Veris Gold Corp. (VG)

[basserdan]

Yukon-Nevada Gold Corp. Announces 11.59 m Averaging 20.19 g/t Au at Jerritt Canyon, Nevada

VANCOUVER, Jan. 9, 2012 /CNW/ - Yukon-Nevada Gold Corp. (TSX: YNG.TO; OTC:YNGFF - News) (Frankfurt Xetra Exchange: NG6) is pleased to announce results from its 2011 Smith Mine underground diamond drilling program at its wholly-owned Jerritt Canyon gold operation in Nevada, USA. Jerritt Canyon is located approximately 50 miles north of Elko, Nevada and is operated by Queenstake Resources USA Ltd., ("Queenstake") a wholly owned subsidiary of Yukon-Nevada Gold Corp. ("YNG" or the "Company").

Significant assay results from 23 diamond drill holes totaling 13,370 feet (4,078 meters) in 2011 have been received as of November 30, 2011. Plan and cross-section maps as well as a table summarizing all of the assay results for all Zone 1, 2 (Phase II), and 9 drill holes can be found on the website here: http://tiny.cc/xwk11 and here: http://tiny.cc/xkkvr

Zones 1, 2, and 9 at the Smith Mine were the targeted mining blocks for this drilling. Twenty of the drill holes are categorized as resource conversion drilling while the remaining 3 drill holes are exploration or resource expansion drilling.

Zone 1
Zone 1 resource conversion drilling consisted of seven drill holes (SMI-LX-776 through SMI-LX-782) totaling 5,499 feet (1,679 meters). Five of the seven drill holes intersected significant mineralization (four of which had multiple intersections). Drill holes SMI-LX-777 and SMI-LX-778 highlighted the Zone 1 assay results as they returned 213.0 feet (64.96 meters) grading 0.208 opt (7.13 g/t) and 140 feet (42.70 meters) grading 0.145 opt (4.97 g/t) respectively. Zone 1 mineralization lies sub-parallel to and in the foot wall of the northeast-trending Coulee fault zone. All of the reported Zone 1 mineralization occurs within 750 linear feet (229 linear meters) of the existing underground infrastructure. Significant drill hole assay results from Zone 1 are listed below in Table 1.

Table 1. Significant 2011 Drill Hole Assay Results from Zone 1.

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