Allied Nevada Announces Improved Mine Plan and Economics for Hycroft Expansions With 37% IRR and $1.6 Billion NPV

Average Annual Production of 582,260 Ounces of Gold and 29.1 Million Ounces of Silver (1.1 Million Ounces Gold Equivalent(1))

RENO, NEVADA -- (Marketwire) -- 04/10/12 -- Allied Nevada Gold Corp. ("Allied Nevada" or the "Company") (TSX: ANV) (NYSE Amex: ANV) is pleased to provide a summary of the updated mine plan and economics as detailed in the Hycroft Technical Report (the "Report"), entitled "Technical Report, Allied Nevada Gold Corp., Hycroft Mine, Winnemucca, Nevada, USA" and dated April 9, 2012. The revised mine plan supports a 19-year operating life and exploits the current mineral reserve of 12.7 million ounces of gold and 481.9 million ounces of silver (1.1 billion tons grading 0.011 opt Au and 0.42 opt Ag)(2). The following operating metrics are presented for the 10-year horizon that spans the start of milling operations in 2015 to the last full year of mining in 2024.


Highlights of the revised mine plan and economic model include:

- 10-year average annual production of 582,260 ounces of gold and 29.1 million ounces of silver (1.1 million ounces gold equivalent) (2015- 2024)

- Average adjusted cash cost(3) of $166 per ounce annually (with silver as a byproduct credit)(2015-2024)

- Internal rate of return of 37%

- Net present value of $1.6 billion (at a 6% discount)

"Hycroft continues to demonstrate positive economics and we are pleased with the revised mine plan as presented in the technical report," commented Scott Caldwell, President and CEO of Allied Nevada. "As we grow the resource and continue to complete engineering and technical work, we expect to see further improvements to the project."

Management will hold a conference call on Thursday, April 12, 2012 at 1:00 pm ET (10:00 am PT) to discuss the results presented in the Hycroft and Hasbrouck Technical Reports. Management expects to file the Hasbrouck Technical Report in advance of the conference call.

To access the call, please dial:
Canada & US toll-free - 1-866-250-4877
Outside of Canada & US - 1-416-644-3417

Replay (available until April 26, 2012):
Access code: 4531673#
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.

(1) Gold equivalent values are calculated using a 57.14:1 silver to gold
    ratio.
(2) See the Hycroft Technical Report dated April 9, 2012 for more
    information.
(3) Allied Nevada uses the non-GAAP financial measures "adjusted cash cost"
    in this document. Please see the section titled "Non-GAAP Measures" for
    further information regarding these measures.

Comparison of the current economics and mine plan with the previous economics and mine plan as presented in the technical reports dated:

                         ---------------------------------------------------
                                    April 9, 2012(1)      October 5, 2011(1)
                         ---------------------------------------------------
                                           10-Year                   10-Year
                         Life-of-Mine      Average Life-of-Mine      Average
                                Total    2015-2024        Total    2015-2024
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Production
 Information:

Total tons of
 ore
 processed       (000'S)    1,134,668       74,881      844,479       71,941
Tons of waste
 mined           (000'S)    1,442,814      130,811    1,169,688      102,051
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Total tons       (000'S)    2,577,482      205,692    2,014,167      173,992
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Total
 contained
 gold                      12,650,301      856,067   10,065,539      846,080
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Total
 contained
 silver                   481,880,728   38,228,857  385,712,950   34,974,900
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Ounces sold -
 gold                       8,640,747      582,260    7,163,112      615,347
Ounces sold -
 silver                   351,702,795   29,133,922  270,976,742   25,888,635
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Ounces sold -
 gold
 equivalent                14,795,854    1,092,129   11,905,442    1,068,421
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Cash Flow
 Information:
Cash inflows:
----------------------------------------------------------------------------
Revenue from
 metal sales   ($ 000'S)   15,058,085    1,106,671   11,905,205    1,068,398
----------------------------------------------------------------------------
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Cash
 outflows:
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 Operating
  costs        ($ 000'S)    8,778,812      620,881    6,347,470      571,530
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 Income taxes  ($ 000'S)    1,121,518       93,961      722,460       62,123
 Inventory
  adjustments  ($ 000'S)     (78,837)        2,500     (71,071)      (8,929)
 Reclamation
  spending &
  salvage      ($ 000'S)     (25,000)            -     (25,000)      (2,500)
 Capital
  spending -
  heap leach
  expansion(2) ($ 000'S)      269,939        2,077      479,818       23,967
 Capital
  spending -
  mill
  expansion(2) ($ 000'S)    1,820,296       97,853    1,631,523       95,662
----------------------------------------------------------------------------
Total Cash
 Outflows      ($ 000'S)   11,886,728      817,273    9,085,199      741,853
----------------------------------------------------------------------------
----------------------------------------------------------------------------
 Net Cash
  Flow         ($ 000'S)    3,171,357      289,398    2,820,006      326,546
----------------------------------------------------------------------------
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NPV @ 6%       ($ 000'S)    1,589,654                 1,456,310
NPV @ 10%      ($ 000'S)    1,021,349                   938,879
After tax
 Internal
 Rate of
 Return                           37%                       34%
----------------------------------------------------------------------------
Adjusted cash
 cost per
 ounce:
 Silver as
  byproduct
  credit        ($ / Oz)        $ 283        $ 166        $ 224        $ 193
 Gold
  equivalent    ($ / Oz)        $ 586        $ 561        $ 533        $ 535
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(1)  The applicable Technical Report may be found at
     http://www.alliednevada.com/ (Properties / Hycroft Mine / Technical
     Reports) or under the Company's profile at http://www.sedar.com/.

(2)  Capital spending for the heap leach expansion includes excavation for
     the gyratory crushing plant. Capital spending for both expansions
     includes mobile mine equipment.

Cautionary Statement Regarding Forward Looking Information

This press release contains forward-looking statements within the meaning of the U.S. Securities Act of 1933 and the U.S. Securities Exchange Act of 1934 (and the equivalent under Canadian securities laws), that are intended to be covered by the safe harbor created by such sections. Such forward-looking statements include, without limitation, statements regarding the results and indications of exploration drilling currently underway at Hycroft; the potential for confirming, upgrading and expanding gold and silver mineralized material at Hycroft; resource estimates and the timing of the release of updated estimates; estimates of gold and silver grades; 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. 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 the quality assurance program and the quality control measures applied, as well as other relevant technical information, please see the Hycroft Technical Report dated April 9, 2012, filed with SEDAR at www.sedar.com.

Cautionary Note to U.S. Investors - The United States Securities and Exchange Commission permits U.S. mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We use certain terms on this website (or press release), such as "measured," "indicated," and "inferred" "resources," which the SEC guidelines strictly prohibit U.S. registered companies from including in their filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 10-K which may be secured from our website or the SEC website at www.sec.gov.

Non-GAAP Measures

Adjusted cash costs is a non-GAAP measure, calculated on a per ounce of gold sold basis, and includes all normal direct and indirect operating cash costs related directly 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 cost provides management and investors with a measure to assess the Company's performance against other precious metals companies and performance of the mining operations over multiple periods. Non-GAAP 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. For further information, see our audited financial statements filed with our annual report on Form 10-K.

(1) See the press release dated February 23, 2012 or the Hycroft Technical Report dated April 9, 2012 for more information.

(2) Allied Nevada uses the non-GAAP financial measures "adjusted cash cost" in this document. Please see the section titled "Non-GAAP Measures" for further information regarding these measures.



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