Hycroft Gold And Silver Increase 

RENO, NV - Allied Nevada Gold Corp. President and CEO, Scott Caldwell said,  The Hycroft Mine near Winnemucca, NV (TSX:ANV)(NYSE Amex:ANV) is pleased to announce a summary of the updated mineral reserve and resource estimates for its wholly owned Hycroft Mine located near Winnemucca, NV had significant reserve increase is due to the conversion of resources reflecting the Heap Leach and Mill Feasibility Study. Overall, Measured and Indicated Mineral Resources, inclusive of mineral reserves, increased to 16.9 million ounces of gold (from 16.1 million ounces) and silver decreased slightly to 593.7 million ounces (from 598.1 million ounces). Total Measured and Indicated Mineral Resources, including reserves, increased to 1.6 billion tons (from 1.5 billion tons), while grades remained essentially the same.

"This reserve estimate better reflects the potential magnitude of the project. We will continue drilling at a reduced rate as management is confident that the current reserve will support a long mine life, allowing us to focus on regional step out targets and conversion of the known resources. The Mill Feasibility Study will be released shortly and we believe shareholders will be pleased with what will be presented, said Caldwell"

Proven and Probable Mineral Reserves increase to 10.2 million ounces of gold and 388.6 million ounces of silver or 17.0 million ounces AuEq (854.0 million tons grading 0.012 ounces per ton ("opt") Au, 0.46 opt Ag, or 0.02 opt AuEq) from 2.6 million ounces Au and 49.3 million ounces Ag, as reported in March, 2011. Measured and Indicated Mineral Resources, excluding reserves, are 6.8 million ounces of gold and 205.1 million ounces of silver or 10.3 million ounces AuEq (724.0 million tons grading 0.009 opt Au, 0.28 opt Ag, or 0.014 opt AuEq).
Inferred mineral resources total 307.1 million tons grading 0.012 opt gold and 0.33 opt silver (0.017 opt AuEq). Approximately 55.8 million tons grading 0.012 opt gold and 0.42 opt (0.019 opt AuEq) silver lies within the current reserve pit, but lacks the drill density to convert to higher confidence levels. The cutoff grade ("COG") strategy applied to the current mineral reserve and resource estimates reflects the long-term operating assumptions for the oxide and transitional heap leach (COG  0.005 opt AuEq), transitional mill (COG  0.011 opt AuEq) and sulfide mill (COG  0.014 opt AuEq) mineralization at Hycroft. The June 30, 2011, mineral reserve was estimated using gold and silver selling prices of $800 per ounce and $14 per ounce, respectively, and is highlighted below. The Company completed a metal price sensitivity analysis estimating ounces mined using Whittle cones, hypothetical mining pits created using the block model and applying metallurgical recoveries and basic economics such as metal prices and costs. The company's address is 9790 Gateway Drive, Suite 200, Reno, NV 89521, (775) 358-4455, fax: (775) 358 4458, email: [email protected].