Gold Stocks; Allied Nevada (CA:ANV ) Announces Initial Drilling at Its Hasbrouck Mountain Project Returns 110 Meters Grading 1.45 g/t Gold

Gold Stocks; Allied Nevada (CA:ANV ) Announces Initial Drilling at Its Hasbrouck Mountain Project Returns 110 Meters Grading 1.45 g/t Gold

Follow-up Drilling at Hycroft Returns 10 Meters Grading 9.05 g/t AuEq Included Within 130 Meters Grading 1.73 g/t Gold Equivalent in the Vortex Zone

RENO, NEVADA, May 14, 2010 (Investorideas.com mining stocks newswire) — Allied Nevada Gold Corp. (CA:ANV ) is pleased to announce preliminary assay results from the initial core hole of a three core hole exploration program at its Hasbrouck Mountain project, located approximately five miles south of Tonopah, Nevada. Hole HSB10-001 intersected mineralization that outcrops at surface with 110 meters grading 1.45 g/t Au(1). Included in the 110 meter intercept are higher grade intervals including 11 meters grading 2.09 g/t Au, 14 meters grading 1.69 g/t Au, 5 meters grading 5.09 g/t Au and 5 meters grading 7.12 g/t Au. Silver assays have not yet been completed for this hole. As per the NI 43-101 technical report dated August 14, 2006, silver indicated resource grades, at a cutoff grade of 0.34 g/t, average 10.97 g/t.

Two holes of the three core hole program, designed to confirm historical drilling and to explore mineralization at depth, have been completed while the third is in progress. These holes are being drilled at a large diameter to also provide samples for metallurgical testing. Historical column leach tests indicate that recoveries could be 54.1% for gold and 19.2% for silver at a crush size of 80% passing 3/8 inch and after 51 days of leaching.

The Hasbrouck Mountain project is an advanced stage exploration project where, historically, 151 holes totaling 22,433 meters have been drilled on the property by various predecessors including Cordex and Newmont. The property hosts an indicated resource of 18.4 million tonnes at an average grade of 0.79 g/t Au and 10.97 g/t Ag for 459,000 contained ounces of gold and 6.5 million contained ounces of silver, as reported in the NI 43-101 compliant technical report dated August 14, 2006, and filed on SEDAR