Veris Gold Corp. (VG)

[basserdan]

Yukon-Nevada Gold Corp. Reports Revised Resources at Jerritt Canyon, Nevada

VANCOUVER, Jan. 6, 2012 /CNW/ - Yukon-Nevada Gold Corp. (TSX: YNG.TO; OTC:YNGFF - News) (Frankfurt Xetra Exchange: NG6) announces a revised mineral resource estimate for its wholly-owned Jerritt Canyon operating gold mine in Elko County, Nevada, USA. Jerritt Canyon is operated by Queenstake Resources USA Ltd., a wholly owned subsidiary of Yukon-Nevada Gold Corp. ("YNG" or the "Company").

Jerritt Canyon's measured and indicated mineral resource has increased by 428.8k oz of gold, representing a 21% increase over year-end 2007 levels. The updated mineral resource estimate incorporates a new 3-D geological model which includes additional drill hole results from January 1, 2008, to January 1, 2011.

The new mineral resource now comprises a measured resource of 1.07 million ounces, an indicated resource of 1.32 million ounces, and an inferred resource of 0.75 million ounces. This new model significantly increases the potential of the property and gives the Jerritt Canyon Geology team additional areas to explore and develop. The updated mineral resources completed to date include the primary work areas: Smith, SSX-Steer, Saval, West Mahala and Starvation Canyon.

The tables below summarize the updated mineral resources and are separated by open pit and underground, and by measured, indicated and inferred categories.

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