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Allied Nevada Drills 1,103.5 Feet of Gold and Silver Mineralization in North Brimstone at Hycroft

August 21, 2008

RENO, NEVADA–(Marketwire – Aug. 21, 2008) – Allied Nevada Gold Corp. (“Allied Nevada” or the “Company”) (TSX:ANV)(AMEX:ANV) is pleased to announce complete gold and silver assay results for thirty-three exploration holes and four condemnation holes drilled at the Company’s Hycroft Heap Leach Mine (“Hycroft”) located near Winnemucca, Nevada. Of the twenty-seven drill holes listed in the table below, twenty-one were drilled in the Fire and Brimstone Zones(1), two in the Silver Camel area, three in the Bay area and one hole was drilled north of the Brimstone pit in the north Foothills area. Core hole H08D-3188, located in the north end of the Brimstone pit and angled to the north out of the pit, intersected 1,103.5 feet of gold and silver mineralization, including 368.5 feet of 0.022 oz/ton gold. This hole was drilled as part of an ongoing program to expand the Hycroft gold and silver sulfide resource in the Brimstone and Silver Camel areas as well as to define areas for potential gold and silver oxide reserves in other areas. The Company currently targets the fourth quarter of 2008 to commence gold production at Hycroft.

Twenty-one mineralized holes were drilled in the greater Brimstone Area which includes North, Central and South Brimstone/ Vortex and the Fire Zone (West Brimstone). Drilling is demonstrating that these four mineralized areas are contiguous and combined cover an area of over 1 mile (6,300 feet) in strike length by 0.6 mile (3,200 feet) in width. The Brimstone Area remains completely open to the south and partially open to the west and is not closed off to the north. Three drills are currently operating in the Brimstone Area to continue to expand the gold and silver sulfide and oxide resource. The one-mile strike length of the Brimstone Area is demonstrated by two new core holes, one drilled from the floor of the north end of the Brimstone pit and a core hole in the Vortex area of South Brimstone. The two holes are collared approximately 4,700 feet apart with drill hole H08D-3188 drilled at a -45 degree angle to the north out of the north end of the pit, and drill hole H08D-3384 drilled at a -65 degree angle to the west. Hole H08D-3188 intersected 1,103.5 feet of gold and silver mineralization, including 368.5 feet of 0.022 oz/ton gold and 474 feet of 0.014 oz/ ton gold and 1.3 oz/ton silver (0.038 oz/ton gold equivalent). Core hole H08D-3384 intersected 413 feet of 0.029 oz/ton gold and 0.40 oz/ ton silver (0.036 oz/ton gold equivalent) within 560 feet of gold and silver mineralization.

The first two reverse circulation drill holes of an extensive drill program to define gold and silver sulfide resources for the southwestern portion of the Hycroft mine property are reported for the Silver Camel area. The holes were drilled on the northwest edge of the Silver Camel area to establish geologic criteria for this portion of the property. Three completed drill holes are reported in the north end of the Central Fault in the Bay area. This drilling demonstrates that a potentially significant oxide gold resource with silver may be identified in this area of historic mining. Assay results for several additional holes are pending.

Significant results were returned for one core hole drilled into the north Foothills, located approximately 4,000 feet northeast of the north edge of the Brimstone pit. The hole tested zones of silicifed volcanic rocks on the east side of the northern trace of the East Fault. A total of 474 feet of gold and silver mineralization was intersected, including 125 feet of 0.021 oz/ton gold and 0.3 oz/ton silver (0.027 oz/ton gold equivalent) and a second zone slightly deeper of 205 feet of 0.020 oz/ton gold and 0.2 oz/ton silver (0.023 oz/ton equivalent). This is the first hole drilled into the Foothills silicified zone and additional drilling is planned at a future date.

