Allied Nevada Achieves Record Gold Sales
RENO, NV - Allied Nevada Gold Corp. reported preliminary operating results for the third quarter and year to date ended September 30, 2010. Allied Nevada achieved record metals sales in the third quarter with 30,585 ounces of gold and 69,365 ounces of silver sold at average cost of sales of approximately $416 per ounce of gold sold. Year-to-date, 80,584 ounces of gold and 184,161 ounces of silver have been sold at an average cost of sales of approximately $406 per ounce of gold sold. The year to date production ratio of 2.3 ounces of silver to one ounce of gold continues to exceed expectation. The mine remains on track to meet previously released guidance of 100,000 ounces of gold production at a cost of sales per ounce of gold sold of $400-$450 for 2010.
"We are pleased with the smooth operating performance at Hycroft with now three consistent quarters meeting production and cost expectations," comments Scott Caldwell, President and CEO. "The mine is moving quickly on the first stage of its transformation with new larger mining equipment being introduced and the first crusher operating as expected. We are moving quickly on all fronts to develop Hycroft into the significant operation we believe it should be." The 2010 Brimstone leach pad expansion is nearing completion on schedule and slightly under budget. The first crusher became operational in the third quarter and is currently working as planned. The first two 320-ton haul trucks in connection with the planned oxide expansion have arrived on site and are being assembled. It is expected that these trucks will be operational in the fourth quarter of 2010. A third 320-ton haul truck is expected to be on site and operational by the end of the fourth quarter as well. The company's address is 9790 Gateway Drive, Suite 200, Reno, NV 89521, (775) 358-4455, fax: (775) 358 4458, email: [email protected].