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Increase in the grade of the resource at Ketza River is a milestone on the road to production for Yukon-Nevada Gold Corp.
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VANCOUVER, March 5 /PRNewswire-FirstCall/ - Yukon-Nevada Gold Corp.
(Toronto Stock Exchange: YNG; Frankfurt Xetra Exchange: NG6) announces that it
has completed an updated resource estimate for its 100% owned Ketza River
property in the Yukon Territory, which significantly increases the grade of
its previously reported resource. The currently estimated resource at Ketza
River, as of year-end 2007, consists of a measured and indicated resource of
646,400 ounces at a grade of 4.93 grams of gold per tonne (gpt), comprised of
a measured resource of 146,500 ounces at a grade of 6.40 gpt and an indicated
resource of 499,900 at a grade of 4.61 gpt. There is an additional inferred
resource of 112,800 ounces at a grade of 3.26 gpt. These estimates are
tabulated by area in the tables below; the map showing their locations can be
accessed on the Company's web site.
Table 1. KETZA RIVER MEASURED & INDICATED RESOURCE
DECEMBER 2007
-------------------------------------------------------------------------
MEASURED INDICATED
Deposit/Mine ------------------------------------------------------
K Tonne g/t K Oz K Tonne g/t K Oz
-------------------------------------------------------------------------
Pit Resources
(1 gpt cutoff)
-------------------------------------------------------------------------
Peel-Break 303.2 7.17 69.8 1,878.6 5.14 310.6
-------------------------------------------------------------------------
Penguin-Lab-Hoodoo 205.2 7.70 50.8 567.7 3.56 65.0
-------------------------------------------------------------------------
Shamrock (Gully-
QB-3m) 182.5 3.65 21.4 519.6 3.58 59.8
-------------------------------------------------------------------------
Tarn - - 54.6 4.26 7.5
-------------------------------------------------------------------------
Subtotal 690.9 6.39 142.0 3,020.5 4.56 442.9
-------------------------------------------------------------------------
-------------------------------------------------------------------------
U/G Resources
(3 gpt cutoff)
-------------------------------------------------------------------------
Peel-Break 2.0 4.34 0.3 98.9 5.73 18.2
-------------------------------------------------------------------------
Penguin-Lab-Hoodoo 18.5 6.78 4.0 70.7 5.05 11.5
-------------------------------------------------------------------------
Shamrock (Gully-
QB-3m) 0.8 3.78 0.1 175.8 4.74 26.8
-------------------------------------------------------------------------
Tarn - - 3.6 4.92 0.6
-------------------------------------------------------------------------
Subtotal 21.3 6.43 4.4 349.0 5.09 57.1
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total All Sources 712.2 6.40 146.5 3,369.5 4.61 499.9
-------------------------------------------------------------------------
----------------------------------------------
MEASURED & INDICATED
Deposit/Mine ---------------------------
K Tonne g/t K Oz
----------------------------------------------
Pit Resources
(1 gpt cutoff)
----------------------------------------------
Peel-Break 2,181.8 5.42 380.5
----------------------------------------------
Penguin-Lab-Hoodoo 772.9 4.66 115.8
----------------------------------------------
Shamrock (Gully-
QB-3m) 702.1 3.60 81.2
----------------------------------------------
Tarn 54.6 4.26 7.5
----------------------------------------------
Subtotal 3,711.4 4.90 584.9
----------------------------------------------
----------------------------------------------
U/G Resources
(3 gpt cutoff)
----------------------------------------------
Peel-Break 100.9 5.70 18.5
----------------------------------------------
Penguin-Lab-Hoodoo 89.2 5.40 15.5
----------------------------------------------
Shamrock (Gully-
QB-3m) 176.6 4.74 26.9
----------------------------------------------
Tarn 3.6 4.92 0.6
----------------------------------------------
Subtotal 370.3 5.17 61.5
----------------------------------------------
----------------------------------------------
Total All Sources 4,081.7 4.93 646.4
----------------------------------------------
Yukon-Nevada Gold's President and Chief Executive Officer, Graham C.
Dickson, commented, "We are pleased to see this significant increase in the
average grade of the resource and to note that the great majority of the
resource (90.5%) will be mined by open pit. This is an important step in the
transition of Ketza River from an exploration camp to a gold producer and a
testimonial to the hard work and dedication of the exploration staff who have
worked at this site twenty four hours a day for the last thirty three months".
