HYCROFT (CROFOOT-LEWIS) MINE

Allied Nevada Gold Corp. reported its financial and operating results for the three and nine months ended September 30, 2009. Allied Nevada reported its first positive quarterly earnings in the third quarter with net income of US$5.1 million ($0.08 per share) for the third quarter of 2009 compared with a net loss of $9.7 million ($0.17 per share) for the same period in 2008. Year to date, the Company recorded a net loss of US$9.3 million ($0.15 per share), compared with US$26.5 million ($0.51 per share) for the same period in 2008. Record revenue from gold sales of 20,620 ounces and 27,963 ounces were US$19.7 million and US$26.6 million for the three and nine months ended September 30, 2009, respectively, at average realized gold prices of US$955 per ounce for the third quarter of 2009, $950 per ounce year to date. Cost of sales per gold ounce sold (excluding depreciation and amortization) declined in the third quarter to $364 with year to date cost of sales per gold ounce of US$397. The Hycroft mine poured its first gold on December 7, 2008 and completed its first full year of operations in the third quarter of 2009.

Allied Nevada Gold announced development studies at its Hycroft gold mine located near Winnemucca, Nevada. An internal study completed aimed at optimizing production levels at Hycroft, considered the implementation of a crushing and conveying system and included an analysis of various potential mining rates. The internal study considered crushing high silica content ore at Hycroft to improve gold recovery beyond the current expected average recovery of 56.6%. Historical gold recovery of crushed material from the Crofoot pit at Hycroft suggests that crushing ore may result in gold recoveries of approximately 75%, though further metallurgical testing is required to confirm those recoveries from our proven and probable reserves. This metallurgical testing will also establish expected silver recoveries for crushed ore.

Allied Nevada Gold announced that the company will increase the number of drills at Hycroft mine in Nevada, USA, from one reverse circulation (“R/C”) and one diamond drill (“Core”) to two R/C drills which will be double-shifted (or work the equivalent of four drills) and two Core drills for total drilling of approximately 40,000 meters in 2009. The exploration program has been designed to upgrade oxide and sulphide resources to the reserve category, further increase the reserve and resource base, provide data and material to aid in advancing optimization programs and completing a feasibility study for sulphide mineralization at Hycroft.