VANCOUVER, Aug. 8 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock
Exchange: YNG; Frankfurt Xetra Exchange: NG6) announces its has contracted
with Small Mine Developers (SMD) to continue mining at its Smith Mine at the
Jerritt Canyon Project, Nevada.
President and CEO Graham Dickson stated that "with our present mining
plan our underground operations were not showing the profitability needed to
continue or to expand our mining operations. However the contractors SMD have
been engaged to mine ore grade material at a cost such that it can be
processed profitably at our own milling facility." For two decades now, SMD
has been on the leading edge of mechanized underground mining innovation in
the western United States.
Yukon-Nevada Gold will now continue to process its own ore, its own
stockpiled ore and the stockpiled ore of Newmont under its existing agreement
with Newmont which lasts to the end of the year. Yukon-Nevada Gold is in
negotiations with Newmont with regard to a further milling agreement on a cost
plus basis at a rate of 3,000 tpd.
Yukon-Nevada Gold is additionally pursuing further milling contracts for
ore generated in the Jerritt Canyon area which can be processed through either
its roasting facility or its separate wet milling facility.
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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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
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