Ketza River is currently transitioning from an exploration project to
feasibility and, therefore, the current resource estimate has focused on
establishing higher grade resource shapes that can form the basis for eventual
mineable reserves. As a result, mineralization that is not deemed to have a
reasonable expectation of being eventually mineable has been excluded from the
current resource. A cut-off grade of 1.0 gpt has been used for shapes that are
believed to be amenable to eventual open-pit mining (see note) while a cut-off
of 3.0 gpt has been applied to resource shapes that would have to be mined
from underground. In addition, most gold mineralization has been tightly
constrained geologically using structural and stratigraphic features
established by mining records and 3-dimensional geologic analysis; the nature
of these geologic constraints, has to a great extent, been the result of work
carried out on the property during the last year.
Compared to the last reported resource estimates for Ketza River (2004,
2005), the current measured and indicated resource estimate represents a
decrease of about 110,000 ounces of gold from a previously estimated 756,700
ounces but, more significantly, at a much higher grade (4.93 gpt compared to
the previous 2.76 gpt). The measured component of the resource is currently at
6.40 gpt compared to a previous 3.54 gpt.
Table 2. KETZA RIVER INFERRED RESOURCE
DECEMBER 2007
-------------------------------------------------------------------------
INFERRED
---------------------------
Deposit/Mine K Tonne g/t K Oz
-------------------------------------------------------------------------
Pit Resources (1 g/t Cutoff)
-------------------------------------------------------------------------
Peel-Break 298.1 2.79 26.7
-------------------------------------------------------------------------
Penguin-Lab-Hoodoo 188.1 2.33 14.1
-------------------------------------------------------------------------
Shamrock (Gully-QB-3m) 229.7 2.83 20.9
-------------------------------------------------------------------------
Tarn 46.3 2.20 3.3
-------------------------------------------------------------------------
Subtotal 762.2 2.65 65.0
-------------------------------------------------------------------------
-------------------------------------------------------------------------
U/G Resources (3 g/t cutoff)
-------------------------------------------------------------------------
Peel-Break 27.6 3.72 3.3
-------------------------------------------------------------------------
Penguin-Lab-Hoodoo 59.9 4.14 8.0
-------------------------------------------------------------------------
Shamrock (Gully-QB-3m) 225.9 5.03 36.5
-------------------------------------------------------------------------
Tarn - - -
-------------------------------------------------------------------------
Subtotal 313.4 4.74 47.8
-------------------------------------------------------------------------
-------------------------------------------------------------------------
Total All Sources 1,075.6 3.26 112.8
-------------------------------------------------------------------------
Estimated inferred resources have declined from a previously reported
1,054,400 ounces at 2.25 gpt to the currently estimated 112,800 ounces at 3.26
gpt. The Company believes that this decrease in inferred resource reflects new
drilling and stricter constraints placed on the estimation and not a decrease
in exploration potential of the over-all property. Numerous encouraging
exploration targets remain untested throughout the project area, including
several which would represent stepouts or extension from currently identified
resource.
This resource estimate was prepared by Yukon-Nevada Gold geologic staff
and Russ White of SRK under the supervision of the Company's Executive Vice
President - Exploration, Dorian L. (Dusty) Nicol, who is a qualified person
under N.I. 43-101. This estimate has been reviewed and approved by Russ White
of SRK who is the qualified person for this news release. SRK is preparing a
43-101 Technical Report incorporating these results; it is estimated that this
report will be completed and available by early April 2008.
Note: In order to establish potential surface mineability, pit shells were
created using a Lerchs-Grossmann algorithm at $1,000 USD per ounce gold price
and basic cost and recovery criteria as recommended by SRK Consulting (US),
Inc. which include $12/tonne process costs, $2.82/tonne mining costs, 85%
metallurgical recovery, and 45 degree pit slopes.
If you would like to receive press releases via email please contact
nicole@yngc.ca and specify "Yukon-Nevada Gold Corp. releases" in the
subject line.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
WARNING: The Company relies upon litigation protection for "forward-
looking" statements.
This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The securities
have not been and will not be registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold within the United States or to U.S.
Persons unless registered under the U.S. Securities Act and applicable state
securities laws or an exemption from such registration is available.
SOURCE Yukon-Nevada Gold Corp.
For further information: Yukon-Nevada Gold Corp.: Nicole Sanches, Investor Relations Manager, Tel: (604) 688-9427, Email: nicole@yngc.ca,
www.yukon-nevadagold.com; CHF Investor Relations: Jacqueline Wagenaar, Associate Account Manager, Tel: (416) 868-1079 ext. 289, Email: jacqueline@chfir.com,
www.chfir.com
© 2008 The Globe and Mail
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