UPDATE: Yukon-Nevada Gold Corp. Reviews Positive Progress at Jerritt Canyon, Nevada; Pledges Commitment to Worker Safety; Shares Up 16%

Yukon-Nevada Gold Corp. (YNG.TO) is up 4 cents at 28.5 cents after today presenting an overview of the work completed at Jerritt Canyon since the facility reopened in 2009.

Environmental compliance was achieved in the fall of 2009 allowing the Company to restart its milling operation. The roasters have successfully been subject to independent engineer stack testing for emission compliance for mercury, particulates, sulfur dioxide and other emissions. The results of these tests have allowed the frequency of the testing to be reduced by a factor of three. Other items in the Consent Decree are also substantially complete, with two key projects, the replacement of the second quench tank and the installation of the new ore dryer circuit, set to be finished in the shutdown commencing early January. The remaining project to complete is the clean-up of the rock drainage areas on the property, which will be performed over the coming year.

A new tailings storage facility was approved for construction in July 2011, YNG said.

YNG has also re-started the Smith underground mine and engaged Small Mine Development, LLC to operate the mine in February 2010. SMD have been achieving a steady 1,000 tons per day delivery to the run of mine stockpile.

The Company is also focused on the recommencement of open pit mining at the property which was shut down in the late 1990s due to the prevailing price of gold.

YNG said it is also committed to the safety of its workforce and will take all measures to ensure the continued safe and productive operations at Jerritt Canyon. A recent meeting between management and Mine Safety and Health Administration has made it clear recent changes combined with a good inspection in February will make a significant difference to the way the Company is viewed by the regulators.

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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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