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Allied Nevada Achieves Net Income of $13.4 Million or $0.15 Per Share in Q3 2012
Q3 2012 Revenue 93% Higher Than Q2 2012

RENO, NEVADA -- (Marketwire) -- 11/05/12 -- Allied Nevada Gold Corp. ("Allied Nevada", "we", "us", "our" or the "Company") (TSX:ANV)(NYSE Amex:ANV)(NYSE MKT:ANV) is pleased to provide financial and operating results for the three and nine months ended September 30, 2012. The results presented in this press release should be read in conjunction with the Company's Quarterly Report on Form 10-Q for the quarter ended September 30, 2012, filed on SEDAR and EDGAR and posted on Allied Nevada's website at www.alliednevada.com. The financial results are based on United States GAAP (with the exception of the non-GAAP financial measure adjusted cash costs(1)) and are expressed in U.S. dollars.

Q3 2012 Results:


--  We achieved net income of $13.4 million or $0.15 per share in the third
    quarter of 2012, compared with $14.7 million or $0.16 per share in the
    third quarter of 2011. Net income in the third quarter of 2012 was
    impacted by increased interest expense of $7.9 million (compared with
    $0.1 million in 2011) as a result of the May 2012 issuance of the senior
    unsecured notes. These costs were partially offset by lower exploration,
    development and land holding costs. 
--  Hycroft produced 30,179 ounces of gold and 188,166 ounces of silver in
    the third quarter of 2012, before adjustment. During the third quarter
    of 2012, we sold all of our carbon in inventory. Prior to shipping we
    resampled the carbon and determined that a slight underestimation in
    moisture content, magnified by the large amount of inventory, resulted
    in a reduction to production in the third quarter of 4,697 ounces of
    gold and 11,272 ounces of silver. The ounces remain in solution and have
    not been lost. Production was also adversely impacted by the inability
    to mine the planned number of ore tons due to equipment availability and
    competition for personnel, as discussed below. We believe the issues
    that created this shortfall have been resolved and, in fact, the tonnage
    delivered to the heap in October was 23% above expectation at 4.8
    million tons and the waste to ore ratio declined to 0.26:1. We expect to
    maintain production at or above budgeted levels for the remainder of the
    year and beyond.  
--  Hycroft sold 34,851 gold ounces and 177,844 silver ounces in the third
    quarter of 2012. Sales in the third quarter were adversely affected by
    the carbon adjustment and production shortfall discussed above.
    Additionally, the delay in delivering the planned ore tons to the heap
    leach pads will reduce our expected sales in the fourth quarter to
    approximately 60,000 ounces of gold. 
--  During the third quarter of 2012, a record number of tons were mined at
    Hycroft, totaling 19.2 million tons, an increase of approximately 24%
    from the second quarter of 2012. 
--  Gold ounces sold in the third quarter were 96% higher than that sold in
    the second quarter of 2012.  
--  Revenue from sales was $64.8 million, an increase of 31% compared with
    the same period in 2011 due to increased ounces sold and higher average
    realized prices. Ounces sold increased as we sold all of the accumulated
    unprocessed carbon during the third quarter of 2012 which contained
    14,403 ounces of gold and 34,321 ounces of silver.  
--  Revenue increased 93% in the third quarter of 2012 when compared to the
    second quarter of 2012. 
--  Adjusted cash costs(1) were $690 per ounce in the third quarter of 2012.
    Cost of sales was higher than anticipated resulting primarily from the
    impact of shipping and processing costs associated with higher carbon
    sales ($97/ounce) and higher expensed stripping costs and fewer ounces
    placed on the heap leach pads ($85/ounce). The carbon strip plant is now
    fully operational as of the end of October. The operation of this plant
    will allow the silver credit to return to expected levels and processing
    costs associated with the carbon to decline substantially. In
    preparation for the expansion, a much higher proportion of waste was
    mined. This trend has reversed as seen in the month of September where
    the strip ratio declined to 0.67:1. Going forward, we expect to mine at
    or near the life of mine strip ratio of 1.26:1. However, for the
    remainder of 2012, the strip ratio is expected to be below 1:1.  
--  Hycroft operations showed a dramatic improvement in October. In October,
    we mined 4.8 million tons of ore containing approximately 30,000
    recoverable ounces of gold. The mining rate has increased above design
    levels. The operation has all of the personnel and equipment in place to
    continue to achieve or exceed planned mining rates going forward. 
--  Cash and cash equivalents at September 30, 2012 was $502.8 million. 

