Yukon-Nevada Gold Corp. reports a significant increase in reserves at Jerritt Canyon



    VANCOUVER, March 3 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock
Exchange: YNG; Frankfurt Xetra Exchange: NG6) announces that proven and
probable reserves at its 100% owned Jerritt Canyon operating gold mine in Elko
County, Nevada, estimated at year-end 2007, have increased to 717,300 ounces
of gold at a grade of 0.227 ounces of gold per ton (opt) or 7.78 grams of gold
per tonne (gpt). These reserves are within a newly estimated measured and
indicated resource of 1,961,000 ounces of gold at a grade of 0.239 opt (8.19
gpt). The inferred resource at Jerritt Canyon in addition to this is 520,000
ounces of gold at a grade of 0.224 opt (7.68 gpt). The attached tables
summarize reserves and resources by area, the map showing the area locations
can be seen on the Company's web site.

    
                Table 1. JERRITT CANYON RESERVES DECEMBER 2007

    -------------------------------------------------------------------------
                         PROVEN             PROBABLE             TOTAL
    -------------------------------------------------------------------------
    Deposit
    /Mine      K tons  oz/st  K oz  K tons  oz/st  K oz  K tons  oz/st  K oz
    -------------------------------------------------------------------------
    Smith        92.5  0.304  28.1   861.6  0.280 241.4   954.1  0.282 269.5
    -------------------------------------------------------------------------
    SSX         513.7  0.221 113.4   386.3  0.232  89.7   900.0  0.226 203.0
    -------------------------------------------------------------------------
    Saval        11.4  0.200   2.3   108.8  0.250  27.2   120.2  0.246  29.5
    -------------------------------------------------------------------------
    Starvation      -      -     -   571.6  0.282 161.3   571.6  0.282 161.3
    -------------------------------------------------------------------------
    Wright
     Window         -      -     -    32.6  0.227   7.4    32.6  0.226   7.4
    -------------------------------------------------------------------------
    Sub Total   617.6  0.233 143.7 1,961.0  0.269 527.0 2,578.6  0.260 670.7
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    Stockpiles   35.9  0.173   6.2   540.8  0.075  40.4   576.7  0.081  46.6
    -------------------------------------------------------------------------

    -------------------------------------------------------------------------
    TOTAL       653.4  0.229 149.9 2,501.8  0.227 567.4 3,155.2  0.227 717.3
    -------------------------------------------------------------------------
    

    Jerritt Canyon's proven and probable reserves at year-end 2006 were
485,700 ounces of gold. These were depleted by approximately 114,700 ounces as
a result of mining during 2007. The current reserve therefore represents an
addition of 346,300 ounces.
    Yukon-Nevada Gold's President and Chief Executive Officer, Graham C.
Dickson, commented, "We are extremely happy that the Jerritt Canyon team has
essentially doubled (net of depletion) the mineable reserve. This represents a
significant accomplishment in the six months since completion of the merger
with Queenstake, which allowed resumption of an aggressive exploration program
on the property. This increase in reserve is testimony to the dedication and
competence of the Jerritt Canyon operations and exploration staff that through
their success in lowering operating costs and discovering new ounces made this
significant achievement possible. We fully expect exploration success to
continue and for Jerritt Canyon to continue its tradition of over 25 years of
replacing and adding to reserves through exploration success"
    The 2007 year-end reserve estimate was calculated using a gold price of
$580 per ounce, reflecting a three-year average gold price. Two factors led to
the significant increase to reserve: exploration success which added
approximately 225,000 ounces to measured and indicated resource, and decreases
in operating costs at Jerritt Canyon which matched with the increased gold
price relative to the 2006 year-end estimate allowed a lowering of cut-off
grade used in the estimate. The Smith / Mahala Mine exhibited the most
significant increase in reserve compared to a year earlier, followed by the
SSX Mine and Starvation Canyon deposit.

