Significant Resource Increase At Jerritt Canyon 

VANCOUVER, BC - Yukon-Nevada Gold Corp. reported new and increased mineral resource estimate for its wholly-owned Jerritt Canyon operating gold mine in Elko County, Nevada. Jerritt Canyon is operated by Queenstake Resources USA Ltd., a wholly owned subsidiary of Yukon-Nevada Gold Corp.

Jerritt Canyon's measured and indicated mineral resource has increased by 578,000 ounces of gold, representing a 30% increase over 2007 levels. The updated mineral resource estimate incorporates a new 3-D geological model which includes additional drill hole results from January 1, 2008, to January 1, 2011. The new mineral resource now comprises a measured resource of 1.08 million ounces, an indicated resource of 1.46 million ounces, and an inferred resource of 0.89 million ounces. This new model significantly increases the potential of the property and gives the Jerritt Canyon Geology team additional areas to explore and develop. The updated mineral resources completed to date include the primary work areas: Smith, SSX-Steer, Saval, West Mahala and Starvation Canyon. Robert Baldock, CEO said, "This exciting new update using advanced modeling techniques clearly demonstrates that strong organic resource growth at Jerritt Canyon is achievable. This positive development confirms that the mines at Jerritt Canyon can deliver resource growth and extended mine life. This growth will continue with an expanded exploration and definition drilling program. Furthermore, the potential to mine past producing and new open pits on the property is clear. In light of the new modeling techniques and increased gold price, re-evaluation of the open pit potential is compelling, and these areas will be targeted in the upcoming drilling program." The company's address is 900 - 688 West Hastings Street, Vancouver, BC V6B 1P1, 604.688.9427, fax: 604.688.9426.