Challenges and Remediation:


--  Operational production ramp up at Hycroft has been increasing steadily,
    though the rate of increase in the third quarter did not meet our
    expectations primarily due to fewer ore tons being placed on the pad,
    reclassification of oxide/transitional ore in the model and a carbon
    adjustment. Management believes that these are short-term issues and
    that they have been resolved. An explanation of these challenges and
    their resolutions is as follows: 
    --  Ore reserve model reclassification. To date, based on blast hole
        assays we are seeing 3% more gold and approximately 20% more silver
        than the model predicted. However, in one of the areas mined in the
        third quarter of 2012, assay results from blast holes indicated a
        15% reallocation of heap leach ore to mill ore. We made the decision
        to mine and stockpile this mill ore for later processing. We moved
        two exploration drills back into this area of the mine to increase
        drill density and ensure any further mill ore can be identified and
        left in place to be mined in the future. This drilling should be
        completed in November of 2012. 
    --  Reduced ore tonnage being mined and placed on the leach pads.
        Availability of equipment and personnel have been a challenge this
        year. Delays in delivery of equipment and the unexpected competition
        for staff resulting from the reactivation of a mine in the area. All
        of our equipment is now on-site and operational. Personnel
        challenges have eased significantly. We have aggressive recruiting
        and training programs in place and have successfully filled the
        vacant positions. Equipment deliveries have improved dramatically
        over the last few months. We have accelerated the delivery schedule
        for future major pieces of mobile equipment including haul trucks,
        production drills and electric shovels.  
    --  Carbon ounce adjustment. In early 2012, we were informed by the
        offsite carbon processing facility that they were no longer able to
        process our carbon. We made a decision to continue to operate the
        carbon columns and stockpile carbon with the intention of
        aggressively pursuing another offsite sales agreement while
        intending to construct our own plant. In September 2012, we were
        able to sell all of our carbon inventory. In the process of
        stockpiling the carbon, it was routinely sampled and reported as
        production. Prior to shipping the carbon, we resampled and
        determined that a slight underestimation in moisture content,
        magnified by the large amount of inventory, resulted in a reduction
        to production in the third quarter of 4,697 ounces of gold and
        11,272 ounces of silver. The ounces remain in solution and have not
        been lost. 
    --  The carbon strip plant is now fully operational. The processing
        capacity of the carbon strip circuit is in excess of production and
        is expected to meet our future carbon processing needs. Operation of
        this plant is expected to dramatically reduce operating costs
        associated with processing the carbon, eliminate inventory build-up
        and return the silver to gold ounce sales ratio to historic levels. 

Highlights


--  On October 31, 2012, we increased our revolving credit facility from $30
    million to $120 million and extended the maturity from May 2014 to April
    2016. 
--  As of September 30, 2012, Allied Nevada had spent or committed $550.2
    million, which is in-line with the feasibility estimate and represents
    approximately 44% of the total capital estimate. 
--  We have partnered with a leading power and automation technology group
    to provide the electrical systems and motors for the expansion. Using
    these high-energy efficient synchronous motors results in a projected
    capital savings of approximately $20 million, as compared to the
    feasibility estimate. 
--  The foundation for both the reclaim tunnels was poured and wall embeds
    were set on reclaim tunnel #2. Management continues to expect the
    gyratory crusher will be operational in the second half of 2013.  
--  The mill excavation began during the third quarter of 2012 and is
    scheduled to be completed in the first quarter of 2013. Construction of
    the mill foundation is expected to begin in the second quarter of 2013. 
--  Construction on the North leach pad, which includes additional process
    ponds and an additional Merrill-Crowe processing plant began in the
    third quarter of 2013. Management expects these facilities will be
    operational in the second half of 2013. 
--  The expansion Owners Team is now fully staffed and the overall
    construction workforce consists of approximately 200 people.  

