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Attention Business Editors
Yukon-Nevada Gold Corp. announces the recommencement of exploration drilling at Jerritt Canyon under the direction of a new Chief Geologist
VANCOUVER, July 22 /CNW/ - Yukon-Nevada Gold Corp. (Toronto Stock
Exchange: YNG; Frankfurt Xetra Exchange: NG6) is pleased to announce that as
of July 12, 2010 it has recommenced underground exploration drilling at its
gold producing Jerritt Canyon property located 50 miles from Elko, Nevada. In
addition the Company is pleased to announce that Mr. William Hofer has been
recently appointed as the Chief Geologist at Jerritt Canyon. The Jerritt
Canyon Mine is operated by Yukon-Nevada Gold Corp.'s ("YNG" or the "Company")
wholly owned subsidiary Queenstake Resources USA, Inc. ("Queenstake").
Mr. Hofer has over twenty three years of precious metals mining and
exploration experience and has worked throughout the western United States,
Canada and China. He graduated from the University of South Dakota with a
Bachelor of Science Degree in Geology. Mr. Hofer has conducted work for INCO
Gold/TVX Gold at the Mineral Hill Mine in Montana; Kinross/Candelaria Mining
Co. at the Candelaria Mine in Nevada; and Homestake Mining Company at the Lead
Mine in South Dakota. He also has significant experience with project
management, underground and open-pit mine operations, mine prefeasibility and
feasibility studies, mine construction and pre-production development, ore
reserves and deposit modeling, and exploration programs. Mr. Hofer's
geological experience will greatly benefit the Company as it moves towards
expanding its reserves and resources at Jerritt Canyon.
Mr. Hofer, along with Laura Symmes, the Jerritt Canyon Project Geologist,
has designed both the 2010 underground and surface drilling programs. The 2010
underground exploration program includes approximately 12 diamond drill holes
totaling 14,400 feet.
Plans for a surface exploration drilling program are currently being
finalized. This surface exploration program is focusing on the northern half
of the property in previously disturbed areas and will include approximately
35,000 feet in over 30 drill holes. The surface exploration drill program is
scheduled to start in mid-August.
The goals of the 2010 Jerritt Canyon drill programs include:
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- Resource conversion/expansion adjacent to the existing Smith &
Steer/SSX Mine underground infrastructure and thereby increasing the
current life-of-mine duration of 4 years (at a projected steady-state
150,000 oz Au production per year) by an additional 3 to 4 years;
- Exploration along known resource trends distal to existing
underground infrastructure ((greater than) 1,000 lateral feet) using
wide-spaced drilling;
- New resource discovery targeting the Hanson Creek IV unit in the
Winters Creek and Ridge fault zone areas; and
- Evaluation of areas of historic surface production in the Generator
pit areas.
>>
The resource conversion drill holes will target Zones 4, 5, and 8 near
the Smith Mine and the West Mahala resource located southeast of the existing
SSX-Steer mine complex workings. Exploration drill holes will focus on
expanding resources in the following areas: West Mahala, East Dash, and Coulee
(Zones 1, 3, 4 and 8 at Smith Mine).
The 2010 underground and surface drilling programs are designed to
provide continuing production from the existing mines and continue to extend
the longevity of Jerritt Canyon. Future exploration programs within the 119
square mile Jerritt Canyon property will be undertaken with the objective of
discovering new gold mines.
The current Smith mine plan has a scheduled life that extends at least
into 2014. A 2.5-year mine design on the Steer-SSX underground mine complex is
mostly completed.
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 in addition to the planned acquisitions
mentioned above.
This news release was reviewed and approved by the Company's Vice
President of Exploration, Todd Johnson, M.Sc., 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 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.
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/For further information: Yukon-Nevada Gold Corp.: Richard Moritz, Senior
Director, Institutional Investor Relations, Tel: (604) 688-9427, Email:
rmoritz@yngc.ca; 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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