Dear Subscriber,
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May
01, 2008
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Vancouver,
BC - May 1, 2008 - Yukon-Nevada Gold Corp. (Toronto Stock Exchange: YNG;
Frankfurt Xetra Exchange: NG6) Graham C. Dickson, the President of Yukon-Nevada Gold Corp. (the
"Company"), announces that the Company has decided to phase out
custom milling at the Jerritt canyon operation over the next several years.
Mr. Dickson
commented, "The short term results of custom milling, the lowering of
unit costs, have proved beneficial to the Company's bottom line, however in
the opinion of management the longer term effects will be detrimental.
The fact that
we were able to make $9.63M in the final six months of 2007 from mining
operations at Jerritt Canyon confirmed our decision to purchase this
strategic asset when it became available. We were expecting to find that
the milling and mining facilities were not to a standard that met with our
corporate standards with regard to safety and the environment, and in this
we were not surprised.
In the first
quarter, during the extended shutdown for safety and environmental
improvements, the Company has made significant improvements to the milling
and mining facilities, which are now on par with similar facilities.
The Company will now focus on increasing mill feed from its own
mines, increasing safety, improving front line supervision and modernisation
as methods of reducing costs."
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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