Allied Nevada Exploration Update on Hycroft Highlighted by 81

Allied Nevada Exploration Update on Hycroft Highlighted by 81 Meters
of 2.6 g/t Gold and 47.8 g/t Silver (3.4 g/t Gold Equivalent(1)) 
Exploration Highlights at Hasbrouck and Wildcat; Conference Call
Details 
RENO, NEVADA -- (Marketwire) -- 11/27/12 -- Allied Nevada Gold Corp.
("Allied Nevada" or the "Company") (TSX:ANV)(NYSE Amex:ANV)(NYSE
MKT:ANV) is pleased to provide updated results for exploration
drilling at our Hycroft, Hasbrouck (including the Three Hills
deposit) and Wildcat properties prior to speaking at an industry
conference on November 28, 2012.  
Hycroft 
Drilling at Hycroft for 2012 was focused primarily on: infill
drilling to upgrade inferred resources within the reserve pit;
material collection in support of engineering and ongoing
metallurgical work; condemnation drilling related to new facility
placement; and limited step-out drilling. All reserve in-pit drilling
completed up to and including September, and intended to upgrade
resources to reserve categories, will be incorporated into the
resource update currently planned for the first quarter of 2013.
Drilling has shifted to focus on infill and step-out drilling at
Brimstone. Assays on the west periphery of the Brimstone reserve pit
indicate impressive zones of mineralization, that remain open to the
west, highlighted by 81 meters grading 2.6 g/t Au(1) and 47.8 g/t
Ag(2) (3.4 g/t AuEq(1)), 98 meters grading 0.7 g/t Au and 45.1 g/t Ag
(1.4 g/t AuEq) of mill grade material and 31 meters grading 0.5 g/t
Au and 184.3 g/t Ag (3.7 g/t AuEq).  
"This mineralization indicates that the Brimstone deposit remains
open to the west and at depth. These recent intercept grades are some
of the highest we've seen since the discovery of Vortex in 2009,"
commented Dave Flint, VP Exploration. 
A reserve and resource update is expected to be issued in the first
quarter of 2013, along with an updated 43-101. The resource update
will not include the intercepts highlighted above as they were
completed post development of the upcoming resource update.  
The material gathered in 2012 is primarily being utilized for ongoing
metallurgical optimization and engineering work in association with
the expansion projects. Core samples are being utilized to create
large quantities of concentrate for optimization work and to provide
samples for testing in offsite processing facilities.  
Hasbrouck (including Three Hills) 
Exploration at the Hasbrouck and Three Hills deposits near Tonopah,
Nevada, was conducted, with a 53-hole drill program being concluded
in October. Drilling at Hasbrouck was focused to the north of the
current Hasbrouck resource, and identified potential areas of
mineralization where we intend to follow up with additional drilling.
At Three Hills, located 5 miles north of the Hasbrouck deposit, first
pass exploration drilling on the project was completed east and south
of the current resource. Assay results indicate that two areas of
mineralization were identified in the program, highlighted by a
66-meter intercept grading 3.3 g/t Au and 2.4 g/t Ag (3.4 g/t AuEq),
including a high-grade interval of 11 meters grading 18.5 g/t Au and
9.2 g/t Ag (18.7 g/t AuEq). As shown in previous metallurgical
testing, Three Hills mineralization typically has faster leach
kinetics and better recoveries than that of Hasbrouck material. The
Three Hills deposit has not been fully evaluated in the past and it
is our intent to focus on adding to that resource. 
"We are excited about the potential that this high grade intercept
may have for the project," comments Dave Flint. "We intend to conduct
follow-up drilling to better understand the high grade potential of
Three Hills deposit next year." 
Wildcat 
Our initial exploration program at Wildcat was completed in October
and consisted of a 49-hole drill and trench sampling program. The
purpose of the program was threefold: confirm the historical resource
on the property; drill test historically mined high-grade veins; and
conduct first pass exploration drilling on property wide targets. 
Channel sampling of the surface exposure of the historic vein
material returned values of 29 m grading 3.79 g/t Au. Drilling
encountered high grade gold mineralization associated with coarse
gold and quartz veins in WCT-011 (1.5 m grading 24.4 g/t Au) and
WCT-009 (1.5 m grading 32.2 g/t Au). 
Exploration results within the historical resource confirmed
mineralization. A channel sample returned 69 m grading 1.23 g/t Au in
the Hero Zone. Drilling intercepted 35 m grading 0.82 g/t Au
(WCT-002) and 81 m grading 1.19 g/t Au (WCT-009) in the Hero Zone,
and 73 m grading 0.60 g/t Au (WCT-021) and 62 m grading 0.57 g/t Au
(WCT-028) in the Main Hill Zone. Step out drilling north of Main
Hill, which included drill holes WCT-012 and WCT-022 (47 m grading
0.94 g/t Au and 96 m grading 0.42 g/t Au). Drilling in the Money
Zone, west of Main Hill, intercepted 27 m grading 0.76 g/t Au
(WCT-038). These holes demonstrate potential outside the known
historical resource, and will be followed-up with later exploration
programs.  
For a full list of the assay results for the 2012 drill programs at
Hycroft, Hasbrouck and Wildcat, please see our website at
www.alliednevada.com.  
Allied Nevada maintains a strict quality control program at all of
its projects. Drill samples are gathered on-site and validated by
Allied Nevada geologists to be shipped to ALS Chemex and Inspectorate
assay laboratories in Reno, Nevada. Gold and silver analyses are
conducted on 1-assay ton prepped samples with gold determined using
industry standard fire assay methods with an atomic absorption
finish. Gold over limits and silver are determined using fire assay
with a gravimetric finish. 
Conference Call Information 
Allied Nevada will host a conference call to discuss exploration
developments on December 6, 2012, at 8:00 am PT (11:00 am ET)
followed by a question and answer session. A presentation that will
accompany the call will be made available on our website at
www.alliednevada.com. 


