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Market: TSX
Sector: Gold Mining
EPIC: ANV
Latest Price: 26.61  (5.05% Ascending)
52-week High: 44.85
52-week Low: 24.15
Market Cap: 2,392.10M
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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 Gold delivers record production in second quarter, maintains guidance

9th Aug 2010, 4:43 pm by Phil Cheng
Allied Nevada Gold delivers record production in second quarter, maintains guidance

Allied Nevada Gold (“Allied Nevada”) (TSX: ANV, AMEX:ANV) reported that it has achieved a net income of $20.8 million for the second quarter of 2010, compared to net loss of $6.9 million for the same period a year earlier. 


Allied Nevada’s Hycroft mine reached record production in the second quarter of 2010 of 31,400 ounces of gold and 62,000 ounces of silver compared to 14,500 ounces of gold and 15,400 ounces of silver in the second quarter of 2009.  The company also reported better than expected recovery rates for both gold and silver in the first half of 2010.    

Record sales were also achieved with 29,560 ounces of gold and 63,859 ounces of silver sold during the period at a cost of sales of $408 per ounces gold sold.   Allied Nevada’s management reiterated that it is on track to meet guidance of gold sales of approximately 100,000 ounces at cost per sales per ounce of gold sold of $400-$500.

 
"I am proud to report that we have achieved a number of milestones and new operating and financial records in the first half of 2010. Hycroft is running well and we have begun the first stage of the oxide expansion ahead of schedule. Exploration drilling continues to define what management believes to be a very large system and ongoing metallurgical testing continues to provide confidence for both oxide and sulfide mineralization. I look forward to the challenge of surpassing the current performance records as we continue to optimize and grow Hycroft," commented Scott Caldwell, President and CEO of Allied Nevada.


A three hole drill program has also been commenced at Allied Nevada’s Hasbrouck Mountain project located near Tonopah, Nevada.  Grades encountered in this initial three hole program are higher than average resource grades of 0.79 g/t gold and 10.97 g/t silver.


43,300 meters of drilling in the 100,000 meter drilling program at Hycroft has also been completed.  The drilling program is designed to expand oxide and sulphide resources, obtaining samples for metallurgical work, testing the extent of high-grade silver anomalies encountered at the end of the 2009 drill season.

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