Yukon-Nevada Gold Corp. reports favorable drill results from Jerritt Canyon



    VANCOUVER, Aug. 7 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock
Exchange: YNG; Frankfurt Xetra Exchange: NG6) reports favorable drill results
from its wholly owned Jerritt Canyon producing gold mine north of Elko,
Nevada.
    The results, from a combination of underground and surface drilling, are
likely to increase resources at the Smith Mine in Zone 7, Zone 9 and westerly
along strike in Zone 2. The Smith Mine is one of two producing mines at the
Jerritt Canyon Mining complex.

    Zone 7 West Dash

    Drifting in the first quarter of 2007 to create the base for a planned
vent raise encountered unexpected mineralization south of the known Zone 7
resource which had not been intersected by surface exploration drilling.
Production records indicate that 1,012 ounces of gold were produced from
2,520 short tons from the planned vent raise base and associated refuge bay in
the first half of 2007.
    Drilling to establish the limits of this mineralization and to find a
more suitable location for the vent raise cut high grade gold values and will
expand the resource for Zone 7 120 feet south of the model established at year
end 2006. Drilling was accomplished with a Cubex underground
reverse-circulation drill. Highlights of this drilling include are listed in
Table 1.

    
                                   Table 1.

    -------------------------------------------------------------------------
    Drill Hole       From             To          Thickness        Grade
      Number      ft      m       ft      m       ft      m     Opt.    g/T
    -------------------------------------------------------------------------
    C70023         10    3.05      35    10.7     35    10.7   0.673   23.07
    -------------------------------------------------------------------------
    C70034          0       0      30    9.15     30    9.15   0.731   25.06
    -------------------------------------------------------------------------
    C70035          0       0      65    19.8     65    19.8   0.680   23.31
    -------------------------------------------------------------------------
    C70053          0       0      20     6.1     20     6.1   0.389   13.34
    -------------------------------------------------------------------------
                   35    10.7      90    27.4     55    16.8   0.646   22.15
    -------------------------------------------------------------------------
    

    Zone 9

    Mineralization that extends eastward from the bottom of the Dash open pit
was the target of surface drilling using a Reverse Circulation rotary drill
above the Dash Mine high-wall. It is expected that the results will expand
that resource eastward. Seven of the eight exploration drill holes cut
intervals above 0.150 opt Au. These intervals are shown in Table 2. below.

    
                                   Table 2.

    -------------------------------------------------------------------------
    Drill Hole       From             To          Thickness        Grade
      Number      ft      m       ft      m       ft      m     Opt.    g/T
    -------------------------------------------------------------------------
    SH-1152A      475   144.8     510   155.5     35    10.7   0.276    9.46
    -------------------------------------------------------------------------
      includes    485   147.8     500   152.4     15     4.6   0.386   13.23
    -------------------------------------------------------------------------
    SH-1154A      475   144.8     490   149.4     15     4.6   0.404   13.85
    -------------------------------------------------------------------------
    SH-1155A      470    143      485   147.8     15     4.6   0.325   11.14
    -------------------------------------------------------------------------
    SH-1156A      505    154      525    161      20     6.1   0.551   18.89
    -------------------------------------------------------------------------
    SH-1170       480   146.3     505   153.9     25     7.6   0.261    8.95
    -------------------------------------------------------------------------
    SH-1171A      500   152.4     510   155.5     10    3.05   0.240    8.23
    -------------------------------------------------------------------------
    SH-172A       560   170.7     595   181.4     35    10.7   0.170    5.83
    -------------------------------------------------------------------------
      includes    560   170.7     575   175.3     15     4.6   0.310   10.63
    -------------------------------------------------------------------------
    

    Underground access (including secondary access) to the mineralization in
Zone 9 is being established from the base of the Dash open pit mine.

    Zone 2

    Seven surface Reverse Circulation drill holes have targeted
mineralization extending westward from Zone 2 in the Smith Mine in 2007. The
holes have been spread from 800 to 2,000 feet west of the current underground
mine activity in Zone 2. These drill holes are along strike of the basaltic
dikes that appear to localize higher grade mineralization within the Hanson
Creek Formation. Unfortunately, four of these holes failed to reach the
targeted formation due to drilling difficulties. Three holes did reach the
target: two of these are mineralized as indicated below and assays are pending
for the third.
    Drill holes SH-1165A and SH-1169A (these holes were drilled at -79
degrees and -58 degrees respectively), intersected the favorable stratigraphic
horizon and were mineralized. Mineralized intervals for these drill holes are
shown in Table 3. below; SH-1169A was designed as an in-fill hole and should
help in understanding controls of mineralization in this zone.

    
                                   Table 3.

    -------------------------------------------------------------------------
    Drill Hole       From             To          Thickness        Grade
      Number      ft      m       ft      m       ft      m     Opt.    g/T
    -------------------------------------------------------------------------
    SH-1165A     1125   342.9    1140   347.6     15     4.6   0.399   13.68
    -------------------------------------------------------------------------
    SH-1169A     8980   271.3     920   280.5     30     9.2   0.245    8.39
    -------------------------------------------------------------------------
                  940   286.6     955   291.2     15     4.6   0.226    7.75
    -------------------------------------------------------------------------
                  975   297.3     995   303.4     25     7.6   0.246    8.42
    -------------------------------------------------------------------------
    

    From underground, the Zone 2 mineralization has also seen some growth
along the strike of the N70 degrees W striking R4 dike trend. One hole, C20434
encountered 15 feet (4.6m) of 0.160 opt (5.39 g/t) and finished in an
additional 15 feet (4.6m) of 0.367 opt (12.6 g/t). Other drill holes appear to
have limited the mineralization to the west.
    There is a significant gap between the Zone 2 ore zone and the above
mentioned Surface drilling. An underground core drilling program is scheduled
to begin shortly to test this 600 foot drilling gap.
    A map showing the locations of these drill holes is available on the
Company's web page www.yukon-nevadagold.com.
    Assays from surface 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. 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 Executive Vice
President-Exploration, Dorian L. (Dusty) Nicol, M.Sc., P.Geo., the Qualified
Person for purposes of this release.

    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 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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