Vancouver,
BC - April 23, 2008 - Yukon-Nevada Gold Corp. (Toronto
Stock Exchange: YNG; Frankfurt Xetra Exchange:
NG6) has received very encouraging results from
two holes drilled in the Mahala Basin
area of the Jerritt Canyon District. MAH-399, a Reverse
circulation drill hole , contained an interval of 20
feet (6.1m) of 0.307
ounces of gold per ton (opt) or 10.5 grams of gold
per tonne (gpt) within a
mineralized interval of 45
feet (13.7m) with an average grade of 0.174 opt (6 gpt). This interval begins 1035 feet (315.5m)
below the surface. Core hole MAH-356C cut a 10
foot (3m) interval of 0.404 opt (13.8 gpt)
beginning about 1,100
feet (335
m) below the surface. The topography in this
zone is steep and despite the drilling depths, these mineralized intervals
are at approximately the same elevation as the current Smith Mine
underground workings.
These drill results are considered very significant since they are on
strike with the Smith Mine resources and appear to be a continuation of the
Mahala ore zone. MAH-399 is about 3,200 feet (976m)
west of the Mahala ore body and is within and
adjacent to an igneous dike that may be the continuation of the Mahala dike. The Mahala
dike and associated structures host high grade mineralization in Zone 4 of
the Smith underground mine.
Core hole MAH-356C
sits an additional 1,000
feet (305m) west of drill hole MAH-399, over 4,000 feet (1220 m) west of current
mining in Zone 4 of the Smith Mine. Mineralization in this hole
occurs within the Hanson Creek limestone, one of the primary ore hosts at Jerritt Canyon.
The Company's President and CEO, Graham C. Dickson, commented, "These
drill results continue to confirm our belief that the Mahala Basin
is an extremely prospective area for discovering new gold resources. This
target area will continue to be a focus of exploration in 2008, exploring
not only for incremental additions to the Smith Mine resources, but also
for possibly entirely new orebodies along this clearly highly mineralized
corridor."
True widths have not yet been calculated; given the geometry of
mineralization at Jerritt
Canyon, the concept
of true width is not always meaningful before delineation drilling has been
completed. This News Release was reviewed and approved by the
Company's Executive Vice President-Exploration, Dorian L. (Dusty) Nicol,
M.Sc., P.Geo., the Qualified Person for purposes
of this release.
A detailed map of the drill holes can be found on our website, www.yukon-nevadagold.com.
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.
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