Allied Nevada Increased Gold And Silver Sales

RENO, NV – Allied Nevada Gold Corp. reported full year preliminary production and sales for 2014 and an update on the status of the mill expansion financing process. In 2014, Allied increased production by 12% for gold and more than doubled the silver production compared with 2013.

"In 2014 we achieved a number of key goals, including completing positive prefeasibility and feasibility studies for the Hycroft mill project, increasing production and improving efficiency at the mine. While we did not hit our original production and sales targets for the year, we believe we have learned from our 2014 efforts and benefited from our focus on costs," commented CEO Randy Buffington. "I believe the work done in 2014 will position us well in 2015 as we continue to concentrate on operational improvements and cash generation.

The increase in gold and silver production in 2014 resulted primarily from the higher mining rate year-over-year and the resultant additional ore tons placed on the leach pads, together with the increased processing capacity of the North Merrill-Crowe plant. The North Merrill-Crowe plant was also a significant contributor to the more than doubling in silver production and sales as it is much more efficient at recovering silver from process solution than the carbon columns.

We anticipate 2015 operating results to be very similar to 2014 in terms of production and sales, with our focus continuing to be on improving mining efficiencies and costs. We expect to provide more details on our 2015 guidance at the end of February, along with our 2014 financial results.

Throughout the financing process we have received significant interest in the Hycroft mill project, but to date have not secured a path forward. Our progress has been hindered in part by the volatile market and commodity price conditions experienced throughout the year. Given the interest level in the Hycroft mill project and our belief in the compelling economics of the project, we are continuing with the process while we also explore other options to maximize our liquidity and improve the current heap leach operation.