    
                 Table 2. JERRITT CANYON MEASURED & INDICATED
                           RE

SOURCES DECEMBER 2007 ------------------------------------------------------------------------- MEASURED INDICATED MEASURED & INDICATED ------------------------------------------------------------------------- Deposit /Mine K tons oz/st K oz K tons oz/st K oz K tons oz/st K oz ------------------------------------------------------------------------- Murray 156 0.310 48 27 0.269 7 182 0.304 55 ------------------------------------------------------------------------- Murray Zone 9 - - 211 0.277 58 211 0.277 58 ------------------------------------------------------------------------- SSX/Steer 1,815 0.255 462 746 0.269 201 2,561 0.259 663 ------------------------------------------------------------------------- Smith 588 0.303 178 649 0.256 166 1,237 0.278 344 ------------------------------------------------------------------------- Smith East 19 0.441 8 1,044 0.284 297 1,062 0.287 305 ------------------------------------------------------------------------- Saval 12 0.227 3 367 0.253 93 380 0.252 96 ------------------------------------------------------------------------- Starvation - - 697 0.287 200 697 0.287 200 ------------------------------------------------------------------------- Wright Window - - 98 0.156 15 98 0.156 15 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Other Resources: ------------------------------------------------------------------------- Pit Resources ------------------------------------------------------------------------- Burns Basin Pit - - 30 0.134 4 30 0.134 4 ------------------------------------------------------------------------- California Mtn. Pit - - 8 0.115 1 8 0.115 1 ------------------------------------------------------------------------- Coyote Zone 10 Pit - - - - - - ------------------------------------------------------------------------- Pie Creek Pit - - 190 0.157 30 190 0.157 30 ------------------------------------------------------------------------- Road Canyon Pit - - 149 0.143 21 149 0.143 21 ------------------------------------------------------------------------- Mill Creek - - 78 0.124 10 78 0.124 10 ------------------------------------------------------------------------- U/G Resources ------------------------------------------------------------------------- Burns Basin - - 31 0.194 6 31 0.194 6 ------------------------------------------------------------------------- California Mtn. - - 32 0.377 12 32 0.377 12 ------------------------------------------------------------------------- Coyote Zone 10 - - 45 0.212 10 45 0.212 10 ------------------------------------------------------------------------- MCE - - 4 0.201 1 4 0.201 1 ------------------------------------------------------------------------- Waterpipe II - - - - - - ------------------------------------------------------------------------- West Mahala - - 197 0.218 43 197 0.218 43 ------------------------------------------------------------------------- Winters Creek - - 149 0.218 32 149 0.218 32 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Sub Total 2,590 0.270 700 4,753 0.254 1,207 7,343 0.260 1,907 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Stockpiles 36 0.173 6 818 0.059 48 854 0.064 54 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Total All Sources 2,626 0.269 706 5,571 0.225 1,255 8,197 0.239 1,961 ------------------------------------------------------------------------- Table 3. JERRITT CANYON INFERRED RE

SOURCE DECEMBER 2007 ------------------------------------------------------------------------- Deposit/Mine INFERRED -------------------------------------------------- K tons oz/st K oz ------------------------------------------------------------------------- Murray 90 0.228 21 ------------------------------------------------------------------------- Murray Zone 9 62 0.209 13 ------------------------------------------------------------------------- SSX/Steer 959 0.236 227 ------------------------------------------------------------------------- Smith 534 0.221 118 ------------------------------------------------------------------------- Smith East 125 0.280 35 ------------------------------------------------------------------------- Saval 107 0.206 22 ------------------------------------------------------------------------- Starvation 25 0.252 6 ------------------------------------------------------------------------- Wright Window 19 0.229 4 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Other Resources: ------------------------------------------------------------------------- Pit Resources ------------------------------------------------------------------------- Burns Basin Pit - - ------------------------------------------------------------------------- California Mtn. Pit - - ------------------------------------------------------------------------- Coyote Zone 10 Pit 20 0.104 2 ------------------------------------------------------------------------- Pie Creek Pit 28 0.142 4 ------------------------------------------------------------------------- Road Canyon Pit 74 0.131 10 ------------------------------------------------------------------------- Mill Creek - - ------------------------------------------------------------------------- U/G Resources ------------------------------------------------------------------------- Burns Basin 51 0.228 12 ------------------------------------------------------------------------- California Mtn. 9 0.330 3 ------------------------------------------------------------------------- Coyote Zone 10 3 0.184 0 ------------------------------------------------------------------------- MCE 8 0.189 1 ------------------------------------------------------------------------- Waterpipe II 37 0.206 8 ------------------------------------------------------------------------- West Mahala 130 0.206 27 ------------------------------------------------------------------------- Winters Creek 37 0.199 7 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Sub Total 2,320 0.224 520 ------------------------------------------------------------------------- ------------------------------------------------------------------------- Stockpiles - - ------------------------------------------------------------------------- ------------------------------------------------------------------------- Total All Sources 2,320 0.224 520 ------------------------------------------------------------------------- Jerritt Canyon resources and reserves were calculated by Messrs. Donald Colli and Robert (Chip) Todd, Manager of Mine Geology and Manager of Technical Services, respectively, under the supervision of Yukon-Nevada Gold's Executive Vice President - Exploration, Dorian L. (Dusty) Nicol. These individuals are qualified persons as defined by N.I. 43-101. The work has been reviewed and approved by Leah Mach and Landy Stinnet of SRK Consulting (US), Inc. who are the qualified persons for purposes of this news release. SRK Consulting (US), Inc. is preparing a 43-101 Technical Report which will include these results; it is anticipated that this full report will be available and released in April 2008. If you would like to receive press releases via email please contact nicole@yngc.ca and specify "Yukon-Nevada Gold Corp. releases" in the subject line. The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. WARNING: The Company relies upon litigation protection for "forward- looking" statements. 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. %SEDAR: 00004098E

For further information:

For further information: Yukon-Nevada Gold Corp., Nicole Sanches,
Investor Relations Manager, Tel: (604) 688-9427, Email: nicole@yngc.ca,
www.yukon-nevadagold.com; CHF Investor Relations, Jacqueline Wagenaar,
Associate Account Manager, Tel: (416) 868-1079 ext. 289, Email:
jacqueline@chfir.com, www.chfir.com

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