Hycroft Operations Update

Key operating statistics for the Hycroft Mine for the three and nine months ended September 30, 2012, compared with the same periods in 2011, were as follows:(2)


                                    Three months ended     Nine months ended
                                         September 30,         September 30,
                                --------------------------------------------
                                       2012       2011       2012       2011
                                --------------------------------------------
                                                                            
Total material mined (thousands                                             
 of tons)                            19,220      8,231     46,237     23,906
                                                                            
Ore grade - gold (oz/ton)             0.011      0.012      0.013      0.013
Ore grade - silver (oz/ton)           0.198      0.256      0.309      0.293
                                                                            
Ounces produced - gold               25,482     26,339     91,317     69,840
Ounces produced - silver            176,894    121,264    559,968    276,236
                                                                            
Ounces sold - gold                   34,851     26,971     72,960     68,605
Ounces sold - silver                177,844    112,856    480,886    257,514
                                                                            
Average realized price - gold                                               
 ($/oz)                          $    1,703 $    1,683 $    1,683 $    1,543
Average realized price - silver                                             
 ($/oz)                          $       31 $       38 $       31 $       36
                                                                            
Average spot price - gold ($/oz) $    1,652 $    1,702 $    1,652 $    1,534
Average spot price - silver                                                 
 ($/oz)                          $       30 $       39 $       31 $       36
                                                                            
Total adjusted cash costs(1)                                                
 (thousands)                     $   24,041 $   12,881 $   44,202 $   33,309
Adjusted cash costs per ounce(1) $      690 $      478 $      606 $      486

During the third quarter of 2012, a record number of tons were mined at Hycroft, totaling 19.2 million tons, an increase of approximately 24% from the second quarter of 2012 due to the utilization of the larger mining equipment. Third quarter 2012 mining was composed of 7.8 million ore tons, 0.7 million of which was stockpiled, 5.6 million waste tons, and 5.8 million capital project and pre-strip tons. The first production ore tons from the Bay pit were also mined in the third quarter, which marks the third producing pit at Hycroft. Although a record number of tons were mined in the third quarter of 2012, substantial capital mining activities for the crusher, mill, and Bay pre-strip reduced production mining capacity. The excavation for the gyratory crusher was completed in August 2012 and management anticipates being able to focus primarily on production mining activities using the larger equipment fleet during the remainder of 2012. During October 2012, the Company mined 4.8 million ore tons exceeding the previous monthly high of 3.8 million ore tons mined in September 2012. Mining equipment in operation at Hycroft during the third quarter of 2012 consisted of three Hitachi EX5500 shovels, sixteen Komatsu 320-ton trucks, and six Komatsu 200-ton trucks. The Company also received two CAT 795 345-ton trucks during the third quarter that are being built and expected to be operational in the fourth quarter.

During the three and nine months ended September 30, 2012, gold ounces sold increased by 29% and 6%, respectively, and silver ounces sold increased by 58% and 87%, respectively, compared to the same periods of 2011. During the third quarter, the Company sold a significant portion of the accumulated unprocessed carbon containing 14,403 ounces of gold and 34,321 ounces of silver. We incurred $2.3 million of shipping and processing costs solely related to the carbon sales, which increased our third quarter and first nine months of 2012 adjusted cash costs(1) per ounce by approximately $66 and $32, respectively. The silver ounces to gold ounces ratio for the unprocessed carbon sold was approximately 2.4:1, which is significantly lower than the current year to date ratio of 7.2:1 for metal sold that was processed using the Merrill-Crowe plant, thereby increasing the third quarter and first nine months of 2012 adjusted cash costs(1) per ounce by approximately $61 and $29 per ounce, respectively, when using the three-month average realized prices for silver sold in 2012. Going forward, we expect that the loaded carbon will be processed much more efficiently using the recently installed carbon strip circuit, which was put into operation in October 2012.

