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Thursday, 11/17/2011 5:29:29 PM

Thursday, November 17, 2011 5:29:29 PM

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Seth Dadds, GARP Research & Securities (11/11/11) "Allied Nevada Gold Corp.'s gold recovery rates and ore grades continue to deliver as anticipated, with silver outperforming; during Q311, Allied produced 4.6 ounces of silver for every gold ounce, compared to 2.6 a year ago. . .Allied Nevada is poised to transform into one of the world's largest silver producers and we envision 25 Moz of silver output and 600 Koz of gold in 2015, potentially delivering $14 earnings per share in that year. Known for its heap-leach oxide gold production today, we think the deeper, higher-grade sulfide silver will emerge as the larger driver to earnings, and we feel this catalyst is still underappreciated."

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