Table 1. JERRITT CANYON RESERVES DECEMBER 2007  

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

Table 3. JERRITT CANYON INFERRED RESOURCE DECEMBER 2007

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.