Hycroft produced 30,179 ounces of gold during the three months ended September 30, 2012, before adjustment. During the third quarter of 2012, the Company completed a metallurgical balancing study for the in-process carbon that was sold, which resulted in a negative adjustment of 4,697 gold ounces to current period production and is reflected in the 25,482 gold ounces produced amounts shown in the above operations table. The ore grade of the tons mined during the three and nine months ended September 30, 2012, was 0.011 and 0.013, respectively, which was in-line with expectations as the Company continues to progress through lower grade ore phases outlined in the mine plan. Solution stacking continued during the third quarter of 2012 to increase the solution grade while maximizing the efficiency of the Merrill-Crowe plant's processing capacity. During the remainder of 2012, the Company's production mining focus and previous solution stacking efforts are expected to result in increased gold and silver production.

Adjusted cash costs(3) were $690 per ounce in the third quarter of 2012. These costs were significantly higher than prior quarters due to the high selling costs and lower silver to gold ratio of the unprocessed carbon, as detailed above. Additionally, we placed fewer ore tons on the heap leach pads during the quarter than we anticipated due to the gyratory pit ore being lower than forecast, a longer pre-strip of Bay and the stockpiling of mill ore.

Hycroft Expansion Projects

Ongoing expansion projects at Hycroft include 1) increasing the mining rate through larger capacity haul trucks, shovels, and production drills, 2) expanding leach pad operations through increased pad size, additional solution processing capacity, and the addition of a gyratory crusher to enhance the exposure of ore to the leach process, 3) constructing a mill to process transitional and sulfide mineralization, and 4) upgrading infrastructure items to handle the milling demands, including power transmission and distribution and the construction of a railroad spur.

Construction, engineering and design, and equipment deliveries remain on time and as budgeted. We strengthened the project team, which is fully integrated with the Fluor engineering team and will manage the contractors being used throughout the project. Construction of the gyratory crusher continued following the August 2012 completion of the excavation mining. The foundation for both the reclaim tunnels was poured and wall embeds were set on reclaim tunnel #2. Management continues to expect the gyratory crusher will be operational in the second half of 2013. The mill excavation began during the third quarter of 2012, along with construction on the North leach pad, which includes additional process ponds and an additional Merrill-Crowe processing plant. The carbon strip circuit was installed in October and is fully operational. The processing capacity of the carbon strip circuit is in excess of production and is expected to meet our future carbon processing needs. In the remainder of 2012, the Company expects to also begin work on the South leach pad, the Merrill-Crowe expansion, and utility projects.

The capital cost estimate for the expansion project is expected to be $1.24 billion. As of September 30, 2012, Allied Nevada had spent or committed $550.2 million, which is in-line with the feasibility estimate and represents approximately 44% of the total capital estimate. Of the $500.2 million, the Company had purchase obligations totaling $363.3 million, a portion of which is expected to be financed through capital leases. The Company estimates that 2012 capital expenditures at Hycroft will total approximately $221.4 million, of which $89.3 million had been made as of September 30, 2012.

Exploration Activities

Drilling activities at Hycroft in the third quarter of 2012 totaled 39,770 feet in 72 holes and were directed towards facility condemnation, in-pit resource conversion, and obtaining additional material for ongoing metallurgical testing. The infill drilling program for 2012 has been completed and a resource update is expected in the first quarter of 2013.

Drilling at our advanced exploration properties ramped up during the third quarter of 2012. At the Hasbrouck and Three Hills properties, third quarter 2012 drilling totaled approximately 18,700 feet in 37 holes and was directed towards growing the mineralized material bases and further defining high grade zones. A total of 26,000 feet in 36 holes was drilled at Wildcat during the third quarter of 2012 as the initial first pass program commenced. We plan to update resource block models for each property in the fourth quarter of 2012.

The Company plans to complete the 2012 exploration programs and provide an updated resource for each of Hasbrouck/Three Hills and Wildcat in the first quarter of 2013.

Outlook

The Company mined a record number of tons in the third quarter of 2012. The excavation for the gyratory crusher was completed in August 2012 and mining will focus on ore tons being delivered to the heap leach pads for the remainder of 2012. During the fourth quarter, we expect a decrease in the stripping ratio and increases in both the ore grade and ore tonnage placed on the pad. Additionally, increased ore placed on the leach pads over the last six months along with the larger area under leach expect to continue to benefit production during the fourth quarter and beyond. The Company expects production for 2012 to be approximately 150,000 ounces of gold and sales for 2012 of approximately 130,000 ounces of gold.

