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MEI Online: Commodities: Metallic Ores: Gold: Latest News: April 21, 2009

 
 

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:: First Gold Pour for Yukon-Nevada Gold Corp.

Golden Eagle International, Inc. reported today that ore processing has recommenced at the Jerritt Canyon gold mill and the first gold was poured there yesterday afternoon. This is the first gold pour since permission was received from the Nevada Division of Environmental Protection (NDEP) for the restart of the milling facility.

The gold pour was attended by the President and CEO of Yukon-Nevada Gold Corp. (YNG), Graham Dickson, as well as YNG's CFO, Shaun Heinrichs and Nicole Sanches, YNG's Investor Relations Manager. Golden Eagle had in attendance Blane Wilson, its COO, as well Curtis Casagranda, Chris Zerga, Mike McGhee, Alan Wilson, Mathew Jones, Scott Alcorn, Ruston Hebdon and Pancho Melendez. The gold pour was also covered by Adella Harding and Ross Anderson of the Elko Daily Free Press.

YNG stated that its "President and CEO, Graham Dickson, was happy to see the successful culmination of a great deal of effort and hard work expended by YNG, sub-contractor (mill operator) Golden Eagle and the NDEP."

YNG's CFO, Shaun Heinrichs, stated, "The reappearance of cash flow is both exciting and invigorating. We are sure that in the coming months we (YNG) will now be able to pay down all obligations and emerge once again as a profitable gold mining company."

YNG's Graham Dickson echoed his CFO's sentiments and said, "We can now concentrate on our plans to restart mining at Jerritt Canyon and to make further advances towards profitable production at Ketza River in the Yukon Territory. YNG today indicated that, "Ongoing permitting at Starvation Canyon, Nevada will allow the Company (YNG), in the future, to realize an increase in the production of gold ounces at Jerritt Canyon."

Golden Eagle's crews have been on-site at the Jerrit Canyon mill since mid-September 2008 providing maintenance and environmental compliance operations pending the restart of the mill. On October 14, 2008 the Company entered into a Mill Operating Agreement (the "Agreement") with Queenstake Resources USA, Inc. ("Queenstake"), a wholly-owned subsidiary of Yukon-Nevada Gold Corp. (YNG), to operate the 4,000 ton-per-day (tpd) Jerritt Canyon CIL gold mill located 50 miles north of Elko, Nevada. Under the Agreement, Golden Eagle will be the mill operator for a term of 5 years, which is renewable at the option of YNG's Queenstake for an additional 5-year term. The terms and conditions of the Agreement are set out in a Current Report filed with the U.S. SEC on Form 8-K on January 15, 2009 and can be accessed at its EDGAR electronic library: www.sec.govor Golden Eagle's website, www.geii.com

Golden Eagle's CEO, Terry C. Turner, stated, "We are very pleased for Yukon-Nevada on the recommencement of operations and congratulate its management on its hard work, persistence and commitment to bring Jerritt Canyon back to life. This gold pour is a first step toward a very productive future for the Jerritt Canyon mine and mill and we are happy as a company to be participating in this comeback." The Company has posted a PowerPoint presentation featuring the Jerritt Canyon gold mill on its website at: Jerritt Canyon Mill Presentation.

 

 

   

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