VANCOUVER, June 21, 2012 /CNW/ - Yukon-Nevada Gold Corp. (TSX: YNG) (Frankfurt Xetra Exchange: NG6) ("YNG" or the "Company") announces that the Board of Directors has
accepted the resignation of Robert F. Baldock as President and Chief
Executive Officer of the Company. Shaun Heinrichs, Chief Financial
Officer and Randy Reichert, Chief Operating Officer will jointly assume
the roles of President and Chief Executive Officer while continuing to
act in their existing roles within the Company.
Mr. Baldock commented, "I stepped in to lead the restructuring team at
YNG in May of 2009 with the express purpose of strengthening the
Company's management, financial position and operations. With the
knowledge that the Company is now operating cash flow positive, has
just completed financing to increase its treasury and sound fiscal and
operational management is in place, I can focus my attention on my
other business responsibilities. I confidently leave management of the
Company in the hands of these two highly skilled executives."
Mr. Heinrichs has been with the Company since 2008 as Chief Financial
Officer. He has over fifteen years of financial accounting experience,
beginning with seven years of public practice experience with Ernst &
Young in Vancouver. His primary role at Ernst & Young was as a lead
assurance or advisory manager on several large US and Canadian public
companies within the BC region. He subsequently held senior management
roles in several large public companies as well as a large BC utility
prior to joining YNG. He has also just recently joined the Board of
Directors of the Company. Mr. Heinrichs has been instrumental in
managing the finances of the Company during the recent corporate
Mr. Reichert has been with the Company for over a year and has 23 years'
experience working internationally at various operating mines and
process facilities. Most recently Mr. Reichert was President and Chief
Operating Officer for Colossus Minerals Inc. focusing on the
development of the Serra Pelada project in Brazil. Prior to this he was
COO of Oriel Resources plc and Orsu Metals Corp. Mr. Reichert spent
over five years in Russia with Bema Gold, and subsequently Kinross Gold
Corporation. Within those five years he held the position of General
Manager, Operations of the Kupol gold mine in Chukotka, Russia and
General Manager for the Julietta gold mine in Magadan, Russia. He has
also held positions within various mining operations with Cominco
Limited, now Teck, prior to working for Bema Gold. Mr. Reichert's
contributions to the extensive renewal of the Company's mining
operations over the past year have been invaluable.
The Board of Directors would like to express their sincerest thanks to
Mr. Baldock for his significant contribution to the success of YNG over
the past three years.
ON BEHALF OF THE BOARD OF DIRECTORS
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
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
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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
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.
SOURCE Yukon-Nevada Gold Corp.
For further information:
Yukon-Nevada Gold Corp.
Senior Director, Institutional Investor Relations
Tel: (604) 688-9427
Investor Relations Manager
Tel: (604) 688-9427 ext 224
CHF Investor Relations
Director of Operations
Tel: (416) 868-1079 ext. 225
Tel: +49 711 25 35 92 40