Allied Nevada Announces Management Change
Bob Buchan Appointed as President and CEO
RENO, NEVADA -- (Marketwire) -- 03/27/13 -- The Board of Directors of
Allied Nevada Gold Corp. ("Allied Nevada", "we", "our" or the
"Company") (TSX:ANV)(NYSE Amex:ANV)(NYSE MKT:ANV) announced today
that effective immediately, Bob Buchan, the Company's current
Executive Chairman, will assume the additional positions of President
and Chief Executive Officer, replacing Scott Caldwell as President
and Chief Executive Officer.
The Board of Directors would like to thank Mr. Caldwell for his
contributions to the Company during his tenure. However, with
performance at the Hycroft Mine below expectations for some time, the
Board of Directors believes that Mr. Buchan's experience and
leadership at this critical juncture is necessary to facilitate the
timely and efficient expansion of the Hycroft Mine.
Mr. Buchan and the Board of Directors have full confidence in the
capabilities of the operating team to deliver production growth
throughout the balance of this year and to deliver substantial
production growth next year. The Company is also confident in the
capabilities of the existing construction team to complete the
Hycroft construction project.
Mr. Buchan has over 35 years of experience in the mining sector with
a solid track record of identifying, acquiring and then subsequently
managing the resource definition and development of international
mineral resources. Mr. Buchan has served as Executive Chairman of the
Company since June 2007, when he founded the Company. Mr. Buchan
previously founded Kinross Gold Corporation in 1993 and as its Chief
Executive Officer, from 1993 to 2005, was instrumental in
transforming Kinross from a newly formed company into one of the
world's fastest growing gold producers. Mr. Buchan retired as
President and Chief Executive Officer of Kinross in March 2005 to
focus on mineral assets in the Democratic Republic of Congo. He was
one of the founders, a director and non-executive Chairman of Katanga
Mining Limited. Mr. Buchan holds a degree in Mining Engineering from
Heriot-Watt University in Edinburgh (1969) and a Masters of Science
in Mineral Economics from Queen's University (1971).
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, 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
production rates, 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; reserve and resource estimates and the timing of the release
of updated estimates; estimates of gold and silver grades and
recovery rates; 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) which
may be obtained 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.
Allied Nevada Gold Corp.
President & CEO
Allied Nevada Gold Corp.
Vice President, Investor Relations
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