Yukon-Nevada Gold Corp. receives support for the inducement warrant proposal

VANCOUVER, Nov. 18 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock Exchange: YNG; Frankfurt Xetra Exchange: NG6) reports in order to raise the necessary working capital to restart the operations at Jerritt Canyon, complete the remaining consent decree environmental obligations, recommence permitting at Ketza River, and build sustainable long term production the Board of Directors have offered inducement warrants to several groups of warrant holders. Glass, Lewis and Co., a leading provider of proxy research and voting recommendations to institutional investors, has formally recommended to their subscribers that Yukon-Nevada Gold Corp.'s shareholders approve the proposed Inducement Warrants due on November 20, 2009.

The process of approval by the regulators and shareholders is challenging and has been complicated by the Toronto Stock Exchange ("TSX") requirements that have changed part way through the process. In order to clarify the current position of the Company and ensure that shareholders fully understand the resolution that is being voted on, the following is a description of the process the Company has undertaken:

    1.  On September 30, 2009 the Company proposed to raise additional
        working capital through the issuance of inducement warrants to
        holders of the warrants expiring February 6 and 28, 2011. Conditional
        approval of this transaction had been provided by the TSX subject to
        the Company obtaining disinterested shareholder approval through
        written consent. The Company undertook to complete that approval
        process and the warrant holders committed to exercising their
        warrants on good faith to ensure the Company was able to meet its
        operational requirements in the coming months.

    2.  Subsequent to that, on October 14, 2009, the Company announced a
        second offering of inducement warrants to be issued to holders of the
        warrants expiring December 19, 2009 and June 19, 2010. In conjunction
        with that one shareholder, Orifer S.A. ("Orifer") advanced the
        Company C$2.5 million to assist in the start up costs of the
        operations and provide funding to begin work on meeting the
        environmental compliance requirements set in the Consent Decree. This
        offering was similarly given conditional approval by the TSX,
        requiring that the Company obtain disinterested shareholder approval
        through written consent. The Company undertook this process and also
        received the advance as committed to by Orifer to restart the
        operations at Jerritt Canyon. The Company also began work on several
        major projects on the basis that it would be able to proceed with the
        offering on a timely basis and obtain the support of its

    3.  Part way through the process, the TSX ruling was amended and on
        October 20, 2009 the Company was informed that the TSX had decided to
        combine the two separate offerings into one offering that would
        require disinterested shareholder approval, again through written
        consent. Therefore requiring the company to commence the process
        again. The deadline for completing this process in order to ensure
        price protection on both offerings continued to be restricted based
        on six weeks from the announcement of the second offering.

    4.  During this period, despite the uncertainty with respect to the
        outcome, the Company continued to receive commitments from the
        majority of the warrant holders that they would continue with the
        process of completing the exercise their warrants in order to ensure
        the operations of the Company were well capitalized and able to meet
        the many legal and environmental commitments arising from the
        shutdown in 2008 and the Consent Decree signed in October of 2009.
        Without this support, the Company would not have been able to operate
        as the suppliers required full payment on previous balances owing and
        were unable to offer credit terms to the Company. Certain
        shareholders have requested additional time to prepare the
        documentation and transfer the funds and thus the Company has also
        extended the deadline for exercise by one week. It has only been
        through the efforts of management and their employees, with the
        financial support of these major shareholders, that the Company has
        survived through this extended period of shutdown during which the
        capital markets experienced the tightest credit conditions since the

    5.  The Company is now calling on the entire shareholder base to provide
        their support for this transaction and enable this core group of
        shareholders to receive these inducement warrants for investing
        further capital into the Company during a period where the capital is
        needed to continue to service legal, environmental, and operational
        requirements until the operations at Jerritt Canyon have returned to
        a normalized state and can begin to see the results of the
        significant improvements that have been put in place.

The Board of Directors of the Company strongly urge Shareholders to vote FOR the proposed transaction today by submitting their vote prior to the November 20th deadline. Shareholders who have questions or require assistance voting their shares should contact the Company's proxy solicitor, Laurel Hill Advisory Group, toll-free at 1-800-994-5189 or visit the Company's website here: http://www.yukon-nevadagold.com/s/Warrants.asp

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 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 properties.

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 line.

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 "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

SOURCE Veris Gold Corp.

For further information: For further information: Yukon-Nevada Gold Corp.: Nicole Sanches, Investor Relations Manager, Tel: (604) 688-9427 ext 224, Email: nicole@yngc.ca, www.yukon-nevadagold.com; CHF Investor Relations: Jeanny So, Director of Operations, Tel: (416) 868-1079 ext. 225, Email: jeanny@chfir.com, www.chfir.com

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