|
Dear
Subscriber,
|
March 3, 2008
|
Vancouver,
Canada - March 03, 2008 - Yukon-Nevada Gold Corp. (Toronto Stock Exchange:
YNG; Frankfurt Xetra Exchange: NG6) announces
that proven and probable reserves at its 100% owned Jerritt Canyon
operating gold mine in Elko County, Nevada, estimated at year-end 2007,
have increased to 717,300
ounces of gold at a grade of 0.227 ounces of
gold per ton (opt) or 7.78
grams of gold per tonne (gpt). These reserves
are within a newly estimated measured and indicated resource of 1,961,000 ounces
of gold at a grade of 0.239 opt (8.19 gpt). The inferred resource at
Jerritt Canyon in addition to this is 520,000 ounces
of gold at a grade of 0.224 opt (7.68 gpt). The attached tables
summarize reserves and resources by area, the map showing the area
locations can be seen on the Company's web site.
Table 1. JERRITT CANYON RESERVES DECEMBER 2007
|
Deposit/Mine
|
PROVEN
|
PROBABLE
|
TOTAL
|
|
K tons
|
oz/st
|
K oz
|
K tons
|
oz/st
|
K oz
|
K tons
|
oz/st
|
K oz
|
|
Smith
|
92.5
|
0.304
|
28.1
|
861.6
|
0.280
|
241.4
|
954.1
|
0.282
|
269.5
|
|
SSX
|
513.7
|
0.221
|
113.4
|
386.3
|
0.232
|
89.7
|
900.0
|
0.226
|
203.0
|
|
Saval
|
11.4
|
0.200
|
2.3
|
108.8
|
0.250
|
27.2
|
120.2
|
0.246
|
29.5
|
|
Starvation
|
-
|
-
|
-
|
571.6
|
0.282
|
161.3
|
571.6
|
0.282
|
161.3
|
|
Wright Window
|
-
|
-
|
-
|
32.6
|
0.227
|
7.4
|
32.6
|
0.226
|
7.4
|
|
Sub Total
|
617.6
|
0.233
|
143.7
|
1,961.0
|
0.269
|
527.0
|
2,578.6
|
0.260
|
670.7
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockpiles
|
35.9
|
0.173
|
6.2
|
540.8
|
0.075
|
40.4
|
576.7
|
0.081
|
46.6
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL
|
653.4
|
0.229
|
149.9
|
2,501.8
|
0.227
|
567.4
|
3,155.2
|
0.227
|
717.3
|
Jerritt Canyon's proven and
probable reserves at year-end 2006 were 485,700 ounces
of gold. These were depleted by approximately 114,700 ounces
as a result of mining during 2007. The current reserve therefore
represents an addition of 346,300 ounces.
Yukon-Nevada Gold's President
and Chief Executive Officer, Graham C. Dickson, commented, "We are
extremely happy that the Jerritt Canyon team has essentially doubled (net
of depletion) the mineable reserve. This represents a significant
accomplishment in the six months since completion of the merger with
Queenstake, which allowed resumption of an aggressive exploration program
on the property. This increase in reserve is testimony to the dedication
and competence of the Jerritt Canyon operations and exploration staff that
through their success in lowering operating costs and discovering new
ounces made this significant achievement possible. We fully expect
exploration success to continue and for Jerritt Canyon
to continue its tradition of over 25 years of replacing and adding to
reserves through exploration success"
The 2007 year-end reserve
estimate was calculated using a gold price of $580 per ounce, reflecting a
three-year average gold price. Two factors led to the significant
increase to reserve: exploration success which added approximately 225,000 ounces
to measured and indicated resource, and decreases in operating costs at Jerritt Canyon which matched with the
increased gold price relative to the 2006 year-end estimate allowed a
lowering of cut-off grade used in the estimate. The Smith / Mahala
Mine exhibited the most significant increase in reserve compared to a year
earlier, followed by the SSX Mine and Starvation Canyon
deposit.
