Allied Nevada (AMEX:ANV) Net Income Reaches $20.8 Million in Second Quarter

Allied Nevada Gold (TSX:ANV) (AMEX:ANV) turned things around in the second quarter over last year, generate net income of $20.8 million, far better than the $6.9 million loss they suffered last year in the same quarter.

Production for gold and silver at their Hycroft mine soared in contrast to 2009 as well, with gold production reaching 31,400 ounces and silver growing to 62,000 ounces. Last year only 14,500 ounces were produced at the mine and 15,400 of silver.

During the quarter 29,560 ounces of gold were sold and 63,859 ounces of silver, both records for the company, at a cost of $408 an ounce gold

"I am proud to report that we have achieved a number of milestones and new operating and financial records in the first half of 2010. Hycroft is running well and we have begun the first stage of the oxide expansion ahead of schedule. Exploration drilling continues to define what management believes to be a very large system and ongoing metallurgical testing continues to provide confidence for both oxide and sulfide mineralization," said Scott Caldwell, President and CEO of Allied Nevada.

Allied said it is still on schedule to meet its guidance of gold sales of about 100,000 ounces, sold in a range of $400-$500.