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96 feet Averaging 0.472 opt Au and a further 49 feet Averaging 0.767 opt Au in drilling at Jerritt Canyon, Nevada

February 14, 2011

VANCOUVER, Feb. 14 /PRNewswire/ – Yukon-Nevada Gold Corp. (Toronto Stock Exchange: YNG; Frankfurt Xetra
Exchange: NG6)
is pleased to announce additional assay results from its 2010 Smith
Mine underground exploration drilling at its gold producing Jerritt
Canyon property in Nevada, USA. Jerritt Canyon is operated by
Queenstake Resources USA Ltd., (“Queenstake”) a wholly owned subsidiary
of Yukon-Nevada Gold Corp. (“YNG” or the “Company”).

Assay results have been received as of January 25, 2011 for the final
drill hole number SMI-LX-757 that was completed as part of the 2010
Smith Mine underground drill hole program (see drill hole location plan
maps which can be found on our website here: http://www.yukon-nevadagold.com/i/pdf/NR_03_2011_UG_DDH.pdf). This drill program is continuing in 2011 and testing favorable ore
controlling structures proximal to the existing underground workings
and is also intended to expand and convert existing resources outlined
in the most recent NI 43-101 report published in 2008.

Drill hole SMI-LX-757 is a resource conversion drill hole that was
drilled from an underground drill station in Zone 2 of the mine and is
located east of drill hole SMI-LX-755 and west of and below hole
SMI-LX-756. Assays for these other two drill holes have been previously
reported in the press release dated January 24, 2011. Four separate
zones from drill hole SMI-LX-757 contain significant assay results (see
Table 1):

Table 1.  Significant Drill Hole Assay Results from Drill Hole
SMI-LX-757 in Zone 2.

         
Hole ID From

Feet (ft)

Meters (m)

To

Feet (ft)

Meters (m)

Length

Feet (ft)

Meters (m)

Gold Grade
SMI-LX-757 60.0 ft

18.3 m

117.0 ft

35.7 m

57.0 ft

17.4 m

0.224 opt

7.68 g/t

  168.0 ft

51.2 m

264.0 ft

80.5 m

96.0 ft

29.3 m

0.472 opt

16.18 g/t

  362.0 ft

110.4 m

375.0 ft

114.3 m

13.0 ft

3.9 m

0.145 opt

4.97 g/t

  467.0 ft

142.4 m

516.0 ft

157.3 m

49.0 ft

14.9 m

0.767 opt

26.30 g/t

Notes:  (1) Gold grade reported in Troy ounces per ton (opt) and grams
per tonne (g/t)

            (2)  The total depth of drill hole SMI-LX-757 is 550 ft

These results confirm the continuity of the gold mineralization in the
area north of existing Zone 2 mine workings and west-southwest of
existing Zone 5 workings.

SMI-LX-757 was drilled in the hanging wall parallel to the strike of the
northwest-trending Coulee fault zone. The first mineralized intercept
was characterized by intense silicification and quartz vein breccia in
the Ordovician-Silurian Hanson Creek Formation (unit 1) adjacent to
decalcified, carbonaceous, and sheared Hanson Creek Formation (unit 3).
The second mineralized zone consists of decalcified and locally
silicified rock from the Hanson Creek Formation (unit 3) with trace
realgar. The third relatively narrow intercept is not strongly altered
but contains moderate realgar in slightly sheared rock from the Hanson
Creek Formation (unit 3). The final mineralized interval is
characterized by carbonaceous, decalcified, and argillized rock from
the Hanson Creek Formation (unit 3) with some pyrite lenses,
disseminated pyrite, and/or locally abundant realgar.

Drill holes SMI-LX-758 and SMI-LX-759 were drilled in January 2011 above
and below SMI-LX-757 to test the vertical extent of the mineralization
encountered in drill hole SMI-LX-757. Results of these two drill holes
are pending. Additional drilling is planned in 2011 from the same Zone
2 drill station to test the lateral extents of the mineralization.

Assays from the underground diamond drill hole reported in this news
release were performed by ALS Laboratory Group in Reno, Nevada, using
standard fire assay techniques. Intercepts are reported as drilled.
True widths have not yet been calculated; given the geometry of
mineralization at Jerritt Canyon, the concept of true width is not
always meaningful before delineation drilling has been completed. The
Company’s 2010 and 2011 Quality Assurance and Quality Control protocols
are available at the Company’s website: http://www.yukon-nevadagold.com/i/pdf/JC_Assay_Protocols.pdf

The information in this news release was compiled by Laura Symmes,
Geologist, at the Jerritt Canyon Mine. This news release was reviewed
and approved by the Company’s Vice President of Exploration, Todd
Johnson
, M.Sc., the Qualified Person for purposes of this release.

Yukon-Nevada Gold Corp. is a North American gold producer in the
business of discovering, developing and operating gold deposits. The
Company holds a diverse portfolio of gold, silver, zinc and copper
properties in the Yukon Territory and British Columbia in Canada and in
Nevada in the United States. The Company’s focus has been on the
acquisition and development of late stage development and operating
properties with gold as the primary target. Continued growth will occur
by increasing or initiating production from the Company’s existing
properties.

If you would like to receive press releases via email please contact nicole@yngc.ca and specify “Yukon-Nevada Gold Corp. releases” in the subject line.

The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.

WARNING: The Company relies upon litigation protection for
“forward-looking” statements.

This news release does not constitute an offer to sell or a solicitation
of an offer to buy any of the securities in the United States. The
securities have not been and will not be registered under the United
States Securities Act of 1933, as amended (the “U.S. Securities Act”)
or any state securities laws and may not be offered or sold within the
United States
or to U.S. Persons unless registered under the U.S.
Securities Act and applicable state securities laws or an exemption
from such registration is available.

SOURCE Yukon-Nevada Gold Corp.


Source: newswire



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