________________________________BRIMSTONE AREA ______________________________ North Brimstone

________________________________________________________________Gold Drill Hole____From________To____Interval______Gold____Silver____Equivalent ____________ (feet)____(feet)______(feet)__(oz/ton)__(oz/ ton)______(oz/ton) ____________ ——____——______——__——–__——–____— ——- H08-D3188__ 1103.5 Feet of mineralization —————————————– ________________49______ 523________ 474____ 0.014______ 1.3________ 0.038 &______________670____1038.5______ 368.5____ 0.022______ 0.1________ 0.025 &____________ 1090______1351________ 261____ 0.014______ 0.1________ 0.017 H08R-3373______185 Feet of mineralization —————————————– ______________ 370______ 485________ 115____ 0.015______ 0.4________ 0.022 &______________510______ 535__________25____ 0.016______ 0.2________ 0.019 &______________595______ 640__________45____ 0.017______ 0.3________ 0.022 ______________________________ South Brimstone

________________________________________________________________Gold Drill Hole____From________To____Interval______Gold____Silver____Equivalent ____________ (feet)____(feet)______(feet)__(oz/ton)__(oz/ ton)______(oz/ton) ____________ ——____——______——__——–__——–____— ——- H08R-3211______ 95 Feet of mineralization —————————————– ______________ 305______ 400__________95____ 0.016______ 0.5________ 0.026 H08R-3383______110 Feet of mineralization —————————————– ______________ 225______ 230__________ 5____ 0.092______ 0.0________ 0.092 &______________555______ 580__________25____ 0.016______ 0.6________ 0.027 &______________780______ 830__________50____ 0.010______ 0.6________ 0.021 &____________ 1005______1035__________30____ 0.016______ 0.2________ 0.019 H08D-3384______560 Feet of mineralization —————————————– ______________ 634______ 650__________16____ 0.015______ 0.2________ 0.018 &______________733____ 759.5________26.5____ 0.019______ 1.0________ 0.037 &______________787______ 798__________11____ 0.009______ 0.9________ 0.027 &______________943______ 988__________45____ 0.013______ 0.4________ 0.021 &__________ 1063.5______1078________14.5____ 0.024______ 0.2________ 0.027 &____________ 1249______1662________ 413____ 0.029______ 0.4________ 0.036 &____________ 1758______1792__________34____ 0.018______ 3.6________ 0.084 H08R-3388______370 Feet of mineralization —————————————– ______________ 455______ 505__________50____ 0.019______ 0.1________ 0.021 &______________945______1030__________85____ 0.011______ 1.2________ 0.034 &____________ 1140______1375________ 235____ 0.014______ 0.8________ 0.029 H08R-3417______ 80 Feet of mineralization —————————————– ______________ 260______ 290__________30____ 0.013______ 0.4________ 0.020 &______________395______ 445__________50____ 0.003______ 1.2________ 0.025 H08R-3419______ 95 Feet of mineralization —————————————– ______________ 205______ 260__________55____ 0.012______ 0.8________ 0.028 &______________495______ 520__________25____ 0.012______ 0.3________ 0.018 &______________585______ 600__________15____ 0.008______ 1.4________ 0.034 H08R-3464______235 Feet of mineralization —————————————– ______________ 245______ 310__________65____ 0.019______ 0.2________ 0.022 &______________495______ 665________ 170____ 0.010______ 1.4________ 0.035 ____________________________ Central Brimstone

________________________________________________________________Gold Drill Hole____From________To____Interval______Gold____Silver____Equivalent ____________ (feet)____(feet)______(feet)__(oz/ton)__(oz/ ton)______(oz/ton) ____________ ——____——______——__——–__——–____— ——- H08R-3204______160 Feet of mineralization —————————————– ______________ 415______ 480__________65____ 0.011______ 0.5________ 0.021 &______________545______ 640__________95____ 0.011______ 0.2________ 0.015 H08R-3234______ 60 Feet of mineralization —————————————– ______________ 220______ 240__________20____ 0.021______ 0.2________ 0.025 &______________445______ 465__________20____ 0.004______ 1.0________ 0.023 &______________530______ 550__________20____ 0.023______ 0.7________ 0.036 ____________________Fire Zone (West Brimstone)

