Yukon-Nevada Gold Reports First Quarter Results
During the quarter the Company focused its efforts on providing detailed reports to the Nevada Division of Environmental Protection (NDEP) outlining its plans for ongoing compliance with the concerns raised in the stop order received in March 2008. Having satisfied those concerns and implemented an interim system to improve the capture of mercury emissions at the mill, the Company received approval from the NDEP to restart the operations and has been working to bring the process mill to full operations over the last several weeks.
For the three months ended March 31, 2009, Yukon-Nevada Gold Corp. reported a net loss of $5.2 million, due to the continued shutdown of the mill and mine operations extending from 2008, and compared to a loss of $8.9 million for the three months ended March 31, 2008.
Subsequent to the quarter-end, the Company has entered into an agreement with Great Basin Gold Limited to provide toll milling services at itÕs wholly owned
Graham Dickson, President and CEO of the Company, comments, "We are pleased that Great Basin Gold has decided to utilize our refurbished milling facilities to treat their ore. It shows a measure of confidence, matching our own, in our ability to operate the milling facilities in a profitable and environmentally sound manner. We will continue our efforts to identify other customers within trucking distance of the property who can have their ore processed at our facility."
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