The expected improvements in production are anticipated to result in lower per ounce production costs during the fourth quarter of 2012 and beyond. The effects of the abnormally high expensed stripping during the year will continue to impact costs in the fourth quarter of 2012, resulting in adjusted cash costs(1) of approximately $585 per ounce in the fourth quarter, for full year adjusted cash costs(1) of just below $600 per ounce. We expect to work through the abnormally high stripping costs by the end of the year.

Conference Call Information

Allied Nevada will host a conference call to discuss third quarter results on November 5, 2012, at 8:00 am PT (11:00 am ET) followed by a question and answer session.

To access the call, please dial:


Canada & US toll-free - 1-800-814-4860                                      
Outside of Canada & US - 1-416-644-3416                                     

Replay (available until November 19, 2012):


Access code: 4573036#                                                       
Canada & US toll-free - 1-877-289-8525                                      
Outside of Canada & US - 1-416-640-1917                                     

An audio recording of the call will be archived on our website at www.alliednevada.com.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933, the U.S. Securities Exchange Act of 1934 (and the equivalent under Canadian securities laws) and the Private Securities Litigation Reform Act, that are intended to be covered by the safe harbor created by such sections. Statements that are not historical fact are forward-looking statements. Forward-looking statements can be identified by, among other things, the use of forward-looking language, such as the words "plan," "believe," "expect," "anticipate," "intend," "estimate," "project," "may," "will," "would," "could," "should," "seeks," or "scheduled to," or other similar words, or the negative of these terms or other variations of these terms or comparable language, or by discussion of strategy or intentions. Such forward-looking statements include, without limitation, statements regarding the results and indications of exploration drilling currently underway at Hycroft; delays in processing gold and silver, the potential for confirming, upgrading and expanding gold and silver mineralized material at Hycroft; reserve and resource estimates and the timing of the release of updated estimates; estimates of gold and silver grades; anticipated costs, project economics, the realization of expansion and construction activities and the timing thereof and other statements that are not historical facts. Forward-looking statements address activities, events or developments that Allied Nevada expects or anticipates will or may occur in the future, and are based on current expectations and assumptions. Although Allied Nevada management believes that its expectations are based on reasonable assumptions, it can give no assurance that these expectations will prove correct.

Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among others, risks that Allied Nevada's exploration and property advancement efforts will not be successful; risks relating to fluctuations in the price of gold and silver; the inherently hazardous nature of mining-related activities; uncertainties concerning reserve and resource estimates; uncertainties relating to obtaining approvals and permits from governmental regulatory authorities; and availability and timing of capital for financing the Company's exploration and development activities, including the uncertainty of being able to raise capital on favorable terms or at all; as well as those factors discussed in Allied Nevada's filings with the U.S. Securities and Exchange Commission (the "SEC") including Allied Nevada's latest Annual Report on Form 10-K and its other SEC filings (and Canadian filings) including, without limitation, its latest Quarterly Report on Form 10-Q (which may be secured from us, either directly or from our website at www.alliednevada.com or at the SEC website www.sec.gov). The Company does not intend to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as may be required under applicable securities laws.

The technical contents of this news release have been prepared under the supervision of David C. Flint, a Certified Professional Geologist with American Institute of Professional Geologists (A.I.P.G.), #10360, who is Vice President, Exploration for Allied Nevada Gold Corp. and is a Qualified Person as defined by National Instrument 43-101. For further information regarding technical information in relation to the Hycroft property, please see the Technical Report titled "Technical Report, Allied Nevada Gold Corp. Hycroft Mine, Winnemucca, Nevada, USA" dated April 9, 2012, available on www.sedar.com or on the Company's website. For further information regarding technical information in relation to the Hasbrouck and Three Hills properties, please see the Technical Report titled "Technical Report, Allied Nevada Gold Corp. Hasbrouck Property, Tonopah, Nevada, USA" dated April 11, 2012, available on www.sedar.com. For further information regarding technical information in relation to the Wildcat property, please see the Technical Report titled "Updated Technical Review, Wildcat Project, Pershing County, Nevada" dated August 14, 2006, available on www.sedar.com.

