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UPDATE: Allied Nevada Recovers 6% Lost Monday As Reports Preliminary Q1 2013 Op Results; Shares Hit Year Lows Monday

Allied Nevada Gold Corp. (ANV.TO, ANV), which dropped 6% and hit year lows Monday, has recovered all 6% today after it reported preliminary first quarter 2013 operational results.

On Tuesday, April 9, 2013 at 9 am PT (noon ET), Bob Buchan, Steve Jones - EVP & CFO and Randy Buffington will hold an open conference call in which they will discuss this recent announcement by the company, which will be followed by a question and answer session. ANV expects to issue full first quarter 2013 financial results during the week of May 6, 2013 and will hold its Annual Meeting at the Design Exchange in Toronto on May 2, 2013.

On its Q1 2013, ANV said Hycroft continues to demonstrate an "exemplary" track record in the health and safety departments with no lost time accidents or reportable environmental incidents in the first quarter of 2013. "In the first quarter of 2013, we placed 9.6 million tons of ore on the leach pads at average grades of 0.011 ounces per ton gold and 0.142 ounces per ton silver, containing approximately 106,473 ounces of gold and approximately 1,359,467 ounces of silver, as per expectation. Mined grades are planned to increase into the second half of the year. Metal produced in the first quarter of 2013 was 38,019 ounces of gold and 188,000 ounces of silver and we sold 27,256 ounces of gold and 174,766 ounces of silver. In addition to planned sales in the second quarter of 2013, we currently expect to sell approximately 7,200 ounces of gold and 43,200 ounces of silver in the second quarter which remained in precipitate at the end of the first quarter of 2013 due to retort capacity limitations. With the successful commissioning of a second report during the first quarter, we are now able to process all of the precipitate generated from our Merrill-Crowe plant.

"Flow rates to the leach pads have increased through the first quarter of 2013 from 9,800 gallons per minute to 13,000 gallons per minute, and we currently expect to increase that flow rate further in the next month as planned ore deliveries increase and in preparation for the start-up of the North Leach Pad. Currently 10,600 gallons per minute of pregnant solution at average grades of 0.01 ounces per ton of gold are being processed through the plants. This increase is due to the commissioning of the new carbon columns. We believe we are on track to meet previously disclosed six month production guidance of 90,000 to 100,000 ounces of gold."

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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