 
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 December 20, 2012):                                 
    Access code: 4579122#                                                   
    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. 
For further information on Allied Nevada, please visit the Allied
Nevada 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 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, Hasbrouck/Three
Hills or Wildcat; the potential for confirming, upgrading and
expanding gold and silver mineralized material at Hycroft,
Hasbrouck/Three Hills or Wildcat; 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 Donald A. Harris, a Certified Professional
Geologist with American Institute of Professional Geologists
(A.I.P.G.), #10819, who is Manager of Exploration, Hycroft 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 October 5, 2011, filed with SEDAR at
www.sedar.com. 
Cautionary Note to U.S. Investors - This press release uses the terms
"inferred" "resources." We advise U.S. investors that while these
terms are recognized and required by Canadian regulations, the SEC
does not recognize them. "Inferred mineral resources" have a great
amount of uncertainty as to their existence, and great uncertainty as
to their economic and legal feasibility. It cannot be assumed that
all or any part of an "inferred mineral resource" will ever be
upgraded to a higher category. Under Canadian rules, estimates of
"inferred mineral resources" may not form the basis of a feasibility
study or prefeasibility studies, except in rare cases. The SEC
normally only permits issuers to report mineralization that does not
constitute "reserves" as in-place tonnage and grade without reference
to unit measures. U.S. investors are cautioned not to assume that any
part or all of a measured, indicated or inferred resource exists or
is economically or legally mineable. U.S. Investors are urged to
consider closely the disclosure in our Form 10-K which may be
obtained from our website or the SEC website at
http://www.sec.gov/edgar.shtml. 


 
(1)  Gold Equivalent (AuEq) is calculated using a silver to gold ratio of   
     57.14:1.                                                               
(2)  Au = gold, Ag = silver, AuEq = Gold Equivalent                         

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