Dear Subscriber,
|
July 10, 2008
|
Vancouver, BC - July 10, 2008 - Yukon-Nevada Gold Corp.
(Toronto Stock Exchange: YNG; Frankfurt Xetra Exchange: NG6) has received very encouraging
results from three holes, one drilled in the Smith Mine area, another in
the Mahala Basin area and the third hole recently drilled in the Alchem
zone near the Marlboro Canyon deposit, all at Jerritt Canyon.
The drill hole in the Smith Mine Exploration area shows promise for further
expansion and exploration. Reverse circulation drill hole SH-1192A encountered 20 ft (6.1m)
at a grade of 0.438 opt (15g/T) gold. This result confirms and
offsets, by about 80 ft (24m) to the west, mineralization cut in 2007 by
SH-1178A, 30 ft (9.1m) at 0.415 opt (14.2g/T). This mineralization lies
approximately 400 ft (122m) west of the indicated resource and about 1200
ft (366m) west of the current workings in Zone 2 of the Smith Mine. The mineralization
in Zone 2 of the Smith mine has largely been dike associated ore within the
Hanson Creek formation. The mineralization in these angled drill holes is
within the overlying Roberts Mountain formation. The Hanson Creek
formation-host environment has not been tested beneath these intercepts.
Results from reverse circulation drill hole USB-068A added to the encouragement in the Mahala
Basin. This drill hole intersected high grade gold from 1045 ft (319m) to
1070 ft (326m), 25 ft (7.6m) with an average grade of 0.392 opt (13.43 g/T)
gold. The mineralized intercept appears to be in the footwall of what may
be the Mahala dike and is approximately 3,000 ft (915m) west along strike
of the Zone 4 workings in the Smith Mine. This intercept, lies about 220
ft (67m) SE of drill hole MAH-399 reported in the April 23rd
2008 news release.
A review of historical drilling revealed an area on strike of the Alchem
mineralization and near the Marlboro Canyon deposit that has not been drill
tested. A fence of reverse circulation drill holes was completed
across the strike of the Alchem mineralized trend. NF-964 contained an interval of
25 ft (7.6m) of 0.230 opt (7.88 g/T) at a depth of 900 ft (274m).
This drill hole is currently being off-set to the east.
The Alchem and Marlboro Canyon deposits were part of the original reserve
at Jerritt Canyon. The Marlboro Canyon deposit produced 1.4 million
ounces at a grade of 0.241 opt (8.25 g/T) from an open pit. This
target area is undrilled to the east.
The Company's President and CEO, Graham C. Dickson, commented, "These
drill results once again confirm that the Mahala Basin is an extremely
prospective area for discovering new gold resources. Also the presence of
significant gold values in the previously unexplored part of the Alchem
zone will provide another focus for production ready gold resources and
reserves."
Assays from exploration holes reported in this news release were by ALS
Chemex, North Vancouver, B.C. and by the Company's assay laboratory at
the Jerritt Canyon Mine, using standard fire assay techniques. The
Company's Quality Assurance and Quality Control protocols are available in
the Company's NI 43-101 Technical Report dated May 1st, 2007 and
available on www.sedar.com. Intercepts are reported as drilled. A
comprehensive table of drill results will be available on www.yukon-nevadagold.com
by the end of July 2008.
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 Exploration Manager,
Mike Ward, M.Sc., P.Geo., the Qualified Person for purposes of this
release.
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.
|