Commencing Portal at Starvation Canyon New news release this am......Richard
Yukon-Nevada Gold Corp. Commences Portal Earthworks at Starvation Canyon
Underground Mine
Vancouver, BC – July 9, 2012 – Yukon-Nevada Gold Corp. (TSX: YNG) (Frankfurt Xetra
Exchange: NG6) is pleased to announce the commencement of earthworks for the
establishment of the Starvation Canyon portal face located in the southern portion of Jerritt
Canyon in Elko County, Nevada. Jerritt Canyon is a gold producing mine site operated by
Queenstake Resources USA Ltd., a wholly-owned subsidiary of Yukon-Nevada Gold Corp. (the
"Company").
Permitting activities with the State of Nevada were completed in 2011 allowing the Company to
begin advancing Starvation Canyon to an underground mine project. The current plan is to have
150 feet of portal development in place before winter starts.
Ore production from the Starvation Canyon mine will commence in 2013 at a targeted rate of
300 to 600 ore tons per day. The Company will use underground mining contractors for the
initial phase while evaluating equipment purchase options in the interim.
The 2011 surface exploration program at Starvation Canyon produced the following highlights
as reported in a news release dated January 31, 2012:
· TJ-366 intersected 28.97 meters at 18.86 g/t gold;
· TJ-364A intersected 9.15 meters at 7.68 g/t gold; and
· TJ-367 intersected 7.63 meters at 6.31 g/t gold.
The Starvation Canyon Measured and Indicated resource including reserves as of December
31, 2011 is 5.9 kt averaging 0.294 opt containing 1,700 ounces and 519.4kt averaging 0.25 opt
containing 130,000 ounces, respectively. This information is referenced in the latest NI 43-101
101_Technical_Report_YE2011.pdf
Randy Reichert; Co-CEO and President, and COO state