VANCOUVER, July 10 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock
Exchange: YNG; Frankfurt Xetra Exchange: NG6) has received very encouraging
results from three holes, one drilled in the Smith Mine area, another in the
Mahala Basin area and the third hole recently drilled in the Alchem zone near
the Marlboro Canyon deposit, all at Jerritt Canyon.
The drill hole in the Smith Mine Exploration area shows promise for
further expansion and exploration. Reverse circulation drill hole SH-1192A
encountered 20 ft (6.1m) at a grade of 0.438 opt (15g/T) gold. This result
confirms and offsets, by about 80 ft (24m) to the west, mineralization cut in
2007 by SH-1178A, 30 ft (9.1m) at 0.415 opt (14.2g/T). This mineralization
lies approximately 400 ft (122m) west of the indicated resource and about
1200 ft (366m) west of the current workings in Zone 2 of the Smith Mine. The
mineralization in Zone 2 of the Smith mine has largely been dike associated
ore within the Hanson Creek formation. The mineralization in these angled
drill holes is within the overlying Roberts Mountain formation. The Hanson
Creek formation-host environment has not been tested beneath these intercepts.
Results from reverse circulation drill hole USB-068A added to the
encouragement in the Mahala Basin. This drill hole intersected high grade gold
from 1045 ft (319m) to 1070 ft (326m), 25 ft (7.6m) with an average grade of
0.392 opt (13.43 g/T) gold. The mineralized intercept appears to be in the
footwall of what may be the Mahala dike and is approximately 3,000 ft (915m)
west along strike of the Zone 4 workings in the Smith Mine. This intercept,
lies about 220 ft (67m) SE of drill hole MAH-399 reported in the April 23rd
2008 news release.
A review of historical drilling revealed an area on strike of the Alchem
mineralization and near the Marlboro Canyon deposit that has not been drill
tested. A fence of reverse circulation drill holes was completed across the
strike of the Alchem mineralized trend. NF-964 contained an interval of 25 ft
(7.6m) of 0.230 opt (7.88 g/T) at a depth of 900 ft (274m). This drill hole is
currently being off-set to the east.
The Alchem and Marlboro Canyon deposits were part of the original reserve
at Jerritt Canyon. The Marlboro Canyon deposit produced 1.4 million ounces at
a grade of 0.241 opt (8.25 g/T) from an open pit. This target area is
undrilled to the east.
The Company's President and CEO, Graham C. Dickson, commented, "These
drill results once again confirm that the Mahala Basin is an extremely
prospective area for discovering new gold resources. Also the presence of
significant gold values in the previously unexplored part of the Alchem zone
will provide another focus for production ready gold resources and reserves."
Assays from exploration holes reported in this news release were by ALS
Chemex, North Vancouver, B.C. and by the Company's assay laboratory at the
Jerritt Canyon Mine, using standard fire assay techniques. The Company's
Quality Assurance and Quality Control protocols are available in the Company's
NI 43-101 Technical Report dated May 1st, 2007 and available on www.sedar.com.
Intercepts are reported as drilled. A comprehensive table of drill results
will be available on www.yukon-nevadagold.com by the end of July 2008.
True widths have not yet been calculated; given the geometry of
mineralization at Jerritt Canyon, the concept of true width is not always
meaningful before delineation drilling has been completed. This News Release
was reviewed and approved by the Company's Exploration Manager, Mike Ward,
M.Sc., P.Geo., the Qualified Person 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 Arizona and Nevada in the
United States. The Company's focus has been on the development of its late
stage development and operating properties. Near term growth will occur by
increasing or initiating production from the Company's existing properties.
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