Yukon-Nevada Gold Corp. Signs Agreement with Allied Nevada to Process Hycroft Loaded Carbon
VANCOUVER, June 7, 2012 /PRNewswire/ - Yukon-Nevada Gold Corp. (TSX: YNG) (Frankfurt Xetra Exchange: NG6) ("YNG" or the "Company") is pleased to announce that it has entered into an arrangement with Allied Nevada Gold Corp. ("Allied Nevada") to process Hycroft gold and silver laden carbon in the carbon plant at the Jerritt Canyon milling facility located in Elko County, Nevada. The terms of the agreement are in-line with previous arrangements Allied Nevada had with other offsite processing facilities. Jerritt Canyon is operated by Queenstake Resources USA Ltd., a wholly owned subsidiary of the Company.
Randy Reichert, Chief Operating Officer said, "We will process this material under a tolling arrangement. Revenues from this arrangement will be credited against operating costs. Normal gold production from the Smith mine, SXX/Steer mine and from stockpiles will continue as usual at the Jerritt Canyon milling facility for the duration of this agreement."
Hycroft expects to ship the first lot of carbon in early June. Under the terms of the arrangement, in the initial 90 - 120 days following signing of the agreement all of the carbon currently in inventory at Hycroft is expected to be processed. After this initial period, between 15 and 30 tons per month may be processed. Hycroft currently generates approximately 15 to 20 tons of carbon per month.
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 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.
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SOURCE Yukon-Nevada Gold Corp.