VANCOUVER, Sept. 26, 2011 /CNW/ - Yukon-Nevada Gold Corp. (TSX: YNG) (Frankfurt Xetra Exchange: NG6) (the "Company" or "YNG") is pleased to announce that on behalf of its
wholly owned subsidiary, Ketza River Holdings Ltd., it has submitted
its Yukon Environmental and Socio-economic Assessment Application
("YESAA") for the Ketza River Project to the Executive Committee of the
Yukon Environmental and Socio-Economic Assessment Board ("YESAB"). The
Ketza River Project is located 42km off of kilometer 323 of the Robert
Campbell Highway near Ross River, Yukon Territory.
An assessment by YESAB is the critical first step in gaining the
necessary approvals in order to bring the Ketza River Mine back into
production. The board will assess the environmental and socio-economic
effects of project activities and give consideration to scientific
information, traditional knowledge and other local knowledge in its
assessment. The timeline for review is a minimum of one year from the
date of submission.
The Ketza River Project is in the same location as the historic Ketza
River Mine, which produced 98,000 oz of gold and by-product silver
between 1988 and 1990. The current gold Resource includes: 29,000 oz
Measured in 167,800 tonnes grading 5.38 gpt and 388,700 oz Indicated in
2,212,300 tonnes grading 5.46 gpt. A further 67,300 oz in 453,700
tonnes grading 4.62 gpt is present in the Inferred category. The most
recent Technical Report can be found in its entirety on the Company
website here: http://www.yukon-nevadagold.com/s/KetzaManto.asp?ReportID=296836
The planned mine includes nine open pits and two underground declines
with 83% of the ounces to be mined from open pits.
A total of 41% of the measured and indicated recoverable resource ounces
are hosted in oxide ores which have a gold recovery of 90%. The
remaining 59% of the measured and indicated recoverable resource ounces
are hosted in sulfide or mixed sulfide+oxide ores that generally have
gold recoveries of 70%.
YESAA baseline studies for the Ketza River Project began in 2008.
Concurrently, geotechnical and hydrogeology drilling programs were
initiated, metallurgy drilling and testing programs developed and upper
tailings site identified and drilled. During 2009 and 2010, YNG conducted geophysical surveys, soil surveys, exploration drilling,
additional geotechnical and hydrogeology drilling in the proposed
resource areas, and geotechnical characterization of the lower tailings
Current work at Ketza includes the following activities:
2011 drill program including >6,100m of drilling
Installation of a replacement camp (completed August 2011)
Drilling of a new water well for use at the camp and the new mine
Community and First Nations consultation meetings
Obtaining a type A water license for the existing tailings facility.
The Ketza River Project is located within the Traditional Territories of
the Ross River Dena Council ("RRDC"), Liard First Nation ("LFN"), and
Teslin Tlingit Council ("TTC"). Negotiations have already begun to
renew the Memorandum of Understanding between Ketza River Holding and
RRDC and to create a Social Economic Partnership Agreement. Similar
negotiations and agreements will be pursued with the Tlingit and Liard
groups. When the Ketza River mine site is reopened, opportunities for
the Kaska and Tlingit people will include both employment and service
contracts, in addition to job training.
This news release was reviewed and approved by the Company's Vice
President of Exploration, Todd Johnson, M.Sc., the Qualified Person
under NI 43-101 for purposes of this release.
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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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.
Image with caption: "Yukon-Nevada Gold Corp. Submits Assessment Application for Ketza River, Yukon (CNW Group/Yukon-Nevada Gold Corp.)". Image available at: http://photos.newswire.ca/images/download/20110926_C6433_PHOTO_EN_3788.jpg
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
Chairman Tel: +49 711 25 35 92 40