Allied Nevada reports higher reserves, hits 52-week high

Allied Nevada Gold Corp. (T.ANV) hit a new 52-week high of $17.12; Allied Nevada Gold Corp. reported updated mineral reserves and resources with a more than doubling of oxide gold reserves to 2.4 million ounces and initial oxide silver reserves of 32.3 million ounces (177.2 million tons grading 0.014 ounces per ton gold ("opt") and 0.182 opt silver) for the Company's wholly-owned Hycroft mine ("Hycroft") located near Winnemucca, Nevada.

This is the first time a silver reserve has been established for the Hycroft mine. Gold and silver measured and indicated resources (inclusive of reserves) for oxide and sulfide mineralization increased 20% to 7.1 million ounces of gold ("Au") and 57% to 184.2 million ounces of silver ("Ag").

Measured and indicated gold equivalent ounces(1) increased 28% to 10.3 million ounces compared with 8.1 million gold equivalent ounces reported in March 2009 (see press release dated March 31, 2009 for more information regarding the previous resource estimate). A portion of the gold measured and indicated resource does not currently have sufficient data to report silver measured and indicated resources.

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