Allied Nevada Gold Corp. announced its first production from its run-of-mine, heap leach property, the Hycroft Mine. Total production for December 2008 was approximately 1,000 ounces of gold and 3,000 ounces of silver which was a combination of dore and carbon. As dore is produced, it will be refined into gold and silver bullion which will then be sold in the normal course of business.
The capital phase of the Hycroft reactivation project is complete and mining operations are proceeding very well with run-of-mine ore being released from the Brimstone deposit and placed under leach. We are now in the start up phase of operation and expect to attain annualized production rates of approximately 90,000 ounces by July 2009. Over the six-month start up period, production will slowly increase as we continue to leach existing ore and place new ore on the pad.
“We are pleased to have attained our goal of initial gold production on schedule. I’d like to thank the employees of the Hycroft Mine for their dedication and efforts to achieve this milestone.” stated Scott Caldwell, Chief Executive Officer. “As the newest gold producer in Nevada, we continue to work towards attaining full production levels by the middle of 2009.”