Non-GAAP Financial Measures

Adjusted cash costs is a non-GAAP financial measure, calculated on a per ounce of gold sold basis, and includes all direct and indirect operating cash costs related to the physical activities of producing gold, including mining, processing, third party refining expenses, on-site administrative and support costs, royalties, and mining production taxes, net of by-product revenue earned from silver sales. Adjusted cash costs provides management and investors with a further measure, in addition to conventional measures prepared in accordance with GAAP, to assess the Company's performance of the mining operations and ability to generate cash flows over multiple periods. Non-GAAP financial measures do not have any standardized meaning prescribed by GAAP and, therefore, may not be comparable to similar measures presented by other companies. Accordingly, the above measures are intended to provide additional information and should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP.

The table below presents a reconciliation between non-GAAP adjusted cash costs to cost of sales (GAAP) for the three and nine months ended September 30, 2012 and 2011 (in thousands, except ounces sold):


                                   Three months ended     Nine months ended 
                                        September 30,         September 30, 
                                --------------------------------------------
                                      2012       2011       2012       2011 
                                --------------------------------------------
Total cost of sales (000s)       $  33,291  $  19,312  $  66,969  $  47,936 
Less:                                                                       
Depreciation and amortization                                               
 (000s)                             (3,758)    (2,185)    (7,859)    (5,301)
Silver revenues (000s)              (5,492)    (4,246)   (14,908)    (9,326)
                                --------------------------------------------
Total adjusted cash costs (000s) $  24,041  $  12,881  $  44,202  $  33,309 
Gold ounces sold                    34,851     26,971     72,960     68,605 
Adjusted cash cost per ounce     $     690  $     478  $     606  $     486 
                                                                            
                                                                            
                          ALLIED NEVADA GOLD CORP.                          
                    CONDENSED CONSOLIDATED BALANCE SHEETS                   
                  (US dollars in thousands, except shares)                  
                                                                            
                                                (Unaudited)                 
                                              September 30,    December 31, 
                                                       2012            2011 
                                            --------------------------------
Assets:                                                                     
  Cash and cash equivalents                  $      502,802  $      275,002 
  Accounts receivable                                22,644             --- 
  Inventories                                        52,525          28,305 
  Ore on leach pads, current                         77,606          64,230 
  Prepaids and other                                 11,602           6,687 
  Deferred tax asset, current                         1,713           1,795 
                                            --------------------------------
    Current assets                                  668,892         376,019 
  Restricted cash                                    31,268          18,798 
  Stockpiles and ore on leach pads, non-                                    
   current                                           29,248          11,320 
  Other assets, non-current                          24,425           2,196 
  Plant, equipment and mine development, net        379,496         190,694 
  Mineral properties, net                            44,553          44,706 
  Deferred tax asset, non-current                     3,739          13,473 
                                            --------------------------------
Total assets                                 $    1,181,621  $      657,206 
                                            --------------------------------
                                            --------------------------------
                                                                            
Liabilities:                                                                
  Accounts payable                           $       42,454  $       26,314 
  Interest payable                                   11,821             --- 
  Other liabilities, current                          4,647           3,166 
  Debt, current                                      22,807          10,306 
  Asset retirement obligation, current                  339             339 
                                            --------------------------------
    Current liabilities                              82,068          40,125 
  Other liabilities, non-current                      5,240           9,327 
  Debt, non-current                                 482,892          34,245 
  Asset retirement obligation, non-current            8,403           8,387 
                                            --------------------------------
    Total liabilities                               578,603          92,084 
                                            --------------------------------
                                                                            
