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Corporate Profile
Allied Nevada is engaged in the evaluation, acquisition,
exploration and development of gold exploration and development
projects in Nevada. Our Management team works to identify
opportunities to improve the value of our projects through
exploration drilling and advancement with a view to developing
operating mines. In September of 2007, the Company reactivated
the wholly-owned Hycroft Mine which was placed on care and
maintenance in late 1998 due to low metal prices. The
reactivation of the heap leach operation currently involves the
mining and run-of-mine processing of the oxide Brimstone
deposit. Initial production was achieved in the fourth quarter
of 2008 with 1,000 ounces of gold and 3,000 ounces of silver.
The mine is expected to reach full production of 7,500 ounces of
gold per month mid-2009, with annual production anticipated to
be 90,000 ounces for the year. Approximately 647,000
ounces of gold will be produced over 7 years.
The company has successfully completed initial exploration drill
programs, expanding the oxide and sulfide resource at Hycroft.
With a significant resource at the mine, management is now
reviewing optimization and growth opportunities to increase
production rates at the mine. Exploration is not complete as
mineralization is open along trend and at depth.
In addition to Hycroft, Allied Nevada owns 100% of the Wildcat,
Mountain View, Hasbrouck and
Three Hills projects and has a
joint venture interest in the Maverick Springs project. The
total measured and indicated resource contained on these
projects is over 3 million ounces of gold. In addition to these
advanced stage exploration projects, Allied Nevada has interests
in over 100 exploration properties located in the major gold
producing districts in the state of Nevada. Many of these
exploration properties are optioned to other companies, for
which Allied Nevada receives advanced minimum royalty payments.
Management’s strategy is to use the best available leadership,
technical expertise and geologic talent to expand the existing
discoveries and, where feasible, develop these properties into
producing high-quality mines or significant royalty streams.
Further to the properties that Allied Nevada owns or has an
interest in, Management will pursue additional opportunities in
advanced stage exploration projects or producing mines.
(1) Cautionary Note to U.S. Investors concerning estimates of
Proven and Probable Reserves: The estimates of mineral reserves
have been prepared in accordance with Canadian National
Instrument 43-101. The definitions of proven and probable
reserves used in NI 43-101 differ from the definitions in SEC
Industry Guide 7 and accordingly may not be comparable to
information from U.S. companies subject to the SEC’s reporting
and disclosure requirements. The preparation of the technical
information contained on this website was supervised by Scott
Wilson, a qualified person under Canada’s NI 43-101.
Cautionary Note to U.S. Investors concerning estimates of
Measured and Indicated Resources: The Allied Nevada web site
uses the terms “measured resources” and “indicated resources”.
We advise U.S. investors that while these terms are recognized
and required by Canadian regulations, the SEC does not recognize
them. U.S. investors are cautioned not to assume that any part
or all of mineral deposits in these categories will ever be
converted into reserves. |
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