Jerritt Canyon To Produce 120,000 Ounces Of Gold

VANCOUVER - Yukon-Nevada Gold Corp. reported results for its fourth quarter of 2007 and its year end results. Financial results only reflect the activities of Queenstake Resources Ltd. since its acquisition in June 2007. All amounts in US dollars, unless otherwise stated.
The Company's 2007 annual gold production rate from Jerritt Canyon met the forecasted rate of 120,000 ounces per annum with 59,100 ounces of gold produced from Jerritt Canyon ore in the six months of operation. Gold production is expected to be around 120,000 ounces in 2008 and increase in 2009 and as new projects come on stream. The Company also produced 38,098 ounces of gold from purchased ores for a total of 97,198 ounces of gold.
The gold ounces produced from Jerritt Canyon ore were sold at a weighted average price of $739 per ounce and produced at a cash cost of $416 per ounce.
Yukon-Nevada Gold's President and Chief Executive Officer, Graham C. Dickson, commented, "We are pleased to see that the fourth quarter continued with an improved performance over the third quarter. The recently scheduled mill shutdown was to make sure that this kind of performance can continue without sacrificing anything in terms of safety or the environment."
Dickson further stated, "The exploration team matched the performance of the operations group in 2007 by greatly enhancing the Company's reserves at Jerritt Canyon and by the preliminary delineation of several open pits at the Ketza River property."
The Company engages in the forward sales of gold produced from ore purchased from third parties. This practice ensures that the Company achieves an acceptable profit margin on this activity. The Company is not hedged on any gold produced from its own Jerritt Canyon ore.
The company's address is 490-688 West Hastings Street, Vancouver BC V6B 1P1, 604.688.9427, fax: 604.688.9426, email: [email protected] .