Allied Nevada Provides Exploration Update for Hycroft, Highlighted by 149 Meters of 0.41 g/t Gold and 70.35 g/t Silver (1.64 g/t

Allied Nevada Provides Exploration Update for Hycroft, Highlighted by 149 
Meters of 0.41 g/t Gold and 70.35 g/t Silver (1.64 g/t Gold
Equivalent(1)) 
RENO, NEVADA -- (Marketwire) -- 01/31/13 -- Allied Nevada Gold Corp.
("Allied Nevada" or the "Company") (TSX:ANV)(NYSE Amex:ANV)(NYSE
MKT:ANV) is providing an update on recent drilling at its wholly
owned Hycroft mine, located near Winnemucca, Nevada. Final results
were received from the 2012 drill campaign and include several
significant intercepts such as:  


 
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                                          Au Equiv.                         
            Thickness  Au Grade  Ag Grade     Grade   From          Material
Hole Id           (m)     (g/t)     (g/t)     (g/t)    (m) To (m)       Type
----------------------------------------------------------------------------
                                                                        Mill
4437             75.6      0.35     32.40      0.92    165    240   material
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                                                                        Mill
Including        15.2      0.22    120.36      2.33    171    186   material
----------------------------------------------------------------------------
                                                                  Heap leach
4457             25.9      0.67     27.44      1.15    103    129   material
----------------------------------------------------------------------------
                                                                        Mill
4457             47.2      0.52     27.35      1.00    147    195   material
----------------------------------------------------------------------------
                                                                        Mill
Including         9.1      0.98    101.33      2.75    156    166   material
----------------------------------------------------------------------------
                                                                        Mill
4485            239.9      0.63     15.32      0.90    331    571   material
----------------------------------------------------------------------------
4586            148.9      0.41     70.35      1.64    477    626    Sulfide
----------------------------------------------------------------------------
                                                                        Mill
Including        18.3      0.31    493.21      8.94    603    621   material
----------------------------------------------------------------------------

 
The intercepts encountered in holes 4485 and 4586 began at the base
of the current reserve pit and indicate that higher grade sulfide
mineralization continues at depth. Both intercepts are located
between the previously mined central pit and the Vortex deposit. Hole
4437 is one of the southern-most holes drilled in 2012 and indicates
continuity of mineralization at depth to the southwest. Hole 4457 was
drilled below the historic Brimstone waste rock facility and has not
been previously explored. This facility is planned to be moved in the
current life of mine plan. The hole contained two intercepts, the
first of heap leach material and a longer intercept of mill material
and indicates western extension of the current Brimstone
mineralization.  
"This is the first time we have encountered higher grades this far
west in the deposit," commented Dave Flint, VP Exploration. "We
believe the deposit remains open in several directions and intend to
continue to follow-up on targets to extend the deposit, primarily to
the south and west and below the Brimstone waste rock facility." 
Drilling on the property in 2012 was comprised of 265 holes totaling
approximately 77,900 meters. The primary goals of the 2012 drill
program were focused 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.  
A reserve and resource update incorporating all drilling completed
through September 2012 is expected to be issued in the first quarter
of 2013, along with an updated 43-101 Technical Report. The resource
update will not include the intercepts highlighted above as they were
completed post development of the upcoming resource update.  
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 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 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 April 9, 2012, 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. 
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