25 35 92 40