VANCOUVER, May 15 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock
Exchange: YNG; Frankfurt Xetra Exchange: NG6) has released results for the
three months ended March 31, 2009. All amounts in this news release are in
United States dollars, unless otherwise stated.
During the quarter the Company focused its efforts on providing detailed
reports to the Nevada Division of Environmental Protection (NDEP) outlining
its plans for ongoing compliance with the concerns raised in the stop order
received in March 2008. Having satisfied those concerns and implemented an
interim system to improve the capture of mercury emissions at the mill, the
Company received approval from the NDEP to restart the operations and has been
working to bring the process mill to full operations over the last several
For the three months ended March 31, 2009, Yukon-Nevada Gold Corp. (the
"Company") reported a net loss of $5.2 million ($0.02 per share), due to the
continued shutdown of the mill and mine operations extending from 2008, and
compared to a loss of $8.9 million ($0.05 per share) for the three months
ended March 31, 2008.
Subsequent to the quarter-end, the Company has entered into an agreement
with Great Basin Gold Limited to provide toll milling services at our wholly
owned Jerritt Canyon property in Nevada for an additional 11,600 tons of ore
at a price of $88 per ton. The Company has worked closely with Great Basin
Gold since restarting the mill to complete this agreement and looks forward to
future opportunities to provide toll milling services that are needed.
Graham Dickson, President and CEO of the Company, comments, "We are
pleased that Great Basin Gold has decided to utilize our refurbished milling
facilities to treat their ore. It shows a measure of confidence, matching our
own, in our ability to operate the milling facilities in a profitable and
environmentally sound manner. We will continue our efforts to identify other
customers within trucking distance of the property who can have their ore
processed at our facility."
Details of the Company's financial results are described in the unaudited
consolidated financial statements, and management's discussion and analysis,
which will be available on SEDAR, www.sedar.com and on the Company's website,
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 Arizona and 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 properties.
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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.
For further information:
For further information: Yukon-Nevada Gold Corp., Nicole Sanches,
Investor Relations Manager, Tel: (604) 688-9427, Email: firstname.lastname@example.org,
www.yukon-nevadagold.com; CHF Investor Relations, Jacqueline Wagenaar, Account
Manager, Tel: (416) 868-1079 ext. 289, Email: email@example.com,