Yukon-Nevada Gold Corp. granted water license for Ketza River Property

    TORONTO, Aug. 1 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock Exchange:
YNG; Frankfurt Xetra Exchange: NG6) announces that its wholly owned
subsidiary, Ketza River Holdings Ltd., has been granted a Class "A" water use
license by the Yukon Water Board.
    The Water License was signed into effect by the Premier of the Yukon, the
Honorable Dennis Fentie and the Chairperson of the Water Board, Bruce Willis,
on Friday July 27th 2007.
    The Water License covers the entirety of the former producing Ketza River
property and comes with a requirement for security, appropriate for the
complete reclamation of the entire site, the value of which has been
determined to be $3,087,600.
    The Company notes that this amount will need to be revisited from time to
time as it proceeds with its plan to reopen the mine.
    Graham Dickson, the President of Yukon-Nevada Gold Corp. commented that
"This is a great step forward in our program to bring this former producer
back into production. We are pleased to have this property once again covered
by a Water Use License. We are presently working on the permitting for a Water
License that will cover the reopening and production at the mine and have been
encouraged by the cooperative efforts of all parties, the Yukon Water Board,
Governments, First Nations and other interveners that enabled Ketza River
Holdings Ltd. to receive this license in a timely manner."

    If you would like to receive press releases via email please contact
nicole@yngc.ca and specify "Yukon-Nevada Gold Corp. releases" in the subject

    The TSX Exchange has not reviewed and does not accept responsibility for
    the adequacy or accuracy of this release.

    WARNING: The Company relies upon litigation protection for
"forward-looking" statements.

    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.

    %SEDAR: 00004098E

For further information:

For further information: Yukon-Nevada Gold Corp., Nicole Sanches,
Manager, IR, Tel: (604) 688-9427, Email: nicole@yngc.ca, www.yngc.ca; CHF
Investor Relations, Jeanny So, Broker Relations Specialist, Tel: (416)
868-1079 ext. 225, Email: jeanny@chfir.com, www.chfir.com

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