November 14, 2007
Vancouver, Canada -
November 14, 2007 - Yukon-Nevada Gold Corp. (Toronto Stock Exchange: YNG;
Frankfurt Xetra Exchange: NG6) (the
"Company") announced results for its third quarter of 2007. All
amounts in this news release are in US dollars, unless
otherwise stated. These results reflect the first quarter of
operations after the acquisition of Queenstake Resources Ltd which was
effective June 20, 2007
The Company reported a gross margin from
mining operations of $7.48 million for the third quarter of 2007.
After adjustments for depreciation, depletion and accretion, income from
mine operations was $3.25 million. The Company's net earnings for
the third quarter of 2007 were $547,000.
These excellent results are a testament to the hard work and
dedication exhibited by the Jerritt Canyon work force. Whilst maintaining
their focus on safety they have undergone significant reductions in
manpower which have resulted in an increase in productivity.
The revitalized custom milling business has allowed the switch,
from an emphasis on ounces produced, to an emphasis on reducing unit costs,
to be effective.
Even with a slow start to the quarter, caused by the roaster
undergoing stack testing, the operation at Jerritt Canyon produced a total
of 48,329 ounces in the third quarter of 2007.
Production of gold from the Company's own Jerritt Canyon ore
totaled 34,636 ounces. These ounces were produced at a cash cost of $354
The Company engages in the forward sale of gold produced from ore
purchased from third parties. This practice ensures the Company achieves an
acceptable profit margin on this activity. The Company is not hedged on any
gold produced from its own ore.
The Company's excess cash is invested in short-term investments,
mostly with a maturity date of less than 90 days from date of purchase
(these investments are classified as "cash" on balance sheet).
All investments are in "Bearer Deposit Notes" or Bankers
Acceptances issued by major Canadian chartered banks. The Company does NOT
have asset-backed securities in its investment portfolio.
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.