Yukon-Nevada Gold Corp. settles with AIG

    VANCOUVER, July 2 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock
Exchange: YNG; Frankfurt Xetra Exchange: NG6) (the "Company") is pleased to
announce that it has reached a settlement with AIG with regards to the dispute
over the payment for the construction of an evaporation pond at Jerritt
Canyon, Nevada.
    "In my opinion, the lawsuit was the result of a breakdown in
communication between Queenstake Resources Ltd. and AIG at the time of
construction," said Graham Dickson, the Company's President and Chief
Executive Officer. "We are pleased that the goodwill exhibited by both sides
has enabled us to reach a settlement. We look forward to a relationship with
AIG that will continue to be based upon mutual respect and sound business
practices," he further added.
    The Company has recently topped up its reclamation funding to meet the
latest requirements from the Nevada Division of Environmental Protection.
Planning for a new tailings facility is well underway, and its construction
will not only allow for the extended mine life now being projected, but will
also allow for easier reclamation of the present tailings facility.

    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.

    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 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,
Investor Relations Manager, Tel: (604) 688-9427, Email: nicole@yngc.ca;
www.yukon-nevadagold.com; CHF Investor Relations, Jacqueline Wagenaar, Account
Manager, Tel: (416) 868-1079 ext. 289, Email: jacqueline@chfir.com;

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