VANCOUVER, Nov. 14 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock
Exchange: YNG; Frankfurt Xetra Exchange: NG6) (the "Company") announced
results for its third quarter of 2007. All amounts in this news release are in
US dollars, unless otherwise stated. These results reflect the first quarter
of operations after the acquisition of Queenstake Resources Ltd which was
effective June 20, 2007.
The Company reported a gross margin from mining operations of $7.48
million for the third quarter of 2007. After adjustments for depreciation,
depletion and accretion, income from mine operations was $3.25 million. The
Company's net earnings for the third quarter of 2007 were $547,000.
These excellent results are a testament to the hard work and dedication
exhibited by the Jerritt Canyon work force. Whilst maintaining their focus on
safety they have undergone significant reductions in manpower which have
resulted in an increase in productivity.
The revitalized custom milling business has allowed the switch, from an
emphasis on ounces produced, to an emphasis on reducing unit costs, to be
Even with a slow start to the quarter, caused by the roaster undergoing
stack testing, the operation at Jerritt Canyon produced a total of 48,329
ounces in the third quarter of 2007.
Production of gold from the Company's own Jerritt Canyon ore totaled
34,636 ounces. These ounces were produced at a cash cost of $354 per ounce.
The Company engages in the forward sale of gold produced from ore
purchased from third parties. This practice ensures the Company achieves an
acceptable profit margin on this activity. The Company is not hedged on any
gold produced from its own ore.
The Company's excess cash is invested in short-term investments, mostly
with a maturity date of less than 90 days from date of purchase (these
investments are classified as "cash" on balance sheet). All investments are in
"Bearer Deposit Notes" or Bankers Acceptances issued by major Canadian
chartered banks. The Company does NOT have asset-backed securities in its
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WARNING: The Company relies upon litigation protection for "forward-
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,
Manager, IR, Tel: (604) 688-9427, Email: email@example.com,
www.yukon-nevadagold.com; CHF Investor Relations, Jeanny So, Broker
Specialist, Tel: (416) 868-1079 ext. 225, Email: firstname.lastname@example.org,