Commitments and Contingencies                                               
                                                                            
Shareholders' Equity:                                                       
  Common stock, $0.001 par value 200,000,000                                
   shares authorized, shares issued and                                     
   outstanding: 89,678,752 at September 30,                                 
   2012 and 89,646,988 at December 31, 2011              90              90 
  Additional paid-in-capital                        600,783         589,012 
  Accumulated other comprehensive loss               (5,487)            --- 
  Retained earnings (accumulated deficit)             7,632         (23,980)
                                            --------------------------------
    Total shareholders' equity                      603,018         565,122 
                                            --------------------------------
Total liabilities and shareholders' equity   $    1,181,621  $      657,206 
                                            --------------------------------
                                            --------------------------------
                                                                            
                                                                            
                          ALLIED NEVADA GOLD CORP.                          
    CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME    
                                 (Unaudited)                                
             (US dollars in thousands, except per share amounts)            
                                                                            
                                   Three months ended     Nine months ended 
                                        September 30,         September 30, 
                                --------------------------------------------
                                      2012       2011       2012       2011 
                                --------------------------------------------
                                                                            
Revenue                          $  64,829  $  49,644  $ 137,720  $ 115,150 
Operating expenses:                                                         
  Production costs                  29,533     17,127     59,110     42,635 
  Depreciation and amortization      3,758      2,185      7,859      5,301 
                                --------------------------------------------
    Total cost of sales             33,291     19,312     66,969     47,936 
                                                                            
  Exploration, development, and                                             
   land holding costs                2,966      6,775      5,189     25,567 
  Accretion                            139        114        424        337 
  Corporate general and                                                     
   administrative                    2,573      3,836     11,676     16,168 
                                --------------------------------------------
Income from operations              25,860     19,607     53,462     25,142 
                                --------------------------------------------
                                                                            
  Interest income                      334        136        660        265 
  Interest expense                  (7,922)       (72)   (11,845)      (376)
  Other income (expense), net         (418)     1,115       (127)     1,161 
                                --------------------------------------------
Income before income taxes          17,854     20,786     42,150     26,192 
                                                                            
  Income tax expense                (4,452)    (6,114)   (10,538)    (7,703)
                                --------------------------------------------
Net income                          13,402     14,672     31,612     18,489 
                                --------------------------------------------
                                                                            
Other comprehensive loss, net of                                            
 tax                                                                        
  Change in fair value of cash                                              
   flow hedge instruments net of                                            
   taxes                             7,382        ---     (1,431)       --- 
  Amount reclassified to income,                                            
   net of taxes                     (9,178)       ---     (4,056)       --- 
                                --------------------------------------------
Other comprehensive loss            (1,796)       ---     (5,487)       --- 
                                --------------------------------------------
Comprehensive income             $  11,606  $  14,672  $  26,125  $  18,489 
                                --------------------------------------------
                                --------------------------------------------
Income per share:                                                           
  Basic                          $    0.15  $    0.16  $    0.35  $    0.21 
  Diluted                        $    0.15  $    0.16  $    0.35  $    0.20 
                                                                            
                                                                            
                          ALLIED NEVADA GOLD CORP.                          
         CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)        
                          (US dollars in thousands)                         
                                                                            
                                   Three months ended     Nine months ended 
                                        September 30,         September 30, 
                                --------------------------------------------
                                      2012       2011       2012       2011 
                                --------------------------------------------
Cash flows from operating                                                   
 activities:                                                                
Net income                       $  13,402  $  14,672  $  31,612  $  18,489 
Adjustments to reconcile net                                                
 income for the period to net                                               
 cash provided by operating                                                 
 activities:                                                                
  Depreciation and amortization      3,758      2,185      7,859      5,301 
  Accretion                            139        114        424        337 
  Stock-based compensation             743      1,119      3,567      6,294 
  Gain on sale of mineral                                                   
   properties                          ---     (1,097)       ---     (1,097)
  Deferred taxes                    16,716      3,702     13,567      4,663 
  Other non-cash items                 230        (22)       119        (10)
Change in operating assets and                                              
 liabilities:                                                               
  Accounts receivable              (22,644)       ---    (22,644)       --- 
  Inventories                        5,662     (2,764)   (21,153)    (6,177)
  Stockpiles and ore on leach                                               
   pads                            (12,761)    (2,520)   (25,787)   (15,508)
  Prepaids and other                (6,547)    (1,217)    (2,940)     1,094 
  Accounts payable                   3,975     (1,516)     6,381      3,734 
  Interest payable                   8,422        ---     11,821        --- 
  Asset retirement obligation          (71)       (90)      (408)      (251)
  Other liabilities                  2,757      2,884      1,449      3,108 
                                --------------------------------------------
Net cash provided by operating                                              
 activities                         13,781     15,450      3,867     19,977 
                                --------------------------------------------
                                                                            
