VANCOUVER, Sept. 12 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock
Exchange: YNG; Frankfurt Xetra Exchange: NG6) announces that it has made
significant progress in securing the Jerritt Canyon Mine site (the "Mine") and
is in the process of reopening the Roasting Mill. On August 19, 2008,
Queenstake Resources USA, Inc., the operator of the Mine, notified the U.S.
Forest Service ("USFS") that it was suspending underground mining operations.
Since then, Queenstake has been working cooperatively with the USFS and the
Nevada Division of Environmental Protection ("NDEP") as well as other
interested parties to secure the Mine site. Queenstake has taken steps to
maintain controls involving ground and surface water management, secure or
remove hazardous materials and explosives and place barriers on Mine portals.
In the meantime, the USFS has issued an order that provides public protection
from safety concerns associated with the Jerritt Canyon Mine's operations and
infrastructure, such as unsecured adits and shafts. The USFS and NDEP have
been providing oral, written and direct communication with Queenstake to
address immediate concerns such as fluid management and Mine site security.
Queenstake has been working closely with agency personnel and taking action to
address these Mine site concerns. A list of requirements has been received
from NDEP with regard to reopening of the Mill. It is also expected that both
agencies will continue weekly site inspections and direct coordination with
Queenstake environmental and safety employees and contractors on-site.
In addition, on August 28, 2008, Queenstake, through its parent company,
announced the negotiation of additional financing. Queenstake continues to
make progress in meeting all of its obligations. The Mill is being brought
back into operation and should be processing ore reserves on-site and from
other mining companies shortly. Routine Mine closure, reclamation and
permitting related activities and requirements are being undertaken and
addressed. Queenstake's closure bonds and reclamation/closure insurance remain
in place and have been unaffected during this period of transition.
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For further information:
For further information: Yukon-Nevada Gold Corp., Nicole Sanches,
Investor Relations Manager, Tel: (604) 688-9427, Email: email@example.com,
www.yukon-nevadagold.com; CHF Investor Relations, Jacqueline Wagenaar, Account
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