Vancouver, Canada - July 2nd, 2008 - Yukon-Nevada Gold Corp. (Toronto Stock Exchange: YNG; Frankfurt Xetra Exchange: NG6) (the "Company") is pleased to announce that it has reached a settlement with AIG with regards to the dispute over the payment for the construction of an evaporation pond at Jerritt Canyon, Nevada.
"In my opinion, the lawsuit was the result of a breakdown in communication between Queenstake Resources Ltd. and AIG at the time of construction," said Graham Dickson, the Company's President and Chief Executive Officer. "We are pleased that the goodwill exhibited by both sides has enabled us to reach a settlement. We look forward to a relationship with AIG that will continue to be based upon mutual respect and sound business practices," he further added.
The Company has recently topped up its reclamation funding to meet the latest requirements from the Nevada Division of Environmental Protection. Planning for a new tailings facility is well underway, and its construction will not only allow for the extended mine life now being projected, but will also allow for easier reclamation of the present tailings facility.
Yukon-Nevada Gold Corp. is a North American gold producer in the business of discovering, developing and operating gold deposits. The Company holds a diverse portfolio of gold, silver, zinc and copper properties in the Yukon Territory and British Columbia in Canada and in Arizona and Nevada in the United States. The Company's focus has been on the development of its late stage development and operating properties. Near term growth will occur by increasing or initiating production from the Company's existing properties.
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.
Yukon-Nevada is a gold development stage company based in Canada.
Yukon-Nevada holds various exploration projects in Canada.
Its main assets in production are JERRITT CANYON MINE, JERRITT CANYON, JERRITT CANYON-MURRAY, JERRITT CANYON - MURRAY ZONE 9, JERRY CANYON - SSX, JERRY CANYON - EAST SMITH, JERRY CANYON - SAVAL, JERRY CANYON - STARVATION, JERRY CANYON - WRIGHT WINDOW, JERRITT CANYON STOCKPILES, JERRY CANYON - UG RESOURCES, JERRY CANYON - SMITH and JERITT CANYON - PIT RESOURCES in USA, its main asset in development is KETZA RIVER MANTO ZONE in Canada and its main exploration properties are WOLF PROPERTY, MONEY CLAIMS, SILVER VALLEY PROPERTY, KETZA - SHAMROCK ZONE and KETZA RIVER in Canada.
Its stock quote reached its lowest recent point on December 12, 2008 at CA$ 0.02, and its highest recent level on February 12, 2013 at CA$ 2.95.
Yukon-Nevada has 930 644 000 shares outstanding.