Cash flows from investing                                                   
 activities:                                                                
  Additions to plant, equipment                                             
   and mine development            (64,943)   (22,106)  (123,087)   (53,181)
  Additions to mineral                                                      
   properties                          ---        (13)      (100)      (113)
  Deposits for plant and                                                    
   equipment                        (2,363)       ---    (16,680)       --- 
  Increase in restricted cash       (9,363)       357    (12,470)    (3,565)
  Proceeds from other investing                                             
   activities                          ---         10         38        110 
                                --------------------------------------------
Net cash used in investing                                                  
 activities                        (76,669)   (21,752)  (152,299)   (56,749)
                                --------------------------------------------
                                                                            
Cash flows from financing                                                   
 activities:                                                                
  Proceeds on issuance of common                                            
   stock                               322        183        464        794 
  Proceeds from debt issuance          ---        ---    400,400        --- 
  Payments of debt issuance                                                 
   costs                               (97)       ---    (13,269)      (476)
  Repayments of principal on                                                
   capital lease agreements         (4,680)    (1,422)   (10,567)    (3,668)
  Excess tax expense from stock-                                            
   based awards                     (6,882)       ---       (796)       --- 
  Proceeds from other financing                                             
   activities                          ---        ---        ---         15 
                                --------------------------------------------
Net cash provided by (used in)                                              
 financing activities              (11,337)    (1,239)   376,232     (3,335)
                                --------------------------------------------
                                                                            
  Net increase (decrease) in                                                
   cash and cash equivalents       (74,225)    (7,541)   227,800    (40,107)
                                                                            
  Cash and cash equivalents,                                                
   beginning of period             577,027    305,263    275,002    337,829 
                                                                            
                                --------------------------------------------
Cash and cash equivalents, end                                              
 of period                       $ 502,802  $ 297,722  $ 502,802  $ 297,722 
                                --------------------------------------------
                                --------------------------------------------
                                                                            
Supplemental cash flow                                                      
 disclosures:                                                               
  Cash paid for interest         $   1,173  $     392  $   2,676  $     995 
  Cash paid for taxes                  ---        ---      3,950        --- 
Non-cash financing and investing                                            
 activities:                                                                
  Mining equipment acquired by                                              
   capital lease                    26,402      3,595     55,028     15,931 
  Construction in process                                                   
   additions through accounts                                               
   payable increase                 19,836      9,387     19,836      9,387 
  Additional paid in capital                                                
   increase from award                                                      
   modification and settlement                                              
   of outstanding DPU liability      7,286        ---      7,286        --- 
  Accounts payable reduction                                                
   through capital lease         $     ---  $     ---  $  10,047  $     --- 

(1) Allied Nevada uses a non-GAAP financial measure "adjusted cash costs" in this document. Please see the section at the end of this press release and in the 2012 third quarter Form 10-Q titled "Non-GAAP Financial Measures" for further information.

(2) Allied Nevada uses a non-GAAP financial measure "adjusted cash costs" in this document. Please see the section at the end of this press release and in the 2012 third quarter Form 10-Q titled "Non-GAAP Financial Measures" for further information regarding these measures.

(3) Allied Nevada uses a non-GAAP financial measure "adjusted cash costs" in this document. Please see the section at the end of this press release and in the 2012 third quarter Form 10-Q titled "Non-GAAP Financial Measures" for further information.

Contacts:
Allied Nevada Gold Corp.
Scott Caldwell
President & CEO
(775) 358-4455

Allied Nevada Gold Corp.
Tracey Thom
Vice President, Investor Relations
(775) 789-0119
www.alliednevada.com

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