Table 2. JERRITT CANYON MEASURED
& INDICATED
RESOURCES DECEMBER 2007
|
Deposit/Mine
|
MEASURED
|
INDICATED
|
MEASURED & INDICATED
|
|
K tons
|
oz/st
|
K oz
|
K tons
|
oz/st
|
K oz
|
K tons
|
oz/st
|
K oz
|
|
Murray
|
156
|
0.310
|
48
|
27
|
0.269
|
7
|
182
|
0.304
|
55
|
|
Murray Zone 9
|
-
|
|
-
|
211
|
0.277
|
58
|
211
|
0.277
|
58
|
|
SSX/Steer
|
1,815
|
0.255
|
462
|
746
|
0.269
|
201
|
2,561
|
0.259
|
663
|
|
Smith
|
588
|
0.303
|
178
|
649
|
0.256
|
166
|
1,237
|
0.278
|
344
|
|
Smith East
|
19
|
0.441
|
8
|
1,044
|
0.284
|
297
|
1,062
|
0.287
|
305
|
|
Saval
|
12
|
0.227
|
3
|
367
|
0.253
|
93
|
380
|
0.252
|
96
|
|
Starvation
|
-
|
|
-
|
697
|
0.287
|
200
|
697
|
0.287
|
200
|
|
Wright Window
|
-
|
|
-
|
98
|
0.156
|
15
|
98
|
0.156
|
15
|
|
|
|
Other
Resources:
|
|
|
Pit
Resources
|
|
|
Burns Basin Pit
|
-
|
|
-
|
30
|
0.134
|
4
|
30
|
0.134
|
4
|
|
California Mtn. Pit
|
-
|
|
-
|
8
|
0.115
|
1
|
8
|
0.115
|
1
|
|
Coyote Zone 10 Pit
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
|
Pie Creek Pit
|
-
|
|
-
|
190
|
0.157
|
30
|
190
|
0.157
|
30
|
|
Road Canyon Pit
|
-
|
|
-
|
149
|
0.143
|
21
|
149
|
0.143
|
21
|
|
Mill Creek
|
-
|
|
-
|
78
|
0.124
|
10
|
78
|
0.124
|
10
|
|
U/G
Resources
|
|
|
|
|
|
|
|
|
|
|
Burns Basin
|
-
|
|
-
|
31
|
0.194
|
6
|
31
|
0.194
|
6
|
|
California Mtn.
|
-
|
|
-
|
32
|
0.377
|
12
|
32
|
0.377
|
12
|
|
Coyote Zone 10
|
-
|
|
-
|
45
|
0.212
|
10
|
45
|
0.212
|
10
|
|
MCE
|
-
|
|
-
|
4
|
0.201
|
1
|
4
|
0.201
|
1
|
|
Waterpipe II
|
-
|
|
-
|
-
|
|
-
|
-
|
|
-
|
|
West Mahala
|
-
|
|
-
|
197
|
0.218
|
43
|
197
|
0.218
|
43
|
|
Winters Creek
|
-
|
|
-
|
149
|
0.218
|
32
|
149
|
0.218
|
32
|
|
|
|
|
|
|
|
|
|
|
|
|
Sub Total
|
2,590
|
0.270
|
700
|
4,753
|
0.254
|
1,207
|
7,343
|
0.260
|
1,907
|
|
|
|
Stockpiles
|
36
|
0.173
|
6
|
818
|
0.059
|
48
|
854
|
0.064
|
54
|
|
|
|
Total All
Sources
|
2,626
|
0.269
|
706
|
5,571
|
0.225
|
1,255
|
8,197
|
0.239
|
1,961
|
Table 3. JERRITT CANYON INFERRED
RESOURCE DECEMBER 2007
|
Deposit/Mine
|
INFERRED
|
|
K tons
|
oz/st
|
K oz
|
|
Murray
|
90
|
0.228
|
21
|
|
Murray Zone 9
|
62
|
0.209
|
13
|
|
SSX/Steer
|
959
|
0.236
|
227
|
|
Smith
|
534
|
0.221
|
118
|
|
Smith East
|
125
|
0.280
|
35
|
|
Saval
|
107
|
0.206
|
22
|
|
Starvation
|
25
|
0.252
|
6
|
|
Wright Window
|
19
|
0.229
|
4
|
|
|
|
Other
Resources:
|
|
|
Pit
Resources
|
|
|
Burns Basin Pit
|
-
|
|
-
|
|
California Mtn. Pit
|
-
|
|
-
|
|
Coyote Zone 10 Pit
|
20
|
0.104
|
2
|
|
Pie Creek Pit
|
28
|
0.142
|
4
|
|
Road Canyon Pit
|
74
|
0.131
|
10
|
|
Mill Creek
|
-
|
|
-
|
|
U/G
Resources
|
|
|
Burns Basin
|
51
|
0.228
|
12
|
|
California Mtn.
|
9
|
0.330
|
3
|
|
Coyote Zone 10
|
3
|
0.184
|
0
|
|
MCE
|
8
|
0.189
|
1
|
|
Waterpipe II
|
37
|
0.206
|
8
|
|
West Mahala
|
130
|
0.206
|
27
|
|
Winters Creek
|
37
|
0.199
|
7
|
|
|
|
Sub Total
|
2,320
|
0.224
|
520
|
|
|
|
Stockpiles
|
-
|
|
-
|
|
|
|
|
|
|
Total All
Sources
|
2,320
|
0.224
|
520
|
Jerritt Canyon resources and reserves were calculated by Messrs.
Donald Colli and Robert (Chip) Todd, Manager of Mine Geology and Manager of
Technical Services, respectively, under the supervision of Yukon-Nevada
Gold's Executive Vice President - Exploration, Dorian L. (Dusty)
Nicol. These individuals are qualified persons as defined by N.I.
43-101. The work has been reviewed and approved by Leah Mach and
Landy Stinnet of SRK Consulting (US), Inc. who are the qualified persons
for purposes of this news release. SRK Consulting (US), Inc. is
preparing a 43-101 Technical Report which will include these results; it is
anticipated that this full report will be available and released in April
2008.
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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