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Yukon-Nevada
Profitable in Third Quarter Vancouver,
Canada -- Yukon-Nevada Gold Corp. (Toronto Stock Exchange: YNG; Frankfurt Xetra
Exchange: NG6) (the
“Company”) announced results for its third quarter of 2007. All amounts in
this news release are in US dollars, unless otherwise stated. These results
reflect the first quarter of operations after the acquisition of Queenstake
Resources Ltd which was effective June 20, 2007.
The Company reported a gross margin from mining operations of $7.48
million for the third quarter of 2007. After adjustments for depreciation,
depletion and accretion, income from mine operations was $3.25 million. The
Company’s net earnings for the third quarter of 2007 were $547,000. These
excellent results are a testament to the hard work and dedication exhibited by
the Jerritt Canyon work force. Whilst maintaining their focus on safety they
have undergone significant reductions in manpower which have resulted in an
increase in productivity. The
revitalized custom milling business has allowed the switch, from an emphasis on
ounces produced, to an emphasis on reducing unit costs, to be effective.
Even with a slow start to the quarter, caused by the roaster undergoing
stack testing, the operation at Jerritt Canyon produced a total of 48,329 ounces
in the third quarter of 2007. Production
of gold from the Company’s own Jerritt Canyon ore totaled 34,636 ounces. These
ounces were produced at a cash cost of $354 per ounce.
The Company engages in the forward sale of gold produced from ore
purchased from third parties. This practice ensures the Company achieves an
acceptable profit margin on this activity. The Company is not hedged on any gold
produced from its own ore. The
Company’s excess cash is invested in short-term investments, mostly with a
maturity date of less than 90 days from date of purchase (these investments are
classified as “cash” on balance sheet). All investments are in “Bearer
Deposit Notes” or Bankers Acceptances issued by major Canadian chartered
banks. The Company does NOT have
asset-backed securities in its investment portfolio. More information can be found at their website at www.yukon-nevadagold.com
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