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Market: TSX
Sector: Gold Mining
Epic: ANV
News: Latest news
Web Site: Allied Nevada Gold Corp
Other Articles: 09-08-201009-02-201014-08-2009

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Allied Nevada Gold Corp

Allied Nevada Gold Corp

Allied Nevada has reactivated the Hycroft Mine and expects to begin gold production in the fourth quarter of 2008, reaching full production capacity in the second quarter of 2009.  Once at full capacity, the Mine will produce approximately 100,000 ounces of gold per year.

Tuesday, March 31, 2009

Allied Nevada Gold’s Hycroft mine resources significantly increased

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Allied Nevada Gold Corp announced an updated resource estimate with a significant increase to gold and to silver resources for its Hycroft mine near Winnemucca in Nevada.

Gold measured and indicated resources increased to 5.9 million ounces - 440.9 million tonnes at 0.40 grams per tonne, using a cut off grade of 0.17 g/t for oxide material and 0.45 g/t for sulfide material - from 1.9 million ounces of gold in September 2008.

The majority of the increase in oxide measured and indicated ounces is due to the result of metallurgical test work on the material contained in the oxide/sulfide boundary zone.

Inferred resources declined slightly as more inferred ounces were converted to the measured and indicated category than were replaced by new additions. Proven and probable reserves of 1.14 million ounces of gold, 66.4 million tonnes grading 0.55 g/t, have not changed.

Once stable production rates at the Hycroft heap leach mine are achieved, currently anticipated by mid-2009, management expects to resume exploration drilling at Hycroft. One of the primary goals of this program will be to convert oxide measured and indicated resources into ore reserves.

Silver measured and indicated resources increased to 117.5 million ounces, 104.6 million tonnes at 34.39 g/t, from 22.0 million ounces of silver in September 2008 and inferred resources increased to 177.9 million ounces of silver, 114.9 million tonnes grading 48.17 g/t, compared with 67.6 million ounces in September 2008.

The silver resource increase is due to an increase in overall tonnage resulting from the inclusion of remaining drill results from the 2008 program and retesting historical drilling.

President and CEO Simon Caldwell commented: "The continuing resource growth further enhances the future mine life of Hycroft and has elevated it to the ranks of one of the largest gold and silver resources in Nevada.”

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