Allied Nevada Significantly Increases Hycroft Mineral Reserves to 10.2 Million Ounces of Gold and 388.6 Million Ounces of Silver (17.0 Million Ounces AuEq)

Allied Nevada Gold Corp. ANV is pleased to announce a summary of the updated mineral reserve and resource estimates for its wholly owned Hycroft Mine located near Winnemucca, Nevada. The significant reserve increase is due to the conversion of resources reflecting the Heap Leach and Mill Feasibility Study, the results of which are expected to be released in the next few weeks. 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. "We believe this reserve estimate better reflects the potential magnitude of the Hycroft project," comments Scott Caldwell, President & CEO. "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."