________________________________________________________________Gold Drill Hole____From________To____Interval______Gold____Silver____Equivalent ____________ (feet)____(feet)______(feet)__(oz/ton)__(oz/ ton)______(oz/ton) ____________ ——____——______——__——–__——–____— ——- H08D-3194____648.5 Feet of mineralization —————————————– ______________ 626____1274.5______ 648.5____ 0.011______ 0.7________ 0.024 H08R-3239______ 40 Feet of mineralization —————————————– ______________ 585______ 600__________15____ 0.016______ 0.3________ 0.021 &______________620______ 645__________25____ 0.011______ 0.7________ 0.023 H08R-3247______235 Feet of mineralization —————————————– ______________ 410______ 435__________25____ 0.022______ 0.0________ 0.022 &______________510______ 720________ 210____ 0.018______ 1.3________ 0.042 H08R-3282______255 Feet of mineralization —————————————– ______________ 205______ 280__________75____ 0.023______ 0.1________ 0.024 &______________335______ 395__________60____ 0.020______ 0.6________ 0.031 &______________425______ 480__________55____ 0.011______ 0.5________ 0.020 &______________535______ 600__________65____ 0.023______ 0.4________ 0.031 H08R-3289______145 Feet of mineralization —————————————– ______________ 235______ 285__________50____ 0.022______ 0.0________ 0.022 &______________325______ 420__________95____ 0.009______ 0.6________ 0.020 H08R-3297______135 Feet of mineralization —————————————– ______________ 595______ 640__________45____ 0.014______ 0.3________ 0.019 &______________650______ 665__________15____ 0.014______ 0.4________ 0.023 &______________715______ 750__________35____ 0.008______ 0.6________ 0.019 &______________885______ 900__________15____ 0.014______ 0.3________ 0.021 &______________965______ 990__________25____ 0.021______ 0.4________ 0.028 H08R-3366______ 55 Feet of mineralization —————————————– ______________ 500______ 520__________20____ 0.011______ 0.2________ 0.015 &______________695______ 730__________35____ 0.014______ 1.6________ 0.043 H08R-3368______ 35 Feet of mineralization —————————————– ______________ 200______ 220__________20____ 0.018______ 0.2________ 0.022 &______________600______ 615__________15____ 0.014______ 0.3________ 0.020 H08R-3370______260 Feet of mineralization —————————————– ______________ 310______ 325__________15____ 0.015______ 0.1________ 0.016 &______________370______ 440__________70____ 0.017______ 0.2________ 0.021 &______________465______ 500__________35____ 0.006______ 1.1________ 0.027 &______________535______ 600__________65____ 0.011______ 0.7________ 0.024 &______________660______ 735__________75____ 0.013______ 0.4________ 0.020 H08R-3520______125 Feet of mineralization —————————————– ______________ 275______ 300__________25____ 0.018______ 0.0________ 0.018 &______________555______ 605__________50____ 0.021______ 0.3________ 0.026 &______________765______ 775__________10____ 0.014______ 0.5________ 0.023 &______________880______ 920__________40____ 0.021______ 0.0________ 0.022 ____________________________ SILVER CAMEL AREA

________________________________________________________________Gold Drill Hole____From________To____Interval______Gold____Silver____Equivalent ____________ (feet)____(feet)______(feet)__(oz/ton)__(oz/ ton)______(oz/ton) ____________ ——____——______——__——–__——–____— ——- H08R-3492______895 Feet of mineralization —————————————– ________________25______ 420________ 395____ 0.016______ 0.1________ 0.019 &______________440______ 920________ 480____ 0.014______ 0.1________ 0.015 &______________970______ 990__________20____ 0.023______ 0.2________ 0.027 H08R-3493______150 Feet of mineralization —————————————– ______________ 315______ 375__________60____ 0.018______ 0.0________ 0.019 &______________810______ 900__________90____ 0.015______ 0.2________ 0.018 ____________________________CENTRAL FAULT AREA

________________________________________________________________Gold Drill Hole____From________To____Interval______Gold____Silver____Equivalent ____________ (feet)____(feet)______(feet)__(oz/ton)__(oz/ ton)______(oz/ton) ____________ ——____——______——__——–__——–____— ——- H08R-3442______ 85 Feet of mineralization —————————————– ________________40________55__________15____ 0.021______ 0.0________ 0.021 &______________ 85______ 125__________40____ 0.018______ 0.0________ 0.018 &______________140______ 170__________30____ 0.016______ 0.2________ 0.020 H08R-3443______190 Feet of mineralization —————————————– ________________ 0______ 190________ 190____ 0.020______ 0.1________ 0.022 H08R-3444______135 Feet of mineralization —————————————– ________________20______ 155________ 135____ 0.022______ 0.1________ 0.023 ______________________________ NORTH FOOTHILLS

________________________________________________________________Gold Drill Hole____From________To____Interval______Gold____Silver____Equivalent ____________ (feet)____(feet)______(feet)__(oz/ton)__(oz/ ton)______(oz/ton) ____________ ——____——______——__——–__——–____— ——- H08D-3193______474 Feet of mineralization —————————————– ______________ 292______ 338__________46____ 0.015______ 0.1________ 0.017 &______________456______ 554__________98____ 0.015______ 0.2________ 0.018 &______________588______ 713________ 125____ 0.021______ 0.3________ 0.027 &______________758______ 963________ 205____ 0.020______ 0.3________ 0.023

“Drilling is significantly expanding the known sulfide mineralization in the Brimstone Area,” said Rick Russell, Allied Nevada’s Vice President of Exploration. “The strike length of the Brimstone Area as now defined is over a mile long and recent drill holes indicate that gold and silver sulfide mineralization continues to the north and south.”

As of August 20, 2008, 335 drill holes have been completed at Hycroft by Allied Nevada since the Company began exploration drilling in August of 2007, including 270 reverse circulation drill holes and 65 core holes for a total of 243,939 feet drilled. The drill holes were drilled to an average depth of approximately 730 feet, including 49 shallow holes in the Crofoot leach pad. Five drill rigs (four reverse circulation rotary and a core rig) are currently operating at the Hycroft property. The Hycroft drilling program is currently averaging approximately 21,000 feet per month based on one 12-hour shift per day for the four reverse circulation rotary drills and two shifts per day for the core drill. The five rigs are currently drilling sulfide targets in the Brimstone Area and at Silver Camel. The condemnation drilling program relating to the Brimstone leach pad expansion has been completed. The six exploration drill holes not listed here contain no significant gold and silver mineralization. For complete drill hole assay information for the thirty-three exploration holes drilled since the last news release, please see assay data posted on the Company’s website at www.alliednevada.com. Gold equivalent grades were calculated utilizing a $650 per ounce gold price and a $12 per ounce silver price.

(1) The drill program is being conducted under the supervision of Mr. Rick Russell, Vice President of Exploration for Allied Nevada Gold Corp., who is a Qualified Person as defined by Canadian National Instrument 43-101 and is responsible for program design and quality control of exploration undertaken by the Company at its Hycroft Mine. A combination of vertical and angle holes have been drilled to intersect mineralization; however, due to physical constraints and the complex nature of the deposit, true thickness of the drilled intervals cannot be assumed from the measured intercepts. Sampling and assaying methods of this program are being conducted in accordance with the CIM Mineral Exploration Best Practices Guidelines.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and U.S. Securities Exchange Act of 1934 (and the equivalent under Canadian securities laws), that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements include, without limitation, statements regarding timing and results of exploration drilling and assay programs currently underway at Hycroft, timing of commencement of gold production at the Hycroft Mine, potential for confirming, upgrading and expanding oxide gold and silver mineralized material at Hycroft, results of evaluation of underlying sulfide mineralization at Hycroft, and other statements that are not historical facts. Forward-looking statements address activities, events or developments that Allied Nevada expects or anticipates will or may occur in the future, and are based on current expectations and assumptions. Although Allied Nevada management believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, risks relating to Allied Nevada’s status as a newly formed independent company and its lack of operating history; risks that Allied Nevada’s acquisition, exploration and property advancement efforts will not be successful; risks relating to fluctuations in the price of gold and silver; the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates; availability of outside contractors in connection with Hycroft and other activities; as well as those factors discussed in Allied Nevada’s filings with the U.S. Securities and Exchange Commission (the “SEC”) including Allied Nevada’s latest Annual Report on Form 10-K and its other SEC filings (and Canadian filings) including, without limitation, its latest Quarterly Report on Form 10-Q. The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise except as may be required under applicable securities laws.

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