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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
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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.

Full Allied Nevada Gold Corp profile here
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Allied Nevada Q3 earnings meet Street despite lower gold production

7th Nov 2011, 9:51 am by Olivia D'Orazio
Allied Nevada Q3 earnings meet Street despite lower gold production

Allied Nevada Gold (TSE:ANV) (AMEX:ANV) reported third quarter earnings Monday that met analyst expectations, despite lower-than-anticipated gold production as a result of equipment delays at its Hycroft mine in Nevada.

Stemming from the earthquake and tsunami in Japan earlier this year, Allied Nevada said it was unable to receive the required mining and processing materials on schedule at the mine, resulting in lower production.

For the three months ending September 30, the company produced only 26,339 ounces of the yellow metal, down 11 percent from the 29,563 ounces seen a year ago. As a result, Allied Nevada said it is revising its full year production guidance to about 100,000 ounces of gold.

Silver production, however, during the latest quarter increased 61 percent to 121,264 ounces, surpassing the company's expectations.

Allied Nevada said its earnings rose sharply in the third quarter, as the average realized price of both gold and silver spiked.

Earnings for the quarter increased to $14.67 million, or $0.16 per share, more than quadruple the $3.06 million, or $0.03 per share, it earned a year ago. Analysts also expected 16 cents per share in earnings.

Revenues hiked to $49.64 million, up 28 percent from $38.87 million in the same period last year.

Gold prices increased over 34 percent to $1,684 per ounce during the quarter, while silver prices doubled to $38 per ounce.

Also during the quarter, the Reno, Nevada-based company said it completed 20,783 feet of drilling throughout 76 holes at Hycroft, the company's only producing property, and intersected long intervals of mineralization at or above average resource grade mineralization.

At the Hasbrouck property, also located in Nevada, the company drilled 26 holes totaling 22,600 feet, discovering the Franco zone and further extending mineralization at the high-grade Saddle zone. Follow-up drilling has extended the zones along strike and at depth, and drilling for the rest of the year will focus on further definition, the company said.

On the Amex Exchange, Allied Nevada's shares rose 2.34 percent to $39.30 as of 9:43 am EDT Monday.

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