Additional Information
Market: TSX
Sector: Gold Mining
EPIC: ANV
Latest Price: 25.33  (1.12% Ascending)
52-week High: 44.85
52-week Low: 24.15
Market Cap: 2,277.04M
1 year chart
1 day chart
Allied Nevada Gold Corp
www.alliednevada.com

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.

Allied Nevada Gold says Q1 production in line with estimates, sales higher

8th Apr 2011, 12:49 pm by Deborah Sterescu
Allied Nevada Gold says Q1 production in line with estimates, sales higher

Allied Nevada Gold  (TSE:ANV)(AMEX:ANV) said Friday that first quarter production at its Hycroft mine in Nevada was in line with estimates, while sales during the period came in slightly better than expected.

The company released preliminary first quarter results, with full results expected on May 5.

The Hycroft mine produced 20,718 ounces of gold and 61, 751 ounces of silver in the first quarter. The company said it expects production to strengthen throughout the year, as the impact of Allied Nevada's accelerated heap-leach mining plan will begin to take effect.

Expansion of the Merrill-Crowe plant to increase processing capacity from 3,500 gpm to 5,000 gpm began in the first quarter, while ground preparation to begin mining in a new area of Hycroft began in January.

However, the company said that the earthquake in Japan last month has delayed the delivery of a large capacity shovel that was originally expected to be in operation by the second quarter. Allied Nevada now anticipates the shovel will not be operating until the third quarter, resulting in a revision to its full year production guidance to between 115,000 to 125,000 ounces of gold.

During the first quarter, the precious metals producer sold 21,241 ounces of gold and 59,383 ounces of silver.

Allied Nevada shares were up more than 2.4% on Friday to trade at $40.26 as of 12:31pm EST.

No investment advice

The Company is a publisher and is not registered with or authorised by the Financial